According to CML data, there were 8,140 repossessions in the first half of the year as more people get affected by debt, nearly double the amount of a year ago. Debt is causing problems with repayments too, with 35,320 during…

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…

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…

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…

Dyfrig John, director and chief executive of HSBC bank, says that with personal indebtedness in the UK standing at “pretty serious” levels, many people would be adversely affected by an increase in the underlying cost of borrowing. Mr John declined…