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Saturday 31st May 2008
As we see more and more debt consolidation companies promoting their services and undergoing aggressive marketing campaigns, many are now starting to ask if debt consolidation is the answer, or is it just delaying the inevitable for those with financial worries?
While the IVA and Bankruptcy companies had a difficult time last year, as the banks decided to reduce the charges they were willing to pay and change the criteria for customers, the debt consolidation sector has been strong for some time. However, we are seeing more and more experts from within the financial sector questioning whether debt consolidation is the answer for everyone.
As you would assume in any business sector, debt consolidation companies can receive fairly heft y commissions in exchange for advising their clients to consolidate their debts with one lender. Even though it would be wrong to assume that all debt consolidations transactions were not in the best interests of the underlying client, there are some rather dubious calls at the moment.
Over the last couple of years we have seen more of those who chose debt consolidation actually move on to an IVA or Bankruptcy fairly quickly, finding debt consolidation payments difficult to maintain. While there has been little comment from the regulators they are sure to be monitoring the situation carefully. |
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