UK Money News
10th January 2008
Banks keen to reclaim debt, says Thomas Charles
Informal debt consolidation services offered by banks often offer "no light at the end of the tunnel", says Thomas Charles, a leading debt advisory service.
This is because banks often value reclaiming as much debt as possible over helping the customer's debt problems, the firm asserts.
James Falla, director of Thomas Charles, says: "The downside to a debt management plan is that there is no writing off of debt, you still owe all the money."
Long-term repayment plans are far more lucrative than customers declaring themselves bankrupt or applying for an individual voluntary arrangement, he said.
Mr Falla predicted an increase in the number of informal debt management plans as individual voluntary arrangement regulations tighten up.
The prediction follows an announcement by debt advice website iva.co.uk that it has seen a large increase in activity in its online forums since the new year.
Some forums have seen a 50 per cent increase in usage, with many new members asking for help with personal debt and finance issues.
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