The organisation has released its Credit Report Basics guide, which highlights the little-known negative implications of bankruptcy. For example, the guide points out that not only will the consumer in debt have to give up possessions of worth but could…
Continue reading the "Experian warns of bankruptcy consequences" »
Mervyn King, governor of the Bank of England (BoE), has spoken out over mounting personal debt levels. He said that the increase in the number of people looking for help managing their debts is indicative of a growing social problem.…
A study, carried out by Scottish Widows Bank, shows that there are 1.76 million Brits reaching the autumn of their lives with a total mortgage bill of £80 billion. This equates to an average debt of £45,313 for each pensioner,…
Continue reading the "Mortgage demands overshadow retirement" »
The Fidelity Retirement Index, commissioned by Fidelity International, warns that unless saving habits change, the average person can expect a 60 per cent fall in income after retirement. With the average salary standing at £22,900, someone retiring tomorrow could therefore…
Continue reading the "Average UK worker set to retire on less than the minimum wage" »
A report by AXA Avenue claims that Britons are increasingly torn between two tendencies: their “Dr Jekyll” side, which encourages them to save, and their “Mr Hyde” half, which tells them to finance their lifestyle on credit cards and credit…
Continue reading the "“Jekyll & Hyde” savings disorder exposed" »
Although declaring bankruptcy can clear debts within 12 months, financial advisers are keen to remind borrowers that they can face further financial problems for years to come. Insolvency can adversely affect a person’s credit rating for up to six years,…
Continue reading the "Bankruptcies have “massive repercussions for years”" »
The alarming findings reveal that 38 per cent of Britons have no savings whatsoever, while just 30 per cent have more than £3,000 put to one side should they suffer a loss of income. However, if this was to happen,…
Continue reading the "Savings fail to counter financial commitments" »
Mr Butler said that there was conflicting evidence to explain the 23,300 personal insolvencies witnessed in the first three months of 2006. He pointed towards “a lot of complete opposites happening”, such as mortgage arrears rising while the property market…
Continue reading the "Rising insolvencies highlight “massive puzzle”" »
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