- Tuesday, 11 May 2010Consumers experiencing financial difficulties should seek help and find another option to pay off their debts instead of turning to
bankruptcy, suggests an expert.
Chris Tapp, director of Credit Action, a national money education charity, insists that there are other options, such as a
debt management plan, that consumers can pursue instead of borrowing more money and falling into more financial trouble.
Personal insolvencies have increased by 17.9 per cent in the first quarter of 2010 compared to the same period last year, reports the Insolvency Service, but Mr Tapp believes this can be avoided.
"You can negotiate reduced repayments and get on something called a
debt management plan but that's only feasible if you're able over a reasonable length of time to repay all your debt."
He added that this can be agreed with the creditor and can buy time until the person is back in work.
The number of insolvencies is believed to have grown because of lack of employment or cuts in wages and hours.
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