'Huge demand' for debt advice

'Huge demand' for debt adviceThere has been "huge" demand for debt advice in the UK, one sector commentator has claimed, which may be as a result of the recent recession and credit crunch prompting people to reign in their spending.

Ian Boden-Smyth, spokesperson for the UK Insolvency Helpline, said in the last five years the group has doubled its staff numbers and ensured that 95 per cent of calls are answered and dealt with.

He added this is about 30 per cent higher than other similar helplines.

Speaking of when Britons typically worry the most about money, Mr Boden-Smyth said the first quarter of the year is likely to be "pretty busy".

"It usually quietens down towards Easter and the school holidays and then picks up after. If people have debts they worry about it after holidays," he explained.

People concerned about their finances may wish to consider flats to rent in Notting Hill or another part of London.

Moving into rented accommodation could be more affordable than looking for property to buy as house prices tend to be far higher in London than elsewhere in the UK.

Such action may be advisable after the National Audit Office reported that the free face-to-face debt advice service provided by the Department for Business, Innovation and Skills is struggling to keep up with the demand for help.

Written by Andy Britten

Published 8th February, 2010

© 2010 Estates IT Limited

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The demand for debt advice in the UK is high, it has been claimed - although property to rent in London may be a more affordable option for consumers struggling with mortgage payments.

'Huge demand' for debt advice

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