The recession has left many victims in its wake. The collapse in the housing market has affected a lot of people that considered the equity in their property to be as safe as houses. The increase in unemployment has left hundreds of thousands jobless, and in some cases in severe financial difficulty. There are record [...]
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Monthly Archives: May 2009
World's most expensive car is sold amidst sea of debt problems
Despite thousands of people experiencing debt problems, it seems someone still has £8m to spend on a car. It wasn’t even a new one! As many of us are struggling to juggle our finances and get out of debt, elsewhere the sale of a vintage car has set a new record for the most expensive [...]
Middle-class credit card debt
As the recession starts to take hold, greater numbers of affluent consumers are finding themselves in need of help with their debt problems, and in the majority of cases their financial difficulties are a result of excessive spending on credit cards. According to UK charity CCCS (consumer credit counselling service) the fall in house prices, [...]
Debt help for the jobless
According to figures released by the ONS (office for national statistics), the number of people unemployed, in the UK, increased to 2.22 million in the first quarter of this year. This represents a rise of nearly 250,000, and the government were forced to admit that the jobless situation was very bad. The news comes close [...]
Look to the heavens for IVA and debt advice
Church parishioners have launched a debt advice centre, in Bradford upon Avon, in a bid to help locals that may be in financial difficulty in the current recession. Fourteen volunteers, from 7 different church groups, in Trowbridge and Bradford are running the Hope Debt Advice Service, which was started last week at the United Church. [...]
Not the worst recession ever
The NIESR, National Institute of Economic and Social Research has claimed that the recession will not be as bad as it was in 1929. In the 3 month period, from February to April, the economy contracted by 1.5%, which was down from the 1.9% reduction for the period January to March. This means that the [...]
Inflation down as debt problems soar
The annual inflation rate, in the UK, slowed last month as food and energy bills continued to fall, and retailers reduced prices in order to offset a potential decline in consumer spending. Businesses have been under increasing pressure in the last few months as personal debt levels have reached a staggering £1.4 trillion, and many [...]
Debt Management and IVA advice
Financial hardship is something that can affect almost anyone, at some time or other. In the current economic climate, that is true now more than ever. With many firms struggling to stay afloat, in the face of falling demand, the possibility of becoming unemployed has increased, in recent months. Money problems are an almost inevitable [...]
Sheffield debt advice services struggling
Figures show that in 2007-2008, nearly 30,000 people in Sheffield sought advice to help them deal with debt problems, and other money related issues, before the latest recession had even began. The news out of Sheffield is that debt advice services are struggling to cope with the huge increase in the number of people that [...]
Repossession is no debt solution
The number of homes that were repossessed in the first quarter of 2009, rose by nearly 13,000, according to figures released by the Council of Mortgage Lenders. This represents an increase of 23% over the final quarter of 2008, and a staggering jump of 50% over the same 3 months last year. The estimated number [...]
Lloyds will get out of debt, claims BBC
The BBC’s business editor has predicted that the departing Lloyds chief executive’s decision to buy HBOS may prove right in the end. At some point in the future, maybe two or three years, Lloyds will have absorbed all of the bad debt, and losses, that was brought to the table by HBOS. The new group [...]
Debt Management Company to write off £6.6 million
Accuma Group Plc, the AIM quoted debt solution provider, announced today that it will take a £6.58 million write down on its debt management arm, Byrom Keeley. Accuma acquired Byrom Keeley in 2006 in a transaction worth up to £15 million. In a deal that was announced a couple of weeks ago, Accuma will sell [...]
Sharp rise in debt consolidation loans
The number of secured loans and mortgages granted in March has increased significantly, according to figures released today. Over the last few months, the availability of secured finance has been severely curtailed, making it difficult to purchase a property, without a large deposit. It has been almost impossible to raise funds on the security of [...]
HSBC’s giant US credit card debt
The HSBC bank is due to report tomorrow on it’s expansion into the American market, and it is expected to announce a large increase in bad debt in it’s US operation. The majority of this will be attributed to unmanageable credit card debt that has gone bad. In order to allow for these credit card [...]
BT’s debt problems
British Telecom has announced losses of £134 million and it has stated that the blame for this poor performance is centred on its Global Services Unit. The unit manages the telephone network systems of large corporations; however the global economic downturn has left it with massive debt problems and BT has been forced to take [...]