Andrew Smith, the marketing director of Clear Debt, explained the concept of IVAs and how they cap the amount of debt that people have to repay without many of the negative effects of bankruptcy. “The only people who can take…
Director general of the BSA, Adrian Coles, said that despite being surprised by the timing of the increase in the base rate to 4.75 per cent, people should still be able to cope with debt. Mr Coles said that “even…
Although some financial commentators expected a rise to 4.75 per cent at some point in the year, the TUC said the increase took many by surprise and left them unprepared for the extra repayment debt each month. Assistant general secretary…
According to the Insolvency Service, there has been a two-thirds increase in the amount of insolvencies in England and Wales in June compared to a year ago. Figures reveal that there were 26,021 people who were declared insolvent in the…
Continue reading the "Individual insolvencies reach record high" »
Responding to reports that most major banks had seen bad debt levels rise by about a third, the party’s financial spokesman Vince Cable said this was partly due to irresponsible lending. “The irresponsible behaviour on the part of lenders and…
Office of Fair Trading calls to reduce penalty charges from £22 to £12, a rise to nearly a £1 billion in bad debt at each major bank and other losses are being blamed for the likely charge. “[Banks] are also…
Continue reading the "Free current accounts could be culled" »
Around 1.1 million people told the poll that declaring themselves bankrupt or taking out an individual voluntary agreement (IVA) was their only option out of debt. Yet this is coupled with a rise in the number of people taking out…
Continue reading the "More than a million face insolvency" »
Barclays made the comments in its half-year report which showed that bad debt had eaten into its profits, particularly in its credit card arm, Barclaycard. “We expect retail conditions in the UK to remain challenging in the second half of…
Continue reading the "Bad debt – ‘Too soon’ to claim bad debt peak" »
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