Personal insolvencies reach record numbers but should they be higher?

Consumer insolvencies in 2009 climbed a massive 26% (27,598) compared to the year before.

So why does the Debtwizard say this is the tip of the iceberg and that these new figures are masking the true amount of unmanageable debt in the UK?

You can read why he feels the figures should be nearer the million mark on his blog 2009 Insolvency figures hide true level of unmanageable debt

FSA gets tough with 'sale and rent back' schemes

City watchdog at last puts in the boot and lays down tough new rules on 'Sale and Rent' back schemes or 'flash sales'.

We detail the key points of the FSA's new proposals, when they are due to become law and what effect this scheme has had on house repossession figures.

Read article and Debtwizard comment

A debt collector contacts you on a debt over 6 years old, what next?

Ever been chased for an unsecured debt that you have not heard about for over 6 years?

Do you know how to respond or what sort of letter to write, do you know your rights?

We help you with simple Q & A's and a template letter. Debtwizard guide to old debts

Millions urged to check their tax codes

Because of a fault with the HM Revenue & Customs (HMRC) new computer system, up to 25 million tax payers may have been sent the wrong tax codes which could result in some individuals paying £108 per month extra.

We detail what to do if you think your tax coding is wrong, how to find your nearest tax office and the Debtwizard comment, all at Oops! I've sent out the wrong tax codes

OFT steps into the ring to sort out unenforceable credit agreements

The OFT has moved after real concerns that some borrowers are being misled, mainly by some claims management companies, into thinking that they can get their debts written off using the CCA.

There is also concern that some lenders are not following their legal obligations to provide information to customers. More

FSA proposes new rules to protect home owners in arrears

The Financial Services Authority (FSA) has launched a consultation covering a package of measures to further protect mortgage holders from excessive charges from lenders should they fall into arrears.

The only moaners were the Council of Mortgage Lenders (CML). Read the key points and the Debtwizard comment.

Mike's recent blogs

2009 Insolvency figures hide true level of unmanageable debt

Personal insolvencies for 2009 jumped 26% to 134,142 compared to last year but Mike Thomas believes these new figures are masking the true amount of unmanageable debt in the UK and feels they should be nearer the million mark... read more

The Royal Bank of Scotland causes a right royal stink

We should not be rewarding failure and then be held to ransom by what is an insolvent bank. How do those consumers caught up in uncontrollable bank charges feel? Some run into the thousands of pounds which is helping to fund the high bonuses... read more

Why 'sale and rent back' schemes needed regulating & Fraudsters target tens of thousands tax payers offering false rebates

'So far only around 80 firms have applied for authorisation under the FSA's new rules which is a worry about what has happened to the remaining 920 firms of the 1,000 that the OFT thought there were operating in this market. Are these too scared of regulation, are they the cowboys that needed to be taken... read more

Cash, Credit and Confidence to drive recovery

We can all be armchair economists but what I would like to see is all the political parties united in getting things moving for the good of the country instead of listening to their predictable sniping at each other. I watched George Osborne and Vince Cable on the BBC today and I could have written their speeches... read more

Fraudsters attack thousands of tax payers offering false rebates

Fraudsters are sending out tens of thousands of scam phishing emails to coincide with the tax return deadline of 31^st January 2010.

We detail the dodgy email addresses and and what to do if you receive one.

More on this and the Debtwizard comment here at HMRC scam emails list

UK striking debt numbers issued February 2010

The average car will cost £15.13 to run today.

386 people today will be declared insolvent or bankrupt. This is equivalent to 1 person every 3.72 minutes.

8.1m cash withdrawals will be made today with a total value of £530m.

More striking debt statistics

Free Budget Wizard

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Latest Debt News

The latest debt related news since the last email.

- 25 million tax payers urged to...

- Unenforceable Credit Agreements

- Million consumers to go bankrupt?

- How to deal with old debts

- New rules on mortgage arrears

- Free budget wizard

- UK striking debt numbers

- FSA gets tough - 'sale & rent back'

- Fraudsters target tax payers

- Mike's blogs

See the news archive

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If you are interested in Mike's shows then keep checking the home page for details, homepage.

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Radio/television/press

As well as radio and TV, Mike is involved with some of the national newspapers; you will find all these on our media page.

Last three shows:

BBC Essex 5 Feb 2010 - Insolvency figures.

BBC Three Counties 5 Feb 2010 - Insolvency figures.

BBC Essex 8 Feb 2010 - Debt collection agency harassment.

More - DebtWizard media page

UK Debt statistics issued February 2010

£54.5 bn - total credit card debt in December 2009.

Every 11.2 - minutes a property is repossessed

£57,937 - average household debt.

- View more credit stats here

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