Archives for 1 June 2007
BBA welcomes debt forum
The British Bankers’ Association (BBA) says the debt forum held earlier this week has brought banks and individual voluntary arrangement (IVA) organisations closer to agreement on an action plan.
About 150 lenders and insolvency practitioners met in London to discuss the marketing and structuring of IVA proposals.
It is hoped that the forum will lead to […]
CCCS: Clear credit card balances to avoid debt
Consumers have been advised that they should clear their credit card balances completely each month rather than paying minimum repayments.
The Consumer Credit Counselling Service (CCCS) states that consumers should use their credit cards sensibly following greater transparency in the market by attempting to pay more than the minimum charge each month.
Frances Walker, spokesperson for […]
Equifax: Consumers may not realise the impact of bankruptcy
Consumers may not fully appreciate the full impact of declaring oneself bankrupt, according to one industry insider.
Latest research from Equifax suggests that the number of people who had county court judgements registered against them rose last year to 850,000.
It suggests that as more people incur such judgements, bankruptcy may be increasingly seen as an […]
Britons are ‘flying into debt with trips abroad’
British consumers are becoming debt-ridden through their enthusiasm for holidays, according to new research.
A survey from CreditExpert found that 12 million Britons enter debt when paying for their holidays.
The research also found that more than a quarter (27 per cent) pay for holidays on credit, by taking out a loan or by using their […]
‘Very few’ credit card holders get into debt
The number of credit card holders who end up in debt is small compared with those able to manage their finances, according to one expert.
Frances Walker, spokesperson for the Consumer Credit Counselling Service (CCCS), states that unforeseen changes in life circumstances are often responsible for debt and the majority are able to avoid it.
She […]
‘Posh weddings’ land Brits in debt
Britons hoping to get married in the style of their favourite celebrities are landing themselves in debt, according to latest research.
A survey from The Debt Advisor found that the number of newlyweds who visit debt counsellors doubled last year, with average weddings now costing £18,000.
It also suggested that a fifth of all weddings have […]
Consumers celebrate ‘Tax Freedom Day’
Consumers will no doubt be celebrating Tax Freedom Day on June 1st, which marks the theoretical point when they “which they stop working for the government and start working for” themselves.
Research from unbiased.co.uk found that all of a person’s income from the first five months of the year is normally paid in tax.
It also […]
CCCS: Number of poor people with debt has doubled
The number of people living below the poverty line and seeking help for their debts has doubled, according to experts.
Research from debt charity the Consumer Credit Counselling Service (CCCS), states that more than a third (35 per cent) of people its counsellors saw last year, were from low-income families.
It adds that there is now […]
CAB: Debt can affect family relationships
Debt can place strain on families and couples leading to health problems, according to one industry insider.
Pamela Anderson, chairman of trustees at the Ryedale Citizen Advice Bureau (CAB), spoke ahead of its annual general meeting about the impact of debt on family life.
She said in her annual report that relationships can be affected from […]