Thursday 3rd of February 2011
Adults in the UK who are heavily in debt may wish to ask individual voluntary arrangement questions before seeking alternative routes of assistance.
This is because Justin Modray of candidmoney.com has warned that now is an ideal time for criminals to try and lure unsuspecting victims in with financial scams.
The expert noted almost everybody's monetary situation is being impacted by various factors at present, such as spending cuts and tax rises - making it the perfect climate for fraudsters to strike.
He said: "Money scams prey on the financially vulnerable, who usually fall victim due to a combination of naivety, desperation and/or greed."
The best way to avoid such instances is for people in financial trouble to seek the help of a reputable company, Mr Modray added.
His comments come after the Office of Fair Trading recently launched its 2011 Scams Awareness Month, following findings that showed four per cent lost money to such a scheme in 2010.
By Kimberley Parsons
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- IVA benefits touted as possible way forward for those in debt
