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Debt problems: advice options

09/03/2011 Get Adobe Flash player

Britons who are having to deal with debt problems at present do have a broad range of outlets when it comes to seeking out debt help in 2011.

The Nationwide building society has recently stated that it would be wise for people with struggling with debt problems to look into how to formulate some debt solutions.

Head of savings at Nationwide, Richard Marriott thinks those in a complex financial situation or people in need of debt advice should approach some of the UK’s financial institutions.

He says: "You'll find many people willing to help, take their time and sit and listen and help find the best option for customers."

Mr Marriott makes the comments in response to the release of a new report by protection cover providers, Bright Grey.

It says that UK residents living on their own are far more likely to overspend in everyday life compared to consumers who live as part of a family unit.

Debt Expert Kevin Still says: "For people with debt problems it is normal practice, in the first instance, to try and discuss a sensible repayment arrangement with your creditors if you aren’t able to make contractual payments. This applies to both your secured lenders and your unsecured creditors, like credit card and personal loan companies. Professional debt advisors are commonly used by UK consumers where someone who has many creditors is unable to reach agreement across the board." ADNFCR-2613-ID-19953478-ADNFCR

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