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Seek help 'sooner rather than later' to avoid personal insolvency

Brits urged to seek help if they are in financial trouble

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18 November 2011

Seek help 'sooner rather than later' to avoid personal insolvency”

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British credit card holders have been urged to seek financial assistance "sooner rather than later" in order to avoid personal insolvency.

New figures from the Insolvency Service revealed that the number of personal insolvencies in the third quarter of the year fell to 30,219 from 30,513 in the previous quarter.

Although the number of bankruptcies continued to decline, less severe forms of personal insolvency such as Individual Voluntary Arrangements and Debt Relief Orders rose.

Delroy Corinaldi, director of external affairs at debt charity Consumer Credit Counselling Service, feared that many more Brits will become insolvent over the next year as it estimates 6.2 million UK households are currently financially vulnerable.

He said: "The key message to anyone who is finding it hard deal with their finances is to seek help as soon as they realise they have a problem. The sooner they deal with their problem, the more can be done to help them."

Posted by Jack Ramsey

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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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