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11/09/2009
Foster Reinforces Commitment To Dealing With Debt
Enterprise Minister Arlene Foster has reinforced her commitment to helping those who are burdened with debt.
The Minister was speaking at the second Northern Ireland Discussion Forum's Annual Conference, which was supported by the Money Advice Liaison Group. The conference entitled 'Debt Collection in a Downturn', offered a platform for debate on important issues relevant to today's society and economic climate.
Speaking to a wide cross-section of representatives from business, government and community and voluntary sectors, Ms Foster said: "The economic downturn is being felt right across Northern Ireland and its effects are making debt one of the most serious and damaging problems affecting the community.
"My department is seeking to help those in financial difficulty by providing help at the earliest opportunity, including easy access to face to face advice.
"We awarded a £1.2 million, three-year contract to the Citizens' Advice Bureau last year, to maintain this much-needed service up to 2011. Nearly 2500 new clients used this debt facility between 2008-2009, with associated debt of £24.5 million. This represents an increase in total debt of 77.5% on the previous year.
"Unsurprisingly, 2009 has seen continued demand on services. During the first quarter of the year, from April-June, advisers dealt with around 530 new clients owing over £6 million of debt.
"I appreciate that debt is a complex issue, to which there is no single solution and I am committed to working with the existing debt advice network, to help bring forward initiatives as we seek to address the problem of debt in our society."
Hosted by Ulster Bank, conference delegates also heard from Eric Leenders, Executive Director of Retail, British Bankers' Association and Debbie Mills, Manager of the Consumer Credit Counselling Service, who gave presentations on their insight into 'Debt Collection in a Downturn' from both the perspective of a creditor and that of a debt adviser.
(KMcA)
The Minister was speaking at the second Northern Ireland Discussion Forum's Annual Conference, which was supported by the Money Advice Liaison Group. The conference entitled 'Debt Collection in a Downturn', offered a platform for debate on important issues relevant to today's society and economic climate.
Speaking to a wide cross-section of representatives from business, government and community and voluntary sectors, Ms Foster said: "The economic downturn is being felt right across Northern Ireland and its effects are making debt one of the most serious and damaging problems affecting the community.
"My department is seeking to help those in financial difficulty by providing help at the earliest opportunity, including easy access to face to face advice.
"We awarded a £1.2 million, three-year contract to the Citizens' Advice Bureau last year, to maintain this much-needed service up to 2011. Nearly 2500 new clients used this debt facility between 2008-2009, with associated debt of £24.5 million. This represents an increase in total debt of 77.5% on the previous year.
"Unsurprisingly, 2009 has seen continued demand on services. During the first quarter of the year, from April-June, advisers dealt with around 530 new clients owing over £6 million of debt.
"I appreciate that debt is a complex issue, to which there is no single solution and I am committed to working with the existing debt advice network, to help bring forward initiatives as we seek to address the problem of debt in our society."
Hosted by Ulster Bank, conference delegates also heard from Eric Leenders, Executive Director of Retail, British Bankers' Association and Debbie Mills, Manager of the Consumer Credit Counselling Service, who gave presentations on their insight into 'Debt Collection in a Downturn' from both the perspective of a creditor and that of a debt adviser.
(KMcA)
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Credit cards, personal loans and bank loans are foremost in the work of a government-backed debt advice service. At this 'fag-end' of the year - when pre-Christmas excesses begin to bite on finances - debt advice funded by the Department of Enterprise, Trade and Investment is said to be helping the most vulnerable in Northern Ireland society.
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Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
