Latest Debt News
The latest news on consumer debt:
February 15, 2008
Figures from the Ministry of Justice have revealed that a record number of people in England and Wales declared themselves bankrupt last year in order to escape their debts.
Last year, a total of 53,114 people petitioned to go bankrupt after being unable to cope with their debts, up from 52,717 in 2006 and double the number of people who declared ...
Over 53,000 British people declare themselves bankrupt
by Kay Murchie
February 13, 2008
A report published by Norwich Union has established that couples with young children and ageing parents are struggling to cope with record financial responsibilities.
Norwich Union interviewed over 1,000 working adults about their personal lives for the report and established that these people have too many responsibilities and too little money to deal with them.
The report discovered that they can expect ...
Financial pressures increase on families
by Kay Murchie
February 6, 2008
Manchester has been branded a debt blackspot according to a survey by Experian, Europe’s biggest credit reference agency.
The survey ranked areas of the UK using information on mortgages, credit and store cards, personal loans and payment behaviour. It also took into account information on previous bad debt, such as county court judgments.
The city, renowned for rock band Oasis and ...
Survey reveals Manchester is debt blackspot
by Kay Murchie
February 4, 2008
Figures from the Insolvency Service showed that personal insolvencies in England and Wales staged a modest fall compared to the record breaking 2006.
Total individual insolvencies in England & Wales in 2007 were 0.6% less than the total recorded in 2006.
This is the first time insolvencies have fallen since 1996. However, the impact of the credit squeeze, the likelihood of a slowing economy ...
A modest fall in insolvencies
by Kay Murchie
January 23, 2008
According to financial comparison website Uswitch, UK spending continues to spiral out of control as 4.8 million adults spend more than their income on a monthly basis.
Uswitch research established that a further 20% have no spare money left at the end of the month while the average person has £157 left in their bank account when all other bills have ...
One in 10 living beyond their means
by Kay Murchie
January 22, 2008
Equity release gives people access to the value they have built up in their home for their own use and is a choice for many looking to maintain or create a better lifestyle or to meet an unexpected financial need.
Research shows that an increasing amount of older people are using equity release to raise money to pay off ...
Rising number turn to equity release to combat debt
by Kay Murchie
January 3, 2008
A study by uSwitch backed by the Financial Services Authority (FSA) has established that 25% of 16 to 44-year-olds are scared about their bills arriving in the New Year. Furthermore, over half of people had no idea what they spent over the festive season.
Figures indicate that families' finances are spiralling out of control as research shows that interest repayments in Britain ...
Credit boom coming to an end
by Kay Murchie
January 2, 2008
Accountants KPMG are predicting that 130,000 people are heading towards bankruptcy this year after huge spending over the Christmas period.
Increasing mortgage payments and high credit card bills are also believed to be the cause of the problem. Compared with 2007, the figure was just below 110,000.
KPMG said these people will either be declared bankrupt or take out Individual Voluntary Arrangements ...
Record number heading towards bankruptcy
by Kay Murchie
December 18, 2007
According to a survey from the Bank of England, almost one million families are struggling to pay off their mortgages with another 1.8 million people saying they have hit problems 'at least occasionally'.
The situation is expected to deteriorate as the global credit squeeze prompts banks to tighten their lending criteria. Rocketing interest rates has increased homeowners' yearly mortgage payments ...
One million families struggling to pay mortgages
by Kay Murchie
December 17, 2007
The Citizens Advice Bureau (CAB) has said it is receiving several complaints about growing 'aggressive tactics' being used by banks and that they are preying on those in debt.
The BBC has discovered that consumers who have an agreed debt repayment plan with a debt advice charity are being pressured to take out expensive loans in an attempt to ease ...
Aggressive tactics being used by banks
by Kay Murchie
December 7, 2007
The Citizens Advice Bureau is advising people to be extra careful with Christmas debt this year - not surprising considering the adverse economic conditions we currently find ourselves in.
Few people are looking to 2008 to be a great economic year, with problems in the financial markets threatening to undermine the entire banking sector.
Yet while news reports focus on the troubles ...
Britain’s obsession with debt
by Brian Turner
Bankruptcy viewed as an escape to young people
by Kay Murchie
December 5, 2007
The Citizens Advice Bureaux always see an increase in new debt enquiries after the Christmas period with the main problem last year being arrears on loans and hire purchase, catalogue and mail order debts, credit card debts and overdrafts and people seeking information on bankruptcy.
The national charity is advising people to be smart this year as Christmas approaches. Therefore, ...
An increase in debt enquiries expected after Christmas
by Kay Murchie
November 29, 2007
Almost a quarter of adults in Britain are unable to manage increasing mortgage repayments and other debts and are consequently, on the verge of debt. Furthermore, in the last 6 months, 12% have missed payments on debts and bills. Approximately 10% had a direct debit, cheque or payment bounced by their bank over the same period and 3% fear ...
10 million adults on the verge of debt
by Kay Murchie
November 27, 2007
International accountancy firm, PricewaterhouseCoopers, have said the average Briton currently owes £33,000, compared with £17,000 in 2000, meaning families are now nearly twice as deeply in debt as they were just 7 years ago.
The rise is primarily due to escalating property prices and huge monthly mortgage repayments and experts are warning that the global credit squeeze means tough times ...
Average Brit is over £30,000 in debt
by Kay Murchie
November 7, 2007
According to a study by CreditExpert.co.uk, the majority of Britons will not cut down on their Christmas spending this year in spite of the recent credit crunch and 5 interest rate hikes and at least one third of Britons have admitted that money is tighter this year
Britons are set to shell out a huge amount this Christmas with over £1.2 billion ...
Credit crunch doesn’t deter Britain’s spenders
by Kay Murchie
November 2, 2007
The number of individual insolvencies fell by 3% to 26,072 from the previous three months and were 5% down on last year. Bankruptcies fell by 2.1% to 15,833, while Individual Voluntary Arrangements (IVAs) went down by 4.3% to 10,239.
The number of home repossession orders made by courts in England and Wales also declined by 1% in the previous quarter. In the past 3 ...
Insolvency numbers decline
by Kay Murchie
October 23, 2007
A new legislation is being considered by the credit industry which allows you to legally ‘freeze’ your credit history to prevent fraudsters from opening accounts in your name. The system has already been in place for several years in 40 US states.
As the move is protected in US law, the lender must bear any liability if a fraudulent account is ...
New law allows freezing of credit history
by Kay Murchie
October 17, 2007
The UK’s largest trade union, The Confederation of British Industry (CBI), has given its approval to a new proposal to give employees time off work to focus on their personal finances.
The financial services company, AXA, is calling for employers to support a new plan called My Budget Day. The insurer has elected 21st November as My Budget Day and will ...
Employers urged to support personal finance initiative
by Kay Murchie
October 8, 2007
According to banks, those on the verge of bankruptcy trying to free themselves from debt may be thrown a lifeline.
There will be a change in the Individual Voluntary Arrangements (IVA) industry over the next few years. It will help those living on a tight budget to escape bankruptcy. IVAs are an alternative to bankruptcy and the allow people with ...
A helping hand for those in debt
by Kay Murchie