Debtors ‘could benefit’ from financial advice

Indebted people could put themselves at more of an advantage through seeking independent financial advice, new research has indicated.

Findings from protection specialist LifeSearch has revealed that 76 per cent of those who sought counsel on money matters were rewarded by finding a better policy – suggesting that people considering implementing a debt management plan might like to discuss any decisions before they make them.

Senior policy advisor at LifeSearch Matt Morris remarked that it was important for consumers to talk to experts in the field as they could potentially purchase the wrong product and “will not be able to complain to the ombudsman unless they have received regulated advice”.

People may also benefit from asking for help as they could be given access to other free benefits.

Last month, Beccy Wilks of the Money Advice Trust recommended that debtors ensure they get help quickly to prevent their money situations worsening.

By Sarah Adie