Our Blog

Welcome to our blog. We'll be posting news and views frequently and invite member contributions as well.

A Tale of Two Countries’ Economic Peril

Topic: Misc. Debt | Posted: 4 years 24 weeks
Failed banks. Unemployment. Bankruptcies. Dismal situations even individually, but when they all happen at the same time different countries, it becomes a global disaster. It’s what both the United States and the United Kingdom (along with several other countries) are going through right now.

Repossession – Well done RBS!

Topic: Debt News | Posted: 4 years 25 weeks
RBS has announced that it will guarantee not to repossess homes of customers who are in arrears for at least 6 months. The RBS account for 7% of the UK mortgage market, which leaves the other 93%, but let’s not dwell on the negative, this is a great start.

Have fun avoiding debt this Christmas

Topic: Money Saving Tips | Posted: 4 years 26 weeks
If you’re in debt Christmas is one of the most difficult times of the year, especially if you have children. We made this video to share some of our ideas for making this Christmas a fantastic one without the need to break the bank.

Is a 2.5% fall in VAT really going to help you?

Topic: Debt News | Posted: 4 years 26 weeks
In January 2008 the Office for National Statistics published what they believe the average household expenditure figures were. The figure they came up with was £456 per week.

Desperate times call for desperate measures

Topic: Debt News | Posted: 4 years 26 weeks
M & S is doing a one day sale where they will reduce prices by 20% and some stores staying open to midnight. If you’re looking for a bargain then go online at 12.01am and you’ll get the same level of discount. Debenhams has started a 3 day sale with similar levels of discounting from today and others will certainly follow.

Six things that ruin your credit rating

Topic: Credit Rating | Posted: 4 years 27 weeks
Being in debt and having a less than perfect credit rating often go hand in hand. And we’re sure you really don’t want to read this but everyone should know. So here goes.

Rebuilding a credit history and improve your credit rating with credit cards

Topic: Money Management | Posted: 4 years 27 weeks
MANY people who have had severe financial problems may have sworn that they will never use a credit card again. But not having a credit card can be as disadvantageous as having one and not paying off the interest each month.

Two missed payments and you could lose your home

Topic: Debt News | Posted: 4 years 28 weeks
A high court hearing last month rules reinforced a law that allows lenders to sell someone homes if they are in arrears by 2 months. This means that a lender can effectively sell a property without the need for a court order.

Charity mawls credit card applicants with poor history

Topic: Debt News | Posted: 4 years 28 weeks
The World WildLife Fund which uses its own credit card advertising cuddly pictures of endangered animals like pandas and polar bears to raise money is fleecing people with poor credit histories by offering them an alternative card with an APR rate of a whopping 39.9%.

CAB swamped with credit inquiries

Topic: Debt News | Posted: 4 years 28 weeks
Experts at Cambridge Citizens Advice Bureau are turning people away due to a flood of credit crunch inquiries.

Individual Insolvencies (Bankruptcies & IVA’s) Up 8.8%

Topic: Debt News | Posted: 4 years 28 weeks
There were a massive 27,087 people either becoming Bankrupt or having an IVA agreed by their creditors during the third quarter of 2008. This is a massive increase of 8.8% on the previous quarter.

One in three problems is debt related, says CAB

Topic: Debt Companies | Posted: 4 years 28 weeks
One in three problems seen by the Citizens Advice is now debt related. The CAB is calling on the debt industry to review how it handles debts so more people can help themselves.

US bankruptcies expected to top a million a year

Topic: Debt News | Posted: 4 years 28 weeks
U.S. consumer bankruptcy filings increased 40 percent nationwide in October, according to the American Bankruptcy Institute.

Mortgage deposits up to 20%

Topic: Debt News | Posted: 4 years 28 weeks
Buyers lucky enough to secure a mortgage today will still be expected to put up a deposit of 20%, according to BBC programme tonight on the Credit Crunch.

AER and why it's important for savers

Topic: Money Management | Posted: 4 years 29 weeks
AER stands for Annual Equivalent Rate. It is important if you’re a saver as it tells you the amount of interest you’re going to be paid on your savings. When it’s calculated it assumes that you will leave money and interest were left in the account. This is useful when comparing one savings account against another. If you know of any great deals around at the moment let us know.

What you need to know about APR

Topic: Money Management | Posted: 4 years 29 weeks
APR stands for Annual Percentage Rate. It’s a formula set by the Office of Fair Trading and ensures all published APR are calculated in the same way. Essentially an APR tells you how much interest you will pay on a loan in a year. It can be used to work how much the total cost of a loan will be. It helps you compare one loan or credit card against another.

Debt Jargon Buster

Topic: Misc. Debt | Posted: 4 years 29 weeks
There are so many technical and legal terms, and abbreviations associated with debt and finance. To help, here’s our jargon buster to help.

Brown backs the courts

Topic: Misc. Debt | Posted: 4 years 29 weeks
Prime Minister Gordon Brown has issued new instruction to the courts for lenders seeking to evict tenants who have got behind with their mortgage payments.

Sandbanks dreams washed away by tide of debt

Topic: Misc. Debt | Posted: 4 years 29 weeks
One of the country’s most exclusive areas has been hit by the credit crunch. It has emerged that two houses in Sandbanks, Poole, Dorset have been repossessed – the first repossessions in the area in 14 years. The owners of a five-bedroom home got into trouble after their property investment business was hit.

Hard pressed shoppers turn to cash

Topic: Misc. Debt | Posted: 4 years 29 weeks
The sharp rise in the number of £50 notes in circulation shows that shoppers are turning to cash rather using a credit card, says Nick Buckles, chief executive of the security transport company G4S. He told Radio 4: "Cash payments are increasing all the time.”

Step By Step

Topic: Misc. Debt | Posted: 4 years 29 weeks
2008 Winning Poem Step By Step by Jennifer No shortcuts where you’re headed, You’ll need fortitude and drive But the sooner you start walking, The sooner you’ll arrive. Don’t pretend that there’s no problem, Hide your head beneath the sand, Instead draw up a strategy And stick to what you’ve planned. Debt’s wily paths are tangled To snare poor passers-by

The Final Decree

Topic: Misc. Debt | Posted: 4 years 29 weeks
2008 Winning Poem The Final Decree By Joanne Graham Depression. It’s raining. My team hasn’t scored. There’s nothing on TV. I’m restless. I’m bored. Pull out the plastic, like a well-timed punch, In the tight-fisted clench of the “Credit Crunch.” Retail therapy. What a glorious feeling. Spending money, not mine. Does that count as stealing?

Auf Wiedersehen Debt

Topic: Misc. Debt | Posted: 4 years 29 weeks
2008 Winning Poem Auf Wiedersehen Debt by Michael Weightman Even though that I don’t know you I’m going to place a bet That now, before or sometime You’ll be face to face with debt It could have been with money That was used to pay the rent Or could have just been credit That you’ve already spent There are always those that aren’t though Born to be a saver

Who are Labour kidding? What’s the real rate of inflation?

Topic: Misc. Debt | Posted: 4 years 30 weeks
The government today announced that inflation has risen to 4.4% from 3.8% in June, with the main contributing factors being: Food – Whether you’re buying meat, vegetables, cereals or a simple loaf of bread, food is becoming more and more expensive.

Debt Free Direct - An IVA case study

Topic: IVA | Posted: 4 years 30 weeks
Here's a real case study of a Debt Free Direct client in the process of an IVA. Please submit your feedback via comments below. Here's the case: One person was in the 2nd year of her IVA and was informed by IVA annual review that one creditor has not yet come forward to claim the debt.