Credit card rip-off banned...

The credit card sector has had a major overhaul, do you know of your new rights?

The government has also published measures designed to encourage responsible borrowing and lending, and help people avoid taking on unmanageable debts.

There will also be more pressure on lenders to reduce or freeze interest and charges and to accept token payments from people who suffer a sudden income shock. More here.

Claim Management Solicitors get shut down by regulator

Consumer Credit Litigation Solicitors (CCLS) who specialise in unenforceable credit agreements has been shut down by their regulator.

Based in Manchester CCLS advised Cartel Client Review and their clients on the viability of challenging unenforceable credit agreements.

You can find more details of what to do if you are a client of CCLS by clicking here.

Debt solution comparison table - see your debt options at a glance

In a simple to read chart we illustrate a summary of possible debt solutions.

We compare Bankruptcy, Debt Relief Orders (DROs), Individual Voluntary Arrangements (IVAs), Debt Management Plans and Debt consolidation loans.

At a glance our very own bespoke table lets you quickly see which offer debt relief, freezes interest and much more at the Debtwizard comparison table.

Paramedic receives emergency treatment for her debts

A paramedic owed £27,000 on credit cards and loans, and was no longer able to meet her payments to creditors after her relationship with her partner brokedown.

Previously the partner paid half the rent and utilities each month.

We cover the facts, the advice and the outcome.

Click here to read the case study.

The end of 0% credit cards?

The days of 0% balance transfer credit cards could be numbered as a result of new rules to protect consumers.

New rules unveiled by the government this week will ban credit card providers from using customers' payments to clear balances attracting the least amount of interest before more expensive debt.

More here

The DebtWizard guide to IVAs

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.

We detail the pros and cons and answers to what happens to your home, your car, interest on the debts how the voting works.

All can be found at DebtWizard guide to Individual Voluntary Arrangements

Mike's recent blogs

Think stores cards are an easy way to get a discount?

It was back in 1977 when I first encountered something akin to the present day store card. My brother was getting married and, as best man, I needed a suit. So off I trundled to Burtons and got my first ever suit. It was expensive, but the store said I could pay just £3 per month. I was only 20 and didn't really understand the implication of what I had signed up to. In fact, at £3 per month, it would have taken me around five years... Continue reading

Government's new debt solution isn't working

On paper, debt relief orders sound great and are just what we need to help consumers battle with their debts. But are they really any good? Rather than detail the qualifying criteria it might be simpler if I identify those of us that won't qualify for a debt relief order - surprise surprise, most of us... Continue reading

BBC needs your help

Are you in an IVA/DMP or going bankrupt?
Have you had the right advice? Do you want to share your story?

My name's Emily and I'm researching a new series for BBC 2 called Money Watch - looking at people's real life financial stories across the country.

I'd like to hear your experiences about what it's like dealing with debt. If you're keen this could lead to some filming for the show, my number's 020 8008 0861 or email's emily.hughes1@bbc.co.uk

OFT goes to the High Court over Gym membership fees

Ashbourne Management Services Limited draws up membership agreements for a number of gyms and then collects members' payments so why are they being taken to the High Court?

Is it the 17,000 defaults they have issued against consumers?

Find out more including your rights when dealing with debt collection agencies 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.

- Claims firm solicitors struck off

- The end of 0% credit cards?

- Debt solution comparison table

- Police Officer avoids bankruptcy

- Credit card rip-off banned

- Free budget wizard

- The DebtWizard guide to IVAs

- Paramedic gets emergency help.. 

- OFT in High Court over Gym fees

- 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 shows

BBC Essex - Steve Scruton

2-4pm Friday 26th March 2010

BNMR Radio - The Sanctuary

10.30pm Sunday 28th 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:

BBC Essex - Dave Monk Show

Mike challenges the increase in bankrupty fees

BBC Essex - John Hayes

Mike explains how IVAs work for consumers in debt.

LBC Debt Clinic - James Max

Mike takes calls and texts on debt live in the studio.

More - DebtWizard media page

UK Debt statistics issued Mar 10

Every 11.2 - minutes a property is repossessed (down .2 on Feb 2010)

31% of savers don’t think they have enough money to cope in an emergency. In real figures, this equates to over 15 million people.

According to the BBA the proportion of credit card balances bearing interest was 73.6% in July 2009.

- View more credit stats here

Blog & Twitter

Mike is blogging and twittering, just click on either link

- blog - follow Mike on twitter

Top 5 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

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?