As of November 2012, there was £1419.7 billion in outstanding lending to UK individuals. The twelve-month growth rate in lending to individuals was 0.5 percent. The rate on outstanding unsecured personal loans was 7.71 percent and for a new, unsecured personal loan, it was 6.97 percent. Though this pales in comparison to the 8,000-percent rate … Read more
In the present financial crisis, it is quite difficult to manage all the expenses with your regular income. While getting loans from the bank is a lengthy and complicated process, people prefer to arrange the money through the different finance alternatives like cash advance, payday credits etc. Contact us today to find out the top … Read more
Many people are living on less and that includes the older generation. It may not seem important to save for later years when living day-to-day is a struggle. However, saving into a pension is a smart move because putting money away now provides it with time to grow. When you exit the workforce, there will … Read more
Cold winds may blow during winter but this is the perfect excuse for a ski holiday. If the budget is tight, rest assured that you can enjoy winter away from home without freezing the bank account. By following a few simple tips, even winter sports lovers can save money while shooshing down the slopes. Let … Read more
Electricity and gas prices vary across the UK, which means a cheap deal advertised in the media may not be available everywhere. The best way to find the cheapest prices on gas and electricity is to do an energy price comparison. According to Energyhelpline, an energy comparison service, there is an £80 annual energy cost … Read more
When people think of weddings, they think of going into debt. Though weddings typically come with expensive price tags, they do not have to. With some planning and research, a bride-to-be can have a wedding that is elegant, yet affordable. A little flexibility and a creative eye is all it takes to have the best … Read more
If your bank balance is low, it is time to stop buying unnecessary items. Though the beauty budget may be under attack, there is no need to stop using makeup and other toiletries. You just need to become a smarter shopper. Here are easy ways to save money on toiletries while continuing to look and … Read more
In January, HM Revenue & Customs will begin reducing child benefit payments for residents earning at least £50,000. More than one million families will be taxed if they continue to claim this benefit next year. The changes could cost nearly £2,500 a year for a family with three children and many families do not have … Read more
Shorter days and colder weather give you more time to focus on indoor tasks this autumn. Attention turns from keeping the lawn looking attractive to improving the status of the family budget. Reducing expenses and saving money do not need to be painful tasks. There are several easy ways to save money that can add … Read more
We are not talking about unauthorized credit cards, but transactions like auto repairs that are completed without your approval. When a married couple purchases a car, one person may put the vehicle loan in his or her name, even if the partner will be the main driver. The car may be registered in the name … Read more
Pensions are designed as savings for the retirement years but many UK residents are finding it difficult to maintain them. High-interest debts like payday loans can become substantial if unpaid for a long period. You could use your pension contributions to repay high interest debts as lump sum full and final settlement. Are you drawing … Read more
The British Banking Association reports that credit card repayments are exceeding new spending on these cards. However, the total amount that UK residents owe is still increasing due to the interest on existing balances. Despite their associated interest rates, the total amount owed for personal loans has decreased to approximately 50 percent of what it … Read more
Payday loans are small amounts of financing provided for the short-term. People who are in dire financial situations often use these loans to pay emergency expenses. Others use them to cover daily living costs, sometimes sinking themselves into pits of debt. Those who struggle to pay bills when employed find themselves in much more serious … Read more
Council tax is a tax levied on households by local authorities in England, Wales, and Scotland. Contributions are used to partially fund services like rubbish collection and policing provided by local governments within each country. The tax applies to all domestic owned and rented properties, with the amount dependent upon the valuation band for the … Read more
A prepayment meter often becomes a necessary piece of equipment for people in debt. Approximately 5.9 million UK residents have an energy prepayment meter, either voluntarily or at the discretion of their energy providers. This meter is installed in the home and the resident must pay for gas or electricity upfront by topping up their … Read more
We help all UK citizens who are in debt and offer free private and confidential advice. Fill in the form today to speak to a friendly advisor who can help you When UK residents find themselves in debt, there are several free resources they can utilise and Citizens Advice Bureau, abbreviated CAB, is one. Through … Read more
A defaulted notice is a formal letter informing an individual of how much must be paid, and by when, to bring a credit account up to date. After a consumer misses between approximately three and six payments, the creditor typically issues a default notice. The individual is then provided 14 days or more to pay … Read more
Having the home repossessed can be a horrible experience because it may leave a person homeless. After a suitable living arrangement is found, thoughts turn to additional financial troubles lurking in the future. Voluntary or mandatory repossession of the home can cause mortgage shortfall debts to arise when the home is sold at a price … Read more
When people establish debt management plans, they agree to make a certain monthly payment to the plan administrator, which is then divided amongst creditors. The payment is based on factors including income and regular household expenses. But, what if income varies due to overtime pay? A person with a debt management plan in place may … Read more
As soon as many people pay off their debt, they look for new credit. Experts caution against overspending, especially for consumers who have recently gotten out of debt. The last thing a former debtor needs is to get back into a negative financial situation. However, for debtors who have learned their lesson, credit opens the … Read more
ICM Research was commissioned by the Co-op Bank to study couples who hide debts from each other. The results revealed that 13 percent of couples have secret debts, some of which represent major sums of money. Is it wise to hide debts from partners? Can secret debts be repaid through debt management plans? These are … Read more
Within the UK, the Office of Fair Trading (OFT) is responsible for issuing guidance regarding debt collection practices. This written document outlines what is expected of companies that pursue the collection of consumer credit-related debts. The most recent update to this guidance occurred in October 2011 and includes information for both consumers and agents responsible … Read more
Many UK residents take advantage of the debt relief provided by a debt management plan. They use this tool to renegotiate repayments for debt, providing themselves with more time to repay the money that they owe. With the help of a debt management plan provider, they get themselves back on track financially in a short … Read more
Living with others can be financially beneficial because it enables many people to reside in housing they could not afford on their own. A flatmate shares rent, utility, and other bills, making living independent from the family more affordable. In some cases, utility and service accounts are established in the names of both people. Flatmates … Read more
Once people have completed their debt management plans, they want life to get back to normal. This includes making purchases with credit cards. People realize that credit card use can help improve their credit ratings. Research shows that responsible use of a credit card following completion of a debt management plan can play a major … Read more
Many UK consumers have credit card debt that they would like to repay. When the credit card account balance is high and immediate cash flow is tight, some people consider using a bank overdraft to repay credit card bills. They then take their time repaying the overdraft. But, is exchanging one type of debt for … Read more
The Office of National Statistics (ONS) released data last week confirming that disposable income is declining for the average adult in the UK and recently fell to its 2003 level. Disposable income is measured as cash available after-tax payments are made. The ONS also measures real actual income per person, adjusted for inflation. This figure … Read more
When a relationship ends, debts may not end with it. A couple may find themselves dealing with debts incurred during or after the relationship. This can be a problem if one person is unwilling to take responsibility for his or her debts. If the situation goes unaddressed, it can affect the other individual to the … Read more
There is major concern about the future of the UK pension program and the government has taken action. According to new regulations, employers will auto-enrol many UK residents in pension schemes. By October 2014, approximately ten million people will find pension contributions automatically deducted from their salary. If you have started a new job or … Read more
Many people take out personal loans with full expectations that they will repay the money. However, poor financial planning and unexpected circumstances can make this difficult or impossible. If you find yourself with a personal loan that you are unable to repay, there are several ways to handle the situation without sinking further into debt … Read more
Whether consumers do not stay on top of their finances or just moved back after temporarily living outside of the UK, they may wonder if they have any UK debts. Contacting current creditors to find out existing balances may not be enough. Some debts may have been accumulated years ago and are past the point … Read more
When they find themselves with unmanageable debt, many UK residents get advice and assistance from a professional experienced with managing consumer debt. Free assistance is available from various UK agencies including Consumer Credit Counselling Service, commonly called CCCS, and the National Debtline. Debt management companies (DMCs) also help consumers in debt and may recommend a … Read more
Being in a relationship is often blissful until the topic of finances arises. One partner may not be as skilled at managing money or may have fallen into a financially stressful situation due to business ownership or redundancy. If one person is in debt but the couple wants to purchase a home, the pair may … Read more
People who are finding it difficult to cope with their debt payments can opt for a debt management plan (DMP). Only unsecured debts can be tackled through a DMP. The top reasons when to consider a debt management plan are usually when circumstances change or the economy. Redundancy, ill health, separation from a partner, a … Read more
Married couples commit to each other for better or worse and getting into debt falls into the second category. Many married couples enter into a debt management plan jointly because both parties bear responsibility in amassing the debt. If the relationship goes bad and the couple decides to separate or divorce, this will impact the … Read more
The Association of Business Recovery Professionals referred to as R3, recently conducted a public survey regarding bankruptcy. Responses revealed the opinion that individuals in bankruptcy are being freed from debt too easily. The public seems to have little sympathy for people in serious debt due to the opinion that poor financial decisions are the cause … Read more
Whether they have a past-due cellular phone bill, credit card balance, or utility payments, UK consumers may find themselves dealing with a debt collection agency. When a creditor makes multiple attempts to collect a debt and these prove unsuccessful, it may turn the debt over to a debt collection agency. The agency works on behalf … Read more
Making revised repayment arrangements with creditors as part of a debt management plan helps many consumers get out of debt. A third-party debt management company manages the plan, accepting the single debt payment issued by the debtor each month and dividing the money amongst the creditors. The plan represents a promise to fully repay debts … Read more
A payday loan is a short-term loan of usually no more than £1,500 to £2,000. Available online and from payday lending stores, this financing is relatively easy to obtain because it typically does not involve a credit check. However, interest rates of hundreds or even thousands of percent make this very expensive borrowing. Overdrafts can … Read more
A debt management plan is used to handle a small to moderate amount of debt. UK consumers who are interested in this often wonder what types of documentation and paperwork are required. They want to have everything on hand so the plan can be set up as soon as possible. Different debt management companies have … Read more
An Individual Voluntary Arrangement (IVA) is a formal agreement to repay all or a portion of the debt. After repayments are negotiated with creditors, the debtor issues regular payments to an authorized debt specialist referred to as an insolvency practitioner or IP. The IP allocates money from each payment to creditors according to the terms … Read more
The importance of saving for retirement is stressed to us from an early age. We hear horror stories of retirees who must return to the workforce because they do not have enough money to survive. Other elderly people sacrifice to the point of not eating or turning on their heat, which has health consequences as … Read more
In rare cases, people may not be notified of some debts until many years after the expenses were incurred. This may be because they relocated to another area or even another country. On rare occasions, even a debt management expert may not discover the debt during a comprehensive search to identify why an individual is … Read more
A recent article in a Scottish newspaper focused on the bankruptcy exploitation of residents in debt. Credit union representative was particularly outspoken regarding high fees and improper advice provided by organizations in business to assist debtors. Providers of debt management plans (DMPS) were also mentioned in this article. However, most of the blame was focused … Read more
A Debt Relief Order (DRO) is a bankruptcy alternative available to certain people. UK residents who do not own a home, have little spare income and are not likely to improve their financial situation should consider a DRO. Only an authorized debt adviser may file a DRO and an officer of the bankruptcy court called … Read more
Many UK residents use a debt management plan to get themselves out of debt. They retain a company skilled in operating these plans that negotiate and manages a fixed monthly payment for qualifying debts. This payment is based on the amount the debtor can afford to pay. A single payment serves as the monthly submission … Read more
People find themselves with many types of debt based on their lifestyle. Credit cards and store cards are used by many consumers and when balances are not repaid in a timely manner, interest and late payment charges accrue. Failing to repay a balance can lead creditors to take additional action like filing County Court Judgments … Read more
During the past few years, a large number of UK residents have turned to a debt management plan, or DMP, to help manage their debt. The many years of affordable credit that encouraged overspending finally came to an end. People found themselves in debt with no immediate way to repay it. A DMP was the … Read more
Business debt can have a profound impact on all parties connected to the company. If a limited company enters liquidation, personal guarantees come into play and company directors can be pursued for money due to creditors. Sold traders facing insolvency may become personally responsible for any money owed. If the director has signed a personal … Read more
When people discuss a debt management plan (DMP) with a professional, they often ask how their credit rating will be affected. Many consumers wait a long time to get debt advice because they do not want to lower their credit rating. The truth is that if a DMP has become a consideration, credit rating should … Read more
Once a creditor secures a County Court Judgment (CCJ) against you, that party can enforce the debt by applying for a Charging Order. If you agreed to repay the debt in installments and are not currently in arrears, a creditor may not request a Charging Order. However, this section of the law may soon be … Read more
The number of fraudulent mortgage applications has been increasing since 2006. Currently, 34 of every 10,000 UK mortgage applications are fraudulent. This is more than double the rate of just five years ago. Misrepresentation of personal information is the most common type of mortgage fraud. This is causing some debt management companies to worry that … Read more
UK car loans are classified into two main categories: unsecured and secured. Most loans are unsecured, which means the money is borrowed without submitting any security or collateral against the loan. A secured car loan is offered against a security, which could be the car itself or another valuable asset. If the customer does not … Read more
The Consumer Finance Association (CFA) is an industry trade body that has received numerous political complaints regarding payday lender practices. In response, it recently published a study that depicts politicians as lacking knowledge of payday loan benefits. The study also claims that these lawmakers do not have their fingers on the pulse of the payday … Read more
Even in this restricted lending environment, it is much easier to accumulate debt than it is to repay it. At the end of February 2012, the amount of personal debt outstanding in the UK was a mind-boggling £1.457 trillion. This translates to an average of £29,671 owed per UK adult, which is equivalent to 123 … Read more
LILA is one of the bankruptcy qualifiers in Scotland. It is designed for Scottish residents who are not homeowners and have a low income and personal possessions valued at less than £10,000, with no asset valued at more than £1,000 (aside from a vehicle, which may have a value of up to £3,000). You are … Read more
Store cards, credit cards, personal loans, and other consumer credit debts are included in typical Individual Voluntary Arrangements (IVAs). A relatively small number of lending institutions provide this credit and most base their IVA approval decision on standard criteria. This information serves as general guidance regarding the criteria most likely to be accepted by a … Read more
Who benefits from using an Individual Voluntary Arrangement (IVA)? Residents of Northern Ireland, Wales, or England who have a stable income and are at least £12,000 in debt could benefit from using an IVA as a debt management solution. Residents of Scotland should explore a Standard Trust Deed, an equivalent solution in that country. Below … Read more
An Individual Voluntary Arrangement (IVA) usually takes four to six weeks to establish. This estimate is based on the timeliness of the debtor when providing payslips, copies of creditor statements, and other documentation. During this stage, an Insolvency Practitioner (IP) is named and issues the proposal, thus the term “Nominee Process.” We are experts in … Read more
Residents of Scotland have several debt management solutions available to them. A Debt Management Plan (DMP), a Debt Arrangement Scheme (DAS), Trust Deeds, and bankruptcy are the most popular options. Scottish residents should read more about these on our site and then contact us. We will help identify the best solution and get consumers on … Read more
Residents of Scotland who are struggling with debt but have the ability to repay it should consider a Debt Arrangement Scheme (DAS). Put into force in 2004, amended in 2007, and reorganized in 2011, this debt management tool is administered by the Scottish government and enables residents to establish a Debt Payment Program (DPP) to … Read more
Every day during January 2018, 27.5 million plastic card purchase transactions took place in the UK, totalling £1.361 billion. This equates to an average of 319 debit and credit card purchases every second. In February 2018 alone, the average UK adult borrowed £4,235. This figure included unsecured loans, overdrafts, retail and motor finance, and credit … Read more
Debt Management Help for all residents who live in and around Milton Keynes. Our advice is free and strictly private and confidential. Fill out the form today to see how we help people from Milton Keynes with debt management help and solutions. Milton Keynes Debt Statistics The Office for National Statistics reported a population of … Read more
Debt Management Help for all residents who live in and around Manchester and Greater Manchester. Our advice is free and strictly private and confidential. Fill out the form today to see how we help people from Manchester with debt management help and solutions. Manchester Debt Statistics According to the Office for National Statistics, the 2002 … Read more
Debt Management Help for all residents who live in and around London & Greater London. Our advice is free and strictly private and confidential. Fill out the form today to see how we help people from London with debt management help and solutions. London Debt Statistics The Office for National Statistics reported a population of … Read more
Debt Management Help for all residents who live in and around Hull. Our advice is free and strictly private and confidential. Fill out the form today or call 0161 710 3415 to see how we help people from Hull and Humberside with debt management help and solutions. Hull Debt Statistics The 2001 Census conducted by … Read more
Debt Management Help for all residents who live in and around Birmingham. Our advice is free and strictly private and confidential. Fill out the form today or call 0161 7103 415 to see how we help people from Birmingham with debt management help and solutions. Birmingham Debt Statistics According to recent data from the Office … Read more
Steps To Take Before Getting A Consolidation Loan When debts accumulate, consolidating them is one way to address the situation. Debt consolidation and debt consolidation loans are terms sometimes used interchangeably. UK consumers consolidate their debt by taking out a loan to repay existing unsecured debts. This debt management method is typically used when a … Read more
An IVA, Individual Voluntary Arrangement, is one of the most popular formal debt management programs in the UK. Established by the government under Part VIII of the Insolvency Act 1986, this arrangement involves a formal proposal for repayment of unsecured debt. An IVA is a flexible solution to the all too commonplace issue of debt. … Read more
Trust Deeds- Scottish Individual Voluntary Arrangement (IVA) Equivalents Residents of England and Wales have the Individual Voluntary Arrangement (IVA) debt solution and Scottish residents have Trust Deeds. By using this debt management tool, residents of Scotland can get themselves back on track financially in as little as 36 months. If you reside in Scotland, learn … Read more
When people are in debt, they usually have one of two perspectives. Some feel the issue is insignificant and they ignore it. Others become overwhelmed because they believe they will never get out of the situation and they become paralyzed with fear. In both cases, the result is often a failure to take action. Debt … Read more
There are different ways to create a debt management plan and each has its positive and negative aspects. Consumers who wish to reduce the costs involved usually create their own plan. This involves developing a monthly budget to live within going forward. Outstanding debts are listed and ordered by interest rate, from highest to lowest. … Read more
Resources For Debt Management Credit Counseling When you need debt management, credit counselling can help. If you are in debt, it is important to resolve the issue, regardless of how much you owe. Some people find themselves continuously spending more than they earn. Others are able to pay their expenses most of the time, only … Read more
Owning or directing a business is a huge responsibility because you are ultimately responsible for the success or failure of the venture. More people are choosing to become entrepreneurs, taking control of their career in an entirely different way. When the business is doing well, ownership can be very exciting. When things are not going … Read more
Avoiding Over-Commitment Is The First Step In Consumer Debt Management It is just as important for consumers to manage debt as it is for businesses. Allowing debt to pile up will only make the situation worse. A day only has 24 hours and people cannot work all of them every day to earn more money … Read more
A payday loan is a relatively new type of financing that has become increasingly popular. People who do not have enough money to cover their expenses each month use this short-term financing to cover the gap. Unexpected expenses and low income are two reasons for using payday loans. Unfortunately, this debt can become unmanageable if … Read more
Whether you have credit card invoices, loans, bank overdrafts, or excessive daily bills, there is a government debt management plan for you. The UK government has created several plans to help the increasing number of residents who are finding themselves in debt. Depending on the types and amount of debt they have, UK consumers may … Read more
It is much easier to get into debt than get out of it. People can spend money day and night but when it comes to paying the bills, there may not be enough funds. As bills and loan payments become late and go into arrears, they are classified as debt. Establishing a debt management program … Read more
When people are in debt, they usually have one of two perspectives. Some feel the issue is insignificant and they ignore it. Others become overwhelmed because they believe they will never get out of the situation and they become paralyzed with fear. In both cases, the result is often a failure to take action. Debt … Read more
People rarely feel more alone than when they are in debt. They believe that no one will understand their financial crisis, which leads to feelings of frustration, anger, and even hopelessness. These individuals should realize that many organizations offer debt management help to residents of the UK. Some of these services are free and not … Read more
Charging Orders Explained A court places an order called a charging order upon the land or home owned by a debtor. This order is placed for the amount owed to an entity that provided unsecured credit that was not repaid as agreed. When the debtor sells the property, the unsecured debt must be repaid before … Read more
If you are struggling with debt, you may receive a County Court Judgment, abbreviated CCJ. Receiving a Claim Form/Court Summons for a CCJ can be nerve-wracking and scary. Our debt management experts will provide you quick, professional advice at no charge. This information will help you begin managing your debt, regardless of its size. The … Read more
A debt management calculator identifies how low it will take to repay debt. By viewing debt in aggregate and seeing how long repayment will take, consumers realize the severity of their financial situation. While some realize that they can easily repay their debts within a short time, others discover that they may need help. If … Read more
Managing cash flow is a challenge for most businesses. Under perfect conditions, money received from customers as payment for products or services is used to promptly repay creditors. If you are UK sole trader, director of a limited company or self-employed and are struggling with personal or business debts contact us and we can guide … Read more
What Is A Debt Management Plan And Who Qualifies? Many people panic when they get into debt but too few of them address the situation. Before they know it, interest charges and late fees have accrued. Having the utilities disconnected or even losing the home becomes a real possibility. By comparing a debt management plan … Read more
Residents of the UK have several debt management plans available to them. These range from informal arrangements with creditors to formal programs like Individual Voluntary Arrangements and bankruptcy. Each plan is designed for a different situation and each has positive and negative aspects. Review the debt management plans pros and cons below to identify which … Read more
Harassment During Debt Collection Though debt collection sometimes becomes necessary, there are legal guidelines regarding acceptable behaviour. Several laws address the topic of creditor harassment of debtors and widely recognized guidelines detail creditor behaviour that is considered unacceptable. Consumers should familiarize themselves with this information so they know when they are being treated unfairly. Are … Read more
Many consumers have questions regarding debt management plans (DMPs) and we have provided the most common questions with their answers. Our team of debt management professionals will be happy to answer them and address your debt management needs. Below are some of the most frequently asked questions about debt management plans. Will this affect my … Read more
A Debt Relief Order (DRO) is one of several debt management options available to residents of Wales and England. People struggling with debt repayment may find a Debt Relief Order to be their best option. However, this solution is not right for everyone and not all people qualify. Below are some of the most frequently … Read more