UK Money News
2nd May 2008
Debt-hit Britons urged to contact bank
Britons facing debt problems should take action to amend the problem as soon as possible, a personal finance expert has advised.
According to official figures from the Insolvency Service, the number of people who were declared insolvent during the first quarter rose to 25,264.
This represents a rise of 1.7 per cent from the final quarter of 2007.
Cliff D'Arcy urged anyone facing similar problems with financing their debt to contact their bank and credit card provider to see "if they are willing to freeze the interest or relax your payments so you can try and balance your budget again".
He added: "The first thing is don't leave the problem to get worse. The earlier you tackle it, the better it will be. Secondly, don't just bury your head in the sand and hope the problem goes away, get in touch with your bank."
Of the insolvencies declared this year, some 15,651 bankruptcies and 9,614 individual voluntary arrangements (IVAs).
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