Those in debt ‘have several options available to them’

People struggling with debt management may not be aware of the various avenues for assistance that are available to them, some of which have been highlighted by an industry expert.

Writing for This is Money, Pamela McGrath from the National Debtline recommended that those in debt consider entering into informal negotiations with creditors relating to reduced payment arrangements, which could potentially lead to freezes on their debt’s interest and charges.

“Bankruptcy is also a possible option depending on your specific circumstances, as is an individual voluntary arrangement,” she said.

Ms McGrath’s comments come as a response to a letter sent in to the publication, which expressed concerns regarding her husband’s credit rating and the fact that they are unable to take out a loan from the bank.

Dean Mirfin of the Key Retirement Solutions group recently advised indebted people to seek out independent counsel prior to making decisions regarding equity release, in order to give them maximum access to the market.

By Sarah Adie