Tag: personal debt

Government to legislate on uncollected debt

Government to legislate on uncollected debt

The Government is planning to introduce new laws allowing its departments to share information on individuals and companies that owe them money. The proposal follows a review by the Cabinet Office’s Fraud, Error and Debt taskforce. Around £20 billion is owed to the Government and more than £7 billion is lost each year through unpaid [...]

October 17, 2012 | 0 Comments More
Catalogue customers warned to avoid debt spiral

Catalogue customers warned to avoid debt spiral

With household incomes stretched to breaking point many consumers are turning to catalogues to spread the cost of goods such as clothes and furniture, but this could lead to a spiral of debt, a debt charity warns. The Money Advice Trust is receiving around 100 calls a day about catalogue debts, more than it receives [...]

June 26, 2012 | 0 Comments More
Personal debt soared prior to credit crunch

Personal debt soared prior to credit crunch

Household borrowing soared in the decade leading up to the start of the financial crisis in 2008 according to a report by the National Institute for Economic and Social Research (NIESR) and the Resolution Foundation. Household spending, GDP and property prices all increased steadily between 1997 and 2007 but the report suggests that this growth [...]

May 15, 2012 | 0 Comments More
Debt not serious until it hits £14,000

Debt not serious until it hits £14,000

Brits don’t consider themselves in serious debt until they owe more than £14,416 according to insurance company Bright Grey. Although this may sound excessive, it reflect a significant improvement from a year ago when £15,837 was the point at which people started to consider them themselves in serious financial difficulty. Bright Grey’s ‘financial safety net’ [...]

April 17, 2012 | 0 Comments More
Debt repayment increasingly difficult says CCCS

Debt repayment increasingly difficult says CCCS

Although households reduced their debts last year they face a ‘tide’ of difficulties in repaying them, according to a study by the Consumer Credit Counselling Service (CCCS). The study of 370,000 cases handled by the counselling service suggests that youth unemployment and rising rents are key factors which cause people to fall into debt. 42% [...]

March 15, 2012 | 0 Comments More
Consumer credit flat – money supply falls

Consumer credit flat - money supply falls

The economic crisis is making consumers wary of taking on more debt, according to the latest figures from the Bank of England. The amount of consumer credit totalled £0.9 billion in October, the same as for the previous month, and only slightly higher than the six month average of £0.8 billion, suggesting that pressure on [...]

November 30, 2011 | 0 Comments More
Four million Britons living in fear of redundancy

Four million Britons living in fear of redundancy

Over four million working Britons are living in fear of being made redundant, according to the latest personal debt tracker survey by R3, the trade body for insolvency and turnaround professionals. The figure has risen 50% over the last three months, with those aged between 25 and 34 the most worried about their employment prospects. [...]

December 10, 2010 | 0 Comments More
Brits only spending what they can afford

Brits only spending what they can afford

UK credit card holders are only spending what they can afford to pay off at the end of the month, according to statistics released this week. APACS figures show that gross credit card lending for the first quarter of 2009 was £30.3 billion, whilst cardholders repaid £29.6 billion. Credit rating provider Equifax believes this is [...]

May 19, 2009 | 0 Comments More
Britain needs 83 days to pay interest on debt

Britain needs 83 days to pay interest on debt

British workers can today start reducing their personal debt as it will have taken them until yesterday to pay back the interest. Personal debt is so high in Britain that it would take the whole country 83 working days - or 1st January to 25th March - just to fund the interest payments. Total debt [...]

March 26, 2009 | 0 Comments More
Shift from borrowing to saving essential

Shift from borrowing to saving essential

The government must start encouraging the UK to save money, the Association of Independent Financial Advisers (AIFA) said yesterday. Chris Cummings, AIFA director-general, said it is vital that the government’s upcoming budget provides incentives for saving. With personal debt now above £1.4 trillion, a sea-change in the UK’s approach to personal finance is ‘essential’, Cummings [...]

March 17, 2009 | 0 Comments More
Lenders secure consumer debt against property

Lenders secure consumer debt against property

Cash-strapped banks are increasingly acting to secure personal loans and credit card debt against property. According to the Ministry of Justice, court orders made in this respect rose to 131,644 in 2007, up 42% on 2006. Charging orders work in the same way as a second mortgage on a property, and can provide a guarantee [...]

April 25, 2008 | 0 Comments More