The debt management problems of many credit card customers looks set to continue, according to a leading accountancy firm. PricewaterhouseCoopers (PWC) published a report that predicts that “bad debts” will make up as much as 9 per cent of all outstanding credit card debts by the end of 2010. The number of bad debts are [...]
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Monthly Archives: November 2009
More debt management worries as insolvencies hit record high
As unemployment and debt problems have worsened this year, the number of people struggling with their debt management has risen dramatically – reflected in the latest insolvency figures released today. Personal insolvencies in England and Wales were up by 28.3 per cent over the last twelve months according to figures from the Insolvency Service. During [...]
End of self-cert signals debt management clampdown
A clampdown on self-certification mortgages will commence at the end of this week, after the sector’s last provider claimed it was withdrawing from the market, following a report on the poor debt management of many self-cert mortgage holders. Platform, a division of the Co-operative Bank, announced that they would be taking their self-certification mortgages off [...]
Loan sharks causing debt management problems for housing association tenants
Housing associations have reported that loan sharks are causing debt management problems for some of their poorest and most vulnerable tenants. Community Housing Cymru (CHC), which represents housing associations in Wales, is launching a specific campaign to raise awareness with their tenants and warn them about borrowing money from potentially violent and intimidating lenders. Loan [...]
Formula 1 Loses Toyota due to Financial Problems
It has been confirmed by Toyota that despite signing the concorde agreement to race earlier this year that they will not be racing in 2010. Toyota had delayed officially announcing one way or the other until last weeks board meeting at head office in Japan. The decision is due to the parent company posting its [...]
Debt Management OFT Audit
Whilst many debt management companies strive for high standards of transparency and fairness, recent findings from the OFT and Ministry of Justice have found that there are still some out there who are less than adequate. The OFT has launched a round of compulsory audits on the debt management industry today. One type of debt [...]
Repossessions set to soar as interest rise fuels debt management problems
As interest rates start to rise again from their historic lows, the debt management problems of many Scottish homeowners could soar fuelling higher repossession numbers. According to housing charity, Shelter Scotland, many households in Scotland will be unable to keep hold of their properties once interest rates rise as costs continue to increase. Sheriff Court [...]
Mr Leach from Liverpool
Mr Leach came to us on 26 June 2008. He owed over £11,000 and was in receipt of 3 pensions but was really struggling as his wife was unable to work due to her deteriorating mental state. Mr Leach had battled to look after his wife for the past 4 years and came to us [...]