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Government boosts funding for debt advice

Government boosts funding for debt advice

Category: Loans

Updated: 16/03/2009
First Published: 13/03/2009

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Funding is to be provided to help debt advice organisations provide help during the recession, it has been revealed.

Local government minister John Healey announced that £750,000 is being made available to organisations such as Citizens Advice, as well as credit unions, in five regions.

The money is intended to boost practical advice for holders of secured loans, who may be facing a risk of repossession due to the economic downturn.

It is being aimed at coalfield communities in the north-west, north-east, east Midlands, West Midlands and Yorkshire and Humber regions, with the move being welcomed by the Coalfields Regeneration Trust.

Chairman of the body Peter McNestry explained that hours of service could be extended to ensure a greater degree of help can be given, adding: "Demand for free debt advice and money management support is on the increase."

Borrowers were encouraged to take out secured loans and mortgages during the credit crunch, despite that not being the best option for them, the Consumer Credit Counselling Service recently stated.

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