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Massive 'unreported' change in bankruptcy policy
 As from April 6th this year the Insolvency Service has removed the mandatory requirement to advertise someone’s bankruptcy in the local paper. Instead it is now, with certain exceptions, left to the discretion of the Official Receiver to decide if an advertisment is necessary.
Although this is great news for the honest consumer who needs to go bankrupt there is little or no publicity about this change. It is well known that the mandatory requirement to advertise their impending insolvency has in the past deterred many from petitioning for bankruptcy, even though this would have been their best option. My job now is to let the consumer know of this massive change in policy.
More on this article, including the DebtWizard comment, can be found here. Massive unreported change in bankruptcy policy.
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Bank accounts to be made clearer about charges and easier to switch
Banks have agreed to make it easier for customers to switch current accounts and to make it clearer what their charges are.
The new changes will also mean that banks will have to work harder to keep a customer - that’s a first, Mike says with a wry smile. Don't get too excited as this will not be finalised until well into 2011!
Full article and DebtWizard comment here.
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Citizens Advice Bureau under pressure from consumers in debt
The consumer debt problem in the UK is just too big to be left to those firms described as ‘charities’ to deal with.
At last this has been recognised by the Government which is why the debt service industry is under review.
You can read the article and see how many cases 'just on debt' the CAB is seeing every working day by clicking here.
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SunTalk - the internet radio arm of the Sun newspaper
 Mike is live in the studio at 11.30 am Friday 16th October with Jon Gaunt taking your calls, emails and texts on how to resolve your debt issues.
See if the DebtWizard can answer your question by clicking on our easy to use submit a question, or you can send your queries to
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
or text 87131 or call 020 33 64 7000 and get the advice live on SunTalk.
SunTalk will create a separate podcast of Mike's part on the show which will be available to download afterwards. In case you missed the last cracking show, you can listen to it for free DebtWizard on SunTalk podcast 25 Sep 09
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DebtWizard's top 10 tips
The DebtWizard's top 10 tips on managing your debt....
- Never borrow more than you can afford.
- Do a budget wizard; learn to live within your means.
- If you have a problem re-paying a loan then speak to someone sooner rather than later.
Find out the next seven by clicking on DebtWizard's top 10 tips
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Thousands get PPI claims reviewed
Thousands of consumers are in line for compensation ranging from hundreds to several thousands of pounds each after the FSA ordered banks to re open 185,000 complaints dating back to July 2007 about redundancy and illness insurance, commonly known as Payment Protection Insurance, (PPI). More on this article here.
Do you feel you have been mis-sold PPI and don't know where to start?
If so see our bespoke DebtWizard guide to reclaiming PPI.
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Bankruptcy Tourist
 Not content with pinching our sun beds the Germans are now invading the UK to use our insolvency rules to go bankrupt!
So why come to Britain to resolve their debt problems I hear you ask. Well in Germany it can take up to 7 years and in Ireland 12 before the debts are written off whilst here in the UK it only takes between 6 and 12 months before discharge.
It is arguable about the rights and wrongs of this development but get used to the term ' bankruptcy tourist', as it is going to become more popular by the day.
You can read the full article and the DebtWizard comment here, the Bankrupt Tourist.
You can find more on bankruptcy including pros and cons, procedure and payment orders by visiting the DebtWizard guide to bankruptcy.
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LBC September Money podcast special
James Max interviews Mike Thomas for LBC's 'money podcast' of the month.
Themes covered are why consumers need credit, why there is no such thing as an 'unsecured debt', the biggest mistake consumers make which leads them into debt, the most expensive down to the cheapest forms of borrowing leading into Payday and Logbook loans.
This is another fascinating, straight talking no nonsense interview from Mike.
LBC Money Podcast is free and its here!
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Doorstep lender refused a licence
The Office of Fair trading (OFT) has refused an application from U-Turn Financial Solutions Ltd for a consumer credit licence.
Although Doorstep lenders are regulated matters can turn nasty if the consumer falls behind with their payments due to the higher than norm interest rates.
Anyone thinking of using a 'Doorstep lender' should not take the first offer that comes along. Instead they should visit the independent website ..........
More on this article and the DebtWizard comment can be found here.
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If you feel your finances are out of control we can help.
Mike personally reviews cases and has a small support team that can help provide a professional perspective on any issues you're having. Whether it's unmanageable ongoing bills, debt problems, mortgage arrears or home repossession - England, Wales, Northern Ireland or Scotland, Debtwizard.com can help you take control.
Call us or email in the strictest of confidence: 0845 225 0025 or complete the rapid response form.
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