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DEBT TO SPIRAL AS SAVAGE SPENDING REVIEW HITS HOME

Leading debt management specialist, Debt Advisory Line, has issued a strong warning that debt is set to spiral following George Osborne’s savage spending review and the company is arranging special training for staff to cope with an increase in calls from concerned consumers. Debt Advisory Line argues that whilst all tiers of society are affected, it will be the poor and most vulnerable whose slide into debt could be most likely following the capping of benefit payments and extremely severe changes to social housing rules for tenants. Coming hot on the heels of June’s bloodbath budget, the very poorest, who claim the most in benefits, will see their incomes shrink.

Debt Advisory Line’s management team are arranging regular training seminars to help staff deal with an expected influx of calls from consumers concerned about the future and those already facing severe financial difficulties.  Nina Learoyd, Head of Customer Services said: “It is crucial that we help to train quality teams so all staff members understand the situations our vulnerable clients can find themselves in so we are able to identify problems and advise appropriately.  It is this poorest sector of society which has to carefully balance food and heating costs, as well as regular payments – as such, they are less able to absorb losses.

Learoyd continued: “However, this time it’s not just the poor, we’re expecting a rise in calls from debt ridden families from middle class backgrounds in the future as child tax credits are also taken away from higher earners. As if all of these changes were not enough, National Insurance is set to rise next April to a basic rate of 12%. Worryingly, despite these most savage cuts, the Institute for Fiscal Studies has warned that even further action may be needed.”

An active member of DEMSA, the debt managers’ standards association, Debt Advisory Line encourages the highest standards within the debt management industry, ensuring customers are dealt with in a responsible, compassionate and transparent manner. In fact, the DEMSA Code of Conduct carries approval under the Office of Fair Trading’s Consumer Codes Approval Scheme (CCAS), the only such approval to be granted in this sector.

Debt Advisory Line are also proud holders of the title of ‘Debt Management Provider of the Year Award’ which they have held for two consecutive years. See www.debtadvisoryline.co.uk