‘Debt’ News
Long Lines at the Store Equal Large Bills at Home
Posted 2007-12-21
Some say Christmas is a time for overindulgence in all aspects of life: food, drink, money, and fun. Now, however, the money aspect of that list is confirmed. Your Money Matters Show has released astounding figures pointing towards the expense...
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A Makeover for IVAs
Posted 2007-12-5
With the Government’s Insolvency Service reporting that 26,956 people in Wales and England declared insolvency in the second quarter of 2007 alone, the British Bankers’ Association (BBA) has recently taken steps to address the issue. The BBA has developed new industry standards regarding various aspects of Individual Voluntary Arrangements (IVA) to streamline the process of applying for an IVA. The BBA states that the new process is designed to assist people who carry debt rectify their financial situation. Angela Knight, BBA Chief Executive, stated: “People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution,” BBA. Ms Knight went on to explain that the new development would also help to give people carrying debt “the reassurances they need in order to make the right choice for their financial futures”. These new industry standards have evolved only through the cooperation of many banks and providers. ...
Citizens Advice Releases Tips to Avoid Holiday Debt
Posted 2007-12-3
Heading out for last minute Christmas shopping? Saved the bulk of your required purchases for the final few hours? Citizens’ Advice warns you to think carefully about your purchases. Teresa Perchard, director of policy at Citizens Advice, explains, “It is...
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Banks and Credit Card Companies React to Consumer Debt
Posted 2007-11-26
As increasing numbers of consumers fail to pay their credit card bill, banks and credit card companies are taking action to protect themselves and reduce future damage, which they are already experiencing. PricewaterhouseCoopers (PWC) estimates that on average, British adults owe £33,000 each in unsecured loans. Startlingly, this amount has doubled since only 2000. The inability of consumers to pay their credit card bills has resulted in credit companies losing £4 billion, estimated PWC in its Precious Plastics 2008 report. In response, credit card companies are rejecting credit applications right and left, and “banks are tightening their credit acceptance policies,” says Richard Thompson, of PWC. Thompson goes on to explain that “Many consumers will find it increasingly difficult to obtain credit in the run-up to Christmas.” ...