A damning report by the Public Accounts Committee (PAC) reveals that the MPs have slammed the government for failing to greatly help the 11% of UK adults who are struggling to pay off their debts.
The report states that the population’s total personal debt stood at almost £1.5 trillion, as people failed to gain access to proper debt management plans.
Labelling the management with this strategy a whole failure, said PAC chairman Edward Leigh, said, “The us government created a myriad of different interventions, 51 in total, but the arrangements for co-ordinating them haven’t worked and no-one has been in charge.”
Further findings of the committee show that, for the first time, the demand for debt advice was higher compared to the financial assistance available, partly as a result of severity and longevity of the economic crisis.
It appears that it is not just the government-supported debt management agencies that have failed to greatly help out those facing financial burden. Modi Yojana A written report released earlier this season by the Consumer Credit Counselling Service (CCCS) revealed that over one-third of most consumers who contacted a UK debt charity last year had to be turned away as they certainly were too poor to be helped.
Another interesting finding that came to light was that inspite of the record numbers of people contacting the CCCS in 2009, only one-quarter of those could actually enter a debt repayment plan or Individual Voluntary Arrangement.
With the government failing to come to the aid, people in financial crisis are more prone to approach private debt management companies to find a finish with their woes.
If you should be in serious debt, you can contact debt management companies who offer free, impartial and honest advice to assist you deal along with your borrowings. Search the web and you should come across numerous companies offering free debt advice. However, be warned that the advice you’re offered may not really be impartial. There are many debt management companies which can be financed by bankers and lenders and therefore the debt advice they provide you with could actually mean fat commissions for them rather than right solution to end your financial troubles.
To ensure you never fall further in to the debt trap, you should approach only reputed companies with a thorough track record. Second, you can approach numerous companies for a wide range of options and study the solutions. However, if you’re not comfortable finding the right debt management company, you can talk to the financial expert who won’t only provide you with honest and impartial debt advice based on your own individual circumstances, but may also recommend providers who specialise in working with that one solution.