Figures out yesterday show that whilst IVAs as a debt solution are as popular in ever, there has been a fall in the number of successful applications. According to the figures released by the Insolvency Service, the number of successful IVA applications has actually fallen, despite high demand from debtors. Terry Balfour of IVA comparison [...]

It has been revealed that more than 10 million British adults are living on the edge of financial ruin as a result of being unable to deal with the rising mortgage prices and other debt they have incurred over the past few years. There are currently large portions of the UK population gripped by money [...]

Figures just released show that the average Briton is now £33,000 in debt, a figure almost twice as much as it was in 2000, when the average Briton then owed £17,000. The bulk of the increase in debt comes mostly from spiralling house prices and the resultant large increase in mortgages. Many experts are now [...]

Imagine you’re thinking of buying a new TV but you just don’t have the cash immediately available. What are your options? One is to not bother buying the TV, another is to get a cheap radio instead, or you could always borrow some money. When you approach a lender they want to find out a [...]

In May, it was reported that 2007 could go down as the worst ever year for Britain’s ‘debt crisis’.  A record, 30,075 people went bankrupt or signed Individual Voluntary Arrangements (IVA) between January and March in as they found themselves unable to repay mortgages and loans. It reaffirmed predictions that 2007 will surpass last year’s [...]

The number of repossessions hit an eight-year high in the first half of 2007, most caused by bad debts, resulting from high interest rates. This trend should increase as thousands of mortgages will come up for renewal. Personal insolvencies are also reaching record levels, with 12 people petitioning for bankruptcy every hour in June. The [...]

Watchdog groups have turned their attention to the sub-prime market. This market grants home loans to people who do not qualify for financial products through traditional lenders. Their concern is that the sub-prime market is making it too easy to lie about income and debt. Many people are lying about their debts and incomes to [...]

With rising interest rates and mounting personal debt, court debt judgements are now at their highest level in ten years.  In just the first three months of this year, 250,000 County Court Judgements were issued and it is estimated that one million County Court Judgements will be issued by the end of the year. County [...]

Debt Management councelors and analysts are warning consumers to take measures to ensure they will not be forced into insolvency when the Bank of England’s interest rate increases later this year. The current interest rate of 5.5 per cent is expected to reach 5.75 per cent, and may rise to 6 per cent before the [...]

Many consumers believe that when the bank stops contacting them and demanding repayment of their homeowner loans and personal loans that the debt goes into a pool. The following year, the debt is written-off and the borrower is off the hook. What really happens is a simple process where the financial institution sells the debt [...]