Wednesday 27th of May 2009
The increase in debt problems has resulted in more complaints to the Financial Ombudsman Service, figures appear to suggest.
According to data from the organisation, the 2008-09 financial year saw a rise of 34 per cent in complaints concerning credit cards, mortgages and consumer debt.
Overall, a record number of 127,471 complaints were seen, in addition to almost 790,000 enquiries.
Those who have concerns about their level of debt may wish to take advantage of IVA advice, as solutions are available to help reduce the amount that is owed.
Although these will not apply to mortgages, they could help consumers to keep on top of credit card bills and other loans.
Commenting on the latest statistics, chairman of the ombudsman service Sir Christopher Kelly remarked: "As businesses tighten their belts - and the credit crunch leads to increased financial difficulty for many consumers - we are gearing up to deal with further volatility in complaint volumes."
Last week, director of communications at Apacs Sandra Quinn noted that consumers now appear to be attempting to spend what they have, rather than what they are able to borrow.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Information on IVAs may help graduates get back on track
