Pets pay the price for personal debts ~ Debt Managements and Consolidation

Pets are paying the price for our debt woes, as euthanasia proves cheaper than surgery.

A shocking report conducted by Sainsbury’s Finance this month revealed that 56 per cent of vets interviewed have at some point in the last five years been asked to put down beloved animals, with owners choosing euthanasia over costly cures. With many of us already caught in a debt spiral, a 2010 survey by Tesco indicated that only 46 per cent of pet owners take out insurance on their cats and dogs, making the price of treatment an unexpected extra burden which needs to be accounted for. Debt advisors have shown concern over these worrying figures. Kevin Still, Director of Atlantic Financial Management, said: “When debt problems get to the point that pet owners take this sort of drastic action, it is clear that we are dealing with a new era of financial stress in the UK. The sad fact is, that in many instances these sorts of desperate measures could be prevented if individuals felt more in control of their debt problems and could see some light at the end of the tunnel. “This is where a Debt Management Plan can really help. A Debt Advisor will confidentially discuss an individual’s financial circumstances over the phone and provide initial debt advice without obligation. A new schedule of payments can often be negotiated with all the creditors and will ensure rent, mortgage, energy and council tax bills get paid before other unsecured debts leaving the individual with a monthly budget for day to day living costs. Clearly any costs associated with pet ownership would be factored into the monthly budget.” Darren Gross, an advisor at Eurodebt, commented: ‘’Modern-day financial stress can cause terrible feelings of hardship and depression and it is important for people to realise that one can seek professional solutions which can accommodate these kinds of expenses as part of a debt management plan.’’Pet insurance premiums are on the rise with average costs skyrocketing from £162 in 2007 to £208 in 2009. People are encouraged to shop around and consider the different levels on offer as there are deals to be found.In the spirit of looking for ways to save on insurance rather than foregoing it altogether, Marks and Spencer are offering those with debt management issues the opportunity to sign up to discounted pet insurance until February 28th. The 23.5 per cent price cut will be available to new customers and may prove an affordable alternative to risking unaffordable vet fees.. Speaking on behalf of veterinarians, Harvey Locke, President of the British Veterinary Association said: ‘’People need to realise that a pet is a life-time commitment and we are under obligation to take care of our pets under the Animal Welfare Act. It is imperative that the substantial costs of animal accidents and illness are reduced by taking out insurance. For the cost of a newspaper each day, you can cover these incidentals.’’Interestingly enough, femalefirst.co.uk ran a poll which shows that 19 per cent of Brits would choose a four-legged companion over a human relationship and 81 per cent would consider domestic conflict over their pet a deal-breaker.
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