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Gareth Joseph HaggertyPersistent Debt One Thing After Another
In an age where immediate gratification is the only thing that matters, it isn’t hard to see how people find themselves in debt.
It all starts with the ‘want’ or the ‘need’.
Someone can want a new car, a new phone or an expensive holiday, whilst else someone might need to pay the mortgage, buy food or keep the leccy on.
Credit cards and loans offer people a quick solution to their money problems, helping them to get that want or address that need, but the effects can last much longer than anyone initially intends...
In a story replayed all over the country, a 44-year-old man from Stoke on Trent, Darren, found himself in £32,000 worth of debt.
One loan after another, with a credit card thrown in for good measure, had seen him amass a staggering amount of debt in a short space of time.
This type of debt, where a person has paid more in interest and charges, than they have actually repaid of the initial loan amount over an 18-month period, is known as ‘persistent debt’ and it presents a real problem to those who find themselves in it.
New measures have seen banks start to write off this type of debt, but this might not be the answer, as it all but rules out the person from having any access to credit in the future.
Instead of a vicious cycle, this becomes a dead end, and neither are particularly welcoming.
Banks have been instructed to help people find a way in which to reduce the amount of interest and charges they pay, by advising and assisting with things such as early repayments, or increasing the minimum repayment amount to a fixed amount each month.
The difference this can make to the total amount repayable is staggering, and can be a real eye opener for people who are living with so called persistent debt.
Darren is now debt free, after receiving support, but millions of others find themselves in similar or worse situations.
Court Enforcement Specialists would always advise people struggling with debt, to reach out and ask for help and support, because it is available.
This means realising that something needs to be done.
It doesn’t mean panicking and it certainly doesn’t mean hiding away from the letters and the calls.
Debt can literally be a killer. Persistent debt is linked to mental health problems and whilst money worries are not unique to the modern age, the sheer scale of the problem is reason enough for companies like ours to get the message out there that help is available.
Go and get it.
Helpful Contacts:
Money Advice Service: 0300 500 5000
Debt Advice Foundation: 0800 043 4050
CAB: 0300 330 1313
PayPlan: 0800 280 2816
National Debt Line: 0808 808 4000
Stepchange: 0800 138 1111
To find our more about us click below:
www.courtenforcementspecialists.co.uk
Contact us direct:
0161-507-0626