Responding to the Governmentβs latest moves to ease fuel poverty, debt management company Gregory Pennington stated: βWe welcome any initiative which acknowledges the financial pressures on todayβs consumers and helps those who are trying to stretch limited incomes further and further each month.β
According to the charity National Energy Action, well over four million households in the UK are living in fuel poverty β spending more than 10% of their income on fuel bills. On 30 May 2008, the Department for Environment, Food And Rural Affairs announced a βraft of new Government measures to help vulnerable consumers and especially the elderly make their homes warmer and more energy efficientβ.
While Gregory Pennington welcomed these measures, the debt management company pointed out that recent double-digit increases in fuel prices are just the latest in a long string of price rises. βFood, fuel, mortgages, rents β whatβs particularly worrying is the fact that all these escalating expenses are unavoidable. Faced with these increases, millions of individuals are finding themselves forced to cut back on their payments to other obligations, such as their unsecured debts.β
Their unsecured creditors, however, still need to recoup the money theyβve lent out. βIn an economic slowdown like weβre experiencing today, creditors will obviously see an increase in the number of borrowers who canβt keep up with their repayments. As a result, itβs more important than ever to find a realistic way forward in each case, and this is where a debt management company can help.β
βBy reducing an individualβs monthly outgoings to unsecured creditors, a well-structured debt management plan will free up the funds they need for food, fuel and other necessities. At the same time, it will take the lenderβs interests into account, ensuring all monies are repaid as soon as realistically possible.β
At a time like this, debt management is a particularly important option for people in need of debt help. Under normal circumstances, they might be able to choose from a range of debt solutions, but todayβs problems in the credit and housing markets mean debt consolidation and remortgaging are no longer a viable option for many. βStill, even in a credit crunch, people may have more options available than they realise, and we would never advise a borrower to enter into a debt solution without a thorough examination of the alternatives. As always, the important thing is to talk to a debt adviser as soon as possible. In general, the sooner they do, the more options theyβll have.β
About Gregory Pennington
Gregory Pennington is part of the Think Money Group, one of the UKβs leading financial solutions providers. Think Money is headquartered in Salford Quays, Manchester, and employs around 600 employees to deliver a comprehensive range of debt, loan and banking solutions. It defines its mission as βTo educate, rehabilitate and advise on all aspects of financial managementβ.
For more information, contact Melanie.Taylor@gregorypennington.com (0845 056 6480)
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