Posts Tagged ‘Debt Consolidation & Re-Mortgages’

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Housing Market Showing No Sign Of Recovery As Record Number Of Mortgage Holders Default

Wednesday, April 27th, 2011

As house prices rise at the moment, consumers are seeing their confidence plummet as a result. The Bank Of England has predicted that more and more homeowners will struggle to pay their mortgage each month in the aftermath of the price hike.

The bank revealed that between January and March, lenders claim that there had been a huge growth in the number of people unable to find the money to cover their repayments on their properties and had been forced to default on their monthly payments. They have seen a huge rise compared to 2010 figures and they expect that the problem will continue to escalate throughout 2011.

Interest rates have rested at the low base rate of 0.5% for the last 2 years but banking officials say that it won’t last long and we can expect to see a significant rise in interest rates within the next few months.

Banking giants Nationwide concluded that the average homeowner has a mortgage of £78,000 and repays £455 per month at an interest rate of 2.71%, significantly higher than the current base rate of 0.5%. This in the long run, equates to thousands of pounds of expenditure for the average borrower.

Potentially, if the interest rates go back to pre-recession levels, a monthly fee of £455 would become a staggering £621 per month, meaning a colossal decrease in disposable income for millions of people.

Together with the increase in VAT and rising bills, the financial crisis has seen Britons’ disposable income drop for the first time in 30 years, as people’s wages stay the same, yet the cost of living has skyrocketed. This has resulted in people being unable to cover the cost of inflation and soaring bills.

Nationwide has warned that the housing market is showing no signs of recovery yet, a devastating blow to mortgage holders.

If you are struggling to meet your mortgage payments, Sterling Green can help.

We offer a bespoke remortgaging service where our experienced professionals will find the best deal out there that suits your circumstances. We negotiate on your behalf to secure you the best financial future so you can have peace of mind.

For more information contact us for a free evaluation on 0800 083 2827.

Written by Katie Simpson

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Posted in Debt Consolidation & Re-Mortgages, News & Features | No Comments »

10% Of Male Pensioners Retire With Debts Of Over £50,000

Wednesday, February 2nd, 2011

According to new research, one in ten men who plan to retire this year will do so with personal debts of over £50,000.

Overall, 1 in 5 retired homeowners are still paying off a mortgage. Research conducted by Scottish Widows UK found that on average, they each owed £38,000.

This further shows that the recession and the current poor economic climate has affected everybody and continues to prove detrimental to people’s ability to pay off their debts, let alone save any money toward their retirement.

Pensioners have seen the biggest increase out of any age group in bankruptcy cases over the last 10 years.  Figures released from the Insolvency Service showed that in 2000, just 309 men over the age of 65 were declared bankrupt. In 2009, there were 1,756, which was a six-fold increase.

Insurance company Prudential gathered data from 10,000 clients which found that 20% of people who plan to retire in 2011 will do so with a degree of personal debts, including mortgage debts, credit card balances and also money outstanding on personal loans and store cards.

The shocking revelation that one in 10 men who plan to retire this year will have debts of more than £50,000 shows how much interest rates can financially cripple people for years, well into their 60s and 70s. The survey found that there is a difference between the level of personal debt of men and women. Only 2% of women hold debts of the same magnitude at retirement age, proving that men borrow more money in their lifetime than women do and have poorer money management skills than their female counterparts.  

 Prudential also asked pensioners who had debts how they would cope with the repayments into their later years. The most popular response was that they would seek employment past retirement age if the repayments became too much of a strain. They also found more extreme responses such as selling the family home in favour of cheaper accommodation, releasing equity in their homes, selling assets and even relying on family and friends for financial support.

This is especially worrying as older people tend to have more difficulty in finding suitable employment, and also jobs are scarce in the wake of the recession, which has seen many businesses forced to cut employees’ working hours and make job cuts in order to stay afloat.

If you or someone you know is struggling with any form of debt, help is at hand in the form of a debt management plan, tax payment plan or remortgage.

Call Sterling Green to speak to one of our experienced advisers today on 0800 083 2827.

Written by Katie Simpson

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Posted in Debt Consolidation & Re-Mortgages, Debt Management, Loans, News & Features, Tax Debts | No Comments »

What Happens To My Debt Management Plan If My Income Changes?

Wednesday, December 22nd, 2010

If you are using a debt management plan to resolve financial issues, you may be wondering what happens if your income fluctuates while you are on the plan. Read on to find out what would happen if your income improved, or reduced, and what options are available to you.

Depending on the level of debt included, a debt management plan can last for several years. It is likely that individual circumstances will change during this time. Maybe you will receive a wage rise, or gain surplus income from another source, or maybe you will encounter a decrease in income each month. Either way, a debt management program is flexible and non-legally binding so you are free to increase or decrease your payments each month based on your personal circumstances.

Increasing payments

If you experience an increase in income, your personal finance manager will reassess your income and expenditure to determine how much money you have left over at the end of the month to contribute toward your debts, after your necessary bills have been accounted for.

Paying more to your creditors each month is definitely to your advantage if you are in a debt management plan. The more money you pay back each month toward your debt, the faster the balances will come down, meaning the debt will be cleared faster.
 
Saving a lump sum

Another option available to you is to increase your payments to your creditors, but save an amount of your disposable income each month in case of financial emergency, so you do not have to decrease your payments to the plan in future.

Building up savings while on a debt management plan is perfectly acceptable and can have some strong advantages in case of things like unexpected travel expenses, vehicle expenses, or can be handy in case of an unexpectedly high utility bill over the winter period.

You could also use some of the left over money to offer a settlement to your creditors if you feel a ‘full and final’ agreement would suit your needs. A full and final agreement involves you paying a lump sum to your creditor, and in turn they agree to settle the debt and no more payments need to be made.

 Decreasing payments

If you experience a decrease in monthly income and are not able to continue paying the agreed monthly amount to your creditors while on a debt management plan, you may decrease your payments accordingly.

There are some downsides to this approach, such as that your debts will take longer to clear and your creditors may resume interest charges while a new agreement is being put into place.

However, because a debt management plan is flexible, you would be able to reduce your payments, but it is advised that you resume paying the initially agreed sum as soon as financially possible in order to ensure your debt is repaid in the shortest possible time.

 Help is at hand

If you are struggling with debt and feel a debt management plan will benefit you and your circumstances, Sterling Green can help.

Our team of experienced advisers are on hand to offer you advice and assistance with any financial problem and we work to find the best possible solution for you, so you can become debt free in the shortest possible time frame.

For more information call us free on 0800 083 2827.

Written by Katie Simpson

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Posted in Debt Management, Loans | No Comments »

Women Worst Hit By Recession

Wednesday, December 8th, 2010

 Women are being hit the hardest by Britain’s economic meltdown, figures have revealed.

The number being plunged into insolvency in just one year has soared to an all-time record of nearly 65,000, a staggering 175 a day.

The study conducted by the Government’s Insolvency Service discovered that women are being hit almost 3 times harder by the recession than their male counterparts.

Female insolvency figures rose by a huge 22% compared to figures from last year. In comparison, the insolvency figure for males rose by 8%. This goes to show that females are much more affected by the economic downturn than men are at the present date.

Financial experts have concluded that the most prominent reason for this stark difference in figures is that women are attempting to maintain a celebrity lifestyle despite the credit crisis and the poor economic state at the moment.

Some extreme cases that experts have seen are women who try to emulate the popular ‘WAG’ lifestyle by living way beyond their means. These women spend vast amounts of money on credit cards, store cards and even take out personal loans to fund their lavish lifestyles, leaving many in financial dire straits.

People who are classed as being in ‘extreme debt’ have a debt-to-income ratio of more than 66:1. This means that effectively, individuals are spending more than 66 times their annual salary every year.

Records show that there are 64,035 insolvent women at the present time, and of these, just over 45,000 are aged between 25 and 49. This is a large percentage of the figures that young and middle aged women account for.

Furthermore, according to the Office for National Statistics, over 1 million women are currently unemployed in Britain. This statistic is the highest in 17 years, and experts warn the situation is set to deteriorate in the coming years. Shockingly, economists predict that the number of unemployed women is set to rise dramatically by 2012, to 2.2 million.

The Consumer Credit Counseling Service said the majority of its clients declaring bankruptcy are female. The top reasons include living beyond their means, closely followed by the break down of a relationship, loss of earnings and serious illness.

In conclusion, the recent figures surrounding bankruptcy clearly show that women are in more danger of financial meltdown than men. Women must protect themselves by cutting back on lavish spending in order to avoid bankruptcy in the future. Shopping in cheaper stores, holidaying close to home, and even cutting out a morning coffee can all contribute greatly to ensuring financial security in the future. These cutbacks also teach valuable budgeting skills which will give these women the right start in disciplining themselves financially.

If you feel you are struggling to pay any debts, whether it be credit cards, store cards, personal loans or even a mortgage, Sterling Green can help. We offer a range of financial solutions to help you recover from the recession. We offer debt management plans, tax management programs and even a re-mortgaging service.

Our team of experienced advisers are committed to finding the best solution for you. For a free consultation call us free on 0800 083 2827.

Written by Katie Simpson

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Posted in Bankruptcy, Debt Consolidation & Re-Mortgages, Debt Management, Loans, News & Features, Tax Debts | No Comments »

Millions Can’t Afford To Retire

Wednesday, December 1st, 2010

A massive 4.5 million people over 50 years old expect to work beyond the state retirement age according to new research conducted by insurance and retirement firm LV.

The study found that more than half of over-50s expect to work up to 5 years beyond retirement, more than ¼ expect to work 5-10 years past retirement and 20% believe they will be working past the age of 80.

Furthermore, the survey revealed that almost twice as many women (66%) than men (34%) expect to be working well past retirement age.

Recently, the new Coalition Government announced that the state retirement age is set to rise from 60 for women and 65 for men, to age 66 for both genders by 2020.

LV found that 66% (almost 2.5 million) of late retirees will continue to work because they cannot afford to retire and would not be able to survive on the reduced income of a state pension.

Last year, due to the recession, many people had to decrease their pension payments because the cost of living rose. Among the over-50s, the total pension reduction reached almost £18 billion.

The research also revealed that a fifth of retirees have returned to work because their monthly pension didn’t cover their living costs. 4% of people who had previously retired returned to work full-time, 10% went part-time and 6% took on unpaid or voluntary work. Of the people who did not return to work following retirement, over 1/3 admitted they missed going to work and found it difficult to survive on a state pension.

In another shocking revelation, 16% of people of retirement age are working more hours than they did before their 50th birthday in an attempt to boost their savings.

When the subject of the Government’s imminent spending cuts was risen, a huge 40% of over- 50s expressed concern for their future savings and expect to have a low income during retirement. Only 2% of pensioners thought they would be better off after the spending cuts. 

This shows that citizens of pensionable age are really worrying about their future quality of life due to the economic downturn and the upcoming Government cuts which will no doubt affect pensioners and force many into continuing to work, when they would otherwise retire.

Many people of pensionable age are finding it impossible to cover all their bills each month on current wages, let alone a reduced pension. Many over-50s are still paying off a mortgage and various other debts. Crippling charges on credit cards and personal loans exacerbate the situation and leave older citizens with no choice but to continue working in order to meet repayments.

 If you feel your debts are a problem, or could become a problem in the future, Sterling Green can help. Debt management plans offer an easy way to manage your debt. We communicate with your creditors on your behalf and negotiate for your interest to be frozen so you can focus on saving money and can enjoying your retirement that bit earlier.

 Call us free on 0800 083 2827 to find out how we can help you.

Written by Katie Simpson

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Posted in Debt Consolidation & Re-Mortgages, Debt Management, Loans, News & Features, Tax Debts | No Comments »

Store Cards – The Facts

Wednesday, August 18th, 2010

Store cards can be very appealing, offering discounted shopping on a buy-now-pay-later agreement. But store cards can be very dangerous if they are not used carefully.

Despite the discounts and convenience they provide, store cards can come at a hefty price with many attaching an annual percentage rate (APR) of up to 30% on your purchases.

Even if you begin use store credit for small purchases, things can easily spiral out of control. Many people nowadays are struggling to meet their full repayments on credit and store cards due to the rising living costs, resulting in high interest charges and mounting bills.

Be smart about your card use

Credit and store card use is commonplace at the moment. If you regularly use store credit, you need to be clever about it.

Firstly, you should always read the terms and conditions of the credit agreement. Many stores offer varying interest rates so it is vital that you check the APR percentage before you spend anything. Some stores offer interest rates as low as 13%, whereas some have a whopping 30% APR.

If you feel you are able to manage your finances well, it may be beneficial for you to use store credit, but you must be sure that you can clear the full balance when you receive the bill. Store cards don’t pose a problem if you are disciplined enough to clear the accrued balance within the interest-free period. Most interest free periods range from 35-55 days.

Where to turn if store card debts are mounting

If you find yourself unable to pay off your store card debt, and find the balance you owe is continuously rising, it may be a good idea to consider a debt management plan.

Debt management plans can cover all of your unsecured debts, including credit cards, store cards, catalogues, unsecured personal loans and overdrafts. All debts would be grouped together and an affordable monthly amount will be decided by you and the debt management plan provider. This monthly fee would then be paid to the company providing your plan and they would then manage your debts for you.

A great benefit of a debt management plan is that you do not have to liaise with your creditors any more, and the interest and charges being added to your accounts will be stopped indefinitely. This means that with each monthly payment you make, you will only be paying toward the capital debt that you owe.

Debt management plans stop the cycle of debt and give peace of mind to debtors, in knowing that the balances on all debts are lowering each month, until the debt is paid off.

While engaged in a debt management plan, you will be assigned a personal finance manager, who will keep in regular contact and offer advice and assistance wherever it is needed. They will also be able to update you on the status of your finances, and will be able to tell you exactly how long it will take before you become debt free.

For a free consultation with one of Sterling Green’s qualified financial advisers, call 0800 083 2827.

Written by Katie Simpson ©

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Posted in Debt Management, News & Features | No Comments »

Debt Management Plans – Frequently Asked Questions

Wednesday, July 28th, 2010

What if my circumstances change during a Debt Management Plan?

Because a Debt Management Plan is an informal agreement, it is flexible. You can increase your monthly payment or decrease it depending on your circumstances at any time.

Change for the worse
If your circumstances change for the worse and you cannot commit to the agreed monthly payment, inform your personal finance manager (provided by the management company you are dealing with) and they will agree a new payment arrangement based on your circumstance.

Change for the better
If you feel you could afford to pay more to your debts, again, you must consult your personal finance manager and they will agree a new payment plan. By increasing your monthly payment, you are clearing your debts faster.

How does a Debt Management Plan work?

A DMP or Debt Management Plan is an informal agreement with your creditors. If you are in financial hardship, it allows you to reduce the amount you pay to your creditors each month so that your payments fit within an affordable monthly amount. All debts will be consolidated into one easy monthly payment so you do not have to pay each individual creditor seperately.

The interest you were paying to your creditors will be stopped so that you are only clearing the capital debt that you owe instead of going around in circles, just paying off the interest that the debt has accrued each month.

Can I keep some of my debts out of a Debt Management Plan?

It is advised that you include all unsecured debts into your plan, because if you leave out certain debts, your creditors may feel you are favouring other lenders above them and may make negotiation difficult.

Also, if you are leaving out certain debts, such as a credit card, to make sure you can still borrow, this is defeating the object of a debt management plan. Their job is to rid you of debt and if you continue to use certain credit cards, you are only perpetuating your cycle of debt.

How long will a Debt Management Plan last?

There is no limit on how long a debt plan can last. It all depends on your individual circumstance, i.e., how much debt you owe, and how much you can feasibly afford to pay to it each month. The more you pay, the shorter the term on your plan will be.

How long does it take to set up a Debt Management Plan?

It is very simple. For example, if you call Sterling Green, you can speak to a customer service consultant right away who will assess your situation briefly and pass you straight over to a financial advisor. The advisor will then tell you how much we can save you each month, and how long it will take you to be debt free should you take up a plan with us. The whole process is very quick and lasts minutes.

What will happen to my credit file if I go into a Debt Management Plan?

Your credit rating is not worsened because of the fact that you are in a DMP. If you are struggling to repay your creditors and have missed payments for whatever reason, this will have already damaged your credit rating so a management plan will not affect your rating any further.

Although the fact that your credit rating is affected sounds bad, in fact all that is happening is that you are being prevented from borrowing more money for a certain length of time. Of course, the idea of a debt management plan is that it clears your existing debts. It doesn’t pave the way for you to get further into debt.

How much will a Debt Management Plan cost?

Our company takes a very small fee of 15%. This cost is included in the agreed monthly payment so it is not a surcharge. Fee rates vary between companies, some charging in excess of 30%.

What happens to my house and car in a Debt Management Plan?

Mortgages and Hire Purchase items are not included in debt management programs, simply because it would put your home and HP item in jeopardy of repossession. The only debts that are included are debts which are not secured to a property or a purchase. These can be in the form of personal loans, credit cards, overdrafts, catalogues, disconnected bills from a previous address or shortfalls on a previous mortgage which has now been transferred to unsecured debt.

What happens when I stop paying my Creditors and opt for a Debt Management Plan?

When you engage in a plan, your creditors are not allowed to contact you either by telephone or post. They are also not permitted to send debt collectors or bailiffs to your property. Your debt will be managed by your chosen debt management company, who will correspond with your debtors on your behalf so you do not need to worry about unwelcome contact from your creditors.

My bank is a Creditor; should I open a new bank account?

When undertaking a debt management plan, you will need to change banks and close any accounts where you have outstanding balances. This is because you will need to keep control of your finances and keep them separate from the parties you owe money to. Even with a bad credit rating, you will be able to open a new basic bank account with no overdraft facility to help you along your way.

For more information please  fill out a call-back form on our homepage to speak to a qualified advisor.

Posted by Katie Simpson ©

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Posted in Debt Consolidation & Re-Mortgages, Debt Management, Tax Debts | No Comments »

OAPs Unable To Enjoy Retirement Due To Mounting Debts

Wednesday, July 21st, 2010

Recent statistics show that pensioners in the U.K owe a mind-blowing £8.4 billion in outstanding debts.

Additionally, almost 600,000 citizens over the age of 65 are still paying off their mortgages, with each individual owing more than  £30,000. Even more worryingly, over 1.5 billion pensioners owe  substantial amounts on credit cards, arguably the worst form of credit to have.

Many over 65’s also owe money on store cards, overdrafts, catalogues and personal loans that they are unable to pay off. Due to high interest rates and charges at the moment, these OAPs are struggling to pay off their unsecured debts with low incomes and pensions. This is resulting in a lot of worried pensioners and  for many of them, it is having  a detrimental effect on their health.

According to the CCCS, the age group with the highest rise in personal debts within the last year were citizens of pensionable age. This is mainly due to the rising cost in living expenses, which their limited imcomes cannot cover.

These difficult times are stopping OAPs from enjoying their well-earned retirement and forcing them into turmoil, juggling debts and general living costs.

Here are some simple tips if you are struggling with debt

1. Prioritise your credit payments

Work out how much money you owe to each individual creditor. Then make sure the biggest debt receives the highest monthly payment, and the lowest debt, the smallest payment, in order to restore some balance to your credit commitments.

Your first priority should be any debts secured to your property or any hire purchase items, as if you miss payments, your home and higher purchase goods can be repossessed by the lenders.

The second priority is any bill that can result in you being prosecuted if you do not pay, such as tax and TV liscence.

2. Look into the best deals on credit cards

You should take the time to shop around for the best deals on credit cards. 0% interest cards are widely available and could save you hundreds of pounds in interest payments.

It is also worth looking into the best rates for gas and electricity. There is much competition between energy suppliers at the moent, so research each company and find out what is the cheapest option for you and whether you are eligible for any discounts.

3. Be aware of any government benefits available to you

Look into if  you are eligible to claim any benefits from the government. Filling in a simple form can be the difference between considerable help, and no help at all. Millions of pounds go unclaimed every year in entitled benefits, so contact your local authority to find out whether you are eleibile for pension credits or council tax benefit.

4. Remortgaging and extra income

Another great solution to your debt problem is a remortgage or downsizing your home. If you still reside in the family home and you feel there is surplus space, you could look into moving to a smaller property and using the profits from the sale of your house to help clear your unsecured debts. If you do not wish to sell, you could opt for a remortgage, providing there is sufficient equity in the property.

Another  solution is to consider taking on a part time job to boost your income. Light work in a shop or call centre can be a huge help to able-bodied individuals.  Short working hours in a comfortable environment are available and your many years of working experience can be very attractive on a CV.

5. Debt Management Plan

Another great option is a debt management plan. These plans can reduce the amount of money that you are paying out on credit each month and also stop the interest and charges you are currently incurring. Many people choose to engage in a plan to make their lives much easier.

While on a debt management plan, you do not have to deal with your creditors any longer. They are banned from calling or writing to you. Instead, your personal finance manager will negociate a lower monthly payment to your creditors and will deal with them directly on your behalf, so you are just making one affordable monthly payment instead of attempting to juggle each individual debt.

Also, as you are not paying out on costly interest rates, you are clearing the capital debt that you owe, so you will be debt free much sooner that you would without a management plan.

Posted by Katie Simpson ©

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Posted in Debt Consolidation & Re-Mortgages, Debt Management, Loans, News & Features, Tax Debts | No Comments »

Living On Credit

Wednesday, June 9th, 2010

The Facts

Are you regularly running out of cash before the end of the month? Over 5 million households are using credit cards to pay for general bills and necessities every month in the U.K.

Despite recent reports of a growing economy, average family incomes are tight. Less working hours available, pay cuts and the rising cost of living have stretched family budgets to the absolute limit.

Worryingly, more than 5 million homeowners are now using credit cards to pay at least one household bill each month according to research by moneysupermarket.com.

The problem might be eased if minimum wage was to rise, but that does not look likely due to the amount of national debt at the moment.

Private businesses have just come through the worst recession for years and surviving companies are not going to want to pay their staff more or employ any more people than absolutely necessary as a vast majority made a loss last year, or at the least experienced a slash in profit.

In the public sector, the government’s six billion pound cost-cutting plan could result in up to 750,000 redundancies, meaning a huge financial blow for thousands of families.

How The Cycle Starts

With many creditors increasing minimum repayments, people are getting into a downward spiral of debt that they cannot afford to pay.

This cycle begins when necessities are paid for using a credit card, which then has to be paid off using next month’s wage. Then when the next month comes, there isn’t enough cash to pay the necessities, so the credit card needs to be used again. This cycle continues month after month and is very hard to get out of.

If this situation is not stopped, and the full amount is not cleared as soon as the bill is received, debts continue to grow and monthly minimum payments continue to increase.

Solution To The Debt Problem

In general the only way stop this vicious cycle of using credit, incurring interest charges then spending months or even years paying it back,  is by using a debt management solution.

There are two main debt management solutions to consider – a debt management plan (DMP) and an individual voluntary arrangement (IVA).

The best solution to use will very much depend on personal financial circumstances. However, the key behind both is that they successfully reduce monthly debt payments to an amount which is manageable based on each individual’s income and expenditure.

Once debt payments are reduced, there is no longer any need to supplement income with credit spending as all reasonable household living expenses can be paid out of monies saved on what you would have usually paid to your creditors.

The only way to resolve this problem is either to increase your income or reduce expenditure. In reality, most families are unable to do either, as pay rises are unlikely in the near future and the cost of living is constantly rising.

For this reason, considering a debt management solution is the best thing to do to stop a reliance on credit and fast-track yourself to solvency.

Posted by Katie Simpson ©

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Posted in Debt Management, IVA, News & Features | No Comments »

Cost Of Living Rises As Wages Fall

Wednesday, May 19th, 2010

New figures released by Incomes Data Services (IDS) have revealed that the average wage rise is not keeping up with the rate of inflation. The cost of living is constantly increasing yet wages are not matching the hike, leaving many people in financial trouble.

In the three month period ending in February, the average wage rise increased by just 0.1% to 1.9%, compared with the three month period ending in March.

As the Britain waits to see what effect a hung parliament will have on the economy, only one thing is definite: massive cuts will need to be made in order to relieve the astronomical proportions of national debt, which is presently £404,700,000, according to statistics from the charity, Credit Action.

Although promises have been made to keep redundancy to a minimum, unemployment figures – which are currently at their highest in 16 years, standing at 2.5 million – are likely to increase, and added to this, a continuing rise in pay cuts is inevitable.

Those lucky enough to have secure employment during the recession are now facing the prospect of their income not covering their living costs. Credit Action states that 5.4 million adults (11%) spend more than they earn, whilst 13 million (26%) just about break even.

Rising inflation has tripled from 1.1% to 3.4% in the 6 month period from September 2009.

This large increase in inflation, and tiny increase in wages, is breaking Britons’ bank accounts. However, more than a quarter of U.K citizens have an ingenious back-up plan… to win the lottery jackpot, according to a survey conducted by YouGov, but until then over 14 million Brits are using credit cards for everyday items.

Kevin Still, debt expert and director of Atlantic Financial Management, said that these factors are causing more and more Britons to seek debt help. He added: “Loss of income remains the number one debt reason for someone starting a Debt Management Plan, closely followed by ‘debt spiral’ where people have allowed their use of plastic to get out of control and build up substantial credit card debts.â€

Posted by Katie Simpson ©

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