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Loan charges: Bad debt advice 'can make situation worse'

People who are having trouble with loan charges should make sure they go to an expert for advice on how to deal with the problem.

This is because David Rodger, managing director of the Debt Advice Foundation, claims that bad advice can make the situation much worse.

He said: "There is no one size fits all solution and the best option depends on the individual's personal circumstances. Bad debt advice can cause the situation to get worse, so it's important to get independent advice from an expert.

"Debt charities … can offer free and impartial advice to help people understand the options that are available to them."

Mr Rodger explained that there are a number of factors that influence what debt solution is best for a situation, including the amount owed, employment status and home ownership status.

He added that some debt solutions include debt management plans, IVAs (Individual Voluntary Arrangement) and bankruptcy.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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