E.On, the energy provider, has announced that it will cut gas prices by 3.3% for UK consumers from this Saturday. The firm recently cut electricity bills by 9%, and now some 1.8 million gas customers will see their bills reduced as well. The news should bring relief to hard-up consumers that have been struggling to [...]
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Category Archives: Blog – Expert Opinion
Credit card firms face a ban on 'exploiting' debtors
Credit card companies will be told to help prevent people developing debt problems, by banning unsolicited credit cheques and raising credit limits without consultation. These measures are part of a government white paper “A better deal for consumers – delivering real help now and change for the future”, which was announced by business secretary Lord [...]
Student debt problems deepen
Ministers announced that student grants are to be capped because of “difficult economic times”, despite tuition fees rising, prompting concerns for student’s debt problems. The move to freeze financial support for students, came on the back of news that tuition fees were to rise by 2 per cent from £3,225 this September to £3,290 in [...]
More seek IVA advice over job security
There has been a noticeable increase in the number of individuals contacting Insolvency Practitioners for IVA advice, in the wake of the current economic downturn. The last few months have been a financial disaster for some consumers, with businesses closing down all over the country, or cutting back on staff in order to stay afloat. [...]
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 [...]
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 [...]
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 [...]
IVA and Debt Management providers concerned over cybercrime threat
Experts from the WEF, the World Economic Forum, have warned that the threat of cybercrime is on the rise. This news has caused concern to debt management and IVA providers amid worries that over indebted consumers could be particularly vulnerable to criminals that specialise in this area. A typical debt management client will have several [...]
Debt advice cuts repossession risk
The CML, Council of Mortgage Lenders, has reduced its estimate for the number of repossessions expected to take place this year. The good news coincided with the extension of a scheme which offers free debt advice on repossessions. The provision of last-minute debt advice has allowed many consumers to keep their homes, and negotiate new [...]
IVA and debt management providers concerned as UK industrial action increases
Around 900 Total workers, which were in the process of building a new plant at the Lindsey oil refinery, have been sacked. The company has taken this drastic measure following unofficial strike action, by the workers. It is yet another example of increasing industrial action in the UK, and it has caused concern amongst IVA [...]
Less mortgages granted as more seek debt advice
The latest figures released by the CML, Council for Mortgage Lenders, confirm that mortgage lending was down again last month. With many consumers struggling to cope with their finances during the recession, priorities have switched. More people are contacting specialists for debt advice in order to deal with their money worries, and they are a [...]
From dole queue 2 free debt advice
The situation is looking very gloomy for the unemployed in the UK. There are many thousands of people that are unable to find work, and at the same time are struggling to keep their bills up to date. Over the last few months, free debt advice specialists have seen an increase in the number of [...]