Call free for debt management, debt help & advice

| All News | Archived News |

Govt figures `may underestimate number of debt management plans`

29 September 2008

Official government figures concerning the number of UK consumers unable to cope with their levels of debt may be too low, it has been suggested.

According to trade body R3, as many as 600,000 people who have taken out debt management plans because their personal finances have become unmanageable may have been missed off insolvency figures.

Such plans are unofficial agreements between borrowers and borrowers under which creditors pay an affordable monthly sum.

Unlike bankruptcy and Individual Voluntary Arrangements (IVA), debt management plans are not included in the Insolvency Service`s statistics.

According to R3 president Nick O`Reilly, such plans can be a good option for consumers who have manageable levels of debt.

Meanwhile, according to research conducted earlier this month by Debt Management Today, during the first six months of 2008, the UK`s total personal debt rose by 6.9 per cent.
ADNFCR-667-ID-18800902-ADNFCR

Top of page

Speak to an expert today
Call freephone: 0800 161 3516

Repaying debt ‘higher priority for consumers’ - 03/12/2008
A new survey has suggested that consumers are spending less on ‘non-essential’ pursuits such as eating out, short holidays and ...
Consumers not thinking through consequences of debt - 03/12/2008
Consumers may be worried about managing their debts, but many have given little thought to how they’ll repay what they ...
Parents being helped out financially by children, study says - 01/12/2008
A new study has found that a significant number of parents in the UK are in receipt of financial assistance ...

©2008 Gregory Pennington Ltd. Pennington House, Carolina Way, South Langworthy Road, Salford M50 2ZY. Company Registration No. 2855061
Registered in England and Wales

Debt management, debt help & debt advice services:
Debt Management | Debt Solutions | Debt Consolidation | IVA | Trust Deed