The level of personal debt in the UK is spiralling, with reports of an average of 31,000 owed by people contacting the Consumer Credit Counselling Service for help, and this figure excludes mortgages.
We have all seen television and magazine advertisements for debt consolidation providers, who claim that if you are struggling with your debts they can provide an easy solution. They claim that they can roll all your debts up into one simple monthly payment, so effectively that the implication is that you may even be left with spare cash every month.
That is as maybe, but they are providing a service which carries a particular appeal for people whose debt situation has got out of control and who are desperate to find an answer. The big problem is that the sums involved are very large and the loans industry concerned is not controlled by the Financial Services Authority.
Typically the loans involved are well above the 25,000 per individual which is the ceiling for cover by the Consumer Credit Act. This would have provided protection against unacceptable conditions being applied or excessive costs being charged to the borrower, especially important if early...
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