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Consultation on debt management launched Govt aid for those struggling with mortgages `too late for some` Pensions `no problem` for IVAs UK reaping what it has sown in terms of personal debt, expert claims Struggling consumers `likely to default on TV subscriptions` Consumers `struggling to cope with mounting debt` Bankruptcy increases by 7% `More Brits applying for personal loans` 70% of Brits `without unsecured loans` Pre-paid cards `more popular as debt rises` IVAs `a real alternative` to bankruptcy Brits `trying to escape credit crunch` by moving abroad West Sussex consumers suffering debt IVA agreements increase Industry body welcomes IVA mailing probe OFT to target bogus IVA companies IVAs can be "helpful" for large debts IVAs - consumers warned about bogus deals Insolvency rates rising IVAs can be "better option" than bankruptcy

`More Brits applying for personal loans`

24/09/2008

In the light of growing personal finance difficulties, increasing numbers of UK consumers are opting to take out personal loans.

This is according to Mark Lyonette, chief executive of the Association of British Credit Unions, who stated that members of the organisation have seen an increased demand for such financial products among the people they serve.

He said: "Credit unions have been affected in different ways by the reduction in supply of consumer credit.

"A number have seen a sharp increase in people approaching them for loans."

In other industry news, the Thrifty Scot recently advised people experiencing debt problems that they may be able to benefit from a homeowner loan, which enables them to use the security of any property they own as collateral for the money they borrow.

According to the organisation, even consumers with a bad credit rating and those who have declared bankruptcy or have entered into an Individual Voluntary Arrangement (IVA) may be able to secure such a loan.

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