UK Debtors Need More Help Than the Voluntary Sector Can Provide
EuroDebt Financial Services, one of the UK’s leading debt management companies, is responding to a recent report that the Citizens Advice Bureau is receiving record numbers of consumer calls and visits for advice on how to meet their debts. The CAB has reported that 1.7 million people sought debt counselling in 2006, up 20% year on year, with Citizens Advice Bureaux handling 6,600 debt enquiries a day.
“This is a phenomenal figure and simply highlights the scale of debt that now exists in the UK” confirmed Richard Bramham, Managing Director, EuroDebt. “The voluntary sector, through organisations like Citizens Advice Bureau and Money Advice Trust does a fantastic job in providing individuals with advice when they get into debt troubles. But the reality is that these organisations do not have the time or resources to provide consumers with tangible assistance on an on-going basis. And what those in serious unmanageable debt need, is a very clear plan of action to get interest and charges frozen as quickly as possible and any court actions dealt with efficiently.”
EuroDebt is the UK’s only debt management company to provide face to face counselling as part of its service, giving individuals and families the opportunity to discuss all their outgoings and income and enabling them to create a realistic debt management plan that will see their debts reduced and settled over-time. EuroDebt’s expert team of advisors and consumer finance specialists also act to stop debt recovery actions, negotiating with creditors to try to freeze interest and charges on debts – so that individuals don’t fall into further debt. They will also negotiate with lenders to try to reduce monthly payments on unsecured and non-priority debts.
“The sharp rise in the cost of borrowing has made life far more difficult for many households in the last year or so and we are seeing a marked increase in calls for help and assistance” concluded Richard Bramham. “I think these new figures from the CAB illustrate that consumers need help from a number of areas and there is a clear role for both the voluntary and fee-charging organisations to help those who are struggling with unmanageable debts.”
Source: creditman.biz
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