News

The Council of Mortgage Lenders (CML) has reported that property repossessions in the quarter to June 2010 has fallen by 4% on the previous three months. In addition, those with arrears of more than 2.5% of the balance also fell 5%, which has resulted in a softening of repossession projections for the full year from 53,000 to 39,000. The ministry of Justice also revealed that repossession orders during the quarter were down 7% on the previous three months.

Recent figures from the Finance & Leasing Association show that consumers are becoming increasingly reluctant to take out additional credit. The report showed that credit card and store card borrowing was down 9% and 32% respectively, indicating that uncertainty over whether the economy is in the midst of a double dip recession is still prevailing. The figures will come as welcome news for the debt advice sector, which continues to receive a record volumes of enquires from those struggling with debt.

Debt Advice Foundation is urging women with debt problems to seek help and advice, after new figures revealed the number of insolvencies among females in the UK has soared over the past decade.

Research by the Insolvency Service shows that the number of women being declared bankrupt increased from 6,042 in 2000, to almost 30,000 in 2009. The research figures indicate that around two thirds of the women made bankrupt last year were aged between 25 and 44.

Debt Advice Foundation has funded the development of a ground-breaking initiative that aims to improve financial awareness through education.

The funding has enabled Southlands High School in Lancashire to launch a Debt Education Centre, which will help pupils and the wider community get to grips with money matters.