Numberless ex-soldiers face problem debts, say experts
Members of the armed drives are at risk of financial problems when they the leave, in part because they exert oneself to find new employment, according to advice provider PayPlan.
The average answerable for held by former military personal entering an Individual Voluntary Construction stands at £51,435, internal figures from the company showed, compared to an blanket average of £43,234.
Jane Clack, a money advisor at PayPlan, said: “Leavers time again spend their entire working lives within the military and coerce time and assistance to adjust once that protection has been rubbed.
“The difficulties and struggles of post-military life can sometimes be forgotten.
“Once out of barracks they attired in b be committed to to pay rent, council tax and utility bills that they previously want not have been responsible for.
“A service person’s salary is also usually far more than what they can achieve in the private sector and, without thought lots of work by the Forces to help with the transition, often they fight to find jobs quickly.”
Ms Clack added: “Support from organisations such as, the King British Legion, SSFFA and Forces Mutual is very important to dollop former military personnel adjust to civilian life but it is crucial that people clashing with debt seek out the support that is available.”
It comes as rise inflation has started to outpace wage increases, putting more compel on household finances.
And family debt is rising to worrying levels.
About eight million people in the UK regularly miss bill re-payments or touch overwhelmed by their debts, according to the Money Advice Service.
Alms are now calling on the Government to do more for people affected by debt.
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Mike O’Connor, chief executive of StepChange Debt Benevolence, said: “Household debt is high by historical standards and consumer refer to continues to head towards levels not seen since the economic catastrophe.
“Millions of households are resorting to credit as the only way to keep up with key household bills.
“And millions more face the risk of falling into consequential financial hardship in the future.
“Any further squeeze on household finances could get serious consequences.
“Dealing with problem debt needs to enhance a priority for the new Government.”
People worried about debts can get free notice from StepChange or the Money Advice Service.