‘Debt’ News
More than 6m bills go unpaid
Posted 2008-01-9
As households feel more financial pressure, research conducted by YouGov for MoneyExpert.com has found that more than 6m bills have gone unpaid since 2007. 2.3million people failed to pay council tax bills in the second half of 2007 and 1.3m people did not pay energy bills in time. With rising energy bills and the continuing credit crunch, households may still find it difficult to pay bills in 2008. Sean Gardner, Chief Executive of MoneyExpert.com said: “Paying one bill late is not something to panic about. But if you find this is something of a habit then you need to take action. Missing bills can have serious consequences, whether it’s losing a service altogether or even ending up in court.” According to YouGov nearly three million consumers in the UK failed to meet their credit card payments, resulting in 35m of fees. ...
Read More than 6m bills go unpaid
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More individuals set to declare bankruptcy.
Posted 2008-01-4
Experts predict that personal insolvencies are set to increase this year. KPMG forecast a 30% rise in the number of personal insolvencies in 2008. Remarking on the wide reporting of rising debt, James Falla, director of advice service Thomas Charles said: “Predictions of an increase in the number of people declaring themselves insolvent are likely to prove correct as 2008 progresses. However, it should be acknowledged that personal insolvency can be either bankruptcy, individual voluntary arrangements (IVA) or informal debt management plans.” While the amount of bankruptcy and IVAs can be accounted for, there is no formal way to measure the levels of debt management plans undertaken. Price comparison website uSwitch recently suggested debt consolidation as a solution for consumers looking to pay off their debts this year. ...
Read More individuals set to declare bankruptcy.
Credit providers become more prudent
Posted 2008-01-3
Research shows that UK families are failing to control their spending. A report by uSwitch, accredited by the Financial Services Authority, found that a quarter of 16 to 44 year olds are worried about bills in the New Year and...
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Bankruptcy levels reach record high
Posted 2008-01-2
KPMG estimate that a record 130,000 Britons will file for bankruptcy in 2008, an increase of more than 20,000 compared to 2007. Huge festive period overspending, rising mortgage payments and high credit bills are believed to be the main factors...
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Complaints received about aggressive banks
Posted 2007-12-17
The Citizens Advice Bureau (CAB) has received a number of complaints about “aggressive tactics” being used by banks. Banks are allegedly targeting those in debt; repeatedly phoning customers, advising them to take out expensive loans to pay off their debts....