January 18, 2010 03:00 ET

MoneySolve: 1000 People Seek Debt Solutions Daily

1000 people in the United Kingdom seek some sort of formal debt restructuring plan every single day.

MANCHESTER, UNITED KINGDOM--(Marketwire - Jan. 18, 2010) - The rather high figure was released this month by Credit Action, whose statistics also indicate that the average household debt stands at £57,888. The formal debt restructuring plans sought by indebted individuals include the Debt Management Plan, IVA and Debt Relief Order, all of which are proving increasingly popular alternatives to bankruptcy where possible.

Debt advice specialists at MoneySolve believe that there are a number of factors are contributing to the ongoing UK personal debt problem, commenting that, "Over 2000 people a day are being made redundant in the UK at the moment. Unemployment continues to rise and lending is still at much lower levels than prior to the recession. It all adds up to tough financial times for the consumers."

And the tough economy looks set to persist for a while. While many anticipate that figures released on 26th January will indicate Britain's exit from the recession, the British Chamber of Commerce does not believe that this will be the case. And even if the figures do signal a formal end to the worst recession in a generation, the increasing unemployment level is likely to have long lasting consequences.

MoneySolve has previously urged consumers not to bury their head in the sand with personal debts, reminding indebted individuals that seeking professional advice as soon as possible is step in the right direction.

Contact Information

  • MoneySolve
    Elizabeth Beesley
    Astute House, Wilmslow Rd,
    Cheshire SK9 3HP
    01625 544789