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Debtors 'must be aware of all solutions'
Mon 14 Jan 2008 5pm
A debt expert has urged people with money problems to consider all the options available to them before making any big financial decisions.Director of Debt Help UK Ian Wrenshall said that consumers should ensure that they are informed of the various solutions and decide on a definite course of action before it gets too late.
Advising debtors not to "bury their heads in the sand" if they start to struggle financially, he said that seeking professional advice and being aware of the options is "incredibly important" for people who owe large amounts of money.
He explained: "It can make the difference between finding a solution and having a solution thrust upon you.
"As your situation degrades then your options generally become narrower and, ultimately, your creditors have the sanction to make that choice for you."
Possible solutions to debt problems include individual voluntary arrangements, debt management plans and consolidation loans.
According to a recent report by debt counselling service Thomas Charles, 15 per cent of UK people are classed as having serious debt.
