Debts can be written off by debt charities

According to a recent report debt charities and firms that deal with debt management plans and similar solutions for those struggling with debts are to get new powers that will enable them to write off a portion of the debt owed by the client if deemed appropriate, even if the creditors do not agree with [...]

Debt problems cause increase in consolidation levels

According to a recent report many people are deciding to turn to debt consolidation in a bid to try and reduce debt problems. In the past three years over 6.5 million people have consolidated their debts in order to ease financial strains, according to recent research.
It is though that well over one million borrowers have [...]

Online bankruptcy could be easily abused

A recent report suggests that a new form of online bankruptcy due to be introduced by the government next year could be open to abuse, as it could lead to more people filing unnecessarily and could also lead to increased difficulties for authorities when it comes to verifying the financial details of the applicant.
The process, [...]

Increase in credit report requests

Recent figures have indicated that consumers are becoming increasingly aware of the importance of checking their credit profile and rating before applying for credit, with reports that around 20% of consumers now check their credit report before they apply for any sort of finance.
The global credit crunch has resulted in far tighter credit conditions, and [...]

Many people plan to rein in their spending

According to research carried out by MoneyExpert many consumers may be looking to rein in their spending, as the credit crunch continues to affect household finances.
The report shows that millions of people may be set to cutback on their spending in a bid to try and bring their finances under control.
The report shows that over [...]

Bailiffs will come under stricter regulations

In a recent announcement the Ministry of Justice has announced that it will be bringing in stricter regulations and standard by which bailiffs are going to have to abide.
This comes amidst concerns that unscrupulous bailiffs are using unprofessional, aggressive, and bullying tactics to try and get money from consumers that are in debt and have [...]

CAB reports increased level of debt related enquiries

The Citizen’s Advice Bureau has reported that there has been a rise in the number of debt related enquiries over the first two months of this year compared to the first two months of the previous year.
A survey was carried out across three hundred CAB offices, and showed that debt related enquiries had rocketed by [...]

An increased number of Brits are now turning to Consolidation as a means of Debt Relief

As a nation struggling to manage our finances, it is estimated that approximately 6.5million of us here in the UK are turning to the idea of consolidating our debts.
Figures from MoneyExpert.com show that over the last 3 years some 14% of Brits have taken the opportunity to consolidate their debts as a way to [...]

Credit problem customers could pay a fortune on their mortgage interest rate

A recent report has highlighted how homeowners that have entered into an Individual Voluntary Arrangement could end up paying a fortune on their mortgage interest rate due to a clause in the IVA agreement that requires them to use the equity in their homes to repay some of the debt in the final year of [...]

Many consumers chose bankruptcy last year

A recent report has shown that many consumers actually opted to file for bankruptcy last year without being recommended to do so by creditors or other industry officials.
Government figures show that thousands of people actually decided to opt for bankruptcy last year in a bid to try and escape their debts.
Over the course of the [...]

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