Debt problems could be exacerbated through stagnating wages

Many people across the UK have seen their wages either frozen or even cut over the past couple of years, despite the fact that living costs and inflation have soared. These days, consumers have to make their wages go much further than they had to in the past and according to some officials this could result in a huge problem with person debt over the next couple of years.

Stagnating wages compared to soaring inflation could be contributing to problems in repaying existing debt as well as with issues relating to taking out fresh debt, all of which is set to culminate in UK households having more than £2 trillion worth of debt by around 2015. Many basic and essential living costs have soared whilst wages have failed to keep up with inflation, which includes the cost of petrol, food and energy usage.

Many people who already have debts are finding it difficult to keep on top of repayments or pay anything more than the minimum amount required due to their financial situations. Many others have been forced into taking out new debt as they have had to borrow money in order to stay afloat financially because they have been unable to make their wages stretch far enough. Some may be forced into opting for solutions such as insolvency over the coming year or two, as their financial situations become worse, particularly if the base rate increases and their mortgage repayments shoot up.

An official from a union said: “As wages have stagnated, debt has soared. As incomes are squeezed further, the Office for Budget Responsibility expects household debt in this country to reach over £2 trillion by 2015 – an albatross around the neck of our economic future.”

Tags: mortgage repayments, petrol, finances, energy usage, financial situations, insolvency

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Posted in: could,exacerbated,problems,stagnating,through,wages

Lottery grant could help charity to assist people in debt

A quarter of a million pound lottery grant is set to help a Wrexham debt advice charity to assist the growing number of people and households that are experiencing debt problems in the area. The three-year Shelter Cymru project was launched in the autumn and has been recruiting staff in the run up to its launch.

Around two hundred households a year will be receiving invaluable advice and assistance from the charity and officials from the project have said that the lottery funding will be a huge boost to the area, as there are more and more young people in and around Wrexham who are now experiencing debt problems and issues that they are unable to resolve without getting help, advice and assistance from experts and professionals.

One spokesperson for the charity said that it could make a huge difference to those that are bogged down with debt to be able to get the right advice to help them with their issues and that the £250,000 grant would help to ensure that the charity was in a position to offer this much needed advice to those that required it. The charity will be able to help those with both small and bigger debt problems, with the grant enabling the group to also assist those with more complicated debt issues that could involve a lot of liaison with creditors and other companies in order to try and reach a suitable solution.

An official from the charity stated: “We know that people are finding things tough financially at the moment. We see it every day in our casework, while a survey carried out for us by YouGov earlier this year showed that more people are starting to use their credit cards to cover day to day expenses.”

Tags: advice, spokesperson, Wrexham FC, Charitable organization, lottery, official, Human Interest, three-year shelter cymru, YouGov, credit cards

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Posted in: assist,Charity,could,grant,Lottery,people

1.2m people could face debt problems due to HMRC tax error

As many as 1.2 million people could be facing debt problems as HM Revenue and Customs (HMRC) reveals that there have been errors with the Pay As You Earn (PAYE) tax system.

An internal audit into the PAYE system has uncovered a long list of wrong payments, with as many as five million people having paid either too much or too little tax on their earnings in 2010-11. Whilst a lot of people may receive tax rebates because of the error, a total of 1.2 million are believed to have underpaid by as much as £600 in the tax year ending April 2011.

To address the shortfall, it is likely that most of those who owe money will have £50 a month deducted from their pay until they are in the clear. This could lead to debt problems for those who are already struggling to make ends due to rising inflation and low wage increases.

HMRC is also planning to be less lenient on those who owe money than it has been in previous years. In 2010, the government department agree to not to pursue those who owed less than £300, whereas this year it will be chasing up unpaid tax of more than £50.

Accountancy firm Grant Thornton, which released the figures, expressed concern that the HMRC’s tougher tax debt recovery methods could affect elderly people more than others. Accountant Mike Warburton said:

“I have a particular concern about pensioners, not simply because many would find it difficult to pay the tax, but because they are often caught with underpayments.”

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Posted in: could,error,people,problems

Many could be in debt to tax man

It has been announced recently that once again HM Revenue & Customs is planning to send out letters to millions of people over the course of this summer in a similar operation to the controversial and embarrassing one that was carried out last year. In 2010 HMRC had to contact millions of people either to repay tax that had been overpaid or to demand underpaid tax. This followed errors that the tax office blamed on its computer systems.

However, it has now emerged that nearly five million people may have paid the wrong tax in 2010/2011, which means that another round of letters will have to be sent out informing millions of people whether they are owed money by the tax office of whether they owe money to the taxman. Whilst those that are owed money could be in line for a nice little windfall of several hundred pounds, the situation could be very worrying for those that are contacted to say that they owe money to the taxman.

According to reports around 1.2 million people underpaid tax by an average £600 in the last financial year due to HMRC miscalculations. For these people the repayments will have to be made via a change in their PAYE codes that will see them lose an average £50 a month on their wages until the debt has been paid. However, like last year the move is likely to cause uproar amongst those that are being forced to pay money that they didn’t even realise they owed. Some of the people who owe money may have even retired since last year.

One official said: “I have a particular concern about pensioners, not simply because many would find it difficult to pay the tax, but because they are often caught with underpayments. When they start to draw the basic state pension, many continue to have their full personal allowances attributed by mistake against other sources. It is therefore quite easy to run up an underpayment of more than £1,000 a year.”

Tags: uproar, Social Issues, underpaid tax, Low Income Taxpayers, HMRC, Taxation, PAYE

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Posted in: could

Equity Release could alleviate £25k debt

With a record number of people facing financial difficulty, many are looking for alternative ways to free themselves from debt.

Recent figures from Key Retirement Solutions have revealed that almost one third of people over the age of sixty-five enter retirement with an average of £25,000, so solutions are being sought to alleviate this debt. Equity Release enables clients to acquire a capital lump sum or additional monthly income from their home but still live in the property. The products enable indebted individuals to continue living in their home, but debt free. Norton Broker Services has made the service available to clients through their ‘One Stop Shop’, to help not only homeowners who are over fifty-five but also other demographics who are struggling with debt problems. There are currently two main types of Equity Release products available on the market, ‘Lifetime Mortgage Plans’ and ‘Home Reversion Plans’, both of these products are regulated by the Financial Services Authority. Norton Broker Services has launched an Affinity Partnership with a specialist Equity Release Advisory Company making ‘Lifetime Mortgage Plans’, and ‘Home Reversion Plans’ available to their clients.

Norton can introduce clients to a number of companies who offer these products, and provide appropriate solutions to client’s needs.

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Wednesday 11th August 2010

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Monday 2nd August 2010

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Wednesday 14th July 2010

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Wednesday 20th February 2008

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Posted in: alleviate,could,Equity,Release

People with debt problems could install a water meter to avoid hike in bills

- Monday, 28 February 2011

Brits, including those seeking debt advice, may want to install a water meter in order to save money on their water bills.

Such is the suggestion of Ann Robinson, director of consumer policy at uSwitch.com, who stated that if a home has more bedrooms than people a water meter can be cost-effective and save a household £56 a year.

She made these comments after Ofwat announced that the average water bill will increase by 4.6 per cent to £356 a year in April.

Ms Robinson stated there are other options for consumers, including those living with debt solutions, if a water meter is not suitable for them.

She said: "If a water meter isn't the right choice, consumers should look at where they can make savings.

"Switching energy supplier can save up to £458 a year, while being on the best deal for your home phone, broadband and TV bundle can cut £261 off your household bills."

Dave Rodger, managing director of the Debt Advice Foundation, recently suggested that parents with working children living at home should ask them to contribute to the household costs.
Tue, 01 Mar 2011
Brits currently seeking debt help could save around £300 a year by bundling their broadband, home phone and digital TV into one package, with one provider... Fri, 25 Feb 2011
Parents seeking debt help should ask their children, who are earning a wage, to contribute towards their living costs... Thu, 24 Feb 2011
People should avoid making big purchases on a credit card unless they intend to pay the bill in full each month, as they could easily get into debt problems... Wed, 23 Feb 2011
Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card...

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Posted in: avoid,bills,could,install,meter,people,problems,Water

Brits with debt problems could save £300 a year on broadband

- Tuesday, 1 March 2011

Brits currently seeking debt help could save around £300 a year by bundling their broadband, home phone and digital TV into one package, with one provider.

That is according to broadbandChoices.co.uk, which also found that 28 per cent of British broadband customers are missing out on these savings by not bundling up their internet with digital TV or a home phone.

If someone wishes to become debt-free quicker, they could consider switching to a provider which offers all three things in one package as this can help them save money.

Michael Phillips, product director at the price comparison site, stated: "The cost of living is rising.

"British consumers need to review their spending to minimise the financial blow, therefore it is surprising that such a high proportion of British broadband customers do not realise that bundles offer excellent value for money."

People with debt solutions could also consider signing up to Talk Talk for their broadband and telephone as the package is currently being offered with a 50 per cent discount.

  Mon, 28 Feb 2011
Brits, including those seeking debt advice, may want to install a water meter in order to save money on their water bills... Fri, 25 Feb 2011
Parents seeking debt help should ask their children, who are earning a wage, to contribute towards their living costs... Thu, 24 Feb 2011
People should avoid making big purchases on a credit card unless they intend to pay the bill in full each month, as they could easily get into debt problems... Wed, 23 Feb 2011
Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card...

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Posted in: Brits,broadband,could,problems

Buying a holiday on a credit card could lead to debt problems

People should avoid making big purchases on a credit card unless they intend to pay the bill in full each month, as they could easily get into debt problems.

Such is the advice of Justin Modray, from financial advice website candidmoney, who also stated that using a credit card to purchase a holiday can be beneficial as it offers protection on purchases over £100.

He said: "Credit cards are usually an expensive way to borrow money so try to avoid using cards for big purchases unless you plan to repay the bill shortly afterwards."

Therefore, if consumers do not want to end up needing debt solutions in the future, they may want to avoid borrowing money on a credit card.

Research by Travelex, which was released on February 22nd, showed that 26 per cent of the population are planning to pay for their holiday using a credit card, with 11 per cent having already done so.

This is an increase of ten per cent from last year.
Wed, 23 Feb 2011
Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card... Tue, 22 Feb 2011
Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.

Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.

The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.

This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.

Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..

Mon, 21 Feb 2011
Consumers living with debt problems may want to sign up for the broadband and phone package that Talk Talk is introducing... Fri, 18 Feb 2011
Couples that are going through financial difficulties and seeking debt advice need to be "open and honest" with one another...

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Posted in: Buying,could,Credit,holiday,problems

Property prices could fall by one-fifth

House prices could fall by up to 20% over the next two years as rising unemployment and spending cuts stifle demand, according to analysts.

The prospect of higher interest rates and stricter lending criteria from banks is also likely to add to the downward pressure on house prices in the near to medium-term.

The average UK home lost around a fifth of its value post-credit crunch between mid-2008 and the end of 2009. Half of these losses were regained last year thanks mostly to record low interest rates.

The Bank of England is under mounting pressure to increase interest rates in the light of runaway inflation that is likely to peak at around 5% later in the year. The Bank’s analysis that rocketing prices are the result of “temporary” pressures is beginning to be “wearing thin” with experts.

Paul Diggle, a property economist at consultancy Capital Economics, said: “Prices are trending slowly downwards at the moment, but our view is that this is really the start of the second leg of the correction, and we expect prices to fall significantly further,”

He says the average home is still 20% overvalued and that conditions could be ripe throughout the rest of the year to bring prices back down to earth.

Andrew Brigden, of financial research group Fathom, says that prices could be up to 30% too high. He predicts that a correction will come at some point even if interest rates are not increased. He said another possibility is that prices will remain flat for many years to come as wages slowly catch up.

The falls are predicted to vary from region to region with areas worst affected by public sector cuts and job losses likely to be the worst hit.

A survey by Rightmove today reveals a 21 % increase in the number of properties coming onto the market in London with activity “frozen over” in the rest of the country.

The property website’s latest housing survey showed that supply is far outstripping demand and suggested there were 1.3 million properties currently for sale, whilst there were only 530,000 mortgages approved throughout the whole of last year.

Miles Shipside, of Rightmove, said: “Not all properties marketed have to sell or stay on the market, with a percentage being withdrawn if they fail to find a buyer. There is still a clear imbalance between supply left on the market and demand even taking this into account. Demand is restricted by mortgage availability and potential buyers economic circumstances.

“The number of forced sellers and repossessions are the key factor that drives down prices, and to date lenders have shown considerable forbearance in how they manage arrears and are wary of flooding some markets by putting lots of repossessions up for sale.”

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Posted in: could,onefifth,Prices,Property

Zero% balance transfer cards could be an option for those with credit card debt

Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card.

Such is the advice from moneysupermarket.com, which found that Brits are collectively wasting £2.3 billion in credit card interest each year.

That is because these consumers let their debt sit on their credit card accruing interest, with 46 per cent of Brits not paying off their debt in full each month.

Therefore, people worried about their credit card debt could transfer their outstanding balance to a zero per cent credit card, as this will save them £279 a year in interest payments.

Kevin Mountford, head of banking at the price comparison site, said: "As the nation's wallets continue to be squeezed by higher living costs, it is crucial consumers look to pay off their debt quickly and efficiently to prevent additional interest from accruing.

"Anyone with an outstanding balance on their card should consider switching to a product offering zero per cent interest on balance transfers."

Couples coping with debt problems have been advised to be open and honest with one another by Kim Stephenson, a financial psychologist.
Tue, 22 Feb 2011
Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.

Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.

The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.

This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.

Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..

Mon, 21 Feb 2011
Consumers living with debt problems may want to sign up for the broadband and phone package that Talk Talk is introducing... Fri, 18 Feb 2011
Couples that are going through financial difficulties and seeking debt advice need to be "open and honest" with one another... Thu, 17 Feb 2011
Anyone who has recently lost their job has been advised to seek debt help as soon as possible to help them avoid further debt problems...

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Posted in: balance,cards,could,Credit,option,those,transfer

Discount voucher websites could help those with debt problems save money

Consumers currently seeking debt advice may like to take advantage of the offers on discount voucher websites as it could help them save money on things such as eating out.

According to Richard Sorsky, money advice co-ordinator at the UK Insolvency Helpline, more people sought debt advice in January and February this year compared to 2009.

The main issues surrounding families was that they are struggling to pay nursery or school fees as many left it too late to get their child into the school they wanted and are now paying for private education.

He issued advice to those currently struggling with debt problems: "Take advantage of voucher websites because you can actually save a fortune using a voucher website.

"Get your bank statements out, sit down for a good hour and see exactly what purchases are necessary this month."

Consumers can then work out how much they have to spend on outgoings, clothes and themselves, without getting into more debt, he added.

The Consumer Credit Counselling Service reported an increase in those seeking debt help online in January than the same month in 2010.
Wed, 23 Feb 2011
Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card... Tue, 22 Feb 2011
Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.

Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.

The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.

This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.

Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..

Mon, 21 Feb 2011
Consumers living with debt problems may want to sign up for the broadband and phone package that Talk Talk is introducing... Fri, 18 Feb 2011
Couples that are going through financial difficulties and seeking debt advice need to be "open and honest" with one another...

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Posted in: could,Discount,money,problems,those,voucher,websites

Prepaid cards could be useful for holidaymakers with debt problems

Prepaid cards could be an option for those currently seeking debt advice who still wish to travel abroad this year.

That is because the consumer can put a certain amount of money on the card before they travel and will not be able to spend any more once it has been used up, helping them avoid debt problems.

According to Kevin Harrington, managing director at Global Prepaid Exchange, which provides services to the growing prepaid sector, people can save lots of money on the exchange rate.

He said: "The exciting thing from a traveller's point of view is that, if you lose the card you can stop it and you're supplied with a free emergency card straight away."

Prepaid cards are also more convenient than traveller's cheques as the consumer could be eligible for discounts if they shop around for a good deal, Mr Harrington added.

The firm revealed on February 7th that 2011 will see innovations in payment methods taking off, such as prepaid cards.
Wed, 23 Feb 2011
Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card... Tue, 22 Feb 2011
Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.

Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.

The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.

This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.

Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..

Mon, 21 Feb 2011
Consumers living with debt problems may want to sign up for the broadband and phone package that Talk Talk is introducing... Fri, 18 Feb 2011
Couples that are going through financial difficulties and seeking debt advice need to be "open and honest" with one another...

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Posted in: cards,could,holidaymakers,Prepaid,problems,useful

Credit card debt could decline as people try to take control of finances

The number of people facing debt problems because of overspending on a credit card may decline as consumers are turning to debit and prepaid cards instead.

According to Keith Harrington, managing director at Global Prepaid Exchange, which offers services to the industry, credit card usage is declining.

He said: "Credit cards are on a decline because people are trying to manage their finances better and not incur charges.

"Debit cards are increasing, but prepaid card are rapidly increasing because people are seeing so many opportunities [with them]."

This could suggest that Brits are starting to realise that using a credit card can be risky in terms of accruing debt and possibly needing a debt solution in the future.

Mr Harrington also claimed that consumers are now starting to use prepaid cards, which are uploaded with cash and can be used in specific stores.

Research by his firm, which was released on February 7th, found that 2011 will experience a boom in innovative payment methods.
Wed, 23 Feb 2011
Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card... Tue, 22 Feb 2011
Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.

Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.

The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.

This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.

Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..

Mon, 21 Feb 2011
Consumers living with debt problems may want to sign up for the broadband and phone package that Talk Talk is introducing... Fri, 18 Feb 2011
Couples that are going through financial difficulties and seeking debt advice need to be "open and honest" with one another...

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Posted in: control,could,Credit,decline,finances,people

Talk Talk broadband package could be an option for those seeking debt advice

Consumers living with debt problems may want to sign up for the broadband and phone package that Talk Talk is introducing.

That is because consumers can save money on their household bills by signing up to the package as it is currently being offered with a 50 per cent discount.

This means that people who sign up for the Essential package will pay just £3.49 a month for both their broadband and home phone.

As a result, Brits living with debt solutions could save money on their internet bills and use the spare cash to clear their debt problems.

Matthew Wheeler, communications expert at price comparison site uSwitch.com, commented: "The new deals are well worth considering. £3.49 a month for a broadband and calls package is exceptional value for money.

"You do have to pay line rental on top of this, which at £12.30 a month, is far from the cheapest on the market."

Despite the line rental, the company still offers one of the cheapest annual bills on the market, he added.

The rates apply to a 12 month contract.
Wed, 23 Feb 2011
Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card... Tue, 22 Feb 2011
Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.

Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.

The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.

This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.

Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..

Fri, 18 Feb 2011
Couples that are going through financial difficulties and seeking debt advice need to be "open and honest" with one another... Thu, 17 Feb 2011
Anyone who has recently lost their job has been advised to seek debt help as soon as possible to help them avoid further debt problems...

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Posted in: Advice,broadband,could,option,package,Seeking,those

British Gas price cut could help ease IVA and Debt Management worries

News that British Gas is to cut its prices could help ease the pressure on financially strapped consumers that are relying on IVA help or a Debt Management Plan as a way to get out of debt. The recession has taken its toll financially, and the bitter winter has left many people struggling to find money to pay their increased utility bills on time. IVA advice is being sought by UK consumers in record numbers since the onset of the credit crunch.

The British Gas announcement confirmed that the company will cut gas prices by an average of 7% immediately. It will be welcome news to people struggling with their finances and in need of debt advice.

According to the company, the average customer will save £55 a year because of the price cut, and they estimate that around eight million households will be better off. British Gas added that this is the third price cut that they have implemented in the past 12 months.

In the wake of the current global credit crisis, energy suppliers have been criticised for not allowing consumers to benefit from cuts in wholesale oil and gas prices, by way of lower bills. From February last year, wholesale gas prices have dropped sharply, and domestic prices dropped in the spring.

After pressure from consumer groups and the regulator British Gas said it had removed the different price structure for pre-payment gas meters. This means that those who settle bills by cash or cheque pay, on average, the same for their energy as pre-pay clients.

Customers benefit to a different degree depending on which part of the UK they live in as well as what price plan they are on. The price cuts are taken as an average. Electricity prices will remain unchanged for now.

The news will be welcomed by debt advice providers struggling to cope with over-committed consumers that are buried under a mountain of credit card debt and other monthly bills.

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Posted in: British,could,Management,price,worries

Debt Advice in 2011 could reach all time record highs

DEMSA OFT Debt Example

Here's how a debt management plan can help you repay debt. Benefit of a Debt Management Plan

Current monthly payment: Term: 10 years (for credit card) New monthly repayment:
Term: 3 years 8 months*

I would recommend Debt Advisory Line purely on Joe’s involvement.

We aim to reduce debt in the shortest possible time. We are members of DEMSA - (The Debt Managers Standards Association). We adhere to the code of conduct as set out by DEMSA which aims to protect the interests of both consumers and lenders. The DEMSA code of practice is approved under the OFT (Office of Fair Trading) Consumer Codes Approval Scheme (CCAS).

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Posted in: Advice,could,highs,reach,record

New pay-as-you-view loans could cause more debt misery

Debt Example

Here's how a debt management plan can help you repay debt. Benefit of a Debt Management Plan

Current monthly payment: Term: 10 years (for credit card) New monthly repayment:
Term: 3 years 8 months*

When i first got in contact with the debt advisory line, i was not sure how things would work out for me, it was when Mr Rabani a rep: of the advisory line assured me i nothing to worry about, ho

We aim to reduce debt in the shortest possible time. We are members of DEMSA - (The Debt Managers Standards Association). We adhere to the code of conduct as set out by DEMSA which aims to protect the interests of both consumers and lenders. The DEMSA code of practice is approved under the OFT (Office of Fair Trading) Consumer Codes Approval Scheme (CCAS).

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Posted in: cause,could,loans,misery,payasyouview

Getting debt advice could get harder in Newtownabbey

For more and more people the ability to get free, sound debt advice has become increasingly important. This is due the financial difficulties that many people are facing, and the problems that they have when it comes to repayments of their debts. Over the past couple of years the number of people signing up for debt advice has soared, with charities dealing with a huge number of cases.

However, it has emerged that those looking for debt advice in the Newtownabbey area may struggle to get it in the future after councillors made a preliminary decision to cut the funding of the local Citizen’s Advice Bureau by around one third. This has come as devastating news to the CAB, which would have to compromise on support given to those looking for advice on debt or other issues and consider redundancies.

Citizens Advice Bureau manager Pat Hutchinson has now had to attend a recent Development Committee meeting where she has had to appeal to councillors to keep the funding for the CAB as it is rather than slashing it in the way that has been planned. Whilst a decision had already been made to cut the budget, councillors delayed matters to give the CAB a chance to appeal.  

She told councillors: “To reduce the level of funding by such an extent would mean a cut in the service provision for the people of Newtownabbey and we would have to consider redundancy. Last year we dealt with 36,761 issues from 16,127 contacts. That is an increase on the previous year and more than the Northern Ireland average. And we recovered £3 million for clients, £11 for every pound invested. Advisors have dealt with 3,342 issues or 1,466 contacts on average each – it is a massive workload. The staff cost per contact is £13.42, around £10 cheaper than it is in Belfast or Derry. We are the only independent advice provider in Newtownabbey and with the increase in personal debt there will be a further increase in people needing advice.”       

Tags: Development Committee, charities, sound debt advice, preliminary decision, previous year, northern ireland

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