Press Release: January 04, 2010
The hospital and primary care sector has been urged by The UK Insolvency Helpline Debt Advice Service to prescribe debt advice to stressed out UK residents.
The company notes that many families are becoming increasingly vulnerable to cash problems, especially in cases of chronic illness and mental health problems.
The new hospital debt service will aim to support patients whose illness has led to serious issues with debt, as well as their family members.
The NHS and other hospital operators feel that the debt advice service operated by insolvencyhelpline.co.uk will offer both offer a preventive and remedy based service by getting people access to debt advice sooner, using the extensive channels of money advice at its disposal as the UK's leading debt company.
Tony Roberts, who will manage the new national service says that , "Stress-related illnesses which could cause high blood pressure and heart attacks are also on the rise and many cases are due to debt problems".
Remedies available to heal debt:
Debt Management Plan - A debt management plan is an informal way of making reduced payments to your creditors if you cannot afford the full contractual payments.
IVA - Individual Voluntary Arrangement - An IVA is a legally binding agreement between you and your creditors. Through an IVA, you pay back an agreed proportion of your debts over a set amount of time, usually 5 years.
Bankruptcy - Bankruptcy is the legal procedure to rid yourself of debt that you cannot pay back in a reasonable amount of time. If you have any assets they will be sold to pay back your debt. The remaining debt will be written off.
Debt Relief Order - A debt relief order is a way of clearing your debts if you are unable to pay them. It is a form of insolvency. You have to owe less than £15,000 to apply for a debt relief order
Equity Release - Equity release allows home owners over the age of 55 to release money from their property, which can be an opportunity for those in financial difficulty to repay their debts.
The latest figures from The UK Insolvency Helpline Debt Advice Service show a 40% increase in calls to its helpline 0800 074 6918 and website insolvencyhelpline.co.uk compared to a year ago. Unfortunately, many people struggling with debt seek advice later than they should becoming ill as a result.
For more information, please contact:
Ian Boden - SmythIan Boden - Smyth
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