Personal Insolvencies Hit Record Levels as More UK Citizens Seek Debt ... Earthtimes (press release)
CHORLEY, UNITED KINGDOM -- 11/09/09 -- The latest figures released on National Insolvency report a record number of insolvencies. Director of Consumer Debt Advice Service, ClearStart Nigel Stockton has responded to the latest National Insolvency Statistics and has provided an insight into the potential debt management trends in future for UK citizens."Today's National Insolvency Statistics have showed an increase of 28.2% in personal insolvencies compared to the same quarter last year, with figures hitting record levels as consumers continue to struggle to service their debts.
"The latest figures have shown year on year growth in all types of insolvency solutions, but most worrying with bankruptcies/debt relief orders being the fastest areas of growth.
"Whilst bankruptcy may sound like an easy option for consumers, in that quite often debts are considered satisfied within twelve months, it can limit employment prospects, ruling out roles in parts of the financial services sector; the forces and directorships. Additionally, there is a stigma of bankruptcy which can continue for 6 years and financial exclusion is a certainty with access to credit denied.
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www.toomuchdebt.co.uk - With over 10 years of debt advisory experience Spencer Hayes can help you to find the debt solution that best suits you ...
Who do you recommend in the uk for financial advice & debt management,and help in all sorts of financial?
difficulties.What are your views on both C.C.C.S. and The Citizens Advice Bureau?Are they any good?Is anyone with Payplan or Credit Action? Does anyone recommend bankcruptcy,rather than say debt management?or is it better to just stick to doing debt management even if it takes ten yrs or more to clear all your debts?I am a divorced single middle aged mum who cant work as i'm disabled,i'm on benefits,and the stress and pressure and worry about all my debts AND being behind on several household bills is just too much for me to cope with any longer.I've also got a contract phone thats a struggle to keep on top of.I'm only two months in to a 18 month contract.I only got a contract as i saw a mobile i liked but obviously could never afford to buy so the only way to get it was to take out a contract.I didnt expect this but my first bill was pro-rata and more than the £35 a month i was told,and it came in 10 days after taking out the contract.I thought it wouldnt come in for a month.
Get yourself an appointment with the CAB as soon as possible...
Sorry missed the bit where you are disabled. Are you getting all the benefits you are entitled to. Check with Jobcentre
Ironically I am training to be an accountant and am three years away from being a chartered accountant.
Please use the CAB office and do not miss any appointments.
I am considering entering a debt management program. Anyone have any advice?
I am considering entering a debt management program because I am way over my head in credit card debt. I know it may not be the best solution but it seems I keep putting it off, getting no where paying down my debt. Does anyone have advice or comments?
Debt counseling is the best way to go instead of debt consolidation (which simply means one borrows more to get out of debt).
Here is a link to the FTC approved agencies. Some may charge a small fee and may not (depends upon your situation).
This will give you breathing time to catch up
http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm
Govt approved credit counseling agencies.
Good luck and hope this helps.
Make sure you work with a reputable company. They should charge a minimal monthly fee only. They should also have the type of financial counseling that will help you manage your finances and budget. Ok, now two platitudes for you that have been helpful for me: "It is not how much you save, it is what you don't spend"(I think Suze Orman said this) and *The road to debt is paved with discount* This is to help you to be frugal, and not pseudo frugal.
Add up all your short term debt, if it is greater than 1 year's earnings, go broke.
Going broke (bankruptcy) is a big step, but because you will become credit immune for 5 years, you will learn how to PROPERLY handle your money.
Debt management program can be subscribed in a straightforward procedure. The practice of advancing debt management program is traditional and online, but the later is given the preference as it provides instant results to the applicants. While applying for a debt management program furnish data in an elusive manner and accurately in order to avoid delay. The services of debt program management reinstate and assist to supervise the future debts along with realizing demands.
Some people do not know how to manage their money. Others turn a deaf years despite warning signs of poor money management. However, getting out of debt is a function of learning and consistently applying good money bad debt management practices.
First of all, individuals must truly acknowledge they need help managing their debts. Once they truly decide to do something about their debts, they need a plan. Subsequently, figure out exactly how much they have owed. Write down all on a piece of paper. If unable to understand, then it is better to take help of any financial expert available nearby.
In prospect of providing a good bad debt management service, there are many lenders available in the money market for this generous cause. However with the advent of the internet, availing bad debt management has become very simple and easy. Henceforth, debtors have to fill in simple application forms available right online. Thereafter, a lender works for the debtor.
The lender gives entire of the debts into a single entity name, and calculates the amount and interest rates thereupon. After matching your dues and the amount you have, the lender makes a single monthly repayment scheme considerably. In such a way that both the creditors and the lender may not have to bear up any financial burnt. Debtors find their elimination of their debts under the provision of bad debt management very easy and simple.
The results of this debt management program are creditable. In short, the explicit advice deducts the monthly burden which you are obligated to different lenders. Multiple debts will be cut down to a single and debtors will have to be answerable to a particular creditor adding to the shedding of mental stress. In the market, the service of debt management program is provided by finance lending institutions in an easy way and the eligibility criteria is to be a victim of debts. The debt management program is released or functioning under different names, debt management service, debt management advice, debt consolidation program, debt consolidation advice and such, so that debtors can easily consolidate the debts. With the sustenance of such program debtors can also spot a lender who allocates finance at marginal rate of interest.
http://www.mytermloans.org
http://badcreditloans.50webs.org/loanconsolidation.html
For one thing, half of them are scams - you pay a fee, and there's no guarantee that your debt, your minimum payment or interest rate would be reduced. You see them advertised at the same times and places as ambulance-chasing lawyers and get-rich-quick schemes - that should tell you something about their credibility.
You are just as well off, if not more so, dealing with the creditor directly. I'm currently making automatic monthly payments out of my checking account with a reduced minimum payment and a significantly lower interest.
Because I dealt with the creditor directly, I don't have to pay a middleman, and my whole monthly payment goes towards my debt, instead of a percentage going to the credit cousnelor. Plus, I don't have to worry about missing a payment because of an administrative screw-up.
Seriously, call the credit company TODAY and get started on your plan. You'd be surprised how much nicer they are to you when you're up front about your situation.
And more importantly, take a look at your spending habits. Cut out every unnecessary item you can, including cable, magazine subscriptions, takeout food - you'd see how quickly even the little things like snacks and coffee add up.
debt management schemes. any advice please?
I currently owe on credit cards £2800. the interest on these cards is very expensive and I don't seem to ever be paying off much of the money as a lot of it goes on interest.
i am also living in my overdraft which is £2000
i spoke to a debt management company, they said they can contact all the credit card companies and stop the interest charges and consolidate the amount i pay into one monthly sum. they will charge 15% handling fee
is this a wise move? it is a good way of me paying off debts?
if you have any info on this type of thing please let me know
any links to sites would be appreciated. thanks!
man 29066 is right on. You can do all this yourself and save the fee. You could try your CAB for guidance on how to do it and preparing financial statements etc.
You can also try CCCS as well they run a free telephone service
Go to the CAB and they will arrange a voluntary arrangement similar to an IVA but without the fee's this should also free the interrest and make a payment schedule you stick to.
I went to the Citizens Advice who were helpful and gave me information about debtline (google this) and on their site they have all the information about how to make offers to your creditors and getting them to freeze interest. It also has a budget planner on there which you need to fill in and give to your creditors.
Now, initially, your creditors will not be happy and will throw a strop and some may refuse your offer. If this happens, write to them again and make the same offer and say this is all I can afford to give you at present. They usually will then agree and will freeze interest until the agreement is over. Initially, some creditors will put a 6month review on it.
When you have got your budget done, the most important thing is to stick to it. Also, if you enter a reduced payment agreement with a creditor you must stick to it otherwise they will remove the acceptance of the offer and you will be back to square one.
With debt management companies, they make it sound so very easy, they promise that the creditors will not ring you anymore, they promise that it will be one payment to them and that's it. What they don't broadcast is that they take the first months payment and as they are "in the process of setting up agreements" they don't pay your creditors that month so straight away you are another payment down.
I managed to sort out my own debt problem with the help of debtline's website. It's so clearly laid out and easy to follow and if you get stuck you can always pick up the phone and ring them or email them.
Hope this helps
Good luck - you can do it!
longdogfinance.co.uk & shakespearefinance.co.uk is able to help you.
Can anyone who has had some great debt advice tell me where from..In lots of debt and need to find out how to?
I am looking for either a debt management company that actually does not rip you off...or a loan company that does actually lend to people with really bad credit and do not just take your fee and then turn you down
To be honest, I don't think either of your ideas are great. You're only going to get yourself in worse.
I would advise talking to the National Debt Helpline as they should be able to help. There are letter on their website that you can download and sent to your loan provider requesting that they reduce you're monthly payments.
http://www.nationaldebtline.co.uk/
Also, you may wish to inquire about their fees to ensure that the costs are reasonable.
Check the link for advanced info on their services and Good luck with it all. Ü
This company is excellent. My boyfriend got himself into quite a lot of debt and he also got a bad credit rating etc because he couldn't physically keep up with the repayments, not with the amount of interest he was being charged. It was ridicuous. Gregory Pennington have been fantastic. They have lowered his monthly repayments to £180 which is a manageable amount for my boyfriend and they negotiate directly with the companies you owe money to so you don't have to worry about a thing. Any letters or correspondance you get in the post, you send to them and they deal with it. Your debt problem is taken totally out of your hands.
I'm sure there is also a way to have an agreement with the Court, where they take any excess income and dole it out to your creditors on a pro-rata basis (the higher the debt, the more money they get). The CAB will advise you on this also.
For God's sake - do NOT go to one of these loan companies - you might end up paying out less each month, but you are still paying for it 100 years later!
PayPlan have a website. They are fab.. You want a company that is run by the consumer credit association so they dont take a fee from you at all.
I have seen another advertised on the telly advising pay off in 4 years no fees. not sure who..
Anyone know of a well known safe debt management agency?
Hello everyone, im not to smart when it comes to credit mumbo jumbo but i do know my credit is a kinda bad right now. So does anyone know of a agency that could sit down and provide me with advice or consolidate my debt into a payment plan via live person or over the web? I live in Southfield, MI... Thanks alot!
Credit Solutions
http://www.creditscorequick.com/loans/
www.knowdebt.org
Debt Management. Which is better - Citizens Advice Bureau or CCCS? UK?
I know someone who has used cccs and they rate them highly. Although citizens advice is good cccs specialise in debt problems.
I'm in debt. Is Debt Management Plan the right choice to solve my problem? Please advice me. Thanks?
I think you should speak to an independant advice centre.
For independant advice you should start by contacting the Consumer Credit Counselling service 0800 138 1111. They'll take all your details and advise you on how to manage your debts.
It depends on how much you owe as well and whether you want an Individual Voluntary Agreement or not. debtfreedirect are easily the best and I have used them but you need to have debts of more than £15,000. They set up an IVA between you and the creditors and then take control of your debts for you, Once an IVA is in place it stops the creditors from taking legal action and adding extra fees onto your debt as long as you pay the IVA. It also stops the phone calls and demanding letters, an IVA is a legally binding agreement and if you dont break it, then your creditors cant.
Banruptcy is an option as well if you owe too much but discuss it with CCCS first and they'll give you all the options available and the entire process if free.
You could also contact the national debtline on 0808 808 4000.
Debt Matters, debt management plan?
Hi,
Ive foolishly managed to get myself into quite a bit of debt (£8000), which im struugling to pay back every month. Now i realise it was stupid to get into this much debt in the 1st place so i dont need any sarcastic or unhelpful comments about that, all im askin is for some advice on a debt management plan.
I have been offered a plan by Debt Matters to pay bac £200 a month (£30 of which is their fee) over 3 and a half years.
This seems like a good opportunity for me to get on top of my debts.
PLEASE could any one tell me if they know of 'Debt Matters' or have used them before, and how they found them
Thank you very much
The sums don't add up.
You are going to pay £200 - £30 = £170 a month for 42 months. That equals £7140 which is short of £8000 and assumes none of the people you are repaying will charge any interest for three and a half years.
This company are going to take £1260 off you. That is a lot of money.
You can get the same thing for free by going to your local branch of the Citizens Advice Bureau. They will help you set up a debt managment programme, deal with the people you owe money to and charge no fee.
Avoid companies who want to charge you, when Citizens Advice help you for no fee.
Good luck and well done for taking the initiative in getting things sorted out.
Has anyone done a debt management program? If so, would you recommend it?
I'm thinking of entering a DMP as I have lots of unsecured debt due to unforseeable home repairs!!! Consumer Credit Counseling seems to be reputable but I'm worried about a negative impact on my credit. Can anyone offer advice???
Take care of this yourself. You don't need to pay someone a fee and take a credit hit for some people to tell you to do what you already know you need to do. Get angry and intense about these debts and pay them off!
Hope this helps!
Debt Help Advice! Complicated Situation...?
*Sigh. Somebody please give me some good advice. So, I make between 18 - 19 / hr at about 35 hours a week. That is a total income of $1900 a month. I messed up once in my past three years ago and my credit score is now 597. I have a history of repossesion (redeemed). I currently only have 1 credit card thats interest rate is a whopping 16%. I owe $3300 on the credit card and is currently making only minimum payments. No credit line increase on that card obviously. I have one auto loan that's interest rate is about 13%. I am making payments of $120 on that. About 85% goes to the principal. I have $2900 left on that loan. Meanwhile, yesterday, my car broke down and it turns out my transmission is done for. Meaning, because I still have not finished paying my loan, I cannot sell the remaining unworking car and I still need insurance on the car due to lender regulations. However, I need a new car. Any advice on consolidating loans or debt management? or whatever?!!!
Huh? You can't afford to pay for a transmission and you need a new car? Sorry it sounds like you are looking for an excuse to get a new car. And if you are are making minimum payments on your card what makes you think you can handle a higher car payment. And if your credit score is 597 the last thing you need to do is add more inquiries and debt. Also this is a very simple question and you really need to think about it, why do you not have a cash reserve?
Shop around for a company that can put in a rebuilt transmission. You might not even need that. A lot of times they say that, but you can get by with a lower cost repair.
Good luck.
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