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New start with Debt Management Plan

08/07/2010

New start with Debt Management Plan

A new report out today could herald an era of poverty that could see more people turning to professional debt advice to understand the benefits of a debt solution such as a Debt Management Plan.

The report found that public sector pension schemes were costing twice as much as previously thought, comparing the set-up to an unstable ponzi scheme that could settle future generations with huge debts due to its cost.

The Public Sector Pensions Commission (PSPC) also accused successive governments of hiding the true cost of the scheme and raised concerns about the state's £1 trillion of outstanding debt.

The commission's chairman Peter Tompkins said that "Increasing longevity means that pension provision has to be looked at again, and the public sector cannot continue to remain immune."

"The question of why the majority of the workforce should be expected to pay through their taxes to support pensions that they cannot afford for themselves must be raised."

"As Greece has been experiencing, increases to retirement ages or cuts in benefits are not popular at the best of times, but implementing them as part of a package of crisis cuts is the least palatable option of all. It is essential that reforms are conducted early in a measured way rather than waiting until we have a crisis."

"The Government has hidden behind costings which pretend that the unfunded schemes earn a return well above [market rates] ... Like an unstable Ponzi scheme, it will only work if tomorrow's generations [are] able to stomach a higher cost to pay for the unfunded promises made today."

The commission recommended that any reforms should ensure that pensions do not require taxpayer top ups in the future.

If you're finding that you are struggling to make ends meet, with repayments for outstanding debts and loans eating away at your income, then call ClearStart today to see how we can help reduce your debt.
If you owe more than £3000 on unsecured loans such as credit or store cards then ClearStart can negotiate with the people you owe money to and try and lower your repayments.

As well as Debt Management Plans we can also offer other debt solutions such as an IVA or a Debt Relief Order or if necessary just give you clear, professional advice.

So call ClearStart today to see how we can help you get rid of your debt and let you live a life without the burden of debt hanging over you.

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