A damning report by the Public Accounts Committee (PAC) reveals that the MPs have slammed the federal government for failing to greatly help the 11% of UK adults that are struggling to pay off their debts.
The report states that the population’s total personal debt stood at almost £1.5 trillion, as people failed to access proper debt management plans.
Labelling the management of the strategy an entire failure, said PAC chairman Edward Leigh, said, “The government created an array of different interventions, 51 in total, however the arrangements for co-ordinating them haven’t worked and no one has been doing charge.”
Further findings of the committee show that, for the very first time, the demand for debt advice was higher than the financial assistance available, partly because of the severity and longevity of the economic crisis.
It appears that it is not merely the government-supported debt management agencies which have failed to greatly help out those facing financial burden. Modi Yojana A written report released earlier this year by the Consumer Credit Counselling Service (CCCS) revealed that over one-third of all consumers who contacted a UK debt charity a year ago needed to be turned away as they were too poor to be helped.
Another interesting finding that stumbled on light was that inspite of the record numbers of people contacting the CCCS in 2009, only one-quarter of these could actually enter a debt repayment plan or Individual Voluntary Arrangement.
With the federal government failing to come calmly to the aid, people in financial crisis are more prone to approach private debt management companies to find an end with their woes.
If you’re in serious debt, you can contact debt management companies who offer free, impartial and honest advice to assist you deal along with your borrowings. Search the net and you will come across numerous companies offering free debt advice. However, be warned that the advice you’re offered may certainly not be impartial. There are many debt management companies that are financed by bankers and lenders and therefore the debt advice they give you could actually mean fat commissions for them rather than right solution to finish your financial troubles.
To ensure you do not fall further into the debt trap, you have to approach only reputed companies with a thorough track record. Second, you can approach numerous companies for a wide range of options and study the solutions. However, if you’re not comfortable finding the right debt management company, you can talk to your financial expert who will not only give you honest and impartial debt advice based on your individual circumstances, but may also recommend providers who specialise in coping with that specific solution.