Debts & Loans

The need for expert financial guidance is rapidly growing as debt becomes more of a pressing issue, according to various debt help lines.
According to impartial debt advice lines, two thirds of people calling for advice on their arrears are asking staff to handle negotiations with creditors on their behalf. Financially concerned consumers have been inundating debt help lines, showing the need for mortgage brokers and IFAs to adapt appropriate advice to help debt-ridden clients.


 
Two major re-occurring problems reported are that people are over-committed on their unsecured debts and due to paying the unsecured debts first are piling pressure on the mortgage payments. The other main issue is job losses and the subsequent lower income levels as a result.


 
Financial experts say that intermediaries who are seeing an increasing number of clients experiencing credit difficulties can assist them by offering suitable solutions to their debt troubles, such as referring them to a debt management company.