January could see increase in debt relief, says UK Insolvency Helpline

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January could see increase in debt relief, says UK Insolvency Helpline

Fri 31st Dec 2010

The UK Insolvency Helpline has predicted that the new year is likely to bring with it a host of consumers seeking advice on their financial situations.

Ian Boden-Smyth, a spokesperson for the group's Debt Advice Service, estimated the next three months could be one of the busiest quarters for the organisation in several years.

He said: "Generally the busy time is as soon as the credit card bills arrive in January. We have to staff up and get extra people at the call centres."

Mr Boden-Smyth issued a note of caution regarding debt management companies, claiming they tend to sweep issues under the carpet rather than actually properly resolve them.

In his opinion, such firms do not help people get rid of their debts, they just give people the feeling that someone is dealing with them.

The recent UK Household Finance Index published by Markit showed that the amount of debt taken on by Brits has increased over the past year.

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