Home repossession figures are misleading, says the debtwizard

The Council of Mortgage Lenders, CML are to revise their figures downwards for home repossessions this year after the release of first quarter numbers.

So that does that mean things are okay then, are fewer people expected to lose their homes this year? So is the housing market now settling down?

Mike offers a different view, one that he first raised on the BBC News last year. Read Mike's comment on why he feels the figures are misleading and do not offer a true reflection of what is actually going on.

We are now up and running and just need to tweak a few things here and there. Mike really loves the site and we have had great feedback.

We know we can't be perfect, although we try. So if you find a broken link or something is not working then please let us know!

Mike is blogging and twittering, just click on the link to follow blog twitter

Mike is asked to comment on the recently launched Debt Relief Orders, DROs.

In the live interview he details how one can apply and what the qualifying criteria to is to meet a DRO.

Mike goes onto to explain how he feels they do not go far enough to help those with severe debts. Watch here

The OFT is warning the debt collection and tracing sector that using neighbours to pass on messages to trace subjects is an unacceptable practice and should be ceased immediately.

The OFT has imposed requirements on one 'trace and collect' company, Link Financial Limited (Link), to confirm that it must no longer engage in this practice.

More can be found on this as well as the debtwzard comment here

If you have already paid credit card charges or charges for an unauthorised overdraft, bounced cheque or unpaid direct debit then you are likely to have a claim for compensation going back as far as six years in the UK, five years and a maximun of £750 if you reside in Scotland and £2,000 if you reside in Northern Ireland.

Don't put off what can be claimed.

Q & A's and template letters

Insolvency figures for the first three months of this year indicate that we are likely soon to be known as Bankrupt Britain, with the number of personal bankruptcies running at over 19000 during this time, an increase of nearly 24% over the same period last year.

This figure does not include those that have proposed an Individual Voluntary Arrangement (IVA) which, at nearly 11000, was up 3.6% on the same period as well. On top of this, nearly 5000 companies went into liquidation, over 50% up on the same period last year!

You can read Mike's comment on the dramatic increase in the insolvency figures here

Latest - We have received a reply from the Insolvency Service on behalf of the PM refusing to help overstretched consumers. Mike sees it as another kick in the teeth for those that need help fast. View letter.

Debtwizard is asking the PM to take decisive action in helping consumers who cannot afford the new bankruptcy fee of £510.

We have responses from both the Tories & Lib Dems. You can view all correspondence here.

UK annual inflation slowed in April as consumers' energy and food bills continued to drop according to figures released from the Office for National Statistics (ONS).

Do you understand these terms?

If not then we explain what inflation is (CPI, RPI) as well deflation, all in simple terms, just click here

The latest debt related news since the last email.

· UK credit stats issued May 09

· Credit card charges - act now

· BBC News Channel interview

· Re open debtors prisons?

· OFT threatens debt tracing firm

· Home repossessions misleading

. CPI, RPI & Deflation explained

See the news archive

Every Wednesday - 6.10pm
BBC Essex - John Hayes Drivetime
Topical discussion on debt and consumer related issues

All radio and television appearances will be posted on the homepage

Case study

Paramedic needs emergency treatment for her debts.

An ambulance driver owed £27,000 on credit cards and loans, and was coping with her debts because her partner paid half the rent and utilities each month, until that is they separated.

Stressed out and being hounded by creditors she sought help.

· Read more on the scenario, advice and final outcome

DebtWizard Budget Form

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

Media

Missed Mike on the radio or TV? We have uploaded some more shows and any 'coming soon' will be added over the next few days.

As well as the radio and TV, Mike is involved with some of the national newspapers, we'll have a section for this up very soon.

· Media page

Credit stats

Did you know that 33,600 applications for credit have been turned down every day during the past six months?

Every 3.3 minutes one person will either enter into an Individual Voluntary Arrangement (IVA) or become bankrupt.

· View more credit stats here