Use free debt relief services, says moneysupermarket.com

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Use free debt relief services, says moneysupermarket.com

Wed 29th Sep 2010

Price comparison site moneysupermarket.com has urged consumers to utilise the free debt relief services offered by many organisations.

Tim Moss, head of loans and debt management at the company, stressed that fee-paying organisations can be a potential solution, but it can be difficult to find a "reputable" one.

He said: "The debt management industry is littered with companies who have used the current economic difficulties to their own advantage."

In his view, people may be better off starting at a debt charity such as Citizens Advice and seeing if there is anyone there who can help.

If this proves fruitless, Mr Moss recommended approaching debt management companies that are DEMSA accredited.

Another tip offered by moneysupermarket.com is to speak directly to creditors to see if there is any way of restructuring the money owed, since it may not be necessary to involve a third party.

This week, the Consumer Credit Counselling Service highlighted how an Office of Fair Trading report into debt management companies found an "unacceptable" level of non-compliance with official guidelines.

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