Government stings consumers as the cost to go bankrupt jumps 25% to £600

The Government, through the Insolvency Service, is to increase the cost for consumers who need to go bankrupt by 25%.

This means that for the majority of people that only have bankruptcy left as an option to deal with their debts they will soon have to find £600 for the fee, that's a massive £1,200 per couple.

Read more on this here

Read Mike's blog where he challenges the rise

New challenge on bank charges due 11 June 2010

The right to challenge bank overdraft charges took a new twist at the Glasgow Sherriff court this week.

A Glasgow woman, Jennifer Sharp, has won the right to revive her case about unfair and excessive charges against the Bank of Scotland.

Read more

A better deal for tax credit claimants who delay reporting changes

Changes have taken place in the tax credit system in January this year, which affect tax credit recipients.

This will have an impact on those who have either started to live together, or became single, but who have not immediately reported their change in circumstances.

Read more

House repossession figures 2009, are they misleading?

The number of homes that were repossessed during 2009 reached a 14 year high of 46,000, but in reality, should they be higher?

Mike details how 'sale and rent back' schemes have misrepresented the true picture.

Read article

Read Mike's blog House repossessions - look through the smoke and mirrors

New rules proposed to tighten up on charging orders

Lenders can apply for a charging order to convert unsecured borrowing, such as car loans or credit card debts, into loans 'secured' against the home of someone who owes them money.

Now the Ministry of Justice is considering proposals to offer greater protection to home owners... Read more

How inflation affects your spending power and wage negotiations

CPI is used by the Government to measure inflation. It does not include council tax or mortgage interest costs.

RPI is used to negotiate wage increases, pensions, state benefits and index linked guilts.

It is helpful if you understand these, you can read out simple guide to both here.

Mike's recent blogs

Bankruptcy fee to leap a massive 25%; can it be justified? No, says Debtwizard

At a time when insolvencies are running at the highest level since records began back in 1960, this has just got to be total madness. Where is the caring Government that professes to help and support the consumer? You have got to ask whether this hike in fee has been done deliberately to keep the bankruptcy numbers down... Continue reading

The pint of beer that saved one man £11,003.38p

Whilst quietly supping a pint of bitter in my local pub with a good mate of mine, he suddenly blurted out that he hadn't slept in a week after receiving a letter from a firm of debt collectors, chasing him for a debt he had many years ago. Continue reading

House repossessions - look though the smoke and mirrors

With many home owners struggling to meet their mortgage repayments it is hardly surprising to see that repos are still high, 46,000 or so for 2009, according to the Council of Mortgage Lenders (CML). In fact I think the number, in reality, is even higher! Continue reading

Debt Relief Orders - Government orders a re-think about pensions

The proposed changes to Debt Relief Orders (DROs) would mean that those with very small pension pots would now be able to apply for the Orders.

DROs are a new, lower cost option for people to avoid bankruptcy but their pension often prevented some consumers from using one.

Read article

Debtwizard guide to Debt Relief Orders

Your love should keep you warm but don't get fleeced-were you caught?

The internet is now an established way to meet and connect with new people, but those meeting on dating and other sites need to be on their guard against potential dating scams.

Did you get caught out or know someone that has?

You can read more on the article covering the tactics scammers use here.

Free Budget Wizard

The Budget Wizard can be used to help you avoid getting into debt. If it is too late and your finances are out of control then this unique form will quickly establish your position and predict how much your debt will increase over the next one month, 12 months or five years.

Completely free, web based and private. You can log in and work on your budget wizard anywhere there is an internet connection. Budget Wizard

Latest Debt News

The latest debt related news since the last email.

- Bank charges new court case due

- DROs re-think on pensions

- House repossession figures spin?

- Bankruptcy fees go up 25%

- Tax credits claims - new deal

- Free budget wizard

- New rules due on charging orders

- Were you a Valentine sucker?

- How inflation affects your pay rise

- Mike's blogs

See the news archive

Future Shows

Radio and television appearances can often be at short notice.

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

Confirmed show

LBC Sunday 6-7pm 14 March 2010

Quick Links

DebtWizard Budget Form - free

Designed to identify exactly what is going on with your finances. This form is unique with its built in debt predictor. If things look grim you can send it to us for further help.

- Start your own budget form

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 few shows:

SunTalk - Radio arm of The Sun
Police Dogs and new bank charges court case due 11th June 2010

BBC Three Counties 18 Feb 2010
Payment Protection Insurance PPI

Mirror & mirror.co.uk
House Repossession Figures 2009

More - DebtWizard media page

UK Debt statistics issued Feb 2010

9,300 - Number of new debt problems dealt with by CAB each day.

4,316 - a second increase in Government national debt

71.3m - credit and charge cards in the UK compared with around 60 million people in the country.

- View more credit stats here

Blog & Twitter

Mike is blogging and twittering, just click on either link

- blog - follow Mike on twitter

Top 10 sections on website

1. Bank charges latest updates
2. Budget wizard - free
3. Unenforceable credit agreements
4. The Limitation Act (Old debts)
5. Six options to getting out of debt
6. Contact
7. Unenforceable credit agreements - firms that help
8. Bank charges - RBS & NatWest jumping before being pushed?
9. Who we are
10. Credit card charges

We want to hear your story

If you're happy to share, we have numerous TV stations and newspapers looking for your story.

Have you been made bankrupt? Applied for an IVA?

Do you have a horror story about dealing with a lender or company that you owe money?

Are you harassed by debt collection agencies?

We are interested in your story, can we help you?