Debt Advice Charities See Huge Increase In Call Volumes
As the UK economy continues to fall into recession, an ever increasing number of people are finding it more and more difficult to be able to manage the repayments on their homeowner loans, personal loans and other debts, as they struggle with a loss of income through either job loss or reduction in regular overtime or bonus payments.
As a result of this, debt advice charities such as National Debtline and the Citizens Advice Bureau have reported a huge increase in the number of calls they receive every day from people worrying over their inability to be able to repay loans and other debts.
National Debtline have said that in January 2008 they received an average of 800 calls each day, but in January this year this figure has jumped dramatically to around 1600 per day and Citizens Advice have also reported a similar increase in calls from individuals, many of whom have never previously had a problem with their loan repayments, but are now being threatened with repossession and court hearings by various loan companies and creditors.
The charities have also seen a change in the type of person calling for help, with an increasing number of executives and professional people getting into difficulty with debt.
In a large number of cases, individuals are leaving it too late before they call for help with their debts and by this time the charities can only offer advice to people with regard to how to file for bankruptcy.
People who may be struggling with their loan repayments should seek advice as soon as they realise that they have a problem. In this situation, the majority of cases can be resolved by contacting the various loan providers and other creditors and reaching a workable solution to the problem, which is beneficial for all concerned and allows borrowers to remain in their homes and sleep at night.
