Employers should encourage debt advice

More firms should be supportive of employees who may need professional debt help, such as an Individual Voluntary Arrangement (IVA) or a Debt Management Plan (DMP).

Thriftyscot.co.uk reports that with personal debt rising all the time, even people who go out to work to try and pay off what they owe are still struggling with financial problems.

They note that it is in an employer’s best interests to direct their employee towards seeking debt solutions, as they would be unable to concentrate on work due to what they owe.

The website also indicates that employers have the right resources to help staff members that are suffering due to their debt problems, and something as simple as listening to their issues could help to ease the strain for workers.

Failing that, they could guide them to seek professional advice from debt solution experts.

Kevin Still, director of Atlantic Financial Management, says: "A big step forward would be for employees to feel more comfortable that in disclosing debt problems, they don't face breaching their own employment contract and for their employer to make the situation worse.

Some contracts require that employees disclose that they are insolvent or have an adverse credit record, especially if they are handling money or in public roles like the Police or teaching. Where you are a member of a Union then this may help."

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