News that British Gas is to cut its prices could help ease the pressure on financially strapped consumers that are relying on IVA help or a Debt Management Plan as a way to get out of debt. The recession has taken its toll financially, and the bitter winter has left many people struggling to [...]
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Tag Archive: credit card debt
IVA and Debt Management worries as borrowing on the increase
Debt Management and IVA help providers are concerned at reports that UK consumers are retuning to their old ways when it comes to spending money on plastic. New UK borrowing on personal loans, overdrafts and credit cards has overtaken the amount being paid off by consumers for the first time in six months, sparking [...]
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 [...]
Credit card debt written-off in landmark court case
A judge has ruled in a landmark case that £8,000 worth of credit card debt could be written-off, after payment protection insurance (PPI) had been wrongly sold.
The claim was made by Lynne Thorius against MBNA, after she was charged thousands of pounds in PPI premiums on the Sunderland FC credit card she had applied for.
The [...]
Credit card debts to grow warns IMF
Credit card debt in Britain will continue to worsen, with a wave of payment defaults from customers, according to a report by the International Monetary Fund (IMF).
The IMF predicts Britain, which has the highest number of credit card borrowers in Europe, would suffer from much of the £1.5bn of consumer debt that it predicts will [...]
Cheque ban could avoid debt management
The government will today unveil its consumer protection plans that will include a ban on credit card cheques.
One of the main contributory factors to severe debt problems is too much credit card debt, and credit card cheques have simply made it far easier for a consumer to rack up big bills. Critics of the cheques [...]
Debt management could help control credit card debt
Recent research has shown that people are cutting back on using plastic, in order to reduce the size of their credit card debt.
According to figures from Tescocompare.com, more that a third of all individuals that are trying to spend less on credit, are doing so in order to shrink the overall size of their debt.
Since [...]
Plans to cut US credit card debts
New laws in the US that will make it deliberately harder for people to develop too much credit card debt, will be agreed today by President Barack Obama.
The new restrictions, that are to be introduced next February, will put an end to some of the practices currently employed by credit card companies which have been [...]
Credit card debt claims frozen by Judge
A County Court Judge has frozen over 100,000 claims by indebted consumers who are trying to have their loans and credit card debts written-off.
He ruled that borrowers who were overwhelmed with debts are unlikely to be able to write-off credit agreements due to unenforceability.
The loophole in the law, which could make credit agreements unenforceable, has [...]
Withdrawal symptoms: higher credit card debts
People using their credit card to take cash out will be charged more, as banks increase their transaction fees.
The already expensive process of using a credit card for a cash advance is about to get even more expensive, as Egg is increasing its minimum cash withdrawal fee, meaning credit card debts could worsen.
The provider, [...]