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Charity Launches Online Debt Tools As Personal Insolvency Reaches All Time High

With personal insolvency at an all time high, national debt charity Debt Advice Foundation has launched an online debt tools section to combat Britain’s spiralling debt problems.


Figures released today show that 134,142 people became insolvent in the UK during 2009 and a report from the National Audit Office has highlighted that traditional sources of debt advice are struggling to cope with demand.

Other News

Bankruptcy To Be Made More Expensive

With more people than ever before in the UK going Bankrupt (the Insolvency Service has provisionally estimated that 2009 will see an 11% increase on 2008, previously the highest on record), it has just been announced that the debtor’s Bankruptcy deposit is to increase from 6th April 2010 by 25%, from £360 to £450.

Overindebted Consumers Reluctant To Share Financial Problems With Their Partner

Research carried out by debt advice charity Debt Advice Foundation has revealed 47% of people struggling with debt are hiding their financial problems from loved-ones, with 21% claiming they’d been burdened with their partner’s debts.

Charity Launches Online Debt Tools As Personal Insolvency Reaches All Time High

With personal insolvency at an all time high, national debt charity Debt Advice Foundation has launched an online debt tools section to combat Britain’s spiralling debt problems.


Figures released today show that 134,142 people became insolvent in the UK during 2009 and a report from the National Audit Office has highlighted that traditional sources of debt advice are struggling to cope with demand.

Rogue Firm Casts Doubt on Debtors’ IVA Solutions

A company called the IVA Review Board (IRB) is sending letters to debtors in individual voluntary arrangements (IVAs) suggesting they may be able to stop making payments – despite attempts by the Office of Fair Trading (OFT) to revoke its licence.

Industry experts warn that the letters could lead to debtors having their IVAs terminated. Mark Sands, head of bankruptcy at Tenon Recovery, said: "Once arrears go beyond a certain level then it’s likely the IVAs will be terminated and the debtor will have to start all over again."

Times Investigation Reveals Worrying Inconsistencies in the Standard of Debt Advice

A Times investigation into the standard of debt advice within the debt industry has revealed worrying inconsistencies and concerns about the capacity of the Third Sector to cope with growing demand.

Personal Debt Reaches £1.46trn

Statistics released by money advice charity Credit Action reveal that total UK personal debt increased 0.7 per cent in the 12 months up to the end of November 2009 to £1.46trn. However, bucking the long-term trend, consumer credit lending actually fell by a net £400m during the month of November as banks continued to tighten their belts.

Secured lending continued to grow, up £1.5bn and the charity estimates that the average household debt including mortgages in the UK is now £57,888.

Ministry of Justice Issues Debt Management Guidelines

MOJ have published Debt Management guidelines for UK consumers in the wake of a steep rise in the number of formal investigations in the market. Since April 2008 the OFT has undertaken 24 formal actions, including revoking licenses held by debt management businesses.

As well as highlighting the advantages of debt management plans such as lower monthly repayments, the guidelines also warn of the potential pitfalls, such as the solution not being legally binding on creditors.

House Repossessions On The Rise

The number of new repossessions in the third quarter of 2009 reached 14,000 in a 2.8 per cent rise on the previous three months, data from the Financial Services Authority reveals.

The FSA’s data on UK mortgage lending shows that this number of repossessions was five per cent below the peak at the start of the year, while new arrears cases continued to fall, decreasing 10 per cent in the third quarter to 46,000.

Charity Makes Debt Analysis Calculator Available Online

Debt Advice Foundation is now giving people the ability to calculate the true extent of their debt problems with a new downloadable Debt Analyser. By entering information about credit commitments and living costs, this unique tool automatically calculates what people can reasonably afford to pay back to their creditors each month as well as generating a Statement of Affairs and individual creditor letters should the user wish to negotiate directly with their creditors.

TV’s Secret Millionaire Goes Into An IVA

Chek Whyte, who appeared on Channel 4's Secret Millionaire has succeeded in striking a deal with creditors that could save him from bankruptcy.

His creditors yesterday voted for a new Individual Voluntary Arrangement (IVA) that pledges Mr Whyte will pay back debts owed over a period of time.

The property developer, whose businesses have debts of about £33m said "I'm elated and ecstatic to get the vote."

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