Number of free debt advice calls 'increasing'

The number of calls being made for free debt advice to the Insolvency Helpline has increased, it has been claimed.

According to a spokesperson for the service, the number of calls has risen by 30 per cent during the recession, and is now increasing by around a fifth each month.

He said the banks generally recommend this service because the debts have "got to the point where [people] need to take initial advice".

The spokesperson commented that the majority of calls received are initially about personal debt, but in many cases it emerges that the individual also has business interests affecting their finances.

"We ask 'what do you for a living?', and they say they are running a company that is also suffering. Usually it is related in that the company is bringing them down personally, or the other way.

"The person is bringing the company down. It's usually a case of the company really draining resources because of lack of cash."

Jessica Bown, an independent financial journalist who writes for talkaboutdebt.co.uk, claimed this week that money worries can affect the quality of people's lives.

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2009-10-22 12:58:11 © Moneyextra.com