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Debt advice places for those looking for debt help

Debt advice places for those looking for debt help

With so much debt accumulated by UK consumers over the last few years it's no surprise that record numbers of people are currently searching for debt help. According to Bank Of England statistics, total UK personal debt stood at 1425 billion at the end of December 2010, the highest level it has ever been.

The concern for those struggling to meet their monthly creditor repayments is where to turn for sound, independent debt advice? Recent reports regarding the OFT's investigation into the debt management industry have made many people cautious about who to turn to for the best advice they can possibly get.

In the main, there are 2 options for those seeking advice in regards to debt the charitable sector and the commercial sector and this is a brief overview of what to expect from both.

Charitable, or fee-free debt advice organisations are places where consumers should expect to be given advice in regards to resolving debt problems without paying a fee. The problem facing some debtors however, is the availability of advisers at these places. With budgets being slashed and cost-cutting exercises being carried out all the time from a government desperate to make savings, many debt advisers at places such as the Citizens Advice Bureau have already been made redundant or been threatened with losing their jobs. This has put massive pressure on fee-free services, already creaking under the weight of huge demand from consumers looking for free debt advice. However, for those persistent enough to get seen by an adviser working in the charity sector, the service they can expect will usually be good advice and in the debtor's best interests. And of course, it will be free.

For those who want the convenience of receiving immediate debt help, then the commercial sector will probably be the route taken for many. There's no need to fear approaching a private company however, as the vast majority operate to very high standards and any companies that operate non-compliantly face the wrath of the OFT who will revoke licenses at a moment's notice.

To be sure of receiving help that you can trust from a fee charging organisation, always ensure that they have a current consumer credit licence. This will have been issued to the debt solutions firm by the Office of Fair Trading on the agreement that it will be revoked if the company is not fully compliant with OFT debt management guidance.

Other trademarks of a good company to look out for will be an association with an industry trade body or an independent institution such as the Institute of Credit Management. The Institute of Credit Management promote the highest of standards amongst its members and affiliates and also offer the chance to gain industry recognised qualifications. To gain the ICM diploma in Credit Management takes approximately 2 years of study and any company that has put staff through this qualification will have very knowledgeable employees indeed.
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Debt advice places for those looking for debt help