OFT will not limit interest rates on payday loans

The OFT has decided not to restrict the interest rates on payday loans, pawnbroking, home credit and rent-to-buy credit which it says is worth 7.5 billion.

They warn that imposing formal price controls would not only be complex and difficult but might be against the interests of potential borrowers.

Are they right? Do they have a point?

Read more on this article.

Read Mike's blog on this topic.

1 million adults have no bank account

Nearly one million adults in the UK do not have access to a bank account.

Apart from not being able to get discounts for paying by direct debit these people are also unable to do internet shopping.

Read more on article

Guide to basic bank accounts

Striking UK debt numbers May 2010

The average cost of raising a child from birth to the age of 21 is £26 a day.

1,000 people are seeking some form of formal debt rescheduling every working day.

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

DebtWizard Forum

Some of the issues we are helping with and resolving;

Can I lose my job if I do an IVA?

Can my credit card company put the debt on my house?

Financial Exclusion from some jobs

Simple to join, just sign up or log in to debtwizard.com then go to forum and select your nickname. That's it; you are then able to post. We help anyone in England, Ireland, Scotland, Wales and UK residents overseas (ex pats).

You don't have to be in debt to post, you may have an experience that you wish to share or just wish to offer support to those in debt. All will be welcome. Visit forum

FSA extends time limit for 55,000 PPI claims

Consumers that previously had their complaint of mis-selling payment protection insurance (PPI) turned down by the provider have had the time limit to go to the Financial Ombudsman Service (FOS) extended.

To find out more on this article click here.

Need help with PPI claims, including template letters, then click 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.

Mike's recent blogs

Sub-prime market rubs its hands with glee after OFT gives the green light to 2,000% plus interest rates

People on low incomes and with a chequered credit history need to see a level playing field. It is just not good enough to read comments from money comparison websites that say the OFT were right in their review findings. Why? - just look at the amount of payday loan companies advertising and generating an income for the designated website - hypocrisy come to mind? Continue reading

How to keep debt collectors at bay

Being in debt is not a crime, so don't let people treat you like a criminal. Here I give you advice on keeping rogue creditors at bay.

Throughout my many years of helping people resolve their debt issues one thing stands out: consumers have very little knowledge about or experience of dealing directly with debt collectors and many individuals in debt are often subject to unnecessary harassment by lenders..... Continue reading

Do I have to pay my partner's debt?

Sitting on the train into London, newspaper out, ready to read about the formations Capello is thinking of for the world cup, when my old mate William suddenly appears and sits down opposite me. We hadn’t seen each other for quite a few months so we were quickly catching up on things when I asked how Amanda was. . “She had to go mate, a liability, she was hiding her debts from me, can’t put the house at risk”. Continue reading

Homeowners can't have unsecured debt

Don't be fooled by supposed unsecured debts. If you own your own home, there's no such thing. Yes, you read it right, unsecured debt, as in credit and store card debt, a personal loan, an overdraft or even a catalogue debt, is not unsecured if you own your own home. Continue reading

Free Budget Wizard

If your finances are out of control then this unique budget form will quickly establish your position and predict how much your debt will increase over the next 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

Inflation explained

CPI is used by the Government to measure inflation. It does not include council tax or mortgage interest costs.

RPI is used to negotiate wage increases, pensions, state benefits and index linked guilts.

It is helpful if you understand these terms, you can read our simple guide to both here.

Latest Debt News

The latest debt related news since the last email.

- OFT refuses to cap high-cost credit

- Latest UK debt stats May 2010

- Debt solution comparison table

- 1 million adults with no bank account

- DebtWizard Forum

- 55,000 PPI cases - time limit extended

- How inflation affects us all

- Free budget wizard

- 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 Shropshire 'Extravaganza'

10.00pm Sunday 25th July 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:

LBC - James Whale 14/6/10

Discussion on why females spend more money than males and are getting further into debt.

Sun Talk - Jon Gaunt 4/6/10

Jon Gaunts calls up Mike for his views on the theory that Derrick Bird was under pressure with debts.

BBC - Essex - Dave monk 26/5/10

Protecting home owners from having unsecured debts secured on their property.

More - DebtWizard media page

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

Top 5 most posted forum topics

1. Quick help-need a bank account
2. My debt is killing me
3. I can't afford to go bankrupt!
4. Creditors won't stop the interest
5. Bankruptcy saved my life & home

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?