According to the Bank of England, the amount of personal debt written off increased a staggering 25% in the final quarter of 2010. For the last three months of the year, building societies and banks took £2.27 billion in write offs – debt that individuals had defaulted on. This is up £1.83 billion from the third quarter of 2010. The primary area of default was with credit card debt. Individuals are simply unable to manage their unsecured debts with the defaults climbing to £1.18 billion … [Read more...]

Before going any further with this article we need to point out that we do not cold call, if you think you have received cold calls from us please read this. The CAB has filed a "super complaint" against debt and loan companies they say are using "unethical methods". The CAB claim loan finder and debt management companies are scamming tens of thousands of debtors out of substantial amounts of money. People who are typically targeted include those who have difficulty obtaining loans from … [Read more...]

A recent report suggested that lenders in the finance industry should contribute to cover part of the cost of debt advice on the basis that it saves them money in the long term, and helps solve the social problem of excess debt (which these companies are at least in part responsible for). In the UK, personal debt has reached £1.5 trillion. On top of that, unemployment hos now reached 2.5 million. Both of these factors are putting tremendous financial pressure on a large proportion of the … [Read more...]

Debt advice services, especially those that are provided for free, remain in turmoil despite an apparent U-Turn by the government, who had only recently announced that financial aid for these services would not be renewed. This led to uproar for shocked and disbelieving debt advice workers as many of them seemed to be staring down the barrel of redundancy, whilst the implications for those seeking debt advice were glaringly obvious. With problems both directly and indirectly linked to debt … [Read more...]