Debt -
Debt Help UK: Know your options! - 14/01/2008
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The importance of debtors being aware of all possible solutions for their money woes is paramount, a leading advice service said today.
People who find themselves unable to pay their debts have the option of taking up an informal debt management plan with creditors - or to take a debt consolidation, which bundles all money owed into a single loan.
If the situation is more serious, debtors can become insolvent - and choose between either declaring bankruptcy in court or taking out an Individual Voluntary Arrangement with their bank.
Director at Debt Help UK Ian Wrenshall commented: "It is important that people don't bury their heads in the sand, but look for free advice which is going to help them understand the solutions and the options open to them."
Knowing all potential solutions, Mr Wrenshall added, is "incredibly important" and can "make the difference between finding a solution and having a solution thrust upon you".
Including mortgages, the average UK household has over £55,000 in debts, Credit Action found in October 2007.
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