ClearDebt News - IVA, Bankruptcy, Debt Management and Consolidation

Citizens Advice: Financial Services Bill will help debtors

ClearDebt — Fri, 20 Nov 2009 15:55:14 +0000

The Citizens Advice Bureau has voiced its support for the Financial Services Bill, with director of public policy at the body Teresa Perchard saying that it is an “important step forward” in supporting the public in such difficult times. She went on to note that enabling organisations to bring actions on behalf of people will mean [...]

Debtors targeted by phone scams, expert says

ClearDebt — Fri, 20 Nov 2009 15:16:01 +0000

Those already experiencing debt management difficulties have been advised to be wary of telephone scams that are being particularly targeted towards those who owe money. External affairs director of Equifax Neil Munroe noted that vulnerable people are convinced to part with account details and upfront payments by criminals who offer lump sums in return. “Anyone who provides [...]

Church of England offers help to debtors

ClearDebt — Fri, 20 Nov 2009 13:14:54 +0000

Debtors have been offered advice by the Church of England (CofE) to help them limit their money troubles this Christmas. According to national stewardship officer Dr John Preston, creating a budget and then leaving credit cards at home and using cash to make purchases will help reduce possible debts. “Planning for an affordable Christmas starts now,” he [...]

Research shows Brits happier about finances

ClearDebt — Thu, 19 Nov 2009 08:55:16 +0000

Britons are growing evermore positive about their financial futures, a new survey has revealed. According to the University of Bristol’s Personal Finance Research Centre, which carried out the study alongside Ipsos Mori on behalf of Genworth Financial, a shift towards optimism regarding monetary difficulties and the future was recorded among UK households. Almost a quarter - 24 [...]

Brits neglecting debt problems, survey shows

ClearDebt — Thu, 19 Nov 2009 08:44:03 +0000

Many Britons are ignoring their debts and not making payments on their credit card balances, a new survey has revealed. According to Confused.com, the closure of one in five accounts across the UK by providers was as a result of non-payment, with those in Yorkshire appearing to be the worst at handling these debts. Joanne Garcia, head [...]

AIC: Financial education body welcome

ClearDebt — Thu, 19 Nov 2009 08:43:59 +0000

The creation of a financial education body aimed at debtors - as set out in yesterday’s Queen’s Speech and which will be included in the upcoming Financial Services Bill - has been welcomed by the Association of Investment Companies (AIC), which has lobbied for such an agency for five years. Acting director general of the AIC [...]

Mortgage deal offered by Abbey

ClearDebt — Wed, 18 Nov 2009 11:39:41 +0000

A new best-buy mortgage deal has been launched by Abbey at 3.69 per cent, suggesting that debtors may benefit from these lower rates. The two-year fixed tariff is available with a £799 fee for purchase, while remortgaging can be agreed upon for a maximum loan-to-value of 70 per cent. These can be discussed both in-store at [...]

Comparison sites may not help debtors, research shows

ClearDebt — Wed, 18 Nov 2009 11:39:34 +0000

Comparison sites have been highlighted as providing a poor service for those searching for financial products, a new survey has revealed. According to Which? Money, average customer scores for such web pages are lower than any other financial sector the watchdog has reviewed, with no site achieving more than 50 per cent. This is due in part [...]

YouTube ‘to help’ debtors

ClearDebt — Wed, 18 Nov 2009 08:45:09 +0000

Online video hosting network YouTube is being used increasingly by independent financial advisors (IFAs), a move that is likely to help debtors access information and counsel more easily. According to Philip Calvert, the founder of social networking site IFA Life, video is to become a key factor in the industry, assisting financial professionals in enhancing their [...]

Mortages for debt consolidation “rarely a good idea”

ClearDebt — Tue, 17 Nov 2009 14:29:09 +0000

The use of mortgages for consolidation of unsecured, short-term debt has been derided as “rarely a good idea” by a financial website. According to Money.co.uk, by doing this debtors risk putting their homes in jeopardy if repayments on the mortgage cannot be met and such a route should be considered an “absolute last resort”. The portal further [...]

Debtors ‘hampered’ by council tax

ClearDebt — Tue, 17 Nov 2009 11:29:30 +0000

The amount of council tax charged to UK residents has doubled since Labour came to power in 1997, which may have had a hand in the debt management problems of many in the country. According to the Daily Mail, the total amount collected for this tax was £10 billion but this has now climbed to over [...]

First-time buyers ‘experiencing difficulties’

ClearDebt — Mon, 16 Nov 2009 10:57:47 +0000

A number of first-time buyers are struggling to get onto the property ladder as they are finding it hard to amass deposits. This is according to Helen Adams, managing director of FirstRungNow, who observed that, although the rise in mortgage numbers appears to be a sign of recovery, it is still “extremely difficult” for first-time buyers [...]

Family Action: Energy companies must help vulnerable families

ClearDebt — Mon, 16 Nov 2009 09:55:05 +0000

British charity Family Action has called on energy companies to help vulnerable families from falling into debt by passing on more of their profits. Chief executive of the trust Helen Dent noted that the organisation is continuously hearing from low-income families regarding the “stark choices” they have regarding household spending and their worries about getting into [...]

Debtors hampered by increased car costs, research shows

ClearDebt — Mon, 16 Nov 2009 08:14:01 +0000

Britons may find themselves more susceptible to debt as a result of the rising costs related to running cars, it has been revealed. According to Sainsbury’s Finance, the annual expense of keeping a vehicle on the road has risen again, by approximately 2.68 per cent compared to last year. The average annual amount spent in this way [...]

Debt an issue for would-be families, report shows

ClearDebt — Fri, 13 Nov 2009 10:48:38 +0000

Britons believe that financial security is an essential factor in the decision to start a family, a new report has revealed. According to NS&I - a UK-based savings organisation - 64 per cent of people consider this to be a necessity before having children, with many stating that an annual income of £25,000 is a must [...]

Bankruptcy should be ‘last resort’

ClearDebt — Fri, 13 Nov 2009 10:17:26 +0000

The option of bankruptcy for those struggling with debt management should be considered a last resort, the government has said. Following proposals to allow people to submit bankruptcy applications online or by post as opposed to in court, Minister for Business Ian Lucas observed that many delay making such petitions because they do not want to [...]

Age affects money attitudes, survey shows

ClearDebt — Thu, 12 Nov 2009 14:01:10 +0000

The difference between young and old demographics in terms of credit card spending has been revealed in a new study. Conducted by Confused.com, the survey indicated that 77 per cent of those in their early 50s are not concerned about being refused credit cards, with 83 per cent failing to check their scores when applying. In contrast, [...]

Motleyfool: Debtors must switch their mentalities

ClearDebt — Thu, 12 Nov 2009 11:27:17 +0000

Debtors have been advised to change their habits from spending on credit cards to saving money. Director of motleyfool.co.uk David Kuo remarked upon the fact that more than a quarter of parents currently have no savings or investments to rely on in times of need, saying that “we have got out of the habit of saving [...]

Debt denial ‘is an issue’

ClearDebt — Wed, 11 Nov 2009 12:40:16 +0000

The prevalence of debt denial in the UK is a growing problem and one that needs to be addressed. This is the opinion of David Rodgers, managing director of the Debt Advice Foundation - a charity dedicated to the prevention and resolution of consumer debt issues. He observed that, while attitudes towards debt do appear to be [...]

IVAs better than bankruptcy, expert claims

ClearDebt — Wed, 11 Nov 2009 12:40:08 +0000

Individual voluntary arrangements (IVAs) have been applauded as a better route for some debtors to go down than bankruptcy, which even in these modern times still comes with some stigma attached to it. Insolvency practitioner and director at Vantis Business Recovery Nick O’Reilly observed that those with regular incomes may prefer to choose IVAs, which are [...]