Jobless up In France | Chiltern Debt Management

The French minister of the economy has stated that unemployment in France rose by up to 70,000 in March.The figures for March have not yet been officially released, but it is widely thought that the jobless increase will fall somewhere between 60,000 and 70,000. Whilst this is still a depressingly high figure, it is slightly down on the number of people that became unemployed in the previous month, when nearly 80,000 lost their jobs.

Unemployment in France is predicted to top 10% by 2010, and is currently running at 8.2%, which is one of the higher rates in Europe. The country as a whole is now deep in recession, in spite of a recent 26 billion euro stimulus package announced in February this year.

The hardest hit group has been the under 25 year olds, where more than 1 in 5 young people were out of work by the beginning of this year. Fortunately for the French, the personal debt crisis that has affected the UK will not present such a large problem. Over the last decade, the French have not been as reliant on personal loans and credit card debt to fund their lifestyle, with fewer people developing debt problems or requiring debt consolidation loans to bail them out.

The near future looks bleak, with government estimates of a 2.5% shrinking of the economy during 2009.However the long term future may hold out some hope, with some experts predicting a recovery sometime next year.

Fees & Information

We cannot guarantee a reduction in interest or charges. If an IVA is not maintained it could lead to bankruptcy. Whilst initial debt advice is free, fees will be charged if a solution is taken out.

Fees related to Debt Management Plans are in two parts;

"Initial Fee" means your first two "Monthly Payments", which is paid by You to "Us". This represents our fee for establishing your arrangement, and therefore is not distributed to your creditors, and can be paid in two separate instalments. Retention of this fee will put you into further arrears.

"Monthly Fee" means the Fee payable for our Services each month. This is an amount equal to 17.5% of your "Monthly Payment" (apart from your first two "Monthly Payments" which is the "Initial Fee"), subject to a minimum payment of £30 for disposable incomes of 0 - £100, and £35 for disposable incomes of £100.01 - £200.

Fees incurred for Individual Voluntary Arrangements are variable dependent upon the monthly contribution to the arrangement and the agreement that is reached with your creditors. Fees are made up of Nominees fees relating to assistance given to prepare your proposal and Supervisor fees which relate to the ongoing monitoring of your IVA. Fees are already included as part of your monthly contribution. The level of fees and the method of payment are both agreed by your creditors at the outset of the arrangement.

A record of your agreement with us will be held on your credit file for up to six years, and your ability to obtain credit in future may be affected.

You are provided a cooling off period of fourteen days from the date the agreement was deemed to commence, during which you may cancel our agreement. Should you give notice to us that you would like a refund of a payment, or payments, (being other than the initial fee) then where no distributions have, at that time, been made by us, or are in the process or course of being made by us, in respect of that payment or payments this will be made in full (i.e. without deduction of our fee of 17.5%).