It has been reported that a bank manager in Scotland stole money from customers accounts, and took out a loan under false pretences in order to pay off their own debts. Unsurprisingly this resulted in jail time being handed out, a loss of home and job and the money being repaid to the customers. This situation may have been avoided if the person in question had looked for debt advice with a debt management company as thousands of others in debt have done.

If I wanted to clear my debt I could look into taking out an IVA or a debt management plan as a way to clear debts that were unsecured such as loans or credit cards. Both can be arranged with the help of a debt management specialist who will distribute the agreed sum of money you pay each month between your creditors each month. If you stick with the plan, you can become debt free within the period of the plan.

Once you are on the plan and you are repaying your debts you are also able to take advice on ways of managing our money. Once you know what you have coming in and going out each month, you may be able to see where you are able to make cutbacks.