Debt Advice Help and Support

Average UK family is £8,000 in the red

A combination of loans, overdrafts and credit cards means that the average family in the UK is almost £8,000 in debt. And this is despite them paying off more than they have borrowed in the past three years. This is according to PricewaterhouseCoopers (PwC), whose research found that although families paid off more than £355 [...]

Slight improvement in financial wellbeing does not mean the end of debt issues

While debt problems persist in being a major issue, new research released this week shows that the financial wellbeing of UK consumers improved slightly towards the back end of last year. According to the latest Alliance Trust UK Financial Reality Index consumer wealth rose 56.7 to 62.1 in the fourth quarter of 2011. However, as [...]

Debt woes intensified by complicated overdraft charges

Consumer group Which? has said that it is far from surprising that so many people fall into financial management issues due to overdraft charges as the fee structures used are so complicated. Which? gave a group of consumers the task of working out the cost of an unauthorised overdraft for four different banks by giving [...]

Former footy star in debt hole

Ex-Arsenal and Celtic forward John Hartson is being hounded for massive gambling debts despite taking out an Individual Voluntary Arrangement (IVA). The 36-year-old ran up more than £300,000 in debts with bookmakers and financial institutions during his playing career. Earlier this year he agreed an IVA that saw him paying back 12p in every pound [...]

Aviation tax rises ‘could prevent those with IVAs from travelling’

Plans to increase aviation taxes could prevent those with IVAs from being able to afford to go on holiday, it has been claimed.   ABTA – The Travel Association has warned that rises in Air Passenger Duty next year could reduce the number of families that can afford to fly.   It highlighted the fact [...]

Commuting ‘could help relieve finance problems’

Those with debt management problems who work in London could benefit from living outside the capital and commuting in, research has suggested.   Figures published by Halifax has found that those who commute enjoy house prices that are approximately 60 per cent lower than for people who live within the city.   The report showed [...]

Lodgers ‘can offer some relief to those with IVAs’

Those facing the need to obtain an IVA may be able to save money by renting out a room, an organisation has claimed.   Research published by First Direct has suggested that the majority of homeowners with an offset mortgage could gain substantial benefits by taking in a lodger.   It highlighted the government's Rent A Room scheme, which creates a tax exemption of [...]

Three million tenants at risk of homelessness

Concerns have been raised over the rising number of British tenants in need of debt advice to avoid bankruptcy and repossession. The Consumer Credit Counselling Service (CCCS) has admitted that it is worried that the UK could witness a rise in homelessness, as 2.9 million renters have been found to be in arrears or struggling [...]

IVAs and bankruptcy ‘can be only way out of debt’

Britons faced with rising debts should choose a debt management option which matches the severity of their financial problems, an expert has claimed. "In the very early days, the best piece of advice is to go to the lender concerned and explain the situation and see if you can arrange a renegotiation of that debt," [...]

Pension switching ‘could reduce debt’

Individuals with high charging pensions plans could be leaving themselves at greater future risk of needing an IVA or debt advice in retirement. Millions of people in the UK currently hold Individual Personal Pensions, which provide tax efficient savings for people without employer pensions. While they can be a sensible solution, poor advice could be [...]