Archived News & Related Stories
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November, 2008 news
Government seeks action on credit card debts
Consumer Affairs Minister Gareth Thomas and Business Secretary Lord Mandelson are meeting with representatives of the credit card industry today, to discuss the interest rates they charge and the way they deal with people in debt.
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Credit card companies agree to help struggling borrowers
Credit card companies have agreed to do more to help people struggling to repay their debts, following a meeting with Business Secretary Peter Mandelson.
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Debt management and the credit crunch
Is debt management a realistic option in a today’s economic climate? For people in debt, a credit crunch can be a worrying time – lenders are worried about lending out more money, which can make certain debt solutions difficult to come by, and often more expensive.
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Overdraft debt more expensive
The cost of overdraft debt has risen significantly in the last 12 months, according to MoneyExpert.
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Repossessions up 12% in third quarter
The number of home repossessions rose by 12% in the third quarter of 2008, according to the Council of Mortgage Lenders (CML), as increasing numbers of homeowners struggled to repay their mortgage debts.
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What does debt help mean?
A lot of ‘debt’ websites (including this one) talk about ‘debt help’, but what does it really mean? Debt help isn’t a specific kind of debt solution. It means what it says: help with your debts.
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Debt: personal insolvencies to rise, says KPMG
Personal insolvencies – bankruptcies and IVAs (Individual Voluntary Arrangements) – are set to increase, predicts KPMG.
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Recession tougher and longer than thought
The CBI (Confederation of British Industry) has warned in its latest report that the recession is likely to last for most of 2009, with unemployment peaking at around 2.9 million.
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Falling rents could help borrowers manage debts
In the third quarter of 2008, the cost of renting a property decreased for the first time in five years.
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Early access to pensions would attract savers
A new report suggests that early access to pension funds would increase the number of British citizens saving for retirement.
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Debt news: Bank of England explains base rate cut
The Bank of England has published the minutes of the meeting which led to the 1.5% base rate cut, giving people in debt reason to expect further cuts ahead.
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Clegg: Educate the young to tackle UK`s debt problem
Speaking at a recent Youth Parliament event in London, Liberal Democrat leader Nick Clegg said that young people must be taught about finances in order to tackle the UK`s "debt addiction".... >>
Govt may crack down on debt collectors
The government is considering cracking down on debt collecting firms that use aggressive tactics, such as refusing to deal with debt advisory services, it has been revealed.... >>
Debt: 300 personal insolvencies a day
New statistics released by the Insolvency Service show that in the three months to September, almost 300 people were day were being declared insolvent.
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Biggest retail sales drop in three years
Year-on-year retail sales fell in October by the largest amount in three years, and for the fifth consecutive month; a further sign of the financial hardship facing many British households.
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Energy bills: no promise of price cuts
Scottish & Southern Energy has stated it is “optimistic” it will be able to deliver price reductions during the early part of 2009 if wholesale prices for electricity and gas keep heading downwards.
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Oil prices fuel hope for energy markets
The rapid fall in oil prices continued today (Thursday), taking the cost of a barrel of oil as low as $50, increasing the likelihood of cheaper petrol and domestic energy.
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Lloyds: Make the most of mortgage savings
Consumers have been advised to make the most of the money they will save as a result of recent falls in the rate of interest.... >>
British Gas rules out bills cut
Leading energy supplier British Gas has ruled out cutting customers’ bills, despite the price of wholesale gas falling, until a “sustained wholesale fall [in costs]” takes place.
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Dissatisfaction with energy firms growing
41% of customers are now unhappy with the big six energy suppliers, according to a recent survey.
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UK energy bills ‘rising twice as fast as in Europe’
New figures have shown that the rate at which UK energy bills have risen in the past year is double that of the EU average.
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Higher taxes ‘inevitable’
Chancellor Alistair Darling has hinted at higher taxes and lower public spending in the future, once Britain comes out of the current economic crisis, The Telegraph reports.
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Brown tells banks to start lending
The Prime Minister has told British banks to lend more, as was agreed when the Government bailed them out.
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