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 [...]
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Tag Archive: debt advice
Debt Management worries ease as consumer borrowing falls
Share prices fall due to Dubai debt problems
Debt problems are nothing new to us in these times, however, there are new concerns in the stock markets across Europe courtesy of Dubai.
Dubai is a country associated with extreme wealth due to oil and hyper-tourism, but in recent times, many of the luxurious properties built by state-owned companies such as Dubai World have struggled [...]
£2,000 a year energy bills strain debt management
If Britain misses its green energy targets we could all face energy bills of up to £2,000 a year, which would place further strain on the debt management of many struggling households.
In a worst case scenario, household bills could rise upto 60 per cent by 2016, driving energy bills to the £2,000 mark for the [...]
Burglaries up as debt problems grow
The recession is being blamed for a surge in the number of burglaries, as people struggle to deal with mounting debt problems.
Across the country the number of burglaries has risen, as they also did during previous recessions in the 1970s and early ’80s.
Earlier this year the British Crime Survey revealed that opportunist crime had risen, [...]
Lenders seek to reduce debt problems
Amid signs of an economic recovery lenders are trying to reduce the chances of developing debt problems by lowering limits on cards and tightening loan criteria.
A report by the Bank of England suggests that lenders will enforce stricter limits on those they give money to and reduce limits on plastic to reduce the amount of [...]
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 [...]
Water bill debt help soars
Latest figures released show that the number of vulnerable people needing debt help with their water bills has soared by 20 per cent in the last year.
According to water regulator Ofwat there are many people who could relieve debt problems and benefit from lower bills, but thousands aren’t using the reduced WaterSure tariff even though [...]
Debt advice working as borrowing levels fall
The bank of England has confirmed that the level of personal debt in Britain has fallen for the first time since 1993, when records began. The news has been welcomed by debt advice providers as proof that UK consumers are taking their personal debt more seriously and beginning to reign in their spending.
The current level [...]
More than 100 'misleading' debt advice firms closed by Ministry of Justice
The Ministry of Justice (MoJ) has closed down more than a hundred claims management firms in the last two years, after they had been found guilty of giving misleading debt advice to vulnerable consumers.
The report from the MoJ said the companies, which included a number of personal injury and claims management firms, were guilty of [...]
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 by [...]
Debt advice for homeowners
More homeowners could find themselves in need of debt advice as news emerged that house prices have fallen for another month.
The decline in property values has led to an increase in the number of consumers that are finding themselves in financial difficulty. Many homeowners thought of the equity in their house as a pension, or [...]
Debt advice specialists welcome cheque guarantee limit
The HSBC bank has announced that it is to reduce the cheque guarantee limit on selected debit cards. This is likely to affect around 300,000 customers of the bank, who will see their card guarantee limit fall from £250, down to just £100. The move was welcomed by debt advice specialists, who see this as [...]
Unemployed increase pressure on debt advice specialists
The number of people unemployed in the UK increased by nearly a quarter of a million, during the first quarter of this year, to reach 2,220,000.
The figures released by the ONS, Office for National Statistics, showed that the jobless rate increased from 6.7% to 7.1%, and the number of people making unemployment benefit claims, during [...]
Debt advice sought as defaults increase
A survey by the Bank of England has revealed that the number of consumers that are defaulting on loan repayments has increased, and is expected to keep on rising over the coming months.
The figures were gathered together from a poll of UK banks and building societies, and the picture that was revealed was a fairly [...]
WAG lifestyle causing debt problems in young adults
Latest figures suggest that the attempts of young women to live a celebrity lifestyle may be to blame for the rise in debt problems and subsequent bankruptcies in this age group.
The lifestyles reported on in glossy magazines (like Hello, Now and Heat) along with historic access to easy credit have proved irresistible to many young [...]