Home | Debt & Mortgage
Consumer Minister Ian McCartney has urged borrowers to take advantage of free debt advice services ahead of resorting to dealing with loan sharks. Of course, even where a consolidation loan is identified as a valid route to alleviate situation, there are often suitable loans available from reputable providers such as The Loan Helper, negating the need to go to loan sharks at all. Sadly however, borrowers often believe that their situation is so dire that no-one but the loan sharks will help, but again, reputable loan providers often have solutions even for people with poor credit history due to having County Court Judgements, defaults or mortgage arrears and even bankruptcy orders, more information on this is available at at www.theloanhelper.co.uk Mr McCartney, who will open a new London office for the Money Advice Trust (MAT), which runs National Debtline, said that many people did not realise that free, impartial support was available to help them avoid debt issues. "My advice to people struggling with debt is to pick up the phone - there are people who can help you find a solution and avoid the sharks." Mr McCartney, who recently visited Illegal Money Lending Teams investigating loan sharks in Birmingham and Glasgow, said: "Loan sharks are lowlifes whose primary purpose is to rip you off. Many of them will resort to intimidation and violence to take money off the most vulnerable in our communities who know of no other borrowing options. Often it feels like there is no alternative than to turn to loan sharks but many people don't realise that debt advice and information is available for free. National Debtline is there to help." National Debtline's advice includes talking to lenders at the earliest opportunity to discuss your situation, and not to give up trying to come to an agreement concerning repayment terms even if creditors are difficult. The DTI supports the many aspects of MAT's activities; in particular, by providing £1million annually to National Debtline. The Government is also providing £47.5 million in a two-year programme to fund face-to-face debt advice, helping tackle debt for tens of thousands of borrowers. This money will pay for over five hundred new debt advisers to help people get their debts under control, and will fulfil the Government's commitment to achieve a step change in the availability of debt advice. As part of the Face-to-Face Debt Advice project, funded by the Financial Inclusion Fund, the Money Advice Trust is providing training for a large number of the advisers due to be recruited over the next two years. Consumers can call National Debtline, on 0808 808 4000.
Article Source: http://www.financemanual.com
Darren Ferneyhough is head of IT at The Money Helper and a respected commentator on a number of areas in the UK financial services market. Darren currently writes for Loan-Sense and Mortgage-Sense as well as being instrumental in the design and strategy of the consumer loans site The Loan Helper
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
