LloydsTSB plans cuts to overdraft charges

Lloyds TSB is to cut the overdraft fees on its current accounts from 2 December.

Many see this move a result of pressure from the coalition government but it comes at a cost to current account holders as the bank will no longer pay the current 0.1% interest.

There will be no change to customers that go into the red; they will still incur a charge of 19.3%.

See summary of the main changes.

Inflation squeezes ordinary Britons' pockets

A single person now needs a minimum yearly income of £14,400 (before tax) and a couple £29,200 to afford an acceptable standard of living, says the Joseph Rowntree Foundation (JRF).

The JRF has developed an online budget calculator to help you work out if your income is enough for an acceptable standard of living. More here.

FSA gets tough and offers new protection to house owners

The Financial Services Authority (FSA) has set out rules which will ensure there are proper protections in place for vulnerable customers in arrears on their mortgages or entering sale and rent back (SRB) agreements.

More on this article and the DebtWizard comment can be found here.

DebtWizard Forum

Just some of the issues we are helping with and resolving on the forum;

Can a police officer go bankrupt and still keep his job?

Police start date postponed - have no money

How to pay a 1/2 debt offer??

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

UK striking debt numbers issued July 2010

£185m - personal interest paid in UK daily.

21.9m plastic card purchase transactions will be made today with a total value of £1.115bn.

Every 51 seconds someone will be declared insolvent or bankrupt (based on working day). More stats

New challenge on bank charges - update

Jennifer Sharp won the right to revive her case about unfair and excessive charges against the Bank of Scotland.

The case went to the Glasgow Sherriff court on 11th June 2010.

Read the update and why this argument was not available to the OFT. Read more

Mike's recent blogs

The truth about log book loans

Access to money without undergoing a credit check and at short notice may sound attractive but is it worth losing your car over? You're behind with your council tax or the washing machine has just packed in and you need cash fast. Where can you get money without being credit checked? You know you stand no chance with a high street bank, your credit card is maxed out and you are wary of payday loans and doorstep lenders. Suddenly, your vehicle, parked just outside in the street, grabs your attention. I wonder... hmmm. Yes you can, you can often raise cash against your vehicle. Every year thousands of vehicle owners turn to companies to raise finance against their car or motorbike in an arrangements commonly referred to as a log book loan. But are they any good? Continue reading

Emergency Budget 2010: effect on consumers

When I was serving in the Metropolitan Police I often quipped that no matter what happened to the UK economy, the government would always want police officers: our job was always safe. You can imagine how astounded I was when I heard thousands of police officer jobs are on the line as part of the recently announced Budget cutbacks. When this happens we know matters are bad. The Budget was certainly a tough one and only time will tell whether the measures announced are the right call. I don’t know enough about the economy to make an informed judgment but I do know a bit about consumers and their debts and I am worried. Continue reading

Debt charities v Fee charging Debt Management Companies (DMCs)

Ever wondered what the pros and cons are of using a debt charity against paying a debt management company (DMC) a fee to sort out your debts?

We detail the process of setting up a debt plan, advantages and disadvantages plus an example when and when not to use one.

We also have a list of helpful contacts which include non fee charging firms. More can be found here.

Debtwizard 6 option guide to controlling 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 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 6 option get out of debt guide

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

Need a benefit check-up?

People in the UK are missing out on benefits and tax credits worth more than £8 billion a year.

Here we can direct you to an easy to use website that can help make sure you get what is yours.

Benefits rules do change, so if you could be entitled to benefits then get checking now, be mad not to! Benefit check-up

Latest Debt News

The latest debt related news since the last email.

- Bank charges - new update

- Debt charity or fee paying firm?

- Latest UK debt stats June 2010

- FSA - new help to house owners

- Bank to cut overdraft charges?

- 6 option guide to debt

- DebtWizard Forum

- Inflation squeezes Britons

- Need a benefit check-up?

- 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

BBC West Midlands - Ed Doolan 1pm Monday 16th August 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 Three Counties - Jonathan Vernon-Smith - Consumer clinic 25/6/10. Mike is asked about the decision by LloydsTSB to cut bank charges and is there a catch.

SunTalk - Internet radio arm of The Sun newspaper 25/6/10. Mike comments on a report highlighting the credit card binge that will force thousands into bankruptcy.

BBC Radio Wales Phone-in 23/6/10. Phone-in show on consumer issues following the budget.

Heart FM - Drivetime 22/6/10. Mike comments on how the budget will affect consumers.

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. Harassment template letters

Top 5 most posted forum topics

1. Quick help-need a bank account 40

2. My debt is killing me 38

3. Can my credit card company put the debt on my house? 32

4. I can't afford to go bankrupt! 29

5. Creditors won't stop the interest 28

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?