Debt relief should deal with whole problem, claims Money Advice Scotland rep

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Debt relief should deal with whole problem, claims Money Advice Scotland rep

Mon 20th Sep 2010

People who are struggling with debt should be sure to deal with all their cash worries, rather than just try to pay back one institution, according to a Money Advice Scotland spokesperson.

This is the view of the company's chief executive Yvonne MacDermid, who noted that some banks will often focus on getting their own debt paid back if customers go in to speak to them.

In her opinion, it is important to take a more "holistic" approach, whereby a person can prioritise which debts get paid back first, all legal obligations are met and everyone involved is treated fairly.

"What the banks like to see them doing is speaking to them first, but invariably ... banks will very often only be interested in their own loan or own overdraft," she remarked.

Recent research reported by Debt Fixers has shown that the last ten days of the financial month are when people tend to get into difficulties with money.

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