Bank says bad debt levels continue to rise
July 8, 2008
Officials from the high street bank, HBOS, have said that the number of borrowers that are falling into bad debt by missing repayments is continuing to rise. With growing unemployment levels and a slowing economy, coupled with the effects of rising bills and the credit crunch, the bank expects this trend to continue.
HBOS officials said [...]
Credit conditions also tighter for the wealthy
July 1, 2008
Recent research has shown that even the wealthy have been hard hit by the effects of the global credit crunch, which have resulted in far tighter credit conditions and more stringent eligibility criteria from lenders in all areas of the financial industry.
Whilst those on low incomes and with damaged credit have often struggled to get [...]
Fuel poverty measures slated
June 18, 2008
Campaigners have slated measures that have been put into place by the government to address fuel poverty amongst pensioners, stating that the proposals are simply a reshuffle of old ideas that will not have any real impact on fuel poverty levels. The measures have been proposed as a result of energy usage price hikes, with [...]
Financial woes hit the middle classes
June 17, 2008
A recent report has indicated that since the onset of the global credit crunch the middle classes have been hit with an issue that has traditionally affected lower class, low income families – lack of money. Reports show that financial problems are now hitting the middle classes, with many people living in affluent areas now [...]
17% rise in repossession orders in a year
June 5, 2008
A recent report has shown that there has been a 17% rise in the level of repossession orders in the UK in the space of a year. For the first quarter of this year 27,530 repossession orders were filed reflecting a 17% rise on the first quarter of last year and a 9% rise on [...]
Number of people facing bankruptcy falls
June 2, 2008
According to recent figures from the Ministry of Justice there are now fewer people facing bankruptcy than there were this time last year. Between the first quarter of last year and the first quarter of this year there was a fall of 15% for one type of bankruptcy petition filed with the courts.
However, whilst the [...]
Situation with insolvencies and house prices looks bleak
May 28, 2008
A number of industry professionals have recently expressed concern over the bleak outlook when it comes to insolvency levels and house prices in the UK, stating that whilst insolvency levels continue to rise due to the global credit crunch house prices are continuing to fall, leaving some consumers facing a double whammy.
One official stated: “This [...]
Debts can be written off by debt charities
May 26, 2008
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
May 20, 2008
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
May 14, 2008
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, [...]
