Advisers offer 'recession tips'

15/10/2009

Experts have given tips and hints about getting debt help at a financial advice event.

The Money Matters Roadshow, organised by the BBC and taking place earlier this week in Glasgow, brought together a range of financial advisers and other experts to meet members of the public.

Debt problems, which have become more pressing for many in the credit crunch and recession, were identified as a priority.

Joe Glancy at the Falkirk Citizens Advice Bureau advised customers that contacting creditors should be the first thing to do when debt repayments become difficult to make.

"You are more likely to get help and support from your creditors if they know what is happening," he was quoted by the broadcaster as saying.

Meanwhile, Lynne Jones, mentor at National Debtline, said that sharing problems with an expert was also important.

"As soon as you realise there is a problem, seek free and independent advice from a reputable organisation as friends and family do not always know best," she said.

Kevin Still, EuroDebt director, added: "I would echo the need for independent advice, where the debt advice provider is properly licensed and independent of the client’s creditors. Initial advice should be free of charge and a range of debt solutions should be considered based upon personal circumstances and preferences.

"Some debt solutions may be transitional and other a long-term formal plan like an IVA. It is important to distinguish between primarily self-managed approaches and managed services where a debt management company or an IVA supervisor provides a high level of support throughout the lifetime of your debt solution."

Figures from Credit Action released earlier this month show that, among households that have some form of unsecured credit outstanding, the typical debt stands at over £21,000.

Tags; Budgeting Advice, Credit Card Lifestyle, Recent Graduate Debt,

Regional Debt Advice; Debt Help Falkirk, Debt Help Glasgow, Debt Advice Falkirk, Debt Advice Glasgow,

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