As many as one in four people in the UK have lent money to friends in the last year, with less than half of the money having been pain back. These figures are the findings of a survey of three thousand people carried out by the Post Office. Of the people polled one in five [...]
Posts Tagged ‘debt’
UK Savers Dealing With Debts First
With interest rates remaining low people in the UK are continuing to pay off their debts rather than add to their savings. This is according to new research by Markit. The Markit figures demonstrate that fears over potential tough economic times ahead has meant that people are prioritising paying off their debts. Current record low [...]
IVAs – What are the Alternatives?
As a solution to debt Individual Voluntary Arrangements (IVAs) are a good option for many people. However IVAs are only suitable in a fairly narrow set of circumstances and so if you are having financial troubles then there is a good chance that you will need to consider an alternative solution. If you are struggling [...]
Banks Leaving Customers in Dire Poverty
UK high street banks have been accused of leaving some customers in ‘dire poverty’ after taking money out of their accounts without permission. Currently banks can move funds between different accounts belonging to the same person without giving prior notification. This practice, known as ‘setting off’, typically involves banks moving cash from a current account [...]
Debt Relief Orders Reach Record High
Latest figures from the Insolvency Service have revealed that more and more people are entering into Debt Relief Orders. In total 6295 people have entered into a debt relief order in England and Wales in the second quarter of this year. This represents an 11% rise on the first quarter of 2010 and a huge [...]
Brits Changing Shopping Habits to Cut Costs
Over 80 percent of UK shoppers have changed the way they shop in an attempt to cut costs and reduce debt. This is the conculsion of a study by banking group Santander who looked into how the shopping habits of the UK public have changed during the current economic crisis. According to the research over [...]
Million Brits Struggle Alone With Debt
Almost a million people in the UK are struggling alone with debt problems. This is the conclusion of a study by insolvency organisation R3 which revealed that despite financial problems many people aren’t receiving any professional help or advice. According to the research a number of reasons are stopping people from getting help with their [...]
How long does it take to get an IVA?
If you’re suffering from overwhelming debt problems then getting an IVA could be the best option for you. So how long does it take to get an IVA? Since every individual voluntary arrangement is unique there is no default answer to this question with the length of time it takes to set up the IVA [...]
Bankruptcy Risk Highest in the North East
Latest figures have shown that you are more likely to be declared bankrupt or enter into an IVA if you live in the North East than anywhere else in England and Wales. Insolvency trade body, R3 recently published a ‘bankruptcy map’ revealing the regions that have seen the highest proportion of new personal insolvency cases. [...]
Solving Debt Problems – What are your options?
With latest statistics showing average household debt in the UK reaching as high as £8,716 (excluding mortgages) it is perhaps of no surprise that more and more people are facing up to financial difiiculties. Currently rates show that someone will be declared insolvent or bankrupt every 51 seconds! Fortunately if you are having trouble keeping [...]