MoneySolve Hits out at Extortionate Missed Payment Penalties

MANCHESTER, England, March 15, 2010 - Debt advice experts at MoneySolve have condemned the extortionate missed
payment penalties and excessive rates of interest applied to some unsecured
loans and credit cards.

The debt specialists believe that these charges make a bad situation
worse for the most financially vulnerable consumers, noting that:

"If someone misses a payment, there's a real possibility that this
individual is someone who is struggling to make ends meet. Where, then, is
the sense in applying interest and charges to such accounts, increasing the
size of the overall debt when the person in debt can't make their payments on
time anyway? It adds to the stress of the situation for the consumer, it
makes the financial load even heavier and is hugely unfair."

MoneySolve provides free and confidential advice and can offer people in
need a full range of debt solutions. The experts at money solve can help
debtors whose accounts are currently accruing such charges by providing debt
management solutions and if applicable advise on the availability of an IVA
as a means of solving the debtor's financial problems.

"Often, debt solutions, such as the IVA (www.iva.org.uk/) or debt
management, will involve us getting all bank charges and extortionate
interest stopped where possible. In the case of an approved IVA the debtor is
guaranteed that the interest and charges are frozen. This comes as a relief
to our clients who will notice that the debt is not increasing in size."

The debt advisors hope to see penalty charges reduced across cards and
loans, commenting that:

"Of course creditors want to recover their debts. We do understand that.
But we fail to see how adding extortionate interest and charges to the
account will help to achieve that. Surely banks should try to work with
debtors more closely so that affordable repayments can be agreed sooner that
give debtors some hope that the debt can be repaid within a shorter period of
time thus maximising returns for the banks and minimising the anxiety and
distress that debt brings to the individual debtor."

For more information, please contact: MoneySolve, Elizabeth Beesley, Astute House, Wilmslow Rd, Handforth, Cheshire SK9 3HP, +44(0)1625-544789