Wednesday 10th of November 2010
People struggling with finances may decide to seek individual voluntary arrangement answers before their debt problems become so great they are evicted from their home.
The Consumer Credit Counselling Service (CCCS) noted it has experienced a rise in the number of calls coming from people who currently have no fixed address.
According to the debt charity, some of these people have chosen to rent out their property in a bid to meet their repayments, with many individuals staying with friends and using their sofas as places to sleep.
Laura Carver, head of helpline at CCCS, stated: "While only a small number of people with debt problems end up living on the streets, more are in effect rendered homeless because of rent or mortgage arrears."
She added the loss of a property is the greatest fear for those deep in the red and although a friend may offer accommodation this does not solve an individual's financial problems.
According to a survey conducted by uSwitch.com, more Brits are now deciding to share their money worries with friends, with a quarter of people saying they were prepared to speak about how much they owe.
By Mark Waterman
