Tuesday 23rd of June 2009
Debt management advice should be a priority for people struggling with their finances, according to one expert.
Jim James, regional chairman for the north-east at insolvency trade body R3, said in an article for the Journal that those in this situation should act immediately to get help and ensure they receive it from regulated organisations.
"If people are worried about their finances, it’s more important than ever not to delay seeking professional advice - and to make sure they get it from the right people," he remarked.
Approximately 700,000 people that are technically insolvent are in debt management plans, according to YouGov and R3’s Debt Tracker survey, substantially more than the 190,000 people declared bankrupt or in an individual voluntary arrangement (IVA) in 2008.
However, Mr James suggested it is important that you get professional advice before deciding to enter a plan, as other options, such as an IVA, may be more appropriate depending on your individual circumstances.
His comments follow figures from the Citizens Advice Bureau published earlier this month that showed a 179 per cent increase in enquiries about redundancy and debt worries.
