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Glasgow accountants, Wylie & Bisset, are warning consumers to beware of seeking advice from debt management companies following the Christmas shopping spree.

Such companies which are not subject to regulation, promise to consolidate a person’s debt into one, often substantial payment programme; they charge administration fees over an extended period for a service which is available free of charge from other organisations.

Donald McKinnon, Director of Business Recovery & Insolvency at Wylie & Bisset said, “People are often faced with increased debts after Christmas which can be extremely worrying. As a result they might turn to debt management companies to try and help them out but in fact the reality is often opposite. Anyone who needs advice on debt management should contact their local Citizens Advice Bureau or their Trading Standards Office who have qualified and regulated staff to help sort out financial problems”.

Wylie & Bisset have launched a free online interactive debt advice service, www.wbdebtcare.com , which explains the options available to resolve debt problems as well as highlighting the physical problems associated with debt related stress and how best to manage the stress.

Donald adds, “There are four golden rules when it comes to dealing with debt. Don’t ignore the problem; don’t borrow money to pay off debts; check any policies for insurance schemes; and get in touch with creditors”.

A free consultation service is also available from Wylie & Bisset by visiting www.wbdebtcare.co.uk .