Industry News

Bankruptcy moves online

Bankruptcy used to mean a visit to the court, but new rules mean it can now be done online.

 
On the 6th April 2016, the bankruptcy application process was changed. So how do you apply for bankruptcy? If you have been advised that applying for bankruptcy is the best option for you, below is an overview of these changes and how they might affect you.

What happens when Debt Management Companies shut down?

Since the Financial Conduct Authority (FCA) assumed responsibility for regulating consumer credit firms in April 2014 and introduced tighter controls in order to raise standards in the sector, over 100 firms have closed their doors.

 

Financial confidence plummets

A recent survey of 104 companies has shown that optimism among financial sector companies has suffered a sharp drop.

 
The poll highlighted financial market instability, competition from within the sector and larger global economic uncertainty as the top three challenges facing financial services over the coming year.
 

Do these four things make you more likely to be in debt?

The Money Advice Service has released a report which tries to pinpoint who is most likely to fall into debt. 

 
Many people who suddenly become “over-indebted” (in other words they can no longer cope with their debt, versus people with debt who are managing the repayments easily) do so after a life event which causes a shock to their income; perhaps a divorce or severe illness.

What is the new Help to Save scheme?

The Prime Minister has unveiled an initiative to encourage people on low incomes to save. 

 
People on low wages will soon be eligible for a financial top up from the government of up to £1,200 over four years if they put money away into a savings pot.
 

Clampdown on individual responsibility for conduct and standards in the financial sector

The Financial Conduct Authority (FCA) has announced this week that two new schemes have come into force which will hold individuals working at all levels within the banking industry to appropriate standards of conduct, as well as ensuring that senior managers are held to account for misconduct that falls within their area of responsibility. 
 

Debt Advice Foundation calls for financial education in primary schools to halt rising consumer debt

As a leading debt charity, we believe that financial education needs to become a national priority to stem the tide of rising consumer debt. 

Why can’t I get a 0% interest credit card?

Are you trying to move your credit debt over to a 0% credit card with no luck? There could be one factor that you’ve not taken into consideration: whether you’re registered to vote.

What are the financial benefits to being married?

If you got engaged on Valentine’s Day, you may now be wondering if there are more benefits to getting married or in a civil partnership than a big knees-up.

Top 10 free things to do this February half term

No one likes the February half term. Everyone is still recovering financially from Christmas and it’s freezing, meaning the usual free outdoorsy activities seem very unappealing (though we have included some, everyone needs a bit of fresh air we’re told.) 

 

If you’re trying to keep a lid on costs this half-term, but can’t bear the prospect of a cranky, bored family, take a look at our top ten free activities for you to try this year;