New credit reforms to help struggling consumers

The government's Consumer White Paper 'A Better Deal for Consumers - Delivering Real Help Now and Change for the Future', was published on Thursday, 2nd July 2009, and contains proposals to ban unsolicited credit card cheques and to reform credit- and store card regulations.

The new proposed regulation is aimed at giving consumers more control of their borrowing, and help prevent them accumulating debts that are difficult to pay off.

We have broken down the main points in an easy to read article as well as the Debtwizard comment, all can be found here 

Moneywise 'most trusted' awards

The results are in from Moneywise’s Customer Service Awards 2009 – find out the UK’s most trusted providers as voted by you.

The Awards are the result of a six-month long research investigation to find out what Britons really think about their financial services providers.

Mike was at the ceremony and more on this and his comment can be found here

Tax credit renewal date looms

If you want to renew your claim for tax credits you will need to do so before 31 July.

If you don't, you'll only receive payments for a limited period after the end of the tax year. You'll also have to pay back these payments.

You can find out more on this as well as how to start a claim by clicking here

OFT needs to box clever in Appeal Court

Five Law Lords are currently considering an appeal by the UK's main banks against an earlier decision this year by the Appeal Court that went in favour of the Office of Fair Trading, (OFT).

It is estimated that the banks receive around £2.5bn each year from overdraft charges when someone goes overdrawn without permission or if they have a cheque or direct payment returned unpaid.

We go through the consequences if the banks win or lose the appeal and cover how far back you can claim. More on this article can be found here

Reclaiming credit card charges tool - free

Credit card charges are NOT subject to the current bank charges case in the Appeal Court. If you've paid credit card charges then you may have a claim going back as far as six years in the UK.

Our much acclaimed free 'Reclaiming Credit Card Charges Tool' helps you add up your charges and creates a personalized letter to print out and send to your credit card issuer. Click on either for more information.

Q & A on Credit Card charges

Vist our Credit Card Charges Tool

Major changes coming in bankruptcy procedure

In recent years there has been an increase in the number of debtor petition bankruptcies and the resulting pressure on court resources has led to significant delays for debtors seeking to access much needed debt relief and delays for other civil court users.

Following a request made by Her Majesty’s Court Service (HMCS), The Insolvency Service (IS) carried out a review to look at the debtor petition bankruptcy process.

It is now looking like to go bankrupt you will no longer need to go to court!

More on this and the Debtwizard comment can be found here 

Debtwizard asks the PM for help

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

We have received a letter from the Insolvency Service stating that they and the Ministry of Justice cannot waive the fee for financially overstretched consumers that need to go bankrupt.

View all correspondence here.

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? More can be found here 

The latest debt related news since the last email.

· OFT needs to box clever in Court

. Tax credit renewal date looms

· Major changes coming in bankruptcy

. Moneywise 'most trusted' awards

. New credit reforms to help consumers

. We want to hear your story

. Reclaiming credit card charges tool

. PM & bankruptcy fees update

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

A husband hid from his family his unsecured debts of £56,000 consisting of loans, credit cards and overdrafts.

For years he borrowed from one lender to pay another and his liabilities had reached such a level that his monthly payments to creditors far exceeded his income

· To find more on the advice and outcome then click here.

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 will be building a section for this soon.

· Media page

UK Credit stats for June

Citizen Advice Bureaus dealt with 7,423 new debt problems every day.

£578m will be withdrawn from cash machines today.

· 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. Budget forms - free
2. Reclaiming bank charges tool
3. Unenforceable credit agreements
4. Bank charges latest updates
5. Date set for banks appeal
6. Six options to getting out of debt
7. Credit card charges tool
8. Contact
9. The Limitation Act (Old debts)
10. Letter to PM re bankruptcy fees