'Keep options open,' is advice to Brits in debt

Brits faced with debt have many options open to them and should not rush into making a decision, according to one debt consultancy firm.

Thomas Charles has advised those with debt hanging over them through loans or credit cards that they have a number of choices to consider, including Individual Voluntary Arrangements (IVA), bankruptcy or informal debt management and debt consultancy firm.

Managing director of the firm, James Fella, said that customers should not be pushed towards one solution and to consult a number of advisory services before coming to a conclusion.

He said: "I definitely think that people who find themselves in debt difficulty should be considering very carefully the three different options.

"The debt management solution would be right and proper for somebody but not for another; equally so, the IVA or the bankruptcy solution. So you should definitely be aware of all three."

Research that the company carried out in conjunction with YouGov found that 15 per cent of people in the UK are in serious debt (over £10,000).