It has been reported that around 38% of debt collecting companies are themselves in debt. Debt collecting companies are often sent to chase those individuals who owe debt; however, it appears they may end up on the same list and end up being chased for money they owe themselves. It is thought that around 117 debt-collecting agencies will start the New Year in financial difficulty.

Debts may occur for any reason, you may have taken on credit cards or loans only to be unlucky enough to have been made redundant and now be out of work. Whatever your reasons for falling behind on unsecured debts there are ways you may be able to pay off what you owe at an affordable rate each month. If you seek debt advice, with a debt management company, they may suggest an IVA or a debt management plan to clear your debt.

If I wanted to clear my debt and remain out of debt then a debt management firm would be the first place I would turn to for help. They even do the work of contacting creditors on my behalf and I could even be paying less each month to pay off my debts than I was when struggling to pay off the debts separately.