Alnwick firm Debtaid aims to help clients with debt problems

Oct 19 2009 by Karen Dent, The Journal

A FORMER fine art auction house worker and TV scheduler is putting his people skills to use in by helping rescue clients from spiralling debt problems.

Shaun Renwick set up Debtaid in 2000 with brother Max but the recession means the Alnwick-based firm is now busier than ever.

Mr Renwick said: “The form of debt is getting deeper into people’s lives. Before, it was around £8,000 on credit cards. Now, it’s more like £20,000 and secured loans and people continue to spend on their cards.

“The trouble is it is marketed by the banks as a lifestyle product. It’s easy enough to get into; the banks are doing it as a business proposition. They know how much debt will not be paid back.”

Although Debtaid – which works with clients nationwide – is a limited company, it does offer some free advice. Mr Renwick is adamant about getting “the balance absolutely right”.

He said: “There are a lot of companies out there who are relatively greedy with their fees. We distance ourselves from that. It’s a balance.

“People who find themselves in difficulties – through illness or redundancy – find it becomes very stressful for them. People seem to think it’s their fault when it’s something outside of their control.”