Welcome to the latest edition of my blog and this week I will be discussing the recent insolvency statistics released by the Insolvency Service.
The latest statistics from the Insolvency Service show that though there has been a slight decline in the number of people who declared insolvency in the second quarter of the year, the [...]
Insolvency figures still at a high despite recovery
August 27th, 2010UK consumers not aware of financial products
August 10th, 2010A recent survey by comparison site Confused.com has thrown up some startling results, one of them being that consumers in the UK are confused by financial products, do not read the finer print or understand the hidden costs before applying for one. This is one reason why many of them require a debt management plan in [...]
Home repossessions can reach 175,000 by 2012
August 4th, 2010Welcome to my weekly blog and I hope you are all keeping well. This week, I’m going to look at a topic that is close to the heart of many people struggling with debt problems and that is the fear of losing their home.
According to an unpublished report, home repossessions in the UK could reach [...]
North East UK more in need of debt management
July 27th, 2010A new research shows that the North East of the country may be more in need of debt management such as Individual Voluntary Arrangements and Debt Relief Orders to deal with debt problems.
The bankruptcy map of the UK was compiled by R3, the insolvency trade body. The results of the study show that the likelihood [...]
Fake loans warning for those in debt
July 19th, 2010The Citizen Advice Bureau has issued a warning for borrowers struggling to get credit from their banks and building societies. They have been urged to beware of companies offering fake loans for a fee.
The agency says that it has enough evidence to prove that there are bogus companies out there in the market who are [...]
11% of the UK population having problems in repaying debts
July 15th, 2010Going by the recent government figures, Britain seems to be caught into one of the worst credit binges in history with about 11% of the UK population having problems with repaying their debts. More alarming is the fact that the figure is continuing to rise.
According to Citizens Advice while it is true that some people [...]
New mothers forced to go back to work to deal with mounting debt
July 7th, 2010Welcome to my weekly blog and I hope you all are having a nice summer and enjoying the World Cup – now from a neutral point of view!
A recent study reveals that more than half of new mothers return to work due to financial pressures, with many cutting their maternity leaves. According to the survey, [...]
CAB: Additional 2.4 million people sought debt advice in 2009
June 22nd, 2010Welcome to the latest edition of my blog. According to the latest annual statistics from the Citizens Advice Bureau (CAB), an additional 2.4 million enquiries for debt advice were received by its call centres in 2009 compared to 2008.
The CAB report shows that of all the calls they received, 34 percent were from people who [...]
Tax rise could mean debt trouble for over-55s
June 14th, 2010Tax rise could mean debt trouble for over-55s
Welcome to the latest edition of my blog. The focus this week is on tax rises and in particular the effect it will have on people approaching retirement. A recent suggests that people in the over-55s age bracket are more worried about the impact of tax rises on [...]
Average household in Britain owes £57,950 in debt
June 4th, 2010Another day goes by and the nation sees itself further in debt. According to the latest figures, the collective debt of personal debts in Britain amounts to £1,460bn, which means as individuals, people owe more than what the whole country produces in a year.
A more disturbing fact is that the debt problem is only getting [...]