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Lull before the storm
11 August, 2008
Recent figures showing a decrease in the number of bankruptcies and IVAs are just the lull before the storm, according to research by TCF Debt Solutions.
“It really isn’t rocket science,” says TCF’s managing director, Andy Moody. “Whatever comfort the government was seeking in these figures is just an illusion. We know from the growing number of enquiries that we are receiving as well as the evidence from the CAB, showing that they cannot handle the number of people enquiring about help with debts that we are sitting on the edge of the volcano before the main eruption has started.”
TCF Debt Solutions, which is totally geared to dealing with the needs of intermediaries and their clients and has two full time Insolvency Practitioners (IPs) and a full team of specialists advising intermediary clients on the best choices of debt solution, has seen the enquiry level increasing at the rate of 20% per month since January. Andy Moody believes that intermediary involvement will be crucial to deal with the number of people in trouble and looking for help.
“The help that intermediaries can give clients in financial trouble by referring then to a specialist debt solutions firm when they can see there is no other solution, could ensure that fewer people spiral down into financial despair. With their knowledge of the clients’ circumstances and access to the right type of specialist advice, the expansion of runaway consumer debt can be stemmed.”