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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Fri May 25, 2007 12:12 am Post subject: Debt Advice & Consolidation - The Importance of Regulati |
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The way in which personal debt is escalating in the UK is a cause for concern. In 2006 the Citizens Advice Bureau reported that the average total household debt was £13,153, an increase of as much as 30% in the last three years*, and early figures for 2007 show no sign of a slow down.
Worrying too is the lack of regulation in the debt counseling industry, particularly at a time when so many are affected and looking for debt help.
This lack of regulation has led to an upsurge in debt advice services pushing solutions which make them the most money, even if they are not in the best interests of the debtor. Of course this also has a knock on effect for the creditors, who increasingly find they accept a debt solution proposal only to see it fail after a short time.
Some debt solutions, such as individual voluntary arrangements (IVA) are tightly governed, however this is not the case for all of the different options available. In particular, companies offering debt management and consolidation services are notoriously under regulated.
Clear Start is a national organisation that offers free and impartial support and advice to people in serious debt. It is licensed and regulated by a number of different bodies which has helped to earn it the reputation of being trustworthy and reliable.
Clear Start knows that regaining control of their financial situation is a matter that most people take very seriously. Being licenced and regulated is an important consideration for customers seeking debt advice and Clear Start places a big emphasis on this.
It is also why Clear Start works with a number of public and private sector organisations to improve the legislation and best practice in the debt solutions sector.
*Source: CAB Deeper in Debt, May 2006
Clear Start's National Debt Helpline, prides itself on offering an ethical and professional service that people can rely on. The feedback from happy clients and messages posted across the internet are testament to the service that the organisation provides.
Call us on 0800 138 5445
Visit us at www.clearstart.org
E mail us at info@clearstart.org
For further information about Individual Voluntary Arrangements, please visit IVA Advice Service |
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