The Government’s implementation of its debt management strategy, designed to help people to get out of debt, has been branded a “complete failure” by MPs of the Public Accounts Committee. Committee MPs said that 51 various projects had been uncoordinated with no leader in charge since 2004, and reported that 11% of adults were struggling [...]
debt management
Debt problems loom as interest rates on small loans doubles
People looking to take out a loan for a smaller amount of money have seen the interest charged more than double in the last ten years, prompting fears that potential debt management problems will be accelerated. According to research released today, the average interest rate for a £3,000 loan is 14.92%, despite a record low [...]
100,000 families face debt problems by loan sharks
Over 100,000 of the poorest families in the UK borrowed from an illegal loan shark to fund Christmas and will now be saddled with debt management issues as they struggle to repay the extortionate interest rates levied. Think tank the Financial Inclusion Centre authored the report, which was commissioned by affordable housing provider Circle Anglia, [...]
Debt Management worries ease as consumer borrowing falls
Debt Management providers have welcomed the news that consumer borrowing has recorded its biggest fall since Bank of England records began some 16 years ago. There has been a large increase in the number of people struggling with debt problems, and having to seek financial advice to improve their situation. Consumers have been turning to [...]
Debt management and IVA providers worry as jobless on increase
Unemployment in the UK will continue to rise, Alistair Darling warned yesterday. In a break from normal procedures, where chancellors resist the temptation to predict future jobless figures, the Mr Darling told MPs that “unfortunately it will continue to rise for a while“. The announcement has caused concern amongst IVA and Debt Management providers that [...]
Further debt management worries for Duchess
Sarah Ferguson has sparked further rumours about the state of her debt management, after receiving a £17,000 bill from another one of her creditors. The Duchess of York also received another threat of legal action after receiving the unpaid bill for more than £17,000 from Richard Owen, a PR consultant, for work to help the [...]
£2,000 a year energy bills strain debt management
If Britain misses its green energy targets we could all face energy bills of up to £2,000 a year, which would place further strain on the debt management of many struggling households. In a worst case scenario, household bills could rise upto 60 per cent by 2016, driving energy bills to the £2,000 mark for [...]
Students predict debt management worries
A study of around 2,000 students revealed that the majority believe they will graduate with debt management issues that won’t be resolved quickly. The survey commissioned by Endsleigh insurance, showed that almost thirty per cent (29.2%) of students questioned thought that they will graduate with debts of over £20,000. There was also over a quarter [...]
Doorstep energy doesn’t alleviate debt management issues
Millions of customers who have signed up for a new energy deal have not had their debt management worries eased, as they don’t believe they have got a good deal. Research carried out by comparison site uSwitch, found that less than a quarter (22 per cent) of the people they questioned thought that they hadn’t [...]
Postal strikes causing debt management issues
As postal strikes blight the country, thousands of consumers awaiting their store card and credit card statements could face debt management issues – as the bills are still sitting in sorting offices. Most major credit card companies levy charges for late payment (of around £12 per month), meaning that the average person with two cards [...]
