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Have you noticed over the last number of months, more and more media coverage of the growing debt problem creeping up on us right across the UK.  A recent article in the Guardian this week, yet again set out to warn all of us, that ten years post the global financial crisis, the great big debt bubble maybe about to burst.

Main points of the article include;

·        The levels of debt in the UK today have not been seen since the global financial crisis almost a decade ago.

·        The most recent figures from the Bank of England show that unsecured consumer credit and other forms of finance has grown to £210 billion, the highest figure since December 2008

·        Step change (debt agency) estimates that 2.9 million people are in severe financial difficulty and that 9 million are on the cliff edge

·        People are ignoring the problem, and take almost twelve months on average before they take any kind of action.

This information is not surprising to our firm as we have been one of the leading service providers in the property debt advisory world in the UK since 2010. However it is important that we all try and do what we can to guide people down the right path when dealing with and facing up to debt challenges.

Today there are almost 600,000 properties in negative equity running into hundreds of millions of pounds.  Recently we published a 7-step guide to break free from negative equity to help people who find themselves in this situation.  You can have a look here:

Step change tells us that over nine million people are on the cliff edge with regards to debt.  This is a crippling statistic and one that requires immediate attention.  Half of what our team does at GDPEE involves educating our customers around the options open to them in order to deal with their debt challenge. It may seem fairly simplistic but the first step of our guidelines is to ask for help.  This is often the most difficult step to take, but we would encourage anyone who finds themselves in this position, to take this first step, and ask for help.  Its then, and only then that you are starting the process of recovery.  One that after a period of time will finally allow you and your family to get on with your life.

If you require any further information on any of this please contact one of our team who will be delighted to talk to you.




Conor DevineComment