Managing debt
8th January 2008, 14:16
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A personal finance expert has warned of the "devastating consequences" of people neglecting to manage their money properly in the new year.
Chris Pond, of the Financial Services Authority (FSA), said: "If you don't make payments on time it can affect your credit history and at worst put your home and even relationships under pressure."
His warning is backed up by a recent FSA survey which found that 48 per cent of people are more likely to embark on a diet or book holiday tickets than sort out their tangled financial affairs.
The same research discovered that 58 per cent didn't budget for Christmas or abandoned their spending plans to maximise their enjoyment of the festivities.
But help is at hand for people discovering that bills and not Christmas cards are falling on their doormats.
It is often best to speak to the people you owe money to but free, confidential and impartial advice is readily available from organisations like the Best Solution who can assist people on a wide range of financial issues.
Experts can also ensure that people are claiming all the state benefits that they are eligible for, draw up budgets and repayment plans and get into the savings habit and out of the cycle of debt.
Best Solution have a national telephone helpline for people with debt problems in England, Scotland and Wales. The service is free, confidential and independent. They can be telephoned on 08000 933 66 66 or you can visit their website www.bestdebtsolutions.co.uk.
Best Solution can also assist callers with the setting up of Individual Voluntary Arrangements (IVA), Debt Management Plans, Trust Deeds and Bankruptcy for England & Wales or Scotland as well as offering remortgages for people with poor and adverse credit history.
Chris Pond, of the Financial Services Authority (FSA), said: "If you don't make payments on time it can affect your credit history and at worst put your home and even relationships under pressure."
His warning is backed up by a recent FSA survey which found that 48 per cent of people are more likely to embark on a diet or book holiday tickets than sort out their tangled financial affairs.
The same research discovered that 58 per cent didn't budget for Christmas or abandoned their spending plans to maximise their enjoyment of the festivities.
But help is at hand for people discovering that bills and not Christmas cards are falling on their doormats.
It is often best to speak to the people you owe money to but free, confidential and impartial advice is readily available from organisations like the Best Solution who can assist people on a wide range of financial issues.
Experts can also ensure that people are claiming all the state benefits that they are eligible for, draw up budgets and repayment plans and get into the savings habit and out of the cycle of debt.
Best Solution have a national telephone helpline for people with debt problems in England, Scotland and Wales. The service is free, confidential and independent. They can be telephoned on 08000 933 66 66 or you can visit their website www.bestdebtsolutions.co.uk.
Best Solution can also assist callers with the setting up of Individual Voluntary Arrangements (IVA), Debt Management Plans, Trust Deeds and Bankruptcy for England & Wales or Scotland as well as offering remortgages for people with poor and adverse credit history.
