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Debt advice that can save thousands
Free debt management can reduce debts by 20%
08.26.2009 – For those in serious debt there may seem nowhere to turn, but there
are solutions out there which mean they don’t have to spend forever paying off their Twitter Pitc
debts and related charges. Research from www.talkaboutdebt.co.uk, the free debt Bad advice ad
help website, has found that those in debt management plans may be paying too
News Facts
much for too long, keeping them in debt for longer. The cost of extending the
3.4 million U
repayments on their debts means these people will have paid on average almost serious debt
20% more than necessary. Almost half
debt pay for
While taking on debt has become more acceptable in recent years, for many it has although the
spiraled out of control with people having to take drastic steps to get themselves out alternatives
of this situation. Of those in serious debt, just over one in ten (12%) has opted to A fifth of pe
plans will ta
declare bankruptcy, 22% have taken out an IVA and 65% have chosen a Debt
pay them of
Management Plan. A quarter of people (24%) believe that they are not able to pay
Over 10 yea
their debts off at the current time and a fifth (22%) have no idea how long it will take
almost 20%
them to pay off. On average, people believe it will take them 5 years to pay off their
to the repay
debts, but one in seven (14%) believe it could take over 10 years. More than one in If compared
ten (12%) of people in serious debt have debts of over £50,000. IVA, this co
too much for
For those paying off their debt for longer than they should be, this could lead to a
Resource Li
significant amount being added to their repayments. Those wrongly advised to take
Debt Manag
out a fee charging debt management plan could end up paying 20% more than they
IVA
need to on their debt, due to extra interest and charges.
Debt Solutio
Jessica Bown, consumer journalist, www.talkaboutdebt.co.uk comments: “As a Tags
nation we’ve been quite happy to take on increasing levels of debt in recent years, debt, debt m
but many people are in for a shock when they realise how long these debts will take solutions, IV
them to pay off. People in serious debt can find themselves having to opt for extreme
solutions such as bankruptcy to keep themselves afloat. But there are other options
– people just need to know when to ask for help and to make sure they get the right
advice for their needs, without paying through the nose for it.”
Andrew Redmond, Insolvency Expert:
"There is no one-size-fits-all solution to personal debt problems; which is why it is
important to get free and impartial advice from a trained advisor to identify the debt
solution that is right for each individual based on their circumstances. For anyone
struggling with problem debts it is essential to talk things through with a
professional as quickly as possible."
The most common form of debt is credit card debt, 91% of people in serious debt
are paying off credit cards, with 74% paying off unsecured loans. Over a third of
people (35%) believe they are in debt because they borrowed too much while a fifth
put it down to a change in income. One in seven (14%) people are in debt due to
illness.
When it comes to getting on with their lives once they’ve been in serious debt, the
majority of people (88%) are most concerned about how their credit rating will be
affected in the long term while 57% are most worried that they won’t be able to get a
mortgage. Half of people who have been in serious debt are worried that they will
find it difficult to get a bank account and 43% believe there is a social stigma to
being ‘broke’.
Jessica Bown, consumer journalist, talkaboutdebt.co.uk comments: “For those who
end up in serious debt, the nightmare doesn’t end when they’ve paid it off.
Rebuilding their lives can be just as hard and it can take years for people to get their
lives back on track. But if people make sure they get the appropriate debt advice from
the outset they can ensure they pay off their debt in the quickest time possible,
allowing them to concentrate on getting on with their lives.”
www.talkaboutdebt.co.uk is calling for the amount of consumers in Debt
Management Plans to be registered centrally. At present when statements are made
highlighting those in severe debt those in DMPs are not taken into account, which is
worrying news considering estimates vary from 300,000 to 700,000 people.
To ensure that its customers get the right advice, Talkaboutdebt provides free
access to carefully screened, reviewed, debt advisors who provide unbiased debt
advice. This helps those in serious debt to avoid advisors who charge excessive
fees or feel it is reasonable to extend the period individuals are in debt beyond what
is reasonable and logical. Further information on Talkaboutdebt is available at
www.talkaboutdebt.co.uk. In addition to getting specific advice about repaying their
debt, consumers can also anonymously submit questions on the website which the
registered experts will then respond to.
When making a debt management decision, those in serious debt must consider
that an IVA or bankruptcy is a formal solution that is not suitable for everyone. It can
affect potential employment prospects in certain professions as well as individual
credit ratings.
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About Talk About Debt
www.talkaboutdebt.co.uk helps people in serious debt find debt advisors that can be
trusted to provide good, honest debt advice and avoid advisors charging excessive
fees or extending the period individuals are in debt beyond what is reasonable.
Contacting Talk About Debt
Talk About Debt
,
Website: http://www.talkaboutdebt.co.uk
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