Mortgage pay-offs hit £7 BILLION high

Record amounts of money are being spent to repay mortgages and pay off other debts secured on their homes, according to the Bank of England.Households managed to pay off £7 billion net of mortgage and other secured debt in the last three months of 2010, which is the highest net repayment ever seen in this country since records began in 1970. This will deal a crushing blow to the country’s economy, with new lending to first-time buyers on a massive low, little can be done to balance the depressing impact on the economy.The Bank's latest statistics on housing equity withdrawal show a steady ascent on the £6.6 billion paid off between July and September.The figures also include money paid as deposits by homebuyers.Lenders demanding higher...

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Posted in: Billion,mortgage,payoffs

£52M pension fraud suspect charged

A man connected to one of the country’s biggest pension fund fraud investigations has been charged with defrauding nine pension funds of £52 million.Tony Morris, 48, who has been living in a mansion in Palm Beach, Australia, was implicated in an investigation into the whereabouts of the huge cash amount from a pension trustee firm.Morris appeared before Westminster Magistrates Court last week to be charged with conspiracy to defraud, theft and aiding and abetting fraud.Nottingham-based GP Noble Trustees, a company which managed the assets of 29 pension schemes, had been bought in 2006 by an advisory firm – The Money Portal –  set up by Morris years earlier.It was suspended from trading in August 2008 after the pensions regulator and the...

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Posted in: charged,fraud,pension,suspect

OFT slam the brakes on used car giant

The OFT has taken action against a used car buying company over concerns that its online valuations were misleading.The regulator found that nearly 96 per cent of customers who sold their car to webuyanycar.com received hundreds of pounds less for their vehicle than their original online quote.The site’s users thought they would be paid the online valuation if the company's onsite inspection of the car’s condition matched the details entered online by the prospective seller. But some customers found that other factors, such as 'market conditions', reduced the final price after their vehicles were inspected.Cavendish Elithorn, Senior Director of the OFT's Consumer Group, said: “Selling personal possessions through the internet is increasingly...

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Posted in: brakes,giant

Debt panic causing sleepless nights

Wednesday 6th April 2011 A debt advisor has revealed the startling amount of users that logged onto its site during what has been dubbed a night of debt panic.The Consumer Credit Counselling Service (CCCS) reports that 50,000 people logged on to their website between midnight and 7am for help last year.The debt charity said it suspects that many victims desperately try to bury their heads in the sand about their debt problem, during the day and then become riddled with worry in the early hours of the morning.It is thought another factor contributing to the high influx of night time hits is down to people hiding their debts from their spouse or partner.As a result, people in debt may be unable to seek debt help during the day while they are...

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Posted in: causing,nights,panic,sleepless

England football legend faces financial ruin

A former England football legend has submitted a debt payment schedule in the hope of avoiding financial ruin.Paul Gascoigne owes the taxman £32,000 and has been given another chance to fend off his impending bankruptcy.If his proposed timetable to manage the debt is accepted in court, it means the 43-year-old Geordie will be able to avoid bankruptcy proceedings.The case against Gascoigne – who is known to football fans worldwide as ‘Gazza’ – was adjourned for a further two weeks at a brief hearing at the High Court in London last week.The proceedings followed a hearing in February when Deputy Registrar Clive Jones agreed to adjourn a petition for bankruptcy for six weeks.But last Wednesday Mr Registrar Jaques heard that a proposal has now...

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Posted in: England,faces,financial,football,legend

Postmaster ‘killer’ was in debt hell

Robin Garbutt, the sub-postmaster who allegedly murdered his wife, was facing escalating debt problems at the time of her death.A jury heard last week that despite earning less than £20,000 in 2009/10, Garbutt, 45, and his wife Diana went on a string of luxury breaks, according to the Northern Echo.Teesside Crown Court heard last Thursday that in July 2009 the couple spent £1,206 on a four-night stay at The Devonshire Arms, Bolton Abbey, North Yorkshire.They went back the following month for a three-night break at a cost of £844.On the ninth day of Garbutt’s trial, DC Karen Barugh, from Richmond CID, told the court that the couple went on five other breaks together in 2009, despite spiralling debts.The couple were due to go on a £3,000 three-week...

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Posted in: killer,Postmaster

DCM Money Solutions and Apex clients update

by Nazma Noor on April 6th, 2011 Following on from our recent announcement that ClearDebt are working with the administrators of Apex and DCM Money Solutions, we can now confirm that case data will be available to Apex and DCM Money Solutions clients next week.The team here have been working hard to filter through the data we received from the administrators, HJS Recovery, and register it onto our internal systems so that we can provide a clear picture to clients on their debt management plans with Apex and DCM Money. From next week clients will be able to request their data files from us.In the meantime, any concerned Apex and DCM Money Solutions clients can contact us on our dedicated number, 0800 612 3318 or email apexenquiries@cleardebt.co.ukClearDebt want to ensure that Apex and DCM...

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Posted in: clients,money,Solutions,update

Telecommunications Interruption

Earlier today, the offices of ClearDebt Group suffered a service interruption to the power supply. This is having a disruptive affect on telephone and email communications between all ClearDebt staff, customers, and partners.We regret to advise that you may continue to experience difficulties contacting us by phone as engineers work to restore full service. We apologise for the inconvenience this may have caused.You may continue to contact your ClearDebt representative via email although you may not receive an immediate response. Our services continue to be available online including the ClearDebt Community where you may ask debt questions and the Debt Analyser. Staff are also available via Twitter for any queries you may have.Once again, we apologise for any inconvenience this may cause and...

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Posted in: Interruption,Telecommunications

Full & Final IVA

If for whatever reason you have received a sum of money, no matter how small or large, you may be able to use that to pay your creditors in a Full & Final IVA.Today I am going to explain what a Full & Final IVA is and discuss the criteria of it.In brief, with an IVA you make an offer to repay your creditors a percentage of the debt that you owe. For example if you owe ?50,000 you would need approximately ?10,500 to offer a dividend that creditors may accept.With a Full & Final IVA, everything is done exactly the same; instead of making an offer for 60 monthly payments you will offer one payment, however your creditors may put forward modifications depending on your surplus.You would have to submit proof of the funds that you are...

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Posted in: Final

2011 Benefit Changes

Written by Lizzy on Thursday 7 April 2011 Here are the key changes to the benefits that came in action on 6th April.If you are struggling with debts then please call Payplan on 0800 2802816.Don’t forget you can also follow me on Facebook and Twitter.Filed Under  Debt News  |  TrackbackLeave a Comment Leave a ReplyView the original article h...

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Posted in: Benefit,Changes

Mortgages & Debt

Being in debt is scary enough, but when you have a property there can be added pressure on you. Today I want to talk about mortgages, and debt and how they come together.Your mortgage will most probably be the biggest debt you will ever have. You will have your repayments set out for you at the beginning and you will know what interest you will pay towards this. Depending on the type of mortgage, your interest will either be fixed at a set rate for a certain length of time or will be variable but linked more or less to Bank base rates.As well as being the biggest debt, it will often also involve the largest single, regular outgoing in your household budget and should always be paid as there are serious consequences.In order to manage your debt...

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Posted in: Mortgages

FSA and HM Treasury publish joint consultation paper on covered bond regulation

FSA/PN/035/201106 April 2011 The Financial Services Authority (FSA) and HM Treasury (HMT) have today published a joint review of the UK’s covered bond regulation.The review proposes a number of measures to build on the UK’s existing strong covered bond regime. These will make sure UK covered bonds are readily comparable to those from other countries and can compete on level playing field. The review highlights the quality of the UK regime, and will increase the appeal of UK covered bonds to investors.The review also provides an update on the UK's engagement with its international partners on other areas of policy which relate to covered bonds. A key issue of current discussion is the scope of proposed ‘bail-in’ powers, which would allow the...

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Posted in: consultation,covered,joint,paper,publish,regulation,Treasury

Consumer complaints (emerging risks and mass claims): Feedback on DP10/1

E-mail:DP10/1 to contact the authors28 March 2011This Feedback Statement reports on the main issues arising from Discussion Paper 10/1, Consumer complaints (emerging risks and mass claims).Newsletter [PDF]DP10/1: (March 2010)Consumer complaints (emerging risks and mass claims)FSA/OFT/FOS Coordination CommitteeMemorandum of Understanding between the Claims Management Regulator and the Financial Services Authority [PDF]FSA HandbookView the original article h...

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Posted in: Claims,complaints,Consumer,DP101,emerging,Feedback,risks

Quarterly consultation paper No.28

E-mail:CP11/07 to contact the authorsTelephone:0845 608 2372 to order a printed copy6 April 2011The FSA's Consultation paper CP11/07 is entitled 'Quarterly consultation (No. 28)'. It was published in April 2011. Comments on Chapters 2, 4 and 9 of this CP should reach us by 6 May 2011, and comments on Chapter 3 should reach us by 13 May 2011. Comments on all other chapters should reach us by 6 June 2011.Newsletter [ PDF ]Online response formResponse Paper will be available at the end of the consultation process FSA HandbookView the original article h...

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Posted in: consultation,paper,Quarterly

Auditor's Client Assets Report

25 March 2011This Policy Statement reports on the main issues arising from Consultation Paper 10/20 Improving the auditor’s report on client assets and publishes final rules.Newsletter [ PDF ]Press releaseCP10/20: (Sept 2010) Improving the auditor’s report on client assetsFSA HandbookView the original article h...

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Posted in: Assets,Auditors,Client,report

Use of non-EEA rules in calculating group capital requirements

E-mail:CP11/06 to contact the authorsTelephone:0845 608 2372 to order a printed copy31 March 2011The FSA's Consultation paper CP11/06 is entitled 'Use of non-EEA rules in calculating group capital requirements'. It was published in March 2011. Comments should reach us by 30 June 2011.Newsletter [ PDF ]Online response formResponse Paper will be available at the end of the consultation process FSA HandbookView the original article h...

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Posted in: calculating,capital,Group,nonEEA,requirements,rules

UK Debt Management companies

Your debt management company will create a glowing background pro you and blurt made known approximately very skilled advantages of adopting their debt management preparation. However, here are various disadvantages as well, which they don’t expose. Similar to such aspects, they don’t expose the macro picture. Hence, the UK debt counsel collected in rank from debt management companies in UK, which can be quite surprising to an ordinary man. At the aim of July 2009, the whole private debt of UK accumulated to be £1,457bn. Since continue link of years, 1 person in each 4 minutes declares liquidation. However, it is probable with the intention of this digit will dive down with comprehensive finances catching momentum. The mean debt for every household in UK sums up to £9,226. This amount...

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Posted in: Consolidation,debts

Budget brings little relief for middle England

The March Budget has bought some much needed relief for low income families but Atlantic Financial Management is warning that many middle income home owners are still facing stagnant wage inflation, increased living costs and the threat of mortgage rate rises in May.   Director Kevin Still said: “From April, 1.1 million people on lower incomes will no longer need to pay tax. This and the decision not to lower the 40 per cent tax threshold are welcome moves. There is also help for low income families through more child tax credits as well as a pay lift for public sector workers. But while council tax has been frozen, we must not forget that the cost of living is rising at twice the pace of wages so any increase would have really hurt....

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Posted in: brings,budget,England,little,middle,Relief

Jailed gangsters’ car scam grinds to a halt

A conman and his team swindled personal injury lawyers out of £150,000 by inventing car crashes and referring the 'injured clients' to them, the Daily Mail reports.Irfan Manzoor, 35, who saw himself as a major player within the world of accident claims, was a fraudster who duped solicitors paying him for passing fake cases onto them.The Manchester-based scheme preyed on solicitors in order to pocket the referral fees at £600 each time. Manzoor concocted stories of car crashes and falls on pavements but the lawyers only realised when they tried to contact the 'injured clients' to prepare expensive litigation for them. The telephone numbers given to them would be simply diverted to his accomplices, who would then pretend they were either the...

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Posted in: gangsters,grinds,jailed

Men ‘in a tackle’ when it comes to debt

Men are far less likely to confront debt troubles compared to women, a study has revealed.Debt advice charity Money Advice Trust (MAT) has revealed a range of psychological and sociological factors are responsible for making men less likely to seek debt advice than women.The research, which was undertaken by Dr Jackie Goode and Dr Amanda Waring from the Centre for Research in Social Policy, uncovered reasons why men can be seen to be less likely to seek debt advice than womenFactors included the divisions of ‘financial labour’ between men and women, whereby this was seen as the woman’s role, being over optimistic, as well as a lack of awareness, understanding, and inaccurate perceptions of what advice services offer.Chief Executive Joanna Elson...

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Posted in: comes,tackle

Dentist fakes own death for £1.85M

Wednesday 30th March 2011 A dentist has been jailed for five years for making £1.85 million of life insurance claims after faking his own death.Emmanouil Parisis, 46, formerly of Barnstaple, Devon, admitted eight charges of false representation after faking a car accident in Jordan.According to the BBC, the court heard how Parisis then moved to Aberdeenshire and changed his name to Neil McClaren, receiving £51,000 in claims.Parisis, who was originally from Jordan and had debts of £379,000, forged documents to show he had died in a car crash while on holiday in Amman, Jordan, in 2009.Parisis assumed his fresh identity and moved to Peterhead, Aberdeenshire, after claims were made on a total of 15 different insurance policies.His wife, Stiliani...

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Posted in: death,Dentist,fakes

Debt resolution company under threat of losing consumer credit licence

Thursday 24th March 2011 A debt resolution company could face closure after coming under fire from the OFT.First Step Finance Limited (FSF) is under threat of losing its credit license having been issued with a ‘Minded to Revoke’ notice by the OFT.A member of the Debt Resolution Forum (DRF), the notice was issued to the Stockport-based company on December 6 last year.The OFT took action in a separate review against a number of companies licensed to provide debt counselling and debt adjustment services in September 2010.This did not include FSF and primarily involved small businesses, mainly sole traders, and it is understood that 40 of these businesses have so far surrendered their licences. It is also understood that just under 40 companies...

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Posted in: Company,Consumer,Credit,licence,losing,resolution,threat,under

OFT consults Debt Management sector on CAB super-complaint

Debt management companies (DMCs) will this week have received a questionnaire from the OFT as part of its ongoing investigation into the Citizens Advice super-complaint regarding the marketing practices and fee charging of credit brokers and other service providers, including DMCs. The complaint submitted to the OFT includes suggestions of new regulations to protect consumers, but this could do more harm than good to the compliant companies providing valuable debt solutions.Strict legislation and restrictions are of course already in place, and the majority of DMCs are compliant and strongly support the OFT in its action against rogue companies to help build consumer confidence. To enhance the existing legislation monitoring and enforcement...

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Posted in: consults,Management,sector,supercomplaint

Debt resolution we ARE, debt management we are NOT!

A debt resolution company which made headlines in last week’s DMT newsletter has hit back at claims that they work in ‘debt management’.First Step Finance (FSF) claims it is frequently mistaken for a ‘debt management’ company, which has presented the firm with a number of challenges. FSF is currently subject to a review of its Consumer Credit License, which was instigated in December 2010. The company is fully co-operating and engaged with the OFT during the review process. The OFT raised a number of points which FSF claim are non-debt management issues, and un-related to the OFT Debt Management Guidance Review in September which saw 129 firms threatened with losing their consumer credit licenses.Ahmad Butt, Legal Director at FSF,...

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Posted in: Management,resolution

How Sound Debt Advice Helped me Get Back on my Feet

No one who has found themselves deeply in debt gets out of the situation without seeking advice.  While many find it extremely difficult to ask for this type of help, the fact is that most of us are not aware of our options and are usually not thinking straight when a massive wall of debt is resting on our shoulders.  Here is how obtaining debt advice from a qualified financial counsellor helped me decide which course of action was right for me and made it possible to eventually pay off my debts and get my life back.My debt issues came about for a very common reason.  While I made good money at my job, that stream of income came to a halt when the economy faltered and my employer made a number of positions redundant, including my own.  While I was fortunate enough to find...

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Posted in: advice,Helped,Sound

Reliable Debt Advice Helped me Get my Life Back

People who have never been deeply in debt and find themselves unable to honour their obligations have no idea how black the days can become.  The constant fear of answering the door or the phone in case a debt collector is lurking on the other end, as well as the worry of opening mail that is loaded with demands for payment of overdue debts can be crushing to one’s ego.  Fortunately, there are ways to escape from this situation, if you can get the right type of debt advice, as I did.While many people find themselves in poor financial condition because of a job loss, a divorce or a prolonged illness, none of those situations applied to me.  I got into debt because I don’t manage money well.  Thanks to the fact that I was making good money, I had no trouble getting credit...

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Posted in: advice,Helped,Reliable

Surviving On A Budget

Before you start budgeting you need to know where you need to budget. Make a list of all of your outgoings; food, clothes, gas, water, toiletries, cleaning, electric, home/car insurance, fuel etc?By making this list you can see exactly what you are spending each month and this will give you a better chance of seeing where you do need to cut back Once you know where you need to cut back, you can now start looking at where you can start making changes. Making the changes is usually the hard part and the key to success is to start off small and gradually build yourself up, as you do not want to do too much too soon. Things that you can do to try and save money include; switching gas/electric supplier, shop around at different supermarkets to reduce...

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Posted in: budget,Surviving

Budget 2011

Written by Lizzy on Monday 28 March 2011 The 2011 Budget has been officially announced and, after allowing time for it to sink in, here are some key points.Starting from April 2012 your personal tax allowance will raise a further ?630 to ?8,105. April this year personal tax allowance will rise from ?6,475 to ?7,475.What does this mean? You will now get to keep more of the money that you earn before paying tax and from April 2012 it is thought a further 260,000 people will be lifted out of the income tax bracket altogether.From 6pm 23rd March fuel duty was cut by 1p per litre. In addition to this the inflation-based increase that was due soon has now been postponed until the start of 2012.What does this mean? Fuel prices have been a big issue...

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Posted in: budget

Breaking News – Daily Mirror Stop The Debt Rogues

We at Payplan have welcomed the ?Stop the Debt Rogues? campaign launched today in the Daily Mirror. The Mirror?s campaign calls for a clamp down on the widespread bad practice by fee-charging debt management companies ? with an estimated 400 firms operating in the UK, many are ripping off consumers and not paying their creditors.The debt management sector needs to be regulated as a matter of urgency to protect vulnerable consumers suffering at the hands of these unscrupulous providers. We have long called for the proper regulation of operators of debt management plans. As part of their call to action, the Daily Mirror has launched an online petition which is available by clicking here.The debt management industry is currently regulated by the...

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Posted in: Breaking,Daily,Mirror,Rogues