Redundancy fears force people to seek debt management solutions
Redundancy fears force people to seek debt management solutions
Tuesday 2nd June 2009
Research from insurer LV shows that employment-related matters are a concern for many because calls to its legal helpline have increased by a fifth in the first quarter of 2009 compared to the same period in 2008.
One in four of all the calls recorded have to do with employment issues such as redundancies, which the company said represents an increase of one third compared with 2008.
However, consumers are also risking throwing themselves into debt as they seek legal help because on average consulting a private solicitor costs £708, which can be costly if finances are among the concerns.
"The statistics from our helpline show that an increasing number of people are looking for legal help because of employment problems caused directly by the recession," explained John O'Roarke of LV.
"The issues are far ranging, covering redundancies, a reduction in hours and pay, or changes in employment contracts."
He went on to advice homeowners to include legal advice in their home insurance premiums to avoid the risk of having to spend even more should they find themselves in a difficult position.
Fears of redundancy, rising mortgage debt and the harsh economic conditions are making an increasing number of those who have property to consider renting out to get an extra source of income, Unbiased.co.uk recently revealed.
According to figures from debt charity Credit Action, the average amount of money owed by every adult in the UK, including mortgages, is £30,500.
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