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 little […]

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 record […]

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 Ministry […]

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 secure […]

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 Court […]

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 end […]

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 to […]

The individual voluntary arrangements (IVAs) are falling recently, according to PricewaterhouseCoopers (PwC).  The firm has seen a steady decrease in the last four months.
Pat Boyden, insolvency specialist at PwC, said: “Our indications are that month on month IVA numbers have been falling gradually.”  Mr Boyden believes that the reason for fewer IVAs is attributed to […]

The Elderly are being forced into debt by council taxes, utility bills, and fuel costs.  They are increasingly turning to IVAs and cash advance loans, according to new figures from the Consumer Credit Counselling Service.
The Consumer Credit Counselling Service (CCCS) has found that a record number of the elderly have contacted them in recent months […]

The Consumer Credit Counselling Service (CCCS) experienced an increase in demand for its debt advice services.  Last year, 2006 saw a 65% increase in clients. Men over 60 now have an average ratio of debt to monthly income of 36:1.
The CCCS has seen an increase in the number of elderly people who need help. Their […]