The UK is losing around fifty pubs a week, as many fail to deal with their debt management and fall prey to administrators. The British Beer and Pub Association said that a third more pubs had closed in the first half of 2009 than during the same period in 2008. Pubs most vulnerable of closure [...]
Debt Management Plans | IVAs | Debt Help
Monthly Archives: July 2009
Rise in mortgage lending “only seasonal” warn IVA providers
The total amount of money borrowed in June for mortgage purposes rose sharply compared with the previous month, according to mortgage lenders. The news has been regarded with caution by IVA providers and Debt Management specialists who do not see this as a sign that the economy is improving, or that the recession is at [...]
Forced part-time work putting pressure on debt management
The recession has forced almost a million people to work part-time having failed to secure full-time unemployment, causing debt management worries to grow. According to official figures, nearly one million people have needed to seek part-time jobs in the face of increased difficulty to land full-time work. During the last twelve months, over a quarter [...]
Debt problems not helped by higher BT prices
BT have announced the cost of their call prices will be increased for the second time this year, making customer’s debt problems even harder to shift. The telecomms company have now made making calls over 30 per cent more expensive than they were six months ago, after they put up prices again. They have now [...]
Debt advice required as economy shrinks
News that the UK economy is set to continue shrinking in 2009 has caused concern amongst financial advice specialists. They are worried that there could be a large increase in the need for debt advice from hard up consumers, and at a time when the system is already struggling to cope. According to figures released [...]
Lenders urged to cut mortgage rate to ease homeowner's debt management issues
Banks and building societies have been urged to cut their mortgage rates to help the debt management of customers, after the Libor rate fell below one per cent for the first time. The rate at which banks and building societies lend to each other, known as the Libor rate, dropped to the lowest level for [...]
Recession sees increase in Debt Management and IVA cases
There has been a sharp increase in the number of consumers signing up for Debt Management Plans, or entering into an IVA, since the start of the recession. The real problems began a long time before the credit crunch hit. Whilst the UK was enjoying something of a boom that just seemed to go on [...]
Jobless increase leaves more needing debt advice
News today that the number of people becoming unemployed has increased yet again has sent shock waves through the financial help sector. Many more consumers will be in financial difficulty and in need of debt advice in order to cope with the strain of unaffordable personal loans, credit card debt and other household expenses. There [...]
Almost 90% of young adults worry about debt problems
Around ninety per cent of young adults said they feared debt problems, if they were to lose their jobs in the current economic climate. The study by the BBC found that 88% of adults aged between 25 and 34 years old, feared for their finances, saying it would be financially “very damaging” for them or [...]
Debt Management required as jobless numbers rise
According to figures from the ONS, the Office for National Statistics, the number of people unemployed in the UK rose to 2.261m in the period February to April this year. This is the highest it has been since November 1996. The rise sparked fears that more consumers could be forced into financial difficulty, and may [...]
Deflationary debt problems nearer
Deflation fears were increased today after the underlying inflation rate fell to its lowest recorded level, bringing fears that debt problems may take longer to clear. According to data from the Office for National Statistics (ONS), inflation as measured by the consumer price index (CPI) fell by 0.4 per cent to 1.8 per cent in [...]
"Best-buy" redundancy charges fuel debt problems
If you’ve been made redundant your debt problems could be set to grow, as banks levy charges on accounts for failing to deposit minimum amounts. The penalty fees are charged on some “best-buy” accounts, if you fail to pay in the minimum amount each month. These accounts typically offer a favourable rate of interest if [...]
Debt problems not helped by "excessive" arrears fees
The debt problems of many homeowners struggling to keep up with their mortgage payments haven’t been helped by excessive fees charged for going into arrears, according to the Financial Services Authority (FSA). Four high-profile lenders are being scrutinised by the FSA for charging excessive fees to borrowers who are in arrears and who may be [...]
Landmark case triumph following dual debt problems
A Shropshire couple won a landmark case which ruled that they could remain in their home after the sale and rent back firm they had used, following their own debt management issues, encountered debt problems. Mr and Mrs Jackson from Shrewsbury, were forced to enter a sale and rent back scheme in 2005 after their [...]
Credit card debt advice up in the North-East
According to figures released by the Citizens Advice Bureau, debt advice is now being sought by a third more consumers in the North-East than during 2008. Unaffordable credit card debt is the main contributory factor, as well as excessive personal loans, store cards and other household bills. The CAB confirmed that debt enquiries during March [...]