Debt Help

by : Liam G

Britons are now in more than ?1,000,000,000,000 (one trillion pounds) worth of debt, w0hich equates to around ?17,000 for each UK man, woman and child.

This debt is made up of outstanding mortgages, secured loans, personal loans, credit cards etc. This staggering figure indicates just how easy it is to take on debts, and how heavily consumers rely on credit in today's markets.

For example, for the majority of UK adults wishing to own a home, taking out a mortgage is usually the only option. Around 12 million UK adults have an outstanding mortgage.

However, as credit plays a vital role in many consumers' every day lives, allowing them access to things they would otherwise be unable to afford out right, it does have its place in today's ever expanding market.

It is only when credit turns into escalating debt, and a person is unable to meet the required repayments that problems arise.

When in this situation, it is vital a person regains control over their finances as soon as possible to avoid further problems. Although simply ignoring the problem can seem like the easiest option, it is not the solution.

Some debts are considered "high-priority" debts, taking precedence over others. These are generally the debts secured against your home such as a mortgage or loan; local authorities' council tax and utility companies' debts are usually considered high priority, too. Failure to take the appropriate measures to repay these debts leads to the risk of being cut off, repossession, bankruptcy or even imprisonment.

"Non-priority" debts include personal loans, credit cards, store cards etc. Although you will still be expected to pay these, they are considered less of a priority than the "secured" and high priority debts set out above.

As debt has become more of a problem over the years, there are countless debt help companies and websites that have been set up to provide impartial help and relief, notable among these is The Debt Helpline.

The team of specialists at Debt Helpline are able to provide first class assistance to those suffering debt problems. Their experience and established links with lenders and their representatives has enabled them to offer a range of options to provide a tailored solution to each and every one of their customers, taking into account their desires, circumstances and other individual factors.

The Debt Helpline are able to guide customers through a number of common debt relief options such as:

  • IVA (Individual Voluntary Agreement)

  • Informal Agreement

  • Debt Management Plan

  • Consolidations Loans or Remortgage options

  • Also, information on bankruptcy and other practical self help methods

However hopeless your personal debt situation may seem, the experts at will endeavour to help you rid yourself of troublesome debt.