My Home Finance could provide debt relief, claims Debt Advice Foundation rep

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My Home Finance could provide debt relief, claims Debt Advice Foundation rep

Mon 27th Sep 2010

A Debt Advice Foundation expert has suggested the new My Home Finance initiative could make a real impact.

David Rodger, managing director of the institution, stressed the importance of advisers carrying out sufficient checks and balances to ensure people can afford to borrow, but said the project could help individuals having financial difficulties.

In his opinion, My Home Finance could help consumers to bring repayments back under control by restructuring their debt.

"If the advisor is satisfied that the person can afford the repayments and there isn't a deeper underlying debt problem ... this scheme could be beneficial for lots of families," remarked Mr Rodger.

He pointed out that borrowing money is not the best way of paying off debts, but accepted that people do it and suggested the scheme could help some consumers ease their financial issues.

My Home Finance was launched by the government last week in an effort to give people on low incomes an alternative borrowing resource, rather than see them forced to go to a loan shark.

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