Seek advice before a consolidation loan

Thu, 17 Jan 2008

Anyone considering a consolidation loan should seek some free, independent advice before committing, one industry group has said.

Chris Tapp, director of Credit Action, said that while a consolidation loan may be best, the first step for anyone with debt problems should be a free advice agency such as the National Debt Line or Citizen's Advice Bureau .

He said: "Often it's an awareness issue with people; they just don't know that advice is freely available."

The agencies will sit down with a person and work out what an individual can afford to pay towards their debts, he said.

Mr Tapp added that there were a number of options available to those with debt problems .

These include, debt management plans, Individual Voluntary Agreements and consolidation loans.

According to the Insolvency Service, there were 26,956 individual insolvencies in England and Wales in the second quarter of 2007.

Of these 16,258 were bankruptcies and 10,698 were Individual Voluntary Agreements.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

newsnews rss
Personal loans news
February Loan Approvals Drop - Fri, 09 May 2008
Credit unions offering personal loans - Wed, 07 May 2008
Lender Increase Loan Rates Again - Thu, 01 May 2008
More News

Paying Too Much?

7 out of 10 people are paying too much for their mortgage. To find out if you're one of them click here or fill out a FREE no obligation enquiry form