Assistance with debt management
27/03/2024

Earlier this month, saw the 10th anniversary of the StepChange Debt Charity’s annual Debt Awareness Week. This is designed to shine a spotlight on the causes of problem debt.

The focus on this year's campaign is looking at the main barriers to getting debt advice. This includes understanding that many people can take too long to get the help they need because they:

  • Don’t understand what debt advice is and how it works;
  • Are dealing with anxiety, stress or a mental health condition;
  • Are worried about my credit file;
  • Never have enough time to get debt advice; or
  • Feel ashamed and do not want their loved ones to find out.

It is important to be aware that there are various options available to help people who have serious debts that they cannot pay. Insolvency solutions include bankruptcy, Individual Voluntary Arrangements (IVAs) and Debt Relief Orders (DROs).

A senior leader within the bankruptcy and Debt Relief Order teams at the Insolvency Service has the following usual advice:

‘The first step for people who are struggling to pay off their debts is to seek free, regulated debt advice. They will identify the solution that is best for them. 

Sometimes this will be a formal solution, like bankruptcy or a Debt Relief Order. But a regulated debt adviser will make sure that whatever people decide will be the right solution for them. 

Your first step is picking up the phone, getting on webchat or visiting a debt advice office, and having that conversation.’


About Us

The practice was established in 1987 by Stephen Lofthouse who had previous experience in medium and large accounting firms and for 15 years was a financial and managing director in commercial firms.  During this time he was the owner and publisher of the taxation books `Taxation Simplified` for the self employed and individual tax payer and `Smiths Taxation` a comprehensive taxation journal for tax professionals.

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Lofthouse & Co
36 Ropergate
Pontefract
West Yorkshire
WF8 1LY

Tel: 01977 600272
Email: info@lofthouseandco.co.uk

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