CILEx Benevolent Fund urges members to tackle escalating debts ‘immediately’

19 July 2018

CILEx Benevolent Fund welcomed Philip Hammond the Chancellor of the Exchequer’s recent ‘light at the end of the tunnel’ message about Britain’s economy, while simultaneously warning against complacency over escalating levels of personal debt.

Delivering his first spring statement, the chancellor also told MPs that, in 2018/19, he anticipates the ‘first sustained fall in [public] debt for 17 years’. Philip Hammond expressed his belief that this will prove to be ‘a turning point in the nation’s recovery from the financial crisis of a decade ago’.

While CILEx Benevolent Fund’s board of trustees wholeheartedly welcomes any signs that Britain’s economic recovery is gaining momentum, it is calling on current and past members to take immediate action to manage personal debt.

Paul Clark, vice-chair of the fund’s trustees, explained: “Some light at the end of the economic tunnel is to be welcomed – but we can’t take anything for granted yet.

“The legal sector has been hit particularly hard over the past decade, with many firms either contracting or amalgamating, and we’re aware that some of our members have lost their jobs or taken a pay cut. In short, they know from firsthand experience what financial hardship feels like.

“As the green shoots of an economic recovery begin sprouting, the message for any member with high levels of personal debt remains the same: take decisive action at the earliest opportunity to resolve this situation.

“It could take a few years for any new-found economic confidence to manifest itself with salary increases and improved job security. The best advice is to plan for a future that currently remains uncertain by taking charge of your finances at the earliest opportunity. And CILEx Benevolent Fund should be the first port of call for any member concerned about their personal debt.”

Paul added: “CILEx Benevolent Fund exists to help both current and former members, as well as their close family members, in their time of need. One of the ways we do this is by providing bespoke money management guidance after appraising someone’s situation and requirements holistically.

“While it’s gratifying to know that the wider economic picture is getting better, it’s imperative that people act immediately and decisively if they encounter personal debt problems.”

In addition to offering access to tailored money management advice, CILEx Benevolent Fund also provides grants to those experiencing one-off instances of extreme financial hardship, which are assessed on an individual basis.

For more information about the ways CILEx Benevolent Fund could assist you, visit: www.cilex.org.uk/membership/benevolent_fund