Those seeking debt relief should research options
Published On 14 January 2008
It is "incredibly important" that people seeking debt relief are aware of all their options, a debt advice group has said.According to Debt Help UK, knowing all the options available can make a huge difference to how effectively a person deals with their debt problems.
Possible solutions to resolving debt include Individual Voluntary Arrangements (IVAs), debt management plans and debt consolidation.
Director Iain Wrenshall urged people not to "bury their heads in the sand" and look for informative, free advice.
Mr Wrenshall recommended that those seeking to resolve their debts investigate their options early, to avoid having a solution "thrust upon you".
"As your situation degrades, then your options generally become narrower and, ultimately, your creditors have the sanction to make that choice for you," he warned.
According to new research from price comparison website uSwitch, 23 per cent of adults (almost one in four) are finding their current level of debt unmanageable.
