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Ian McCartney tells borrowers to call debt advice services not loan sharks

By: Darren Ferneyhough

Consumer Minister Ian McCartney has advised beleaguered borrowers to avail themselves of free debt advice services long before resorting to dealing with loan sharks.

Of course, even where a loan is identified as a viable route to alleviate a consumer's, there are often suitable solutions available from reputable providers such as The Loan Helper, negating the need to go to loan sharks at all.

Sadly however, beleaguered borrowers often believe that their situation is so dire that no-one but the loan sharks will help, but again, reputable loan providers often have solutions even for people with poor credit history due to having County Court Judgements, defaults or mortgage arrears and even bankruptcy orders, more information on this is available at at www.theloanhelper.co.uk

Mr McCartney, who will open a new office for the Money Advice Trust (MAT), which runs National Debtline, stated that many people were unaware that free, impartial support was at hand to help them avoid debt problems.

"My advice to people struggling with debt is to pick up the phone - there are people who can help you find a solution and avoid the sharks."

Mr McCartney, who recently visited Illegal Money Lending Teams closing down loan sharks in Birmingham and Glasgow, said:

"Loan sharks are lowlifes whose primary purpose is to rip you off. Many of them will resort to intimidation and violence to take money off the most vulnerable in our communities who know of no other borrowing options.

Often it feels like there is no alternative than to turn to loan sharks but many people don't realise that debt advice and information is available for free. National Debtline is there to help."

National Debtline's advice includes speaking with creditors as soon as possible to explain your difficulties, and not to abandon attempts to come to an agreement on repayment terms even if creditors are difficult.

The Department of Trade and Industry supports the many aspects of MAT's activities; in particular, by providing £1million annually to National Debtline.

The Government is also providing £47.5M in a two year programme to fund face-to-face debt advice, helping resolve debt for tens of thousands of individuals.

This cash will pay for over five hundred new debt advisers to help people get their finances in order, and will fulfil the Government's commitment to achieve a step change in the availability of debt advice.

As part of the Face-to-Face Debt Advice project, financed by the Financial Inclusion Fund, the Money Advice Trust is providing training for a large number of the advisers due to be recruited over the next 2 years.

Consumers can call National Debtline, on 0808 808 4000.

Article Source: http://www.articlemap.com

Darren Ferneyhough is head of marketing at The Money Helper and a respected commentator on a number of areas in the UK financial services market. Darren currently writes for Loan-Sense and Mortgage-Sense as well as being instrumental in the design and strategy of the consumer loans site The Loan Helper



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