Families risk drowning in debt as water rates rise

Families in arrears on water bills should seek professional help

According to the latest report from The Money Advice Trust, UK households in financial difficulty are struggling to pay their water bills, with over 10,000 people asking for help so far in 2011. Record numbers of consumers have applied for a Government scheme to cap water bills, and hundreds of thousands of people are falling into arrears on their accounts.*

"... working out which of these is the highest priority can be daunting ..."

DEMSA approved debt solutions provider, Atlantic Financial Management, is urging those struggling with increased utility bills to seek professional advice and help in correctly prioritising payments. Kevin Still, Atlantic Director commented, "There are many different banks, local authorities, utility companies, insurers and service providers that we are all required to pay each month, quarter or year, but working out which of these is the highest priority can be daunting for anyone in financial difficulty.

"The mortgage or rent should be the number one priority along with any secured loans, closely followed by essential insurances and utility charges. After this come credit card and other unsecured loan repayments. A DEMSA member, such as Atlantic, will not only help prioritise payments but will liaise directly with the lenders to try and freeze interest and reduce unsecured repayment amounts to a level that you can afford and to try and avoid the situation becoming worse.

"As with all debts it is better to deal with it rather than allow it to get worse and worse."

"A leading debt solution provider will also help those in debt to find any benefits or grants to which they may be entitled, such as the Government-backed Watersure** programme which caps water and sewerage bills for eligible customers. As with all debts it is better to deal with it rather than allow it to get worse and worse. Anyone in financial difficulty who is struggling to manage their finances themselves should seek professional assistance as soon as possible."

*Money Mail, 5th October 2011

** Watersure - http://www.ofwat.gov.uk/consumerissues/assistance/watersure/

To find out more about Atlantic Financial Management contact us or call 0845 0 30 30 30