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Loan charges: Self-employed less able to repay debt

Debtors who are self-employed are less able to repay what they owe compared with those who work for other people.

That is according to research by leading debt charity Consumer Credit Counselling Service (CCCS), which revealed that its specialist Self-Employed Centre helped over 10,000 people deal with their debts last year.

Of those helped, only 17 per cent were recommended a debt management plan, a figure is markedly less than the average of 27 per cent for CCCS clients overall.

Geoff Waugh, head of the CCCS Self-Employed Centre, comments: "The problem for most self-employed people who seek our help with their debts is that they have very low income levels.

"Not only are a large proportion not earning enough to repay what they owe, a significant number don't earn enough to cover the cost of day-to-day living."

The CCCS suggest that part of the problem is that a large number of people decided to set up their own businesses in the past few years after being made redundant.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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