UK Debt Specialist Debt Options Say 'No' to Loan Sharks

Debt Options UK, the specialist consumer debt management firm, reacted to comments released by Steven Law, president of the Association Of Business Recovery Professionals that UK consumers were being driven to loan sharks because of bankruptcy fears.

London, United Kingdom, June 22, 2010 --( Debt Options UK, the specialist consumer debt management firm, reacted in an internal interview today to comments released by Steven Law, president of the Association Of Business Recovery Professionals. Steven Law’s comments focused on the fear of bankruptcy in the current economic climate pushing many debt troubled consumers to resort to using loan sharks.

Steven Law’s remarks came as research by R3 ( showed that up to 7% of people in financial difficulties are reportedly turning to loan sharks rather than more advisable ways to sort their finances out. By complete contrast, Debt Options offer free, no-obligation independent debt advice which is tailored to the unique circumstances each caller or online respondent finds themselves facing:

“We’re remarkably well-placed to offer genuinely sound advice to find the best way forward in times of escalating debt problems and we don’t offer just one single debt solution. We work with all the major common legal options available to end debt problems. This means the consumer can be assured we are working to find them the best route to end their debts for good, using sensible, legal means.”

R3's research also showed that a further 23% of those in financial trouble reportedly avoid people they owe money to altogether, and 30% do not discuss their problems with family or friends. Debt Options understand both the fear of tackling debt problems and the need for absolute confidentiality:

“For many people, credit is an everyday undertaking – and it can feel extremely stressful if you find yourself unexpectedly over-committed. It’s vitally important people get help at this stage, rather than beginning to blame themselves or feel ashamed. People need to be aware there is always a legal solution to debt problems and they can approach advisers like us free of charge and in complete confidence for expert advice on finding the right solution to end their debt.”

Steven Law commented that the fear of bankruptcy is preventing people from getting help they vitally needed. Approaching the wrong ‘provider’ is known to increase the chances of going bankrupt, for example, the illegally high interest rates charged by money lenders operating without a Licence from the Office of Fair Trading. With as many as one in seven consumers facing difficulties with debt management in the current economic climate, Debt Options UK recently expanded its web site to provide more information and support, and a way to get immediate help from one of their expert advisers. The web site now features a front page article focusing specifically on the fear of dealing with debts and provides sound advice to obtain independent debt management help rather than struggle on alone:

“Our directors have been helping people manage very difficult debt problems for over eleven years now. Our team work to guide and support each individual to make the transformation from where they are now, to a situation where the problems are under control and manageable within everyday life. We understand the fear that many people face when debts become beyond their control and we can support them by giving clear, professional advice at every stage of their journey towards becoming debt-free.”

For help with an IVA or other debt management options, anyone facing debt problems can call the Debt Options team free of charge and in complete confidence on 0800 634 0525. There’s also an online application process for those who would prefer to begin contact in writing.

Debt Options
Paul Goodman