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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Many in mortgage difficulty not seeking debt advice

16/07/2009

Research suggests that two in five people (41%) finding it difficult to make their mortgage repayments did not seek debt advice when addressing their problems, according to Adam Phillips, Chairman of the Financial Services Consumer Panel.

Nonetheless, seven out of eight of those experiencing difficulties did see their problems as serious.

Mr. Phillips said: "When people get into difficulty with their mortgages, they need constructive help and advice on the best way forward.

He went on to say: "We need to do much more to encourage consumers in difficulty to get advice early. Debt advice agencies must not be seen as a last resort when all else has failed."

A spokesperson for Debt Advisers Direct commented: "Anyone struggling with repayments to secured debts, such as their mortgage, should seek professional debt advice without delay.

"A professional debt adviser may be able to suggest a debt solution, such as a debt management plan, which could help an individual reduce payments to their unsecured debts, ensuring they can afford payments to their secured debts."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according