Guardian launches debt management helpline

Guardian Debt Management has launched a free and confidential arrears helpline intended to arm UK homeowners with all the necessary advice and tools to help them through their current financial situation.

Debt Management at Gregory Pennington

Debt

What should you do if you fall into arrears with your mortgage, or generally need help with your debts?

The below list features some of the people you can call to get help with debt.

• Citizens Advice Bureau - The CAB are a first port of call for many people. They may be able to give you advice on your options.
• Think Money - Think Money can provide you with help on mortgages, remortgages and debt.
• Gregory Pennington - Reputable debt management company who provide various debt solutions.
• Debt Advisers Direct - Debt Advisers Direct specialise in debt consolidation and debt management.
• Shelter - Shelter are a housing and homelessness charity.
• Your local council - Your local council may be able to help with housing and debt related problems.

BoE failed to spot debt danger

Bank of England deputy governor Sir John Gieve has admitted that the Bank did not understand the severity of the problems leading to the economic crisis.

Speaking to the BBC, Gieve said that the Bank of England was aware that “crazy borrowing” was taking place, and that the rise in house prices was unsustainable.

But he added that the Bank did not think the problem was as serious as it has turned out to be.

The financial crisis was largely caused by relaxed lending criteria from banks and other financial institutions, and many borrowers eventually found they were unable to repay their debts.

A spokesperson for debt management company Gregory Pennington said: “The numbers of people falling into debt have risen noticeably over the past few years, and since debt problems tend to filter through over a long period of time, it’s possible that the numbers will continue to increase throughout 2009.

“We advise anyone who finds themselves struggling with debt to speak to an expert debt adviser before the problem grows out of control.”

Payplan launches free arrears service

Payplan has launched a specialist debt management scheme for mortgage lenders.