Personal Finance News & Debt Guides
How do debt management companies work?
21 February 2012
Many people in the UK use a debt management plan (DMP) to solve their financial problems. Although some people attempt to set up a DMP themselves it is more common to do so via a specialist debt management company. How do debt management companies work and how can they help you?....read more
Consumer Debt Management Advice
20 February 2012
Spencer Hayes is here to assist you with all your consumer debt problems. No matter how bad you think things are we can help you to overcome your financial difficulties and become debt free....read more
IVA or DMP - what is the best option for me?
17 February 2012
If you are struggling to keep up with your debt repayments and are looking for a solution you may be considering a Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA). Which of these options is the best solution to your debts?....read more
UK consumers among world's most indebted
13 February 2012
The average UK family owes £7900 on credit cards, personal loans and overdrafts. This is despite three successive years of net repayments and puts British consumers among the most indebted in the world....read more
Debt Management Services UK
7 February 2012
Spencer Hayes helps thousands of people each year with our professional debt management services. As one of the UK's leading financial services companies we are dedicated to helpling people to overcome their personal debt problems....read more
Fewer personal insolvencies in 2011
3 February 2012
Fewer individuals were declared insolvent in England and Wales last year than in 2010. However personal insolvencies are still happening at significantly higher levels than before the credit crunch....read more
Apply for an IVA
2 February 2012
If you have significant debt problems and you are struggling to keep up with your repayments then you may be eligible to apply for an IVA. Individual Voluntary Arrangements are used by thousands of people each year to solve personal debt problems....read more
How to Consolidate Debt
28 January 2012
Debt consolidation is the process of combining your debts so that instead of making multiple repayments each month you only need to make one. Thousands of people each year choose to restructure their debts in this way....read more
IVA Advice and Services in Lancashire
26 January 2012
Based in Lancashire, Spencer Hayes can set up and manage your Individual Voluntary Arrangement. Our experienced debt counsellors will work to advise you on all aspects of IVAs....read more
IVA Qualifying Criteria
26 January 2012
Whether a person qualifies for an Individual Voluntary Arrangement depends on a number of factors. Typically eligibility for an IVA will be assessed according to the following qualifying criteria....read more
One third of adults plan to spend less in 2012
24 January 2012
An increasing number of people in the UK are planning to cut back on their spending this year, according to a new survey. The research carried out on behalf of the Resolution Foundation found that one in three adults plan to spend less in 2012....read more
Bankruptcy Counselling Lancashire
23 January 2012
Declaring bankruptcy is one of the most common ways in which people look to solve financial difficulties. If you are considering becoming bankrupt Spencer Hayes can help. From our Lancashire offices we provide bankruptcy advice and debt counselling to individuals nationwide....read more
Arranging a Lump Sum IVA
20 January 2012
When entering into a standard Individual Voluntary Arrangement you agree to make monthly payments for a fixed period of time, at the end of which the rest of your debt is written off. Although this type of arrangement is by far the most common there are occasions when an alternative type of IVA will be more appropriate. Once such alternative is a Lump Sum IVA....read more
Debt Management Plan Pros and Cons
16 January 2012
For people who find that they can no longer keep up with their loan, credit card or store card repayments a Debt Management Plan (DMP) could be the best option. There are both advantages and disadvantages of using a DMP as a way to solve your financial problems....read more
Spencer Hayes - Debt Management Company, Lancashire
12 January 2012
Spencer Hayes is one of the UK's leading debt management companies. Based in Blackburn, Lancashire we have many years of experience in helping people to find a solution to their financial problems....read more
IVA Questions and Answers
11 January 2012
Some of the questions we frequently get asked about Individual Voluntary Arrangements. Find out more about how an IVA can help people to clear their debts....read more
Young adults encouraged to deal with debts
5 January 2012
With more and more people under 35 finding themselves in financial difficulties the Insolvency Service has launched a campaign to urge young adults to deal with their debts.
The 'Dealing with your Debt' campaign as aimed at encouraging individuals with financial problems to seek debt help and to manage their finances responsibly....read more
Debt Management Plan FAQs
23 December 2011
If you have unsecured debts that you can no longer afford to repay then a DMP could be the best option for you. To qualify you will need to owe money to more than one creditor and have enough disposable income to be able to make regualar payments each month....read more
Christmas spending to leave many in debt
21 December 2011
Christmas spending in 2011 is likely to leave over a quarter of Brits in debt. This is according to research carried out by uSwitch that found that 27% of adults in the UK will end up in debt as a result of Xmas purchases....read more
What is a Joint IVA (Individual Voluntary Arrangement)?
19 December 2011
For couples that are experiencing debt problems one possible solution is to enter into a Joint IVA. If you and your partner are in debt then there are a number of reasons why you to choose to a agree to a Joint Individual Voluntary Arrangement....read more
Scottish individuals struggling with debt
15 December 2011
Citizens Advice Scotland has told the Scottish Parliament that personal debt remains the single biggets issue it advises on each day. Over a quarter of all issues brought to the Scottish CAB in 2010/11 were relating to problems with debt....read more
IVA Process - How Individual Voluntary Arrangements work
15 December 2011
If you're suffeirng from serious debt problems then you may be eligible to apply for an Individual Voluntary Arrangement (IVA). The process for setting up an IVA can be divided into two areas - the Nominee stage and the Supervisor stage....read more
Alternative to Bankruptcy - What are your options?
14 December 2011
If you are struggling with overwhelming debts you may believe that declaring bankruptcy is your only option. In the UK however there are in fact lots of different ways for people to improve their finances and become free from debt. Although for many people bankruptcy will be the best solution it is always advisable to first consider all the alternatives....read more
What is a Full and Final Settlement Offer?
13 December 2011
If you're looking for a solution to your debt problems one possible option, in certain circumstances, is to make a Full and Final Settlement offer.
In a Full and Final Settlement you arrange to make a partial one off lump sum payment in exchange for the rest of your debt being written off....read more
Debt worries on the increase
8 December 2011
UK individuals are becoming increasingly worried about their debts and nearly half are struggling each month to make it to payday. As many as 3.5 million people are considering taking out a payday loan in the next six months....read more
What is a Debt Management Plan (DMP)?
7 December 2011
With adults in the UK now owing on average £7,984(excluding mortgages) getting into trouble with personal debts can easily happen.
A Debt Management Plan (DMP) is a viable option for people facing difficulties with unsecured debts. This can include personal loans, a bank overdraft, credit cards and store cards....read more
UK Personal Debt - Latest Facts and Figures
5 December 2011
As we reach the end of 2011 we take a look at the latest facts and figures relating to personal finances and debt in the UK today....read more
IVAs and Self Employed Debt
30 November 2011
If you are one of the many self employed individuals working in the UK then you will have the difficult task of trying to run both your business and your personal finances at the same time. When personal and business finances merge it is easy to find yourself getting into difficulties with debt....read more
Is an IVA (Individual Voluntary Arrangement) right for you?
21 November 2011
If you are experiencing difficulties with keeping up with your debt repayments then you may be considering an Individual Voluntary Arrangement as a solution to these problems.
Although they can be a good way to clear your debts, IVAs aren't suitable for everyone and so how do you know if an IVA is right for you?....read more
Average household debt now nearly half annual income
18 November 2011
The average family in debt now owes the equivalent of nearly half of their household's yearly income.
Aviva's latest Family Finances Report shows that more than half of UK families have some form of debt that they repay on a monthly basis with average debts of £10,604....read more
Energy bill debt problems increasing
16 November 2011
The number of households in the UK who are struggling with energy bill debts is increasing.
This is according to new research that reveals that in total as many as 1.5 million people are in debt to their gas and electricity suppliers....read more
Avoiding credit card debt problems
14 November 2011
Unmanageable credit card debts are one of the most common ways in which people in the UK get into financial difficulties.
With monthly minimum card payments sometimes being as low as just 2.5% of the overall balance it is easy to see why we find that many people are using their cards just to get by financially each month....read more
Government plans to simplify bankruptcy
11 November 2011
Proposals to simplify the bankruptcy process have been announced by the Government this week. These proposals outlined by Business Minister Edward Davey are aimed at streamlining the bankruptcy process for individuals whilst also safeguarding debtors....read more
Personal insolvencies fall in England and Wales
7 November 2011
The number of people being declared insolvent in England and Wales fell slightly in the third quarter of this year.
Latest figures from the Insolvency Service show that cases of personal insolvency dropped by 1% when compared to the second quarter of 2011....read more
Household debt worsens during October
2 November 2011
UK consumer debt levels have increased for the seventh month in a row as the outlook for household finances worsens.
This is according to the latest Markit Household Finance Index. Over a third of respondents to Markit's monthly survey stated that their household finances had worsened in October....read more
One in ten households can't afford monthly outgoings
31 October 2011
As many as one in ten households in the UK can't afford all their living costs and are going into debt just to get by.
These are the findings of a Lloyds bank survey of 2000 of their current account customers, published last month. The banks survey found that there was a significant fall in the likelihood of its account holders saving money once monthly bills have been paid....read more
Insolvency in Scotland - the latest figures
28 October 2011
Scotland's Insolvency Service, the Accountant in Bankruptcy, has released the latest figures for number of insolvencies in Scotland. The new figures covering the second quarter of 2011/12 show that the number of bankruptcies has fallen compared to the same period of last year....read more
Household budgets hit by pay freeze
3 August 2011
Just one in four workers in the UK have received a pay rise for far in 2011 according to figures published by the Chartered Institute for Personnel and Development (CIPD).
With most pay increases being awarded between January and May it is likely that most employees will not receive a pay rise this year.....read more
Grocery price inflation to reach 5 percent
27 July 2011
Prices at UK supermarkets are rising faster than expected putting presure on households already struggling financially.
These are the findings of Kantar Worldpanel who say that grocery prices increased by 4.8% in the 12 weeks up to 11th July compared to last year.....read more
Scottish bankruptcies rise by 25%
20 July 2011
The number of people becoming bankrupt in Scotland rose by a quarter in the first three months of 2011, according to official figures.
In the months of January through to March over 5000 people were declared bankrupt. That figure was a 25% increase on the previous quarter.....read more
Over 3 million UK households in financial difficulty
18 July 2011
More than 3 million households in the UK are suffering from financial difficulties and a further 3 million are financially vulnerable. This is the findings of research carried out by the Consumer Credit Counselling Service (CCCS).
The research showed that as many as 3.2 million households are either three months behind with a debt repayment or are subject to some form of debt action such as insolvency.....read more
Debt Relief Orders now available in Northern Ireland
11 July 2011
People with financial problems living in Northern Ireland now have a new possible solution to their debts.
Available in England and Wales since April 2009 Debt Relief Orders are now an option for Northern Ireland residents....read more
Warning over rise in cost of bankruptcy
6 July 2011
The increasing cost of declaring bankruptcy could discourage people with debt problems from seeking a solution.
From the start of this month the fee for petitioning for bankruptcy increased by £75 to £525. With a court fee also charged the total upfront fee for becoming bankrupt is now £700.....read more
Consumers switch to debit cards to avoid debt
5 July 2011
Credit card usage has fallen significantly in the last year as shoppers turn to cash and debit cards to avoid borrowing and getting into debt.
These are the findings of the British Retail Consortium (BRC) who say that credit card charges have dropped by 12.9%. In the same period debit card use increased by 15.8%.....read more
Money worries linked to rise in depression
4 July 2011
Debt and money worries may be fuelling a rise in depression in England.
According to data obtained by the BBC, prescriptions for anti-depressant drugs such as Prozac have risen by over 40% in the last four years. Additionally doctors and charities are increasingly being contacted by people struggling with financial worries.....read more
CAB Blames Lenders on Loans Default
The Citizens Advice Bureau has blamed lenders for the huge debts accumulated by people in the UK who are now unable to repay their loans.
Citing a number of cases, in a report, in which its bureaux across the country had dealt with, the advice agency said on many occasions people who had taken out loans from banks, whether secured or unsecured but found themselves in trouble with repayments, often discovered their lenders were unwilling to assist them.
In one case, for example, the CAB said a man who had taken out a secured loan for £85,000 including payment protection insurance (PPI) was not told the loan was a variable and the cost of PPI was extra £21,000 until he received the loan agreement.
Further explaining the causes of mounting debts in Britain the CAB said bad marketing for lending which encourages irresponsible borrowing, lending without a prior check on borrowers history and ability to repay, sales of the wrong PPI to borrowers, offering consolidation loans, secured and unsecured, when borrowers face financial difficulties etc were among the main factors.
It thus urged lenders to ensue that loans were affordable and suitable for the needs of borrowers when taking them out. And that they should encourage borrowers to borrow responsibly.
The Credit Crunch - Is The Bank of England Trying to Hide Something??
The Bank of England has recently come under criticism from other lending institutions, such as Citi Financial that is being too optimistic about the current credit crunch that exists in the economy.
According to industry experts, the downturn in the economy due to the increased costs is causing job losses in all sectors of the economy and is likely to worsen before it starts to improve.
In the Stability Report recently published by the Bank Of England it was stated that the bank officials feel that other banks are being overly "pessimistic about the losses stemming from US mortgage meltdown." It goes on to state "while there remain downside risks, the most likely path ahead is that confidence and risk appetite will return gradually in the coming months" and that the reports of massive losses are being exaggerated.
The Bank of England actually blames some of the problems in the financial industry on the bonus structure offered by many banks in an effort to entice more customers.
Source: The Thrifty Scott
If you are feeling the effects of the credit crunch with your finance and struggling to keep up with repayments on Un-secured Loans or credit repayments we may be able to help, call us free on 0800 028 4422 and speak to one of our expert debt counsellors now.
