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Could an equity release plan help those who are struggling with debt?

Fri 18th Jun 2010

Britons are not seeking advice on how to get themselves out of debt as they do not feel their problems are big enough to ask for help, according to a new report.

Homeowners who are in debt could use the value of their property to pay off large amounts by taking out an equity release scheme, which would give them a tax-free cash lump sum.

Insolvency trade body R3 has revealed that 44 per cent of debtors are suffering in silence in the belief that they do not need help.

The organisation's president Steven Law, said: "It is worrying that individuals are not seeking professional advice at the first signs of financial difficulty because they don't think their problems are severe enough.

"While it may be the case that these problems are resolved without help, there is a risk that they might snowball out of control. Professional advice does not mean immediate bankruptcy. It could simply result in advice on budgeting."

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