We were interested to read the research recently published by the Post Office, which claims that UK consumers are hiding £55 billion worth of debt from friends and family. According to the research, one fifth of the population are not telling their partner the truth about how much they owe, with one third keeping it […]
Read Moremargin: 0cm 0cm 0pt; text-align: justify;”> A damning report into the failings of the Government’s multi-million pound debt advice strategy has highlighted the need for a new approach in tackling the UK’s consumer debt crisis. margin: 0cm 0cm 0pt; text-align: justify;”> As a national debt charity that has demonstrated the benefits of sustainable, self-funded debt […]
Read Moremargin: 0cm 0cm 0pt; text-align: justify;”> The management of the government's strategy for helping people in debt has been branded a "complete failure" by a committee of MPs. margin: 0cm 0cm 0pt; text-align: justify;”> The Public Accounts Committee said 51 different projects since 2004 had been uncoordinated, with no-one in charge.
Read MoreMARGIN: 0.0cm 0cm 0pt; TEXT-ALIGN: justify”>Britons now owe more money than the value of the entire country’s annual produce according to the latest figures from Credit Action. Average UK household debt including mortgages, is now £58,083.The typical adult owes £30,328 including repayments on their home – 132% of average earnings.
Read Moremargin: 0cm 0cm 0pt; text-align: justify;”> According to research carried out by the British Banker’s Association, £1.3bn in consumer loans was issued in February 2010, which is an increase of £100m on the previous month and the highest on record since September 2009.
Read MoreMARGIN: 0.0cm 0cm 0pt; TEXT-ALIGN: justify”>A new initiative to tackle interim periods of consumer insolvency has been announced by the Ministry of Justice that will allow struggling consumers to make minimal token payments until their financial situation has recovered sufficiently to reinstate contracted repayments terms. In return, they will be given breathing space by their […]
Read MoreRecent industry research on Debt Management Plans (DMPs) has revealed the financial nightmare many consumers are facing due to ill-advised debt solution schemes – further reinforcing the need for a new regulatory framework for debt advice providers. Last week, R3 – the insolvency trade body, provided an insight into the pitfalls of Debt Management Plans […]
Read MoreMARGIN: 0.0cm 0cm 0pt; TEXT-ALIGN: justify”>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%, […]
Read Moremargin: 0cm 0cm 0pt; text-align: justify;”> 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.
Read MoreA 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. […]
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