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Rising levels of debt, lower incomes and other economic issues had led the CML to predict that around 75,000 homes would be repossessed in 2009.

But thanks to today`s lower interest rates, as well as improved support for struggling homeowners from lenders and Government, the CML has revised its prediction to 65,000 repossessions.

A spokesperson for debt management company Gregory Pennington said: "Although the CML`s revised prediction suggests that fewer homeowners are now at risk of repossession, people should still take extra care with their finances as the downturn continues.

"Anyone who thinks they may already be at risk of repossession should speak with a professional debt adviser as soon as possible."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2482/cml-overestimated-repossession-risk.htm Wed, 1 Jul 2009 15:55:0 GMT
The research, carried out by accountancy firm Wilkins Kennedy, claimed that the number of bankruptcies in the over-45 age group increased by 124% between 2004 and 2008.

By comparison, the overall number of bankruptcies - across all age groups - rose by 89% in the same period.

A spokesperson for debt management company Gregory Pennington said: "We would expect to see a rise in bankruptcies over the course of the downturn, but people may be surprised to see that the over-45s have been particularly badly affected.

"No age group is immune to debt problems - to some extent, we all face the same difficult economic conditions. The important thing is that anyone who does find themselves struggling gets advice from a professional debt adviser as soon as possible."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2483/debt-rise-in-bankruptcies-amongst-over-45s.htm Wed, 1 Jul 2009 15:57:35 GMT
Capitalise claimed that the average level of debt for people seeking debt advice has increased by 16% since January 2007, rising to £18,131.

A spokesperson for debt management company Gregory Pennington said: "In today`s difficult times, more and more people are experiencing problems with debt, and it`s important that anyone in this situation seeks debt advice as soon as possible. Hesitating to get help could allow the debt to grow, and this could make the problem a lot worse.

"There are a number of debt solutions available, and an expert debt adviser can help struggling borrowers to find the best way of tackling their debts."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2487/londoners-personal-debt-increases.htm Wed, 1 Jul 2009 16:11:58 GMT
Neil Munroe, External Affairs Director for Equifax, said: "Consumers who are declined a loan or credit application are getting a copy of their credit report to find out more about the information being used by lenders as part of the decision process."

He went on to say that: "It really is worth getting a copy ahead of making a new credit application, especially if it is for something as significant as a new mortgage or loan for home improvements or perhaps a new car."

A debt management expert for Gregory Pennington commented: "It is important that people are fully aware of where they stand in relation to their debts. By getting a copy of their credit report, they can see how the way they`ve dealt with debts in the past may be preventing them from obtaining credit today."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2475/equifax-demand-for-credit-reports-up-by-9-6pc.htm Fri, 26 Jun 2009 15:57:15 GMT
According to Jim James, north-east regional chairman of insolvency trade body R3, it is crucial that such people get assistance as soon as possible, the Journal reports.

He said: "If people are worried about their finances, it`s more important than ever not to delay seeking professional advice and to make sure they get it from the right people."

Mr James went on to state that licensed insolvency practitioners and debt charities are two potential sources of information.

He also pointed out that a new insolvency procedure called a Debt Relief Order (DRO) was introduced earlier this year.

Aimed at people who have a very low income and little or no assets, DROs are available to certain consumers with unsecured debts of under £15,000.

Meanwhile, an analysis of Insolvency Service figures conducted earlier this month by accountancy firm Wilkins Kennedy suggested that female consumers made up 55 per cent of all the people who went bankrupt last year.


]]> http://www.gregorypennington.com/debt-management-news/2472/People-with-debt-problems-should-seek-help-quickly.htm Thu, 25 Jun 2009 10:56:39 GMT
According to Shelter, the government and lenders must begin to plan now as thousands of homeowners face financial difficulties that will challenge their ability to meet their mortgage repayments.

It cited rising unemployment as a factor that will contribute towards this, along with possible increases in interest rates and the ending of mortgage support schemes.

Shelter chief executive Sam Younger said: "With arrears escalating at an alarming rate, unemployment at its worst for 12 years and interest rates very likely to rise next year, we believe a second, more devastating wave of repossessions could occur within the next two years."

The charity, which was founded in 1966, claims to have seen a rise in the number of calls it receives concerning mortgage arrears of 250 per cent over the last year, with an 85 per cent increase in calls concerning repossession problems.


]]> http://www.gregorypennington.com/debt-management-news/2468/Charity-issues-mortgage-warning.htm Tue, 23 Jun 2009 11:04:01 GMT
Commenting on the issue, David Kuo, director of Fool.co.uk, said that this form of debt management is shrewd.

He stated: "Those who don`t save are paying off debts and are taking advantage of the relatively low interest rates to pay down more of their mortgage, credit cards and loans, which is very sensible."

Mr Kuo made his comments following the release of the most recent Nationwide Savings Index, which fell by three points to its lowest level since it was started in June last year.

It found that 26 per cent of people polled were saving nothing at all, while less than half (46 per cent) were saving regularly.

In addition, 60 per cent reported they were saving less than they needed to, which was a rise on the 56 per cent recorded six months ago.


]]> http://www.gregorypennington.com/debt-management-news/2466/Paying-off-debt-is-sensible,-expert-says.htm Mon, 22 Jun 2009 11:15:09 GMT
The scheme would be aimed at reducing carbon emissions while meeting the UK`s demand for energy, but would mean another rise in the price of electricity.

After last year`s energy price increases, many customers found themselves falling into debt because their direct debit payments had not been adjusted to the new prices, while others simply struggled to afford the additional cost.

A spokesperson for debt management company Gregory Pennington said: "Any rise in the price of energy can be difficult for those already struggling with the cost of living.

"Anyone struggling with debt should speak with a professional debt adviser. The sooner the problem is addressed, the less likely it is that those debts will become unmanageable."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2458/carbon-capture-tax-could-raise-energy-costs.htm Fri, 19 Jun 2009 15:30:35 GMT
Analysts believe that although retail sales have held up well so far this year, the impact of wage freezes and growing unemployment was putting pressure on consumers and their spending habits.

Clothing and footwear shops saw volumes decline by 1.9% over the month, while shops in sectors such as photography and sports reported a 3% fall in sales volumes.

Vicky Redwood of Capital Economics said: "We wouldn`t be surprised if this marked the start of a period of rather weaker sales growth than of late."

A spokesperson for debt management company Gregory Pennington commented: "Falling sales can certainly be a sign that people have less disposable money. However, a lot of people will be spending less because they`re determined to protect themselves from potential future debt - or to repay existing debts."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2462/Retail-sales-fall-in-May.htm Fri, 19 Jun 2009 16:2:3 GMT
However, at 2.26 million people, the unemployment level is still lower than the 2.279 million predicted by economists. Meanwhile, the number of people claiming unemployment benefits had also risen more slowly than expected.

Despite this, economists still expect unemployment to reach just over 3 million next year, according to The Times.

A spokesperson for debt management company Gregory Pennington said: "Unemployment still remains a threat, which should be seen as a sign for people to ensure that they are financially well prepared for the future.

"In particular, it`s important that people try to address any problem debts, as debt can be a big burden for people who suffer a loss of income. It`s a good idea for anyone who finds themselves struggling to speak with an expert debt adviser."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2453/Unemployment-hits-12-year-high.htm Thu, 18 Jun 2009 9:27:43 GMT
The study also shows that an estimated 2.4 million people have changed their minds about homeownership in the last year alone.

Sarah Webb, Chief executive of CIH, commented: "A generation has grown up believing it has to own at any cost - in part because we haven`t provided them with decent information about the alternatives. We can`t repeat this mistake with future young people."

Meanwhile, in a complementary survey of CIH members, 84% of respondents said they had seen greater demand for their debt advice and counseling services.

A spokesperson for debt management company Gregory Pennington added: "At a time like this, it comes as no surprise that many people are becoming more apprehensive about the prospect of homeownership.

"Unemployment levels are rising again, and many young people are struggling with student/personal debts. Aside from potentially making further credit harder to obtain, this could put some people off homeownership because they feel they simply can`t afford it."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2445/Youngsters-give-up-dreams-of-homeownership.htm Tue, 16 Jun 2009 15:26:39 GMT
The fall takes the inflation rate closer to the Government`s target of 2%, and this may take some of the pressure off the many people who are struggling with debt due to rising costs of living over the past 18 months.

However, there are some fears that the economy could eventually fall into deflation (in which average prices fall). While this might hold some short-term benefits for people affected by the recession, the effects on the wider economy - such as (potentially) higher unemployment - could make the situation a lot worse.

A spokesperson for debt management company Gregory Pennington said: "It`s impossible to predict accurately what will happen to the economy, and as such it`s very important that people try to get their finances in order and tackle any debts as a matter of priority. Anyone who finds themselves struggling should speak with a professional debt adviser."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2446/Inflation-falls.htm Tue, 16 Jun 2009 17:7:23 GMT
The Environment Committee report said that taxing payments and stopping fuel payments to wealthier individuals would free up £250m per year.

Currently, the winter fuel allowance pays £250 to over-60s and £400 to over-80s to help towards energy bills.

A spokesperson for debt management company Gregory Pennington said: "We all use more fuel in the winter - and for low-income households, particularly the elderly, the additional cost can be a financial strain.

"Some people may assume that debt is a more common problem for younger people, but debt affects the elderly too. A new winter fuel allowance scheme could help to reduce the number of elderly people getting into debt due to higher costs of living."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2436/Fuel-poverty-tax-plan-could-help-elderly-avoid-debt.htm Fri, 12 Jun 2009 14:16:42 GMT
The `class of 2009`, who were the first ones to pay the £3,000 a year top-up fee, will be `the most indebted in history`, and they also face the highest levels of graduate unemployment in a generation.

Deputy director of research at The Higher Education Careers Service Unit (Hecsu), Charlie Ball, said: "If this follows the last recession we could see up to four years of depressed jobs for graduates. We think it`s going to be at least as bad next year."

A spokesperson for Gregory Pennington added: "A recession can be a worrying time for anyone, especially people with high levels of personal debt.

"Graduates might not have to repay their student loans immediately - but if they have high levels of other debt, from credit or store cards for example, then this could become a real problem very quickly if they don`t have an income to service their repayments."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2438/Graduates-struggle-to-find-work-and-clear-debts.htm Fri, 12 Jun 2009 14:21:28 GMT
The research also reports that the single biggest reason people are not saving is the cost of daily living (75% of respondents gave this reason).

Almost half of the people questioned (42%) stated that their debts were preventing them from saving any money, according to the Daily Mail.

Anne Young, a Savings expert at Scottish Widows, commented that: "It has become more of a priority for people to reduce their current debts and simply get by on a day to day basis rather than saving for their futures."

A spokesperson for debt management company Gregory Pennington added: "People who are unable to save will have less protection against (further) debt if any unexpected costs occur.

"Anyone who is struggling to pay their debts should contact a professional debt adviser."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2439/Debt-prevents-two-in-five-from-saving.htm Fri, 12 Jun 2009 14:24:39 GMT
The research by HSBC claims that citizens of Britain, China, India and the US have largely opted to maintain their standard of living rather than put money into savings.

Clive Bannister, HSBC`s head of insurance, said: "The recession means that people are worrying more about surviving from day to day than they are concerned about the future."

A spokesperson for debt management company Gregory Pennington said: "Using savings to repay debt might not seem like the best idea to some people, but in fact it can save a lot of money in the long run, because the interest on debt tends to grow faster than savings interest.

"However, savings are still important, and we advise anyone in a position to do so to put money aside regularly. Without savings, a financial emergency can become a lot more serious, and could lead to debt problems."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2432/20-percent-of-workers-have-used-savings-to-pay-debts.htm Thu, 11 Jun 2009 12:15:58 GMT
Debt problems were said to have remained the biggest area of consumer concern, with a total of 1.93 million new debt problems registered in its bureaux between April 2008 and March 2009.

This represented an increase of 11 per cent compared with the previous 12-month period.

In addition, there was a 24 per cent rise in enquiries relating to bankruptcy.

According to Citizens Advice, there were 137,406 such queries posed by consumers in 2008-09, compared with 110,819 in 2007-08.

Responding to the statistics, chief executive of the charity, David Harker, said: "It is ... absolutely vital that all lenders and creditors treat people in arrears fairly and sympathetically, negotiate with borrowers in trouble and do everything they can to help ease their debt problems and avoid adding to them."

Citizens Advice operates a network of 426 bureaux in England and Wales, with a further 22 in Northern Ireland.


]]> http://www.gregorypennington.com/debt-management-news/2434/Demand-for-bankruptcy-and-debt-advice-has-risen.htm Thu, 11 Jun 2009 11:19:47 GMT
Moneyfacts.co.uk said that today`s average credit card purchase rate stands at 18.1%, up from 16.3% two years ago.

Michelle Slade, analyst at Moneyfacts.co.uk, commented: "The increase comes from a combination of card providers raising rates, withdrawing competitive deals and the launch of new cards onto the market with higher APRs than we previously may have seen."

A spokesperson for debt management company Gregory Pennington said: "Credit cards can be a useful way of making purchases if used correctly, but the debt can grow quickly if the balance is not paid off every month.

"Because the debt can grow so quickly, anyone struggling with credit card debt should make sure they speak to a professional debt adviser as soon as possible to discuss the best way to clear their debts."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2427/Rising-credit-card-rates-increase-debt-risk.htm Wed, 10 Jun 2009 14:22:43 GMT
Despite this, one form of borrowing has `defied the downturn`, and this is in-store credit - which rose by 24% from March 2008 to March 2009.

A spokesperson for debt management company Gregory Pennington said: "With the instability of the housing market, secured credit has become, for many, harder to obtain. Some people are borrowing in different ways - although secured loans and in-store credit are two very different forms of credit.

"It is important to consider your options carefully before taking on any debt. Anyone looking for more information on managing their debts should contact a professional debt adviser."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2423/Different-kinds-of-debt.htm Tue, 9 Jun 2009 12:14:19 GMT
The latest figures from the Bank of England show that current net lending to individuals stood at £1,459.2 billion in April, with £1,227.3 billion (around 84%) of that in the form of secured debt (such as mortgages) and £231.9 billion (around 16%) in the form of unsecured consumer credit (for example, credit cards and overdrafts).

Despite some apparently positive signs, `debt advisers are being increasingly swamped with requests from people seeking help in managing their debt, largely due to the rising tide of unemployment`, birminghampost.net states.

A spokesperson for debt management company Gregory Pennington said: "Many people are going into debt in order to afford everyday costs.

"Anyone who is struggling and wants to know what debt help is available should contact a professional debt adviser."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.]]> http://www.gregorypennington.com/debt-management-news/2416/debt-advisers-busy-as-debt-and-unemployment-rise.htm Mon, 8 Jun 2009 14:38:55 GMT