Homeowners sign up to debt management plans in droves

  • Story by: Sharon Flaherty
  • Magazine: FTAdviser
  • Published Tuesday , October 07, 2008

EuroDebt, a debt management provider, has reported a large rise in the number of homeowners signing up to its debt management plans.

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The number of homeowners signing up to the plans have increased by 109 per cent since September 2007.

Of those sign-ups, EuroDebt said 21.2 per cent are already in arrears on their mortgage.

EuroDebt director Kevin Still said: "The number of clients who are homeowners looking for help from debt management has more than doubled in the last 12 months."

According to EuroDebt, the average level of unsecured debt for homeowners clients who signed up to debt service in the last 12 months was £31,685.64 - with the highest debt levels appearing around Christmas time reaching nearly £38,000.

Still added: "Clearly many people are struggling under the current financial pressures, making it more important than ever that individuals take stock of their situation before it reaches a critical point.

"With some careful planning it is possible to take control of the monthly budget and get out of financial trouble."

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