According to figures released by the Nationwide building society, house prices went up by 0.9% during June. This news has been welcomed by debt management providers, since an end to the housing slump could offer additional options to over indebted consumers by way of debt consolidation loans.
The Nationwide confirmed that house prises have risen in [...]
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Monthly Archives: June 2009
Rising house values could ease debt management woes
Refund delay could leave more needing IVA help
UK banks, and many of their customers will be kept waiting until August for an outcome to the bank charges debacle, as the Law Lords have delayed a final decision on the matter until later this year.
A substantial amount of money is at stake, with the UK banks currently earning more than £2 billion a [...]
Women’s spending hides future debt management issues
Research on the spending patterns of Britain’s women has revealed that they may be storing debt management issues for the future by continuing spending.
The study, by Post Office Financial Services, found that millions of women are secretly borrowing money from relatives to maintain their spending habits, as they try to uphold their image and avoid [...]
Unclaimed benefits could ease debt management worries
Around £10.5bn worth of income-related benefits went unclaimed in 2007-9 in Britain, which could have eased many people’s debt management issues.
The figures, published annually by the Department of Work and Pensions (DWP), showed that between 15 – 23% of all entitlement money went unclaimed from the five key income-related benefits – Income Support, Jobseekers Allowance, [...]
Women more likely need debt management help
In an effort to match their celebrity idols, women now make up the majority of young bankrupts in Britain, according to a leading accountancy firm.
The report from Wilkins Kennedy said that of all under 24-year-olds going bankrupt, 55 per cent were women – against just 48.3% five years ago. In 2008 there were 1,560 women [...]
Debt management could help control credit card debt
Recent research has shown that people are cutting back on using plastic, in order to reduce the size of their credit card debt.
According to figures from Tescocompare.com, more that a third of all individuals that are trying to spend less on credit, are doing so in order to shrink the overall size of their debt.
Since [...]
Higher rail fares increase debt management worries
Train passengers have seen fares rise by up to 11%, causing worries about their debt management to grow.
A critical report by MPs has slammed the franchised rail system, which it labels “perverse”, and claims that consumers are taken for granted.
The privately owned rail franchises have upped ticket prices by up to 11% on some routes, [...]
Rate increases add to debt management worries
Despite the fact that the Bank of England base rate of interest is at an all time low of 0.5%, some mortgage lenders have announced that they are to increase the cost of their fixed-rate mortgage deals.
This news was not welcomed by debt management providers, who see this as yet another increased expense, that hard [...]
Debt advice providers welcome OFT bank charges stance
The OFT, the Office of Fair Trading, has announced that it will still pursue unfair overdraft charges, regardless of the outcome of an appeal that is currently being heard in the House of Lords. This news has been welcomed by debt advice providers, since many over-committed consumers are amongst those that may be in line [...]
Leading IVA provider thanked by OFT
A leading IVA provider has received thanks from the OFT for exposing three companies, that are now under investigation for ripping off consumers. The three organisations have been making false claims that they can buy off credit card debt and loan commitments, thereby relieving the consumer of any legal obligation to repay their creditors.
Many of [...]
IVA and debt management as an alternative to bankruptcy
Choosing an IVA, or Individual Voluntary Arrangement, as a way to get out of debt, could help individuals, which are struggling with their finances, to avoid bankruptcy and the trauma that goes along with it.
An IVA is only suitable for people with higher levels of unsecured debt; usually a minimum of £15,000, however there is [...]
Remortgage may offer debt management option
According to figures released by the BBA, the British Bankers Association, the number of mortgage applications that are being approved has continued the steady rise that it had shown over the last 6 months. This could be good news for consumers that are struggling with chronic debt problems, since a remortgage, or a secured loan, [...]
Lower bank charges could help IVA and debt management clients
Debt Management and IVA providers are eagerly awaiting a decision by the House of Lords concerning the fairness of bank charges, and overdraft fees, since it could have considerable implications for over-indebted consumers. The House of Lords will decide this week weather or not to uphold an appeal by the banks concerning overdraft fees. If [...]
Debt advice could save your home
The last few months have been particularly difficult for a lot of consumers. Many people have been hit hard by the recession, which was brought on by the global economic down-turn, and many have simply been swamped by their debts. There has never been a time when so many people owed so much money to [...]
Londoner’s debt problems increase
Londoner’s debt problems have become deeper, more widespread and complex since the recession, with creditors acting more aggressively to recover outstanding payments according to an advice group.
The report from Capitalise found that the average debt level amongst people living in the capital was just over £18,000 – up by 16% since January 2007 – and [...]