UK Money News
17th December 2007
Debtors 'must seek regulated advice'
It is of the utmost important that people in need of help with money avoid dealings with an unregulated lender, it has been claimed.
According to personal finance advice organisation Debt Help UK, in the wake of the credit crunch it is possible that people will seek to recover from trouble with debt using unregulated services.
However, such transactions can result in them need yet more help with finance at a later date.
Iain Wrenshall, director at Debt Help UK, said: "There is the personal threat to their wellbeing if the lender fails to abide by the law and the protection that the law gives the borrower".
He added that, when a regulated lender will no longer provide help with money, it is because the borrower has reached a point where they can no longer afford to repay greater debts - and should not be taken as a prompt to look elsewhere.
The money news comes in the wake of a report in the Guardian suggesting some 165,000 homes in the UK seek the help of unregulated lenders every year.
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