Between the beginning of April and the end of June 2007, more than 16,000 people in England and Wales opted to declare bankruptcy by way of a debt solution, according to data released by the Insolvency Service. However, on a…
Although there were less people entered into an Individual Voluntary Arrangement in the second quarter of this year than the first, on a yearly basis insolvency figures show a trend of increasing debt management struggles in the UK. And the…
Continue reading the "More calls for finance lessons in schools" »
The charity has criticised what it perceives as a growing tendency among lenders to initiate court action over unpaid mortgage demands, rather than taking such steps only when other options have been exhausted. In response to the latest repossession figures…
Continue reading the "Citizens Advice slams ‘routine repossessions’" »
Mr Mond insists that the falling number of consumers opting to enter Individual Voluntary Arrangements (IVAs) reflects the efforts of banks and other creditors to deter people from taking this action. The scale of the debt management burden among consumers…
Continue reading the "Creditors ‘blocking consumer debt solutions’" »
Given the current climate of rising interest rates, fixed-rate deals are tempting more and more British consumers, but redemption fees can often run in to many thousands of pounds, according to MoneyExpert.com. With millions of Britons already dealing with debt…
Continue reading the "Fixed-rate mortgages ‘can have sting in the tail’" »
After increasing the cost of borrowing in July for the fifth time in less than a year, the Bank of England’s monetary policy committee has opted to hold fire and maintain the base rate at 5.75 per cent for another…
Research by the Association of Business Recovery Professionals (R3) also found that, despite the increasing prevalence of debt management problems across the UK, only eight per cent of those polled found it difficult to access credit. Moreover, a full 62…
Continue reading the "Debts ‘out of control for 1 in 5 Brits’" »
Collectively British consumers owed around £1,345 billion at the end of June 2007 and excluding mortgage arrears the average UK household has close to £8,840 in outstanding debts. Additionally, more than 5,000 British adults now approach Citizens Advice about debt…
Continue reading the "UK’s personal debt ‘up 10% since last year’" »
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