Debt Advice l Bank Accounts l Loans l Remortgages l Insurance l Car Finance - thinkmoney.com

Debt: insolvencies up by almost 25%

Mon, 8 Feb 2010 13:1:47 GMT

Individual insolvencies were 24.9% higher in the final quarter of 2009 than they were in the same period a year earlier, according to new statistics from the Insolvency Service. A 26.3% rise in IVAs (Individual Voluntary Arrangements) and the introduction of Debt Relief Orders in the second quarter of 2009 contributed to the overall rise.

Full article: Debt: insolvencies up by almost 25%
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Debt management - is it Government-backed?

Mon, 8 Feb 2010 14:1:1 GMT

There are a number of debt solutions that may be available to people struggling with their debts, and some are more formal than others. For example, there`s the formal, legally-binding IVA (Individual Voluntary Arrangement) - but a debt management plan (a less formal debt solution) might be more suitable for some people.

Full article: Debt management - is it Government-backed?
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Student debt guide

Fri, 5 Feb 2010 9:2:28 GMT

Student debt is a worry for many people. Many graduates are shocked at the amount of debt they find themselves in after university.

Full article: Student debt guide
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Student loan delay continues as 30,000 left without funds

Fri, 5 Feb 2010 15:26:19 GMT

Statistics released by the Government show that 7% of university students may have been affected by this summer`s delays in the student loans system, the Guardian reports. Errors by the Student Loans Company (SLC) had left thousands of university students waiting for their loans and grants weeks after their courses began. It is thought that more than 30,000 students may have started their courses this autumn without the financial support they are entitled to.

Full article: Student loan delay continues as 30,000 left without funds
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Bank of England base rate remains at 0.5%

Thu, 4 Feb 2010 12:26:18 GMT

The Bank of England has kept its base rate at 0.5%, amidst continued uncertainty in the economy. The decision, announced at noon today, is good news for homeowners with tracker / variable-rate mortgages - but not for savers, who will continue to earn low returns on their savings.

Full article: Bank of England base rate remains at 0.5%
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Government extends car scrappage scheme by one month

Thu, 4 Feb 2010 12:29:28 GMT

The Government has decided to extend its car scrappage scheme until the end of March, giving motorists one more month to trade in their old vehicles for a discount on a new car. The scheme, in which car buyers are given a £2,000 discount on new cars when they trade in a car more than ten years old, has successfully boosted car sales in recent months.

Full article: Government extends car scrappage scheme by one month
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Nearly a third more struggling with debt

Thu, 4 Feb 2010 15:46:26 GMT

The number of borrowers finding their debts difficult to manage has risen by almost one third during the recession, and according to a report by the National Audit Office, some debt advice services are so busy they are having to turn people away, express.co.uk reports. The total amount of debt taken on by individuals (including mortgages, credit cards, unsecured loans, etc.) adds up to an average of £56,000 per household - `outstripping` the nation`s GDP (Gross Domestic Product - a measure of economic activity).

Full article: Nearly a third more struggling with debt
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`Glimmer of hope` for first-time buyers

Thu, 4 Feb 2010 15:51:10 GMT

Figures from financial information service Moneyfacts revealed that the availability of mortgages is increasing, which - as the BBC reports - is `providing a glimmer of hope for first-time buyers`. In the UK, the number of mortgages on the market has increased in the last month and lenders have continued to `relax their criteria`. The number of mortgages on offer is 20% higher than at the start of the year.

Full article: `Glimmer of hope` for first-time buyers
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Is debt consolidation a good idea?

Wed, 3 Feb 2010 11:21:17 GMT

There are a range of debt solutions available, for people with various kinds of debt. For more manageable debts, one option is a debt consolidation loan: a new loan to pay off your existing debts, leaving you with just one monthly payment to deal with.

Full article: Is debt consolidation a good idea?
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Can an IVA help with unmanageable debt?

Wed, 3 Feb 2010 13:58:0 GMT

Dealing with unmanageable debt can be extremely difficult - but there is help available. When you call a debt adviser to discuss ways of clearing your debts, one solution they may recommend is an IVA (Individual Voluntary Arrangement).

Full article: Can an IVA help with unmanageable debt?
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Energy customers cutting back to stay out of debt

Wed, 3 Feb 2010 15:39:29 GMT

A leading energy supplier has reported that many people are using less energy than they used to. Scottish and Southern Energy said that there was a year-on-year drop in household energy usage between 1st October 2009 and 31st January 2010. Gas consumption fell by 5% and electricity consumption fell by 4% - suggesting, according to uSwitch, that customers may be `self-rationing` to save money.

Full article: Energy customers cutting back to stay out of debt
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Does debt consolidation always mean a loan?

Tue, 2 Feb 2010 10:32:14 GMT

Often, when people refer to `debt consolidation`, they are talking specifically about just one debt solution: a debt consolidation loan. However, the phrase `debt consolidation` can also be used to mean any debt solution that combines multiple debt payments into one (a major advantage of this is that managing one monthly payment should be much easier than making several payments).

Full article: Does debt consolidation always mean a loan?
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Help with debt management

Tue, 2 Feb 2010 11:7:54 GMT

There are a number of debt solutions, for people with all kinds of debts. Whether your debts are still manageable or completely out of control, there is help available.

Full article: Help with debt management
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Loan rates at 9-year high as debt defaults rise

Tue, 2 Feb 2010 12:21:31 GMT

According to experts, banks are increasing the interest rates on personal loans as they try to recoup the losses arising from defaults on unsecured debts, the Telegraph reports. Rising unemployment during the economic downturn led to households struggling to meet their debt repayments, and as a result, the rates on personal loans have hit a nine-year high.

Full article: Loan rates at 9-year high as debt defaults rise
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Loan rates `highest for nine years`

Tue, 2 Feb 2010 16:27:24 GMT

The average interest rate on an unsecured personal loan is the highest for nine years, according to new research. Moneyfacts found that the average rate on a £5,000 unsecured loan to be repaid over three years is currently 12.4% - up from 12.1% a year ago, and 7.8% in early 2006.

Full article: Loan rates `highest for nine years`
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Pet insurance important for big vet`s bills

Tue, 2 Feb 2010 16:52:54 GMT

Three in five (60% of) dog and cat owners are without pet insurance, despite a significant proportion saying they could not afford a large vet`s bill for their pet, according to a recent survey. Price comparison website Gocompare.com found that a fifth of dog and cat owners would not be able to afford a vet`s bill of £500 or more.

Full article: Pet insurance important for big vet`s bills
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Consumers took on more debt in December

Mon, 1 Feb 2010 12:43:20 GMT

Total net lending to individuals increased by £1.2 billion in December, according to new statistics from the Bank of England. In its monthly Lending to Individuals report, the Bank of England also said that consumers had taken on more debt in the form of consumer credit - a £0.1 billion net rise. It was the first increase in net consumer lending for six months.

Full article: Consumers took on more debt in December
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Mortgage lending from building societies rises

Mon, 1 Feb 2010 14:57:22 GMT

Gross mortgage lending by building societies increased by 15% in December, compared with the previous month, according to the Building Societies Association (BSA). Total gross mortgage lending in December last year came to £1.8 billion, up from £1.6 billion in November.

Full article: Mortgage lending from building societies rises
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Do I need to include all my credit cards on an IVA proposal?

Fri, 29 Jan 2010 11:57:38 GMT

If you`re considering entering into an IVA (Individual Voluntary Arrangement) and your Insolvency Practitioner (IP) agrees that it`s the right option for you, one of the first things you`ll need to do is work with your IP to draw up your IVA proposal.

Full article: Do I need to include all my credit cards on an IVA proposal?
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Debt `stopped people saving in 2009`

Fri, 29 Jan 2010 12:23:25 GMT

Savers managed to increase their savings levels by just £38 on average in 2009, according to ING, with many people instead focusing on paying down debt. The savings provider claimed that the average person holds £2,205 in savings - the equivalent of 1.7 times their monthly take-home pay. Most financial experts agree that savers should have the equivalent of three months` salary put away to protect against debt and other financial emergencies.

Full article: Debt `stopped people saving in 2009`
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