June 2010

Brits Put Life On Hold Amid Pre-Budget Uncertainty

As the nation awaits the outcome of the government’s emergency budget next week, a survey has indicated that people’s confidence in the UK’s economy has hit ‘rock bottom’.

uSwitch, the comparison and switching website, has revealed that 45% of the people it polled are concerned about their finances, with many unwilling to commit to life changing decisions, such as getting married, having a baby or changing their job.

Loan Sharks Are Not The Answer

Worrying research from R3, the industry body for insolvency, estimates that up to 67,000 people struggling with debts have contacted a loan shark or doorstep money lender, and even more have considered doing so.

R3 President Steven Law says: "Going to this source for financial resolution will simply build up a larger store of debt and create more pressure and stress. We must highlight the importance of obtaining professional debt advice over panic measures that will worsen the problem."

Anyone Can End Up In Debt

Popular coronation street actress Beverley Callard who plays brazen landlady Liz McDonald, has recently been sharing her story with the press as she announced her engagement.

In an interview with the Mirror (opens a new window) the actress talks openly about her depression and the effect of debt on her relationship.

Debt Charities' Innovation Recognised At Credit Today Awards

We were pleased to see fellow debt advice charities the Money Advice Trust and CCCS recognised at the recent Credit Today awards.

The Money Advice Trust received an award for its CASHflow scheme designed to help consumers who are able and willing to negotiate directly with creditors.

CCCS received recognition for the software used by its IVA arm, CCCSVA.

Congratulations to both organisations.

Misleading Debt Management Firms Shut Down In High Court

A number of Stockport based debt advice and loan brokerage companies, run by the same group of directors, have been shut down in the High Court after an investigation in to mismanagement of the firms by the Insolvency Service.

The companies, which included theloansupermarket.co.uk, Easysteploans (UK), Carter & Carter Financial and TLG Loans were wound-up on the basis that it was in the public interest.