August 2009

Debt Advice Foundation Charity Launches New Helpline

Registered UK charity, Debt Advice Foundation, which promotes research and education around debt issues, has launched a freephone hotline to help deal with the increasing demand for support from people struggling with debt and money worries - with a team of counsellors to provide speedy debt advice and practical support.

British Actor Neil Morrissey Enters an IVA

Actor Neil Morrissey has entered an IVA after admitting to having debts totaling £2.5m.

Neil's portfolio of property and commercial enterprises failed to perform, leaving him insolvent and facing bankruptcy.

But Morrissey said "Bankruptcy's the easy way out. I decided no, I'd step up to the plate, try to do the right thing and get everyone their money back."

Money Diaries authors receive Young Citizens award

Ruth Gratton and Nicola Haresceugh, pupils at Southlands High School in Chorley, have won a Lancashire County Council Young Citizen Award for helping to educate thousands of youngsters throughout the region about managing their money.

Ruth and Nicola have written and illustrated two books in the Money Diaries series, which aims to explore key financial concepts, such as affordability and appropriateness of taking on debt, in a way that doesn’t feel like learning.

Education Minister Praises Charity’s New Education Initiative

The Rt Hon Ed Balls MP, Education Minister was full of praise for Debt Advice Foundation’s new financial education initiative, The Money Diaries, which was produced in partnership with Southlands High School, Chorley. He said that the book was “ideal to give children an introduction into finance and handling money. It is beautifully presented, very well written and informative.”

Misleading Debt Firms Shut Down

One hundred companies offering to write off debts or secure personal injury compensation have been shut down by the Ministry of Justice in the last two years.

The Ministry of Justice said a number of firms had been guilty of misleading advertising, claiming that credit card debt could be written off within six weeks or that 80% of credit agreements were unenforceable.

Insolvency Numbers Reach Record High

There were 33,073 individual insolvencies in England and Wales in the second quarter of 2009. This was an increase of 27.4% on the same period a year ago.