Debt News

Bankruptcies Soar and Half are Homeowners

Topic: Debt News | Posted: 8 years 7 weeks
Latest figures released by the Insolvency Service show bankruptcies are soaring with an increase of 19% compared to the same period last year; most of the increase has been created by homeowners prompting calls for longer term loans to reduce payments.

79% of people in debt will not borrow again

Topic: Debt News | Posted: 7 years 23 weeks
Our research has received hundreds of responses over the course of the year. A statistic which has not suprised me but is a worry, is that 79% of people in debt are put off borrowing again. This being the case, how will people be able to get themselves back on track and leading life how they would like to?

68% say their work life is affected by being in debt

Topic: Debt News | Posted: 7 years 23 weeks
A survey has been running on our homepage for nearly a year now and some of the results are worrying. For example, 68% of respondents said that their work is being affected by debt.

Having trouble covering your monthly mortgage payments? You're not alone.

Topic: Debt News | Posted: 7 years 22 weeks
At the time of writing, millions of Britons are struggling to meet their mortgage or rent commitments and many of are resorting to extreme measures to keep on top of their payments. In fact, more than one million cash-strapped householders have actually used credit cards to pay their mortgage or rent in the last 12 months, according to research from the homeless charity Shelter.

Credit Record Affecting Employment?

Topic: Debt News | Posted: 7 years 51 weeks
A recent question asked on the forum was whether a County Court Judgment (CCJ) would harm the candidate’s chances of becoming a police officer. It is a question many people ask who are working in a variety of professions for both the public and private sectors.

What will it take to stop consumers’ annual descent into Christmas debt?

Topic: Debt News | Posted: 7 years 24 weeks
Will we ever stop spending money we don’t have?You might think that a long, drawn out recession would put a dampener on our need to spash out at Christmas. At the time of writing, however, the latest retail analysis figures show that the Boxing Day sales attracted the highest number of shoppers since records began.

Those in Debt Targeted by Scam Artists

Topic: Debt News | Posted: 8 years 4 weeks
The worry which debt brings can and frequently does cause people to make decisions they otherwise would not entertain in a million years. The Office of Fair Trading (OFT) has highlighted the vulnerability of those suffering from debt concerns and that this section of the population is now even more of a target for online and internet scams than their 2008 preferred group – the elderly.

Credit Card Control: An American Perspective

Topic: Debt News | Posted: 8 years 7 weeks
America is run on credit and with an $800 billion stimulus package being implemented; President Obama’s administration is also taking action to make sure the fix has a degree of permanence attached to it.  It has been a bad week in many respects for the US economy with the announcement of one of America’s largest car makers, Chrysler, filing for bankruptcy and the announcement

YouGov Survey Results: 700,000 Hidden insolvencies

Topic: Debt News | Posted: 8 years 1 week
The latest figures from YouGov demonstrate that over 700,000 people who are technically insolvent are currently being left off the official insolvency figures even though they are technically insolvent. The reality of debt for Britons is over 1 million are insolvent in the UK – a number which testifies to the prevalence of debt issues confronting so many people today.

Know the Symptoms of Financial Stress

Topic: Debt News | Posted: 8 years 7 weeks
Britain is hurting and there is no denying it; if you can’t see all the green shoots of recovery many pundits are talking about it is probably for a simple reason – they are not there!

Is Bankruptcy Really As Bad As It Sounds?

Topic: Debt News | Posted: 8 years 7 weeks
The word “bankruptcy” strikes fear into the hearts and minds of many people, particularly the older generations for whom it was very closely associated with personal failure, shame and the very real loss of all of your assets including your home and even your car.

Bad Credit Credit Card Debt Rises

Topic: Debt News | Posted: 7 years 44 weeks
It won't be a surprise to hear that credit card companies are noticing the fallout from giving consumers too much credit. The latest research from KPMG said there is a rising trend in defaults on unsecured loans such as credit cards.

Unique insight into emotional impact of personal debt in the UK

Topic: Debt News | Posted: 8 years 21 weeks
We're really pleased to announce the latest results of our research into the emotional impact of debt in the UK. It gives you chance to see how you compare and comment on what you think of our findings. Research findings are as follows:

7,800 people a day contacting the CAB

Topic: Debt News | Posted: 7 years 24 weeks
Money website 'Claims Financial' reported that the 'Citizens' Advice Bureau is dealing with 9,300 new cases a day from individuals seeking help with 1,000 people attempting to make debt consolidation arrangements each day.

Brits could face more debt problems if interest rates rise

Topic: Debt News | Posted: 2 years 46 weeks
More than 27,000 people became financially insolvent in England and Wales between April and June this year, according to the latest figures from the Insolvency Service.

Social Stigma Stopping People Getting Debt Help

Topic: Debt News | Posted: 7 years 44 weeks
With the economic crisis causing more and more people to fall into debt, these perceived social stigmas are causing a number of repercussions. The findings indicate that a quarter of people (23%) take over a year to deal with their financial troubles.

Commercial Court, London Scuppers Get Debt-Free Quick Schemes

Topic: Debt News | Posted: 8 years 3 weeks
The Courts in London recently ruled on use of unfair provisions in the Consumer Credit Act which has been promoted by innumerable debt agencies charging enormous up-front fees for a debt solution.

Take Up Of New Debt Relief Orders Disappoints

Topic: Debt News | Posted: 8 years 1 week
Overworked Insolvency Practitioners have reported that there is a low take-up of the new Debt Relief Orders (DRO) which came into force in April this year. The problem may be that DRO’s only apply to a tiny percentage of debtors – principally those with no income and no assets to work with.

Repossession – Well done RBS!

Topic: Debt News | Posted: 8 years 29 weeks
RBS has announced that it will guarantee not to repossess homes of customers who are in arrears for at least 6 months. The RBS account for 7% of the UK mortgage market, which leaves the other 93%, but let’s not dwell on the negative, this is a great start.

Credit Card Interest Rates at Record Peak

Topic: Debt News | Posted: 8 years 2 weeks
The Bank of England may have frozen interest rates at 0.5% but someone must have forgotten to tell the credit card companies because their rates are at an all-time record high of around 18%!