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Offshore accounts "can structure" debt consolidation

28/08/2007

A lack of regulation in the offshore investment market could make alternative debt consolidation practices become more readily available, an expert has claimed.

Despite the lack of regulation, a high investor protection is guaranteed if those wishing to consolidate debts in an `unconventional` way take up offshore banking, Rhiannon
Williamson of expatriate lifestyle magazine ShelterOffshore said.

Debts can be managed by investing money abroad through a variety of different currencies "in such a way that you defer taxation", she commented.

Ms Williamson added: "There are a whole range of superior offshore jurisdictions which are highly regarded within the financial industry and where regulation and investor protection is actually very high indeed. Think of the Isle of Man, for example, or the Channel Islands."

Figures from Credit Action show total personal debt for the UK stood at £1,345 billion at the end of June, with the average person owing £4,550 in credit card debt, store cards and unsecured personal loans.

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