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Debt consolidation 'not a quick fix'
Published: 01/11/2006 |
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Indebted consumers are being urged not to seek a 'quick-fix' solution by consolidating their debts, Citizens Advice has said. The group, formed to help people resolve financial and legal problems, was responding to a report by the BBC's Watchdog programme, broadcast last night, which showed that some consolidation companies were not adhering to pledges to pay off a client's debt. Moira Haynes, spokesperson for the organisation, said that problems could arise when consumers looked for a quick solution to their problems in this way, with lots of advertising suggesting "there is an instant solutionâ¦that you can write off all your debts". She added: "I think people just need to be wary of being offered what looks like a magic wand as it may not be the right thing for them and it may actually cause them more problems than it solves." Ms Haynes also explained that if indebted customers came to the group to receive advice they would not be pushed into choosing one particular solution.  © Adfero Ltd
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