Unenforceable credit agreements - update

Many firms have recently sprung up claiming they are able to get you out of your credit card or personal loan debt.

We explain what these firms try to do, give examples of mis-leading adverts and detail a list of the important questions you should be asking any firm you approach if you are thinking of seeing if your credit agreements are unenforceable.

Debtwizard guide to unenforceable credit card and loan agreements.

Personal insolvencies rise to record levels

The figures reveal that this is the highest number of insolvencies since records began back in 1960 as consumers battle against unemployment and credit problems.

My forecast for 2010 is for insolvencies to peak at about 200,000, which dwarfs the forecast for the preceding year. I'm still on target for this year's estimate of 130,000.

More on this article Personal insolvencies rise to record levels.

Spare a thought for the unemployed

There has been an increase of 71,000 for those who have been out of work for more than a year who now number 618,000, the highest for 12 years.

These people need support from their families, friends and creditors both emotionally and financially. They also need to have clear goals on how they can manage their debts.

More this and the Debtwizard comment here at Spare a thought for the unemployed.

The Debtwizard 6 option guide to controling your debt

You have six options available when debt problems arise.

Not all will apply, it depends on your level of debt, your assets and how much spare money you have after paying essential bills.

All these options, except for No.4 where you pay creditors in full, will affect your credit rating. All options can be found at:

Debtwizard six option guide to getting out of debt.

OFT announces review of debt management practices

The OFT has launched a review of compliance levels across the UK debt management industry as more and more consumers seek help for debt problems.

The concern which has prompted this review is about the quality and varying level of advice given to the consumer and is not just restricted to fee charging firms.

More on this review and my comment can be found here:

OFT announces review of debt management practices.

46,000 mortgage holders to receive £7.7m for being mis-treated.

The City watchdog Financial Services Authority (FSA) has fined GMAC-RFC Limited (GMAC-RFC) £2.8million for failing to treat customers fairly and ordered them to pay back, with interest nearly £8million to 46,000 of its mortgage customers.

This could be the first time that a mortgage lender has been called in on this and there are numerous other lenders wondering when they will feature next.

Mortgage lender to pay back £8 million to borrowers.

Are you just dying to get into debt?

It is not unusual for some people to think that when they die so do their debts.

This may be the case if they have no assets, savings, investments or insurances.

If you do have assets then these are likely to be sold to clear any debts. Debts in joint names with your partner for example are payable after your death.

Dying to find out more.....then click on

Debt and death the cold facts

Individual Voluntary Arrangements

Individual Voluntary Arrangements, IVAs, can be a very useful tool when resolving your debt issues, but you really need to know the advantages and disadvantages.

To help you we have detailed the pros and cons as well as answers to what happens to interest on the debts, your home, your car, how the voting works and whether a lender can change their mind, and much more.

All can be found at DebtWizard guide to Individual Voluntary Arrangements

FSA orders Swinton to offer refunds on over 480,000 PPI policies

 The Financial Services Authority (FSA) has fined Swinton Group Ltd, the high street insurance broker, £770,000 for serious failings in their advised sales of single premium payment protection insurance (PPI).

Swinton’s PPI customers will now be able to get a full refund. Swinton will also pro-actively review previously rejected claims and pay compensation where appropriate. Swinton accrued approximately £7.8 million from its PPI sales.

DebtWizard guide to Payment Protection Insurance (PPI).

The latest debt related news since the last email.

· Six option guide to beat debt

· Unenforceable credit agreements

· Dying to get into debt - cold facts

· Thinking of the unemployed

· Mortgage holders to get £8 million

· IVAs - simply the facts

· Bankruptcies break all records

· Swinton told to review PPI claims

· OFT to review the debt industry

· We want to hear your story

See the news archive

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.

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.

We upload the shows on a regular basis and there are still more to be added over the next few days.

· debtwizard media page

UK Credit stats for October

2,000 Consumer County Court Judgements (CCJs) were issued every day in the first 3 months of 2009.

25,250 applications for consumer credit have been turned down every day.

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

· 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. Reclaiming bank charges tool
5. Unenforceable credit agreements - firms that help
6. The Limitation Act (Old debts)
7. Contact
8. Six options to getting out of debt
9. Who we are
10. Bank charges are RBS & Nat jumping before they are pushed?

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?