The heat is on… credit
Consumers are often criticised for having ‘Christmas on credit’. However two and half million UK adults are turning to credit just to heat their homes during the festive period.
According to a survey by Circle Housing, 7million (15 per cent) of UK adults will take out a loan to cover the cost of Christmas. But for the majority this is not to buy extravagant presents; 35 per cent will use the loan to pay their winter energy bills while 57 per cent need the extra money to pay for festive food.
Intended to be a time for fun and frolics and rest and relaxation, for a growing majority Christmas only brings added cost and larger credit card bills. One in six now associate Christmas will dread or worry as the pressure to make Christmas magical and conform to festive spending remains strong, particular for families with children.
Solicitor Andrew Watson understands how this pressure can get out of control and leave families in a pretty desperate situation come the new year:
“Despite almost a third of UK adults planning on curbing their Christmas spending this year rising energy and food bills means Christmas is as expensive as ever. So much so that in fact that millions are having to use credit cards and loans just to cover the basics – a warm home and sufficient food.
“But whatever families have used their loan for, the end result is still the same – starting 2014 in debt. And before you know it creditors are serving a statutory demand, giving you just 18 days in which to respond and deal with it.
“This is where our team of lawyers can help; we can help clients who have received a statutory demand and are often able to negotiate a reduction on their debt or even have the demand set aside completely.
“Having personally helped clients who have been served a statutory demand I know what a truly distressing and anxious time it is. But I also know what a relief it is for them to have someone to share the burden with and ultimately fight their corner.”
Content correct at time of publication