Tag: debt advice

Government to slash funding for debt advice charities

Government to slash funding for debt advice charities

The Government’s massive spending cuts, which were introduced to trim the spiralling budget deficit, is to lead to a cut in funding for debt advisers. The news comes as debt advice charities are at their busiest as households are squeezed by unemployment, tax hikes and rising inflation. As a result, many debt advisers believe that [...]

February 1, 2011 | 0 Comments More
Paying bills with credit cards is financial suicide

Paying bills with credit cards is financial suicide

Using a credit card to pay household bills is “financial suicide”, an insolvency expert has claimed. Richard Sorsky, of the UK Insolvency Helpline Debt Advice Service, warned consumers against using their credit card to pay their mortgage, tax, and other financial commitments. Credit cards should be reserved for emergency use only, he said. “Consumers are [...]

June 4, 2010 | 0 Comments More
Record numbers seek debt advice

Record numbers seek debt advice

Record numbers of consumers are turning to the Citizens Advice Bureaux for help with financial problems. The charity said that since the start of the recession it has helped over 3.25 million people with 11 million money problems, including problems with debt, benefits, employment, and housing. New figures released by the CAB in England and [...]

February 25, 2010 | 0 Comments More
Debt advice charities overwhelmed with inquiries

Debt advice charities overwhelmed with inquiries

Debt advice charities are struggling to cope with high levels of consumer inquiries about debt management, according to a new report from the National Audit Office. At least two debt agencies are refusing to take on any new clients, the National Audit Office found, while others have waiting lists of up to six weeks for [...]

February 9, 2010 | 0 Comments More
Debt advisers charge for freebie advice

Debt advisers charge for freebie advice

Unscrupulous financial advisers are charging people in debt for advice they could get hold of for free, an industry insider has claimed. Jessica Brown, of talkaboutdebt.co.uk, said research by the website found nearly 48% of people in debt have paid for debt advice. “People in serious debt are a vulnerable group and it is vital [...]

September 22, 2009 | 0 Comments More
Some borrowers may never pay back debt

Some borrowers may never pay back debt

Three in ten people who seek debt advice are so far in the red that they will never find a way out of debt unless they earn more money, the Consumer Credit Counselling Service (CCCS) said this week. Frances Walker, CCCS spokesperson, said that although it’s “good news” many people are starting to pay off [...]

September 9, 2009 | 0 Comments More
Aim to retire debt-free, MAT advises

Aim to retire debt-free, MAT advises

Brits approaching retirement should do their utmost to pay off debts before they leave employment, a consumer advice charity warned this week. Anyone aged over-50 should strive to pay off debts as soon as possible to ensure they have a comfortable retirement, the Money Advice Trust (MAT) said. The MAT made the remarks following reports [...]

September 2, 2009 | 1 Comment More
Debt worries mounting with recession

Debt worries mounting with recession

Consumers are increasingly struggling to pay off debts, according to figures released this week by the Citizens Advice Bureau (CAB). Debt enquiries to the Bureau increased 11% on year between April 2008 and March 2009, with the CAB advising 1.93 million people struggling to pay back debts. Redundancy enquiries during the same period soared by [...]

June 11, 2009 | 0 Comments More
Government pledges support to households facing repossession

Government pledges support to households facing repossession

The Government is introducing a £10 million package of measures to support homeowners who may be experiencing difficulties with their mortgage repayments. Debt advice services provided by organisations such as the Citizens Advice Bureau will receive £9 million in extra funding and the money will also be used to expanded access to free legal representation [...]

May 13, 2008 | 0 Comments More