A recent study has revealed that almost one in three personal loans that were taken out by people in the UK over the last year were actually for consolidating their debt. Debt consolidation is an understandably attractive proposition for many facing mounting debt problems. As the name suggests, consolidation of your debts should make them easier to manage. This is achieved in a number of ways. For starters, the idea is that you reduce the amount you pay out each month and only make one payment, at the same time and to the same lender. Although you should be aware that it is likely that you will be repaying this debt over a longer period of time.

Another statistic that was highlighted by this research was the worrying number of individuals who, after taking out a debt consolidation loan, continued to build up even more personal debt. Comparison website uSwitch.com stated that over a quarter of those who people who took out a debt consolidation loan would actually still go on to accumulate additional debt to an average value in excess of £2000. Due to poorly advised decisions, 6% of the people who took out an unsecured consolidation loan actually had to borrow more money just to make the repayments on that loan. For the vast majority, their lender failed to ask whether this loan was actually to pay off outstanding debts.

This just goes to show that a big part of any debt solution is the dedicated and professional advice that goes with it. The lender should check that a debt consolidation loan is a suitable debt solution to their customer’s circumstances. Sadly though, even banks have been seen to be failing to properly assess whether the loans they sell are right for the people that need help. You need to know that your needs are being taken into account when you shop around for a debt solution. Talking to a specialist advisor is an essential part of this process.

If you are thinking about consolidating debt, there could be alternative debt solutions available which allow you make a single manageable monthly payment to cover your unsecured debt. For further advice about what debt solutions are available, talk to someone at www.harringtonbrooks.co.uk today.

Financial questions are at the forefront of many people’s minds in the UK at the moment and have been for some time. Due to the recent financial turmoil that has swept over the country like a cloud of volcanic ash, the recent televised debate between Labour leader Gordon Brown, Conservative leader David Cameron and Liberal Democrat leader Nick Clegg was understandably focussed on such concerns. People in the UK are looking for debt advice from a number of sources and it’s to be expected that we look to our leaders to provide some reassurance of a stable hand on the nation’s financial tiller.

Advice on debt can come from a variety of sources. On a personal level, debt problems can be overwhelming and leave us in a position where we have very little time to think about elections and volcanic ash, so caught up are we in our own financial difficulty. Others facing the burden of mounting debt will be paying particular attention to the political debate, looking to see which potential Prime Minister will have their interests most at heart. There will also be those who are watching the skies, waiting to see if they’ll lose the money invested into that family holiday that has been grounded by an Icelandic volcano.

When you’re looking for debt advice, it can feel like you’re on your own. It’s important to remember that there are people there to help and although everyone’s debt problem is different, there are advisors that have experience helping a huge number of people in different financial circumstances.

Getting debt advice as soon as you find yourself in difficulty is the first step to solving your debt problem. If you are watching the political debates with a particular focus on how the general election might affect your debt, you could be in need of some dedicated debt advice. Likewise, the eruption of a volcano is a notoriously difficult thing to plan for but can still affect your finances. Get debt advice from www.harringtonbrooks.co.uk if you’ve got any concerns.

Flying in the face of those green shoots of economic growth and recovery, startling statistics have shown that the number of landlords making an insurance claim against their tenants’ failure to pay rent has soared. Reflecting on 2009 has shown an increase of a third in the number of claims on the previous year but more surprising, in the second half of 2009, this increase was actually 58%. That suggests the trend in unpaid rent is increasing.

This trend in the increased number of insurance claims points to a general weakening in the financial position of tenants. The vast majority of these tenants will have taken up their residence long before there was any sign of credit crunch, which just goes to show how quickly your circumstances can change. Through no fault of your own, your financial situation can be upset by any number of factors, leaving you facing serious debt problems. Losing your job or being forced to work fewer hours can throw your entire budget out of balance and before you know it, you’re struggling to meet payments that were once comfortably affordable. The growing number of landlords and letting agents who are being forced to make insurance claims against their defaulting tenants is obviously a problem for the industry but it’s also a sure fire sign of more deep rooted financial problems for the UK.

This is one of the national indicators that the average person’s financial situation has been profoundly affected by circumstances for which they’ve not planned. When life becomes difficult for companies, it does not take long for this to be felt by the workforce. Some will be made redundant, others will be compelled to work fewer hours; circumstances will be getting more difficult and funds getting more limited. This sudden change in your financial situation can leave you financially vulnerable and an unforeseen expenditure can lead to serious debt problems. This has a direct effect on the availability of funds to pay your rent, resulting in the increased number of tenants defaulting on their payments and the number of insurance claims against it. This situation can affect anyone. Everyone’s circumstances are different though, so the debt solution best suited to them must also be different. That’s why you have to talk to an experienced debt advisor.

It’s not all doom and gloom though. The number of new tenants applying to lease also went up in 2009, with nearly one in ten fewer being declined. A quarter of those declined were found to have too small an income for the rent, with almost as many turned down due to their credit report. In tough times, tenants are less likely to overstretch their finances and instead go for something more realistic. Agents and landlords are going to greater lengths to ensure their prospective tenants can afford the rent too, stopping them from letting above their means. Dealing with your debt is therefore key to being approved for a lease and not adding to the default statistics. Talk to a specialist at www.harringtonbrooks.co.uk for the best debt solution to suit you