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Are you feeling the pinch from debt repayments each month, don’t worry, you are not alone. Reports out show that the personal debt level is increasing for many Brits.
By the end of May 2019, £1,640 billion was owed by people living in the UK. The year before it was £1,592 billion, meaning that as a whole, the UK’s debt grew by almost £50 billion in a single year. This makes the average amount of debt for each adult living in the UK increased by more than £900.
Debt doesn’t have to be a bad thing; it helps spread the cost of large items and gives you extra protection when purchasing products and services over £100. It helps those lucky enough to get on the property ladder with the aid of mortgage debt and keeps the country moving with millions of car loans, leases and PCP deals available.
Most of the people who seek debt help have been managing with all their commitments until they encounter an unexpected bill that brings them above their monthly commitments such as an urgent house repair, a decrease in income such as reduced hours, unemployment or redundancy or an illness or injury.
Some areas of the country appear to be particularly badly off, for example, London. Mainly due to the higher living costs that come with living there, but whatever the reason, according to some debt management charities, over half a million Londoners are struggling with their debt. Scotland too is facing issues, with more and more people looking for help with their problem debt from charities and specialist debt advisors. Counting mortgages, the average debt per household in the UK was nearly £60,000.
If you would like to find out more on how we can help with debt, then give us a call on – 0161 956 2680. Our advisors can help you out with tips and advice on how to handle your debt repayments. If however you are struggling to manage your debt repayments, our advisors are on hand to discuss all of your options.
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
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Free money help and advice can be found at the MoneyAdviceService.org.uk