The Office of Fair Trading is urging residents not to ignore a debt problem.

It says the months following Christmas can see many people facing difficulty with mounting debts.

People who are struggling to manage their money are advised to get in touch with the OFT, which offers a free confidential Debt Counselling Service.

OFT consumer advisor and debt counsellor Harry Brereton said: ’The most important thing to get across is not to ignore the problem and to look for help before debt begins to affect your stress and wellbeing.

’The OFT’s Debt Counselling Service can help you to see a way forward in paying your creditors and can assist in creating realistic budgets.

’We are not here to judge anyone, but only to help where we can.’

He added: ’Debt problems arise for any number of reasons and major life changes can happen when least expected.

’Illness, bereavement or other changes in circumstances can have a real impact and people can easily feel overwhelmed if faced with money problems. We want to help you take control of your finances and get you back on your feet’.

OFT chairman Martyn Perkins MHK, said: ’Anyone who finds themselves in financial difficulty should make use of our Debt Counselling Service, which is free to use.

’Over the years the service has helped a great many people see a way forward.

’Whilst it cannot take debt liabilities away, it has empowered many people to deal with their debts and find solutions.

’You should never be too embarrassed to approach the service.

’Don’t ignore the problem. Tackle it early.’

Visit www.gov.im/oft/money, email [email protected] or call 686510.