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Debt in the UK

December 9, 2011    Posted in: Debt News

Debt in the UK

Debt problems within UK households have become more and more prevalent over the past few years. Debt problems quite often occur when a household experiences a reduction in income. Loss of job, accident or sickness and a reduction in hours are by far the main culprits.

The fall in house prices and mortgage lenders reluctance to remortgage people’s homes has also played its part.

Debt – The Facts

Figures released in September 2011 state that the total level of personal debt in the UK is £1,451 billion. This is obviously a staggering figure and put into a more comprehensible way – The average owed by each and every UK adult stands at a whopping £29,532.

A large percentage of this debt is made up of unsecured debts like credit card debt, loans and overdrafts. These types of debts can be very expensive to maintain and more and more people are beginning to fall behind with their contractual monthly payments as they try to keep up with day to day bills.

The Affect of debt

  • There are on average 331 people being declared bankrupt, every single day.
  • In 2011 people out of work for more than 12 months hit an average of 142 individuals very day.
  • 1,611 people reported they had become redundant every day during 3 months to end September 2011.
  • 8910 people are seeking debt advice on a daily basis.
  • How can Clark Richards Help?

    If you are struggling with your debts and are unsure about whether a debt solution will get you debt free in the quickest possible time, you need to call us today. There are debt solutions for every circumstance and in most cases we will be able to identify a debt solution in a matter of minutes.
    Call free on 0800 988 3359 or complete our short and simple Debt Advice Form for debt help today.

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    Although a large percentage of debt management cases result in interest & charges being frozen, it can’t be guaranteed. All initial advice is provided free of charge & there is no obligation to use one of the debt solutions we recommend. If, however a debt solution is taken out, please be aware that fees will be charged – please read a full breakdown of our Terms of Business. We understand that charging fees to help you become debt free is not ideal, but we feel without charging a fee we would not be able to provide you with a quality service that will help you become debt free. We closely monitor other debt advice companies to ensure we remain one of the cheapest companies in the UK.

    Please be aware that a debt solution may lead to an increase in the size of the sum to be repaid and may impair your credit rating and your ability to obtain credit in the future. You may be charged a fee if you decide to proceed with a debt solution. You should discuss any further fees or charges with the debt advisor that you are referred to. If you fail to maintain payments to an IVA you creditor may make you bankrupt. If you are a homeowner you may be asked to release equity in your property in order to repay your debts.

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    December 9, 2011    Posted in: Debt News

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