Wednesday 6th of May 2009
Borrowers have been urged to take stock of their finances at an early stage in order to avoid the need for debt help.
Simon Harris, chief executive of Citizens Advice in Hanley, told the Sentinel that the number of debt enquiries the agency dealt with in the first quarter of 2009 doubled compared to a year earlier.
He recommended that consumers stop using credit cards and place priority on repaying essentials such as rent and mortgages.
Those who are unable to keep on top of their debts may find that IVA help benefits them, as solutions are available to allow what is owed to be reduced and repaid in a manageable way.
Recent Insolvency Service figures indicated that demand for IVA advice could be increasing, as a record number of people (29,774) were made bankrupt or entered into an IVA in the first quarter of the year - the latter increasing by 11.8 per cent compared to 2008.
- 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
- An IVA could help credit card customers avoid bankruptcy
