Online bankruptcy solution could cause havoc
May 10, 2008
At present the process of filing for bankruptcy is a long and arduous one, which makes people think twice before they decide to go down this road. However, from next April the government plans to introduce Debt Relief Orders, which will enable consumers to wipe out their debts through bankruptcy online without the need to go through bankruptcy courts. However, industry officials are concerned that this method could be open to abuse and could result in havoc. Read more
Many consumers wanted to become insolvent last year
April 10, 2008
A recent report has shown that many consumers in the UK wanted to declare themselves bankrupt or become insolvent last year in order to get away from rising debts. According to the report thousands of people wanted to become insolvent last year, with many suffering financial problems due to rising living costs and mortgage repayments. The figures come from government reports and reflect the rising number of people trying to escape their debts through insolvency. Read more
Bank and debt agency amnesty could ease IVA issues
February 10, 2008
Individual Voluntary Arrangements, also known as IVAs, could become more transparent and more easily accepted by creditors following an amnesty that has been called between banks and IVA agencies. The Insolvency Service has drawn up a new protocol that has been drawn up with the input of debt agencies, consumer groups, and creditors, and could see a higher level of IVAs being accepted in the future following a period where many creditors were refusing an increasing level of IVAs. Read more
Many people will have cleared their cards by end of Jan
January 30, 2008
According to a recent survey carried out by Sainsbury’s Bank the majority of consumers that used their credit cards to put Christmas spending on the plastic will actually repay their balance in full by the end of January, which could save many of these people a fortune in interest. Of those surveyed around 61% stated that they planned to clear their balance in full at the end of the month. Read more
Debt advice campaign launched by Church of England
January 24, 2008
The Church of England is launching a campaign aimed at educating people to stay out of debt, and offering advice to those in debt. The campaign is called ‘A Matter of Life and Debt’ and aims to teach people not to buy what they cannot afford, or to offer practical and even biblical advice to those already in debt, with a view to increasing focus and understanding for those trying to get themselves out of the debt trap. Read more
Debt charities get ready for enquiries
January 9, 2008
With Christmas well and truly over for another year debt charities and agencies such as the Citizen’s Advice Bureau are now preparing themselves for the mass influx of debt related enquiries that is expected across the UK. The Christmas season will have seen many consumers overspend on credit cards and through other forms of finance, and as a result many will now face severe financial difficulties as the New Year kicks off, with many being forced to seek advice in order to try and sort out their financial woes. Read more
Debt charities prepare themselves for debt related calls
January 6, 2008
With Christmas well and truly out of the way for yet another year many debt charities and consumer charities such as the Citizen’s Advice Bureau are now gearing themselves up to cope with the massive flood of debt related queries and calls expected from consumers that have spent far more than they could afford and are now left to face the consequences. As always many of us turned to credit to fund our Christmas spending this year, but now is the time when those credit card bills start winging their way to us. Read more