People who are struggling with high levels of personal debt have a range of solutions available to alleviate the burden, however they must consult with a professional in order to ensure they choose the right one, an industry figure has said.
A spokesperson for thinkmoney.com claims the credit crunch has reduced the availability of secured consolidation loans and made them more expensive, however there are many different options for consumers to take advantage of in order to ease their financial worries.
The representative stated those homeowners with equity in their properties could turn to a secured loan as a way of consolidating their unsecured debts into one manageable debt but those who do not still have several options available.
"Depending on the individual's circumstances, a number of other debt solutions may be more appropriate than a secured loan, such as a debt management plan, an unsecured consolidation loan, an IVA (individual voluntary agreement) or, for residents of Scotland, a trust deed," the spokesperson said.
Those considering a debt solution should seek professional advice before deciding which direction to take, the representative added.
Moneyfacts.co.uk recently reported seven lenders have withdrawn from the secured loans market since last summer, including Capital One Bank, LoanOne Intermediaries and Breeze Loans.
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