‘THE financial services sector raked in more than £550 million last year from penalty fees and charges, researchers today revealed.
New figures show that one in five people paid charges on financial products during 2005, shelling out an average of £70.70 each.
Within this total, 22 per cent were forced to hand over more than £100 after […]
‘DEBT advice lines have reported a surge in calls during the first two weeks of the year as consumers take stock of their borrowings after Christmas.
The Consumer Credit Counselling Service said it took 9,310 calls during the first nine working days of the year, nearly 14 per cent more than during the corresponding period of […]
‘DEBT experts yesterday warned that personal insolvency north of the Border could soar after the Scottish Executive published proposals to slash the bankruptcy period to one year from three.
Insolvency practitioners claimed the number of consumers being declared bankrupt - already at record levels - could surge as much as 30 per cent within a year.
That […]
‘A RECORD number of Scots are declaring themselves bankrupt, prompting warnings from finance experts that Scotland’s debt crisis is spiralling out of control.
A total of 1,461 people declared themselves bankrupt north of the Border in the three months until October - up from 1,307 in the previous quarter.
With eight weeks still to go, the number […]
‘ALMOST half of all students believe university has altered their approach to debt, with 40 per cent vowing never to allow themselves to get so far into the red again, a new survey revealed today.
In a study by internet bank Egg, nearly three quarters of students questioned said they thought the amount of debt they […]
‘PRESSURE has mounted on lenders and the government to tackle problem debt, after new research showed scores of disabled people are being driven into debt just to survive.
The study into disability and debt found that disabled people often face higher costs, but have lower than average incomes, landing them in huge amounts of debt simply […]
‘A RADICAL bill to overhaul the savings landscape and encourage low-paid and moderate earners to invest for their future will be unveiled this week by the shadow work and pensions secretary Sir Malcolm Rifkind.
The Conservative MP believes Britain must roll back the barriers which are preventing a quarter of the workforce from tucking away any […]
‘FINANCIAL pressures are prising Scots couples apart, leading estranged partners into even more crippling levels of debt, according to one of Scotland’s most prominent insolvency practitioners.
Accountant and business adviser PKF claims that debt burdens are leading to an increasing number of broken relationships, contributing to divorce rates that have been on the up for the […]
‘CABINET ministers Alan Johnson and David Blunkett today declared war on loan sharks.
At the conference they promised £81 million to help the poor to escape the clutches of excessive debt.
Trade and Industry Secretary Alan Johnson will spend £45 million on face-to-face counselling to help people escape punitive interest rates.’
Read more at £81 million pledged to […]
About.com has a good post on Consumer Credit Counseling Services and whether You Should Use Them?
‘More and more people are turning to credit counselors to help them get out from under a mountain of debt. Some consumers are finding out the hard way, however, that not all credit counselors are created equal.
One so called “non-profit” […]