Friday 7th of August 2009
Britons who are looking for a solution to their unmanageable repayment responsibilities should seek out a debt management plan that is tailored to their needs, the Mirror has advised.
The paper’s money advice column has this week reminded consumers that as each individual debt problem is different, people should seek out an individualised debt management plan.
"When approaching debt management companies do not be afraid to ask them how they establish a repayment plan, how they will assess your needs and what level of service you can expect from them," the paper urged.
This is particularly important as while the days of shoddy debt management companies are well and truly over, some are still more effective than others at lifting people out of debt difficulty.
Meanwhile, for those who are facing insolvency, seeking Individual Voluntary Arrangement (IVA) advice may be an effective way to avoid bankruptcy.
According to the latest statistics from the Insolvency Service, the number of people taking out an IVA rose 27.4 per cent in annual terms during the second quarter of 2009.
Written by Ashley Littley.
