Debt counsellor Malcolm Hurlston told Sky News that the success of an anti-loan shark scheme in Birmingham meant that it ought to be expanded. “It is true that the poor pay more for everything and therefore it is important to…
Continue reading the "Government ‘can do more’ to tackle loan sharks" »
Jon Bartman, managing director of Money Debt and Credit, told Channel 4’s News at Noon that banks are not “blameless” in contributing to Britain’s £1.3 trillion of personal debt and soaring use of IVAs and bankruptcy. “I don’t think the…
Continue reading the "Irresponsible lending ‘to blame’ for IVA rise" »
Mervyn King said that some people had taken on “far more credit than it was ever plausible to repay”, prompting fears that bankruptcy beckons for many. “All lenders and all borrowers should think very carefully before they either lend or…
Continue reading the "The Bank warns against further borrowing" »
According to the BBA, a net total of 2.11 million post office-accessible accounts have been opened since April 2003, creating debt management opportunities for consumers. Ian Mullen, chief executive of the BBA, commented: “We approach the chancellor’s pre-budget report, confident…
Continue reading the "BBA welcomes financial inclusion measures" »
In a statement, the FSA warned financial institutions to be ready as “clouds were already darkening” due to rising unemployment levels that will lead to many people falling behind on their debt repayments. In particular, those with high levels of…
Under the proposals, debt relief orders will be introduced as part of the court and tribunals bill, aimed at people that debt solutions such as County Court Judgments (CCJs), Individual Voluntary Arrangements (IVAs) or bankruptcy may not be suitable for.…
Continue reading the "Citizens Advice cautiously welcomes new measures" »
Responding to the Queen’s speech in which the new pensions bill was announced, Fidelity International said that the reforms will still see a typical household face a 50 per cent income drop on retirement, sparking debt fears. Simon Fraser, president…
Continue reading the "Pensioners will be ‘still in debt’ despite reforms" »
The Right Reverend Peter Selby, Bishop of Worcester, said that a high level of borrowing was bad for both the soul and society and that the government should tackle the “debt economy”. Speaking on BBC Radio Four’s Sunday programme, Bishop…
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