FIGURES SPEAK FOR THEMSELVES: UK DEBT PROBLEM GROWING FAST
- Thomas Charles provides personal approach to debt management -
The latest statistics pulled the debt management consultancy, the UK has grown over the Consider these figures:
In July 2004, the Bank of England reported £1 trillion of personal debt owed by UK individuals for the first time
The UK is now unique in Europe in having more credit cards than people – 63.9 million, more than one for every man, woman and child
Consumers spent more than £120 billion on credit cards in 2003. According to Mintel, 10% (over 2 million) permanently have an outstanding balance
Nearly two-thirds, 62%, of households with incomes of £25,000 to £35,000 fail to clear their credit card debt each month or have other forms of unsecured borrowing
The number of people seeking help with debt rose 12% in February 2004 compared with the previous year, average debt being £25,000 (source: Consumer Credit Counselling Services)
Personal insolvencies have hit a record high and are up 29% on last year (DTI)
The Citizens Advice Bureau has dealt with an alarming 47% increase in consumer credit card debt problems over the last 5 years, with over a million cases in its last full year alone
The amount of debt being chased by Britain’s bailiffs has soared by over 70% over the past 2 years to a record £5 billion. 20 million cases have been passed to debt collectors over the past year
When sizeable numbers of people such as this run into financial trouble where do they turn to? Well, debt management companies have mushroomed but it is often difficult for consumers to differentiate between them or to know which one best suits their particular needs.
Enter Thomas Charles, with a personal approach to debt management. Managing Director, James Falla explains:
“When a person’s debt gets out of hand, they quickly need to get good professional advice. Currently much of the advice given is inadequate and incomplete, and, at worst, incorrect. We are different from other debt management companies as we insist on gaining a complete understanding of our clients’ financial situations and their immediate and future needs. We don’t think this can be properly accomplished over the phone, by post or over the internet. Instead we arrange face to face consultations with all our clients so that, together, we can fully explore the most appropriate solution, rather than the “one fits all” approach adopted by so many other companies. We advise our clients on a range of solutions including: The informal Debt Management Programme (allowing affordable monthly repayments); Individual Voluntary Arrangement (IVA) allowing clients to settle debts over a period of time (normally 5 years); and Bankruptcy where this is the most appropriate solution. All are designed to help solve serious debt problems in the most realistic and beneficial manner.
Thomas Charles was set up in August 2004 by Falla who has 7 years insolvency and debt management industry and successfully set specialists, Brookvale Group PLC, listed on OFEX since 2001.
Thomas Charles & Co Ltd was founded in August 2004 by James Falla and operates in the South East of England, with an office in Slough. It has a personal, consultative approach to debt management and has face to face meetings with all its clients.
Its debt management solutions include Informal Debt Repayment Programme, Individual Voluntary Arrangement and Bankruptcy. It works with third party Insolvency Practitioners in London and Cardiff.
