Tuesday 1st February 2011
David Cameron used his speech at the World Economics Forum in Davos, Switzerland, to broach the topic of debt management in the UK despite government plans to imminently scrap the Financial Inclusion Fund.
Speaking on Friday, the Prime Minister said the country needs “an economy based not on consumption and debt but on savings and investment”, a statement that some commentators have interpreted as an indication that further measures may be taken by the coalition government to try and address the financial difficulties facing thousands of Britons. Personal debt in the UK has reached nearly £1.5 trillion and insolvency rates have also risen to record levels.However, such hope that David Cameron might attempt to assist Britons with their debt problems is rather undermined by the Legal Action Group’s (LAG) report, released yesterday, which revealed that the Financial Inclusion Fund (FIF) will end in March due to impending cuts to legal aid and local government grants.Around 100,000 people with debt problems are assisted each year by the 500 advisors paid for by the Financial Inclusion Fund, who are based in the Citizen’s Advice Bureaux and other not-for–profit advice centres. The majority of these advisors will now be made redundant.Teresa Perchard – Director of Policy at the Money Trust, a charity which promotes independent help for people with debt problems – said to the BBC: “It just doesn’t stack up: unemployment is rising, the economy is in a difficult situation and there is an increasing demand for debt advice. To lose frontline services in local communities at this time doesn’t seem to make sense.”A spokesman for the Treasury said to the BBC that a new web and phone based service would be introduced and would be able to refer cases to specialists. "We want to make sure that individuals facing financial difficulty can get advice early, rather than wait until their problems become much more difficult to resolve," he added.Manchester debt firm is liquidated owing creditors over £2.2m
Wednesday 11th August 2010
Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010
Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010
Barclays lifts lid on banking write-offs
Wednesday 20th February 2008
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