Almost two million payment protection insurance (PPI) policies have been mis-sold according to consumer organisation Which.
Their report found that up to two million borrowers who took out loan protection insurance may have been mis-sold the policies, representing almost a third of all policies sold before the end of 2006, much higher than previously thought.
The findings [...]
Debt Management Plans | IVAs | Debt Help
Monthly Archives: May 2009
Third of payment protection cover mis-sold
Debt advice not heeded as debt overtakes wages
Figures released by a well known comparison website have highlighted the debt problems faced by UK homeowners. As the current financial climate worsens, the research has shown that consumers now owe more than they actually earn.
Debt advice specialists are concerned that there could be significant consequences ahead for people that have become overstretched. They recommend [...]
An IVA case study
John had an excellent job, and was earning a larger than average salary. He managed his finances based on how much he was taking home, not unlike a lot of people. Over the years, John had accumulated a fairly hefty unsecured debt, in addition to the mortgage on his house, which was also the family [...]
IVA advice or bankruptcy
In the last 12 months, the number of personal insolvencies, in the UK, has increased by nearly 20%. In the first 3 months of 2009 there were 29,800 personal insolvency cases in Wales and England. The number of people signing up for an IVA, or Individual Voluntary Arrangement, has risen by 3.6% during the same [...]
Where to find IVA advice
If your debts are above a certain level, then an IVA may be a way to get out of debt. There are certain things that you need to consider first of all, and there are differences between the options that are available to consumers that find themselves in financial difficulty.
An IVA is a confidential [...]
OFT clamps down on second-rate Debt Management firms
Ten companies have be told by the OFT (Office of Fair Trading) to stop making misleading and unsolicited telephone calls to promote their services.
Four of the companies are cold-calling operations, that harass people day and night, and the other six are Debt Management firms, whose practices are an embarrassment to the industry. The firms were [...]
Clearing credit card debt, more important than saving
According to leading financial advice specialists, clearing credit card debt has become more of a priority, for Britain’s hard up consumers, than saving up for the future.
Until recently, borrowing money on credit cards, store cards, personal loans and catalogues was regarded as being quite normal. At least, for most people, it was not regarded as [...]
Loans for debt help from the Halifax
Figures from Halifax have revealed that the most common reason for taking out a personal loan is for debt consolidation purposes. As the recession bites, the number of consumers in need of debt help has increased dramatically. The review by the Halifax found that over half of all unsecured loan applicants, last year, needed the [...]
Worried about your finances, seek debt advice now
Struggling under an avalanche in debt is not a very pleasant place to be. Worries about your finances can take over your life, cause sleepless nights and even destroy relationships.
If you don’t seek debt advice, and solve your problems before its too late, then your debts could cause you some very long term difficulties. It [...]
Debt help for the over 50s
It seems that almost everybody is being hit by the recession as reports today suggest that there has been a jump in the number of people over the age of 50 that are in financial difficulty, and in need of debt help.
The global credit crunch has resulted in an economic downturn of epic proportions. There [...]
Plans to cut US credit card debts
New laws in the US that will make it deliberately harder for people to develop too much credit card debt, will be agreed today by President Barack Obama.
The new restrictions, that are to be introduced next February, will put an end to some of the practices currently employed by credit card companies which have been [...]
Debt advice charities swamped
Debt advice charities are looking into the possibilities of running a pilot scheme that would result in some debtors dealing with their own problems. The scheme would be reserved for the more financially aware, and it would save time for the overworked advisers, who would no longer have to spend hours filling in paperwork with [...]
UK credit rating “at risk” over debt problems
Concerns over significant national debt problems have caused Standard and Poor, a leading credit rating agency, to revise its outlook for the UK economy. For the first time in more than 30 years, it has down-graded it’s rating of the UK economy from stable to negative.
The down-grade was announced as the true scale of the [...]
Spending down as consumers strive to get out of debt
UK economic output declined by 1.9%, during the first quarter of this year, according to figures released by the ONS (Office of national Statistics). This was largely down to a sharp reduction in spending, by UK households, as people are tightening their belts in an effort to get out of debt, or simply to make [...]
Debt problems for major card shop
If you’re relying on a birthday card with money in it to solve your debt problems, you may have some wait ahead. Card specialist Birthdays, has been placed into administration by parent company Clinton Cards, threatening the jobs of 2,000 of its staff.
The firm, based in Bury – Lancashire, announced that all 223 stores will [...]