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News - 8 October 2014

Personal debt is costing the British economy £8bn annually.

The charity StepChange, which hears from half a million people in financial difficulty each year says the problem of mounting personal debt is costing the British economy £8bn annually, due to the burden it puts on state services.

It added the government could save £3bn if it offered people effective help.

Lavinia Newman, Founder of ABDS and a qualified Mediator comments:
“Problem debt is defined as debt that people have taken on but cannot afford to repay as required due to housing problems and job losses. The biggest cost caused by problem debt, they said, was having to rehouse - and provide higher housing benefit payments for - people who lose their home after falling behind on mortgage or rent payments.”

Approximately 2.9 million people in the UK are estimated to have some form of problem debt, and StepChange said it expected there would have been a 20% year-on-year rise in those using its services by the end of 2014.

A spokesman for the Treasury said that the Money Advice Service was funding and co-ordinating a range of debt advice services and that the Financial Conduct Authority had been given "robust powers" to protect people using debt management firms.

If you need any help and advice with your Tax compliance and planning, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help in all your financial planning and business advice.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business
 

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