Money Advice, Debt Advice & Debt Help
The Internet is the most popular source of debt advice

The Internet is the most popular source of debt advice

A survey recently released by Trust-Deed.co.uk has provided an insight into how people concerned about their finances get debt advice. The most popular source of information about a particular debt solution is the internet.

42% of people reported they first heard about a trust deed via the internet. 22% reported that they first heard about such solutions from a debt advisor, and 19% of people heard about the solution from their friends, family or colleagues.

Only 10% of survey respondents report first hearing about the option from media sources such as the TV, radio and newspapers.

Internet Debt Advice can be a mixed blessing

James Falla personal debt expert at Beat My Debt is not surprised by the findings. “People with a debt problem are often embarrassed and afraid. The internet allows them to get access to debt advice and support while remaining anonymous” he said.

However, websites providing advice on debt solutions can be a mixed blessing. They allow people the opportunity to quietly research all of the options with a view to making a properly thought out decision.  But, it is not always easy to be sure that information given on any particular site is correct or relevant to an individual situation.

A recent OFT investigation into debt management plan companies identified poor debt advice websites as being a major issue in the UK. At their worst, some debt websites did not fully inform visitors about the drawbacks associated with different solutions and associated charges.

“When using the web to research debt solutions, it is important to ensure the site you use clearly display a Consumer Credit License (CCL) number which means that they have been licensed by the OFT to give advice” advised James Falla.

Update: Debt Management Companies are now regulated by the FCA (Financial Conduct Authority). Make sure the web site you are looking at clearly displays the company FCA number (normally in the footer).

How to get the right Debt Advice

Recommendations from friends or family are another good way of finding the right debt advice. James Falla believes that it is becoming for more usual for people to speak to others they know about their debt problems.

“If you talk to a friend or family member, it may well be the case that they have some personal experience they will be able to recommend a good debt management company to work with” he said.

However, it is important to ensure that the information you receive is correct. Amateur experts can often do more damage than good. But by using the internet, asking questions in on line debt forums and using live chat facilities it is possible to get excellent advice.

WHERE TO START take the first step call us now on 0800 077 61 80

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Find out which solution is likely to be best for you by using our debt analyser, which you will find in the left and right hand columns of this website.

It is free to use and, as well as a detailed report on your best options, you will receive a copy of the eBook ‘IVA & Bankruptcy’ by James Falla.

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