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Article by Paymex 2nd Sep 2010 00:00
Figures from the Bank of England published this week show that the amount of money being written off by lenders hit a high in the second quarter of 2010.
The value of write-offs jumped to £2.1bn in April, May and June, up from £1.3bn in the first quarter of 2010.
Lenders write off debt if they conclude that borrowers are unable to repay.
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If your creditors do not freeze interest or charges this will lead to an increase in the period and amount being repaid. Credit rating will be affected in the short to medium term. *£603 is the average saving per month based on a sample of 18,500 Baines & Ernst customers.