UK Money News
27th November 2007
Consumers 'should consider debt help options'
People who find themselves in a situation needing help with debt have a number of valid options open to them, it has been claimed.
According to one personal finance advisory service, the likes of bankruptcy, individual voluntary arrangements and informal debt management all have their place and should all be considered.
These three main forms of debt management should be understood and evaluated before one is chosen, says debt consultancy Thomas Charles.
James Falla, managing director of the firm, remarks: "If you find yourself talking to an operation or an organisation which seems to … push harder one rather than the other or they just say: 'Oh no, you don't need to think about that', I would be sceptical and wary of that."
Mr Falla was responding to recent money news, reported in This is Money, about a "rogue" firm called the IVA Council.
The body was contacting members of the public needing help with finance and advising them to default on loan repayments so that it could help them file for bankruptcy.
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