Long way to retirement for today’s older generation
April 11, 2008
A recent report has shown that many of today’s older generation could end up being unable to retire at the traditional retirement age, and may have to work well into their seventies in order to be able to afford to live and repay their debts. Around one in every four people aged between 55 and 64 have been identified as credit users, and the average debt per person in this age group is estimated at £2500. Read more
Cab received increased debt related enquiries
April 8, 2008
As more and more people struggle to cope with their finances in light of the current financial woes facing many households, there as been a significant increase in the number of people that have been contacting the Citizen’s Advice Bureau for advice about debt, according to a recent report. The information comes following a survey on three hundred CAB branches across the UK, and employees from the bureau have stated that the high level of enquiries has resulted in debt related problems becoming the single most common problem dealt with by the CAB. Read more
Bailiffs could come under stricter regulations
April 2, 2008
According to a recent report bailiffs could be facing stricter regulations in the future, as the Ministry of Justice has announced plans to bring in standards and regulations to govern this profession in order to protect consumers from unscrupulous and unprofessional bailiffs. Many people that are struggling with debt and have missed repayments have found themselves falling victim to bailiff action, and the experience has sometimes been a terrifying one. Read more
IVA customers could get additional protection
February 9, 2008
Over recent years Individual Voluntary Arrangements, also known simply as IVAs, have become more widely known across the UK, with a number of firms that deal with setting up IVAs placing glossy advertisements in magazines and on television to raise awareness of this method of debt reduction. The IVA is a legally binding agreement where those eligible pay back a fixed amount each month for a set period, which is usually five years, after which any remaining balance owing to creditors is written off. Read more
Amnesty between banks and debt agencies to be announced
February 1, 2008
According to a recent report next week will see the announcement of an amnesty between firms that sell debt plans for those in high levels of debt and the banks, who often fight to try and recoup the money that they have loaned out to consumers. More and more people have been finding themselves in high levels of unmanageable debt, and for many the only option has been bankruptcy. Read more
Banks announce fewer loans will be available in first quarter of this year
January 23, 2008
Banks and lenders across the UK have announced that during at least the first three months of this year there will be fewer loans made available to both businesses and consumers in the UK, with the effects of the global credit crunch coupled with fears over bad debt levels driving lenders to increase stringency and cut back on lending. The Bank of England has stated that whilst there has already been a crackdown in lending, with lending conditions tight during the last quarter of 2007, this is a situation that is set to get worse in the coming months. Read more
Woman owes thousands after becoming victim of scam letters
January 17, 2008
A woman from the Derbyshire area has found herself in £30,000 worth of debt after falling victim to scam mail over a period of ten years. The elderly woman stated that she wanted to remain anonymous, and she has recently had to approach her son for help after realising just how much debt she was in. Read more
Reduction in IVA approvals hits firm’s profits
January 8, 2008
Over the past couple of years many glossy advertisements have come out in relation to IVAs, and this has led to many struggling consumers with debts deciding to try the IVA route in a bid to rid themselves of debt more quickly and reduce monthly outgoings in the interim. However, although at one point IVA approvals were coming through thick and fast this has now dropped off and is hitting some firms hard in terms of profits. Read more
Borrowers should ask banks for help if struggling
January 7, 2008
Over the past couple of years banks in the UK have been in the financial headlines many times, usually linked with bad news for consumers, such as bank charges or breaches of security. However, despite what seems to be an ever widening gap between banks and banking customers consumers are being urged to get in touch with their bank for advice and assistance if they are struggling with repayments on their borrowing rather than just trying to ignore the problem. Read more
2008 could see personal insolvency levels rise
January 7, 2008
According to some industry experts this coming year could see the level of personal insolvencies in the UK rocket, with around 130,000 already heading towards bankruptcy based on recent figures. Officials from the global accountancy group KPMG state that over the course of 2008 around 130,000 may either declare themselves bankrupt or may decide to enter into an IVA, which is an individual voluntary arrangement. Read more
Consumers afraid to open post
January 5, 2008
Following the rush of mad spending over the Christmas period many consumers in Britain are now shying away from opening their post, nervous about what they will find in terms of bills and statements. A survey was carried out by the Financial Services Authority in the post Christmas calm, and unsurprising many consumers who may have gone overboard on the Christmas spending are now dreading the post arriving on their doorsteps in the New Year. Read more
Bankruptcies could be set to rise in 2008
January 3, 2008
Over recent years bankruptcy and insolvency levels have caused concern in the UK given the high levels of consumer debt. However, it seems that the problem with bankruptcies may be set to get worse, with some experts predicting that up to 130,000 borrowers could end up declaring themselves insolvent in 2008 either through entering into an Individual Voluntary Arrangement (IVA) or by declaring themselves bankrupt. Read more