Need for debt advice will grow

Andy Moody, managing director of TCF Debt Solutions, said “In the intermediary market, we have been in the eye of the financial hurricane for nearly two years. Now the wider economy is well and truly gripped by the crisis, the effect on domestic budgets as a result of redundancies and businesses shutting down can only mean a continuing upward surge in requests for help with debts.”

He added: “I would urge all intermediaries to look carefully at their client banks. A proactive call to clients could not only help salvage their financial situation but also ensure that valuable life assurance and savings plans are not put in jeopardy. It is easy to think that clients will call you if they are in trouble, but in our experience the sooner people take action when they are in trouble the easier it is to help them going forward.”