Don't Pick A Consumer Debt Management Adviser Who Just Talks Business

 Business and consumer debt management are different sides of the same coin when someone is looking for help with financial problems.

 Businesses - especially companies and partnerships – have their own legal identity and the courts treat handling their debts differently from those of an individual.

 Someone who is self-employed often slips between the two, because they are personally responsible for their business debts.

 Any director, partner or self-employed sole trader should take specialist advice from a professional with a track record of handling business debt.

 Consumer debt management advises individuals about personal financial issues.

 If in doubt, you can often tell the two apart by the terms they use. Business debt managers talk about liquidation and insolvency, while consumer advisers speak about bankruptcy and IVA (individual voluntary arrangement).

 If you are an individual needing advice about managing your personal day-to-day debts, then you should look for an expert in that field.

 Plenty of companies and organisations offer free and paid-for consumer debt advice.

 Dealing with one of these advisers gives you up-to-the-minute, independent, professional advice about debts and how they will affect your credit rating, finances and your home.

 Most consumer debt advisers will have specialists on hand who can help you assess the best financial solution for your personal circumstance.

 This will depend on how much money you owe, whether the debt is tied to your home and if you have disposable income to keep up repayments on your borrowing.

 They should explain the options you have in managing your debt and recommend a course of action.

 Before consulting a debt adviser, make sure what your commitment is to fees and charges for discussing and managing your finances.

 If in doubt, the key question to ask your financial adviser is whether they specialise in business or consumer debt management. If the answer is both or business, then reconsider with you really want to deal with that company.