Help at hand for young families in financial distress

November 8th, 2016

Young families are most vulnerable to insolvency, a new survey suggests.

But there has been an overall drop in personal insolvencies year-on-year, according to statistics from Experian.

The company reports that the number of people facing insolvency during the third quarter of this year has decreased by 14 percent compared to the same period last year. This figure is also down 34 percent over a three-year period.

But young parents are the most likely to face financial problems.

Martin Williamson, of ipd, said: “The research found that young parents often find it difficult to get low cost credit and can fall foul of high cost borrowing.”

“ipd advises that anyone finding themselves facing rising bills and high borrowing cost should seek help before problems become overwhelming.

“We can help to negotiate informal solutions with creditors. The good news is that many firms will be happy to consider an agreement, allowing payments of a manageable monthly sum.

“However, the earlier you seek help, the more responsive they will be.”

Do you need help?

If you have financial difficulties (personal or business) and need informed advice and assistance, contact us today: Call 01782 594344 or email us help@ipd-uk.com.