Personal debt continues to rise
Britons now owe more money than the value of the entire country’s annual produce, according to the latest figures from Credit Action.
Total UK personal debt stood at £1,464bn at the end of February 2010, a 0.9 per cent rise from the last year, Credit Action said.
The average household debt [...]
The government has announced plans to make it easier for people in financial difficulty write off their debts in Debt Relief Orders (DROs).
The Department for Business, Innovation and Skills has proposed changing the eligibility criteria for a DRO so that people with small pension pots can apply for the low cost debt relief solution.
DROs were [...]
Record personal insolvencies
A record 35,574 people in England and Wales were declared insolvent in the last quarter of 2009, according to statistics out today from the Insolvency Service.
The figure – a 24.9 per cent jump on the same period a year ago – was made up of 17,007 bankruptcies, 13,219 individual voluntary arrangements (IVAs) and [...]
"prescribing life without debt"
Kicking the habit
None of us are perfect when it comes down to bad habits, but some are worse than others; not understanding your debt or finances is one of them. Kicking these bad habits into touch means that you can look towards“prescribing yourself a life without debt”
Too many credit card [...]
UK personal debt hits £1.46bn
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Total UK personal debt at the end of October 2009 stood at £1.46bn, a report from money advice charity Credit Action has revealed.
The charity’s statistics show that the 12-month growth rate of personal debt fell to 0.7 per cent, while total [...]
Bogus callers posing as council staff are luring homeowners into a council tax scam, say council leaders.
Residents are asked [...]
Banks are still finding “sneaky ways” to make money out of people, the consumers’ association Which? has said.
It claims [...]
Bad debts have risen for nine of out ten companies according to research by credit information provider Creditsafe.
It said 91 per cent of UK companies polled in October had seen an increase in defaulted payments from creditors in the last year and one in ten (10.4 per cent) saw this increase by over 20 per [...]
The 2009 rise in corporate insolvencies has halted and turned down slightly, according to official statistics published today.
The quarterly statistics published by the Insolvency Service show total liquidations in England and Wales were 4,716, down 4.7 per cent on the previous quarter, though an increase of 14.6 per cent on the [...]
Mortgage lender fined £2.8m
The Financial Services Authority has fined mortgage lender GMAC RFC £2.8m for failing to treat customers fairly over arrears and repossessions.
GMAC RFC is also facing redress of up to £7.7m plus interest for more than 46,000 mortgage customers.
Between 31 October 2004 and 30 November 2008, a number of serious failings by GMAC-RFC [...]
