Tips offered to consumers facing debt

24 October 2008

Consumers who may be entering into debt problems have been issued some tips by an expert.

Writing for the BBC, insolvency practitioner Alan Tomlinson suggests that consumers should first look for the signs that they are falling into financial difficulty.

He said that such signs may include getting behind with mortgage repayments, increasingly relying on credit cards to make ends meet, borrowing money from friends and family members to pay creditors and having to take credit from sources that would not normally be considered.

Mr Tomlinson went on to say: "Clearly, you should try to cut back on any unnecessary spending so that you can divert some income towards paying off your debts, or at the very least try to stop them getting bigger."

However, he added that if it is too late, consumers should seek professional advice from an industry practitioner.

Meanwhile, figures produced recently by Unbiased.co.uk suggested that 3.3 million Britons are giving money to their adult children to help them cope with the cost of living in the UK.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).