Home owners at risk as government cuts funding to mortgage rescue schemes

A Government funded scheme aimed at helping those home owners facing repossession is to be cut.

Grant Shapps, the housing minister, has said that reducing the deficit to keep interest rates low would be more effective and that the Mortgage Rescue Scheme needed to be "refocused" to offer better value for money.

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

£2 Statutory Credit Report Now Available Online

Thinking of applying for a mortgage, credit card or personal loan?

If so then make sure your credit file is correct and up to date.

Any wrong information may lead to rejection with the search and result put on your file.

Now you can check your file on-line and correct any misinformation, all for just £2.

Read article.

Is this the beginning of the end of Payment Protection Insurance (PPI)?

Lloyds Banking Group is the first bank to stop selling Payment Protection Insurance (PPI) to customers that borrow money.

Do you feel you have been mis-sold PPI and don't know where to start?

If you do then you have two options, either enter a claim yourself or employ a solicitor to do this for you. We can help you with both.

Read article and how to claim here.

DebtWizard Forum

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

How can I start to rebuild my credit rating ???

Bankruptcy - I did it on the 13th July 2010

Need new business account, whats best!!

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

DebtWizard guide to Individual Voluntary Arrangements (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 answer what happens to your home, your car, interest on the debts and how the voting works.

DebtWizard guide to Individual Voluntary Arrangements

City watchdog proposes end of self-cert mortgages

The Financial Services Authority (FSA) has moved closer to banning self-cert mortgages as it goes for consultation on the mortgage lending market.

We cover the key proposals and include the DebtWizard's comment covering his concerns for the self-employed.

Read article.

Mike's recent blogs

Is it fair for banks to raid your savings to pay your debts?

Is there anything you can do to stop a bank taking money out of one account to pay off debts in another account you hold with them? During the past week or so I received calls from two people, both of whom had money taken from their bank accounts by their banks to pay off their credit card debt. Both asked, “Can a bank do this, legally?” and I said, “The short answer is yes.” This practice is known in the trade as “setting-off” and while there are some restrictions it is perfectly legal. Continue reading

Why do banks punish poorer customers?

While some people may think those who are bankrupt deserve to face harsh restrictions, I say banks are only making the problem worse by treating them like pariahs of society. Very few people run up debts with a view to going bankrupt. For the average consumer, it’s caused by an unexpected trigger, such as a relationship breakdown or job loss. Unless you’ve been through bankruptcy yourself you can only begin to imagine the stress, trauma and anguish these people go through. Continue reading

How to reel in a loan shark

As families struggle to pay their bills and credit remains hard to come by, unlicensed lenders will try to take advantage but there are ways you can beat them at their own game. When my team and I talk to people to help them overcome their debt problems, part of the assessment is to identify all the lenders to whom they owe money, including family and friends. Nothing unusual here, you may think, but digging a little deeper reveals an alarming trend where often, through embarrassment, some individuals will say their debt is to a relative or friend when in reality, they owe money to a loan shark. Continue reading

How to choose a credit card

Credit cards often have a bad reputation because people associate them with racking up a lot of debt.

But if you use them properly they can work to your advantage.

Moneywise TV shows you how. Watch

From Moneywise TV

BBC Essex-Sound Advice-Debt Clinic

Among the topics were IVAs covering how lenders vote to accept the arrangement and who pays the fees. Also mortgage debt and where to go to for general debt advice.

Mike also helped one listener plan a way forward after he had been made redundant and could no longer afford to pay his credit card bills. Plus lots more!

Click here to listen to the show.

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

Tax credit renewal deadline looms

Families tax credits, which were set up in 2003, are aimed to help the lower paid and are mainly focused on children, families, babies and people with disabilities and are available to 4.7 million households.

Miss the renewal deadline and the tax credit payments will stop! We also show you what to do if you miss the deadline.

Read article and how to claim here.

Latest Debt News

The latest debt related news since the last email.

- £2 Statutory credit report on-line

- Is this the end of PPI?

- Gov cuts funding to homeowners

- IVAs - simply the facts

- BBC Essex - Sound Advice

- Deadline looms for tax credit renewals

- DebtWizard Forum

- The end to self-cert mortgages

- How to choose a credit card

- 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

Mike Thomas will be live in the studio taking your calls, texts and emails on any debt questions on the following shows;

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 Essex - Dave Monk Show 16/7/2010

Mike helps one listener deal with a debt collection agency chasing her for a debt over 10 years old.

BBC Radio Wales Phone-in 19/7/2010

Mike was talking live to Jason Mohammad about whether banks are ripping off consumers with continuing bank charges.

BBC Shropshire - Keith Middleton's Extravaganza 25/7/2010

Topics covered include Debt Relief Orders (DROs), bankruptcy, debt charities v fee charging debt management companies and how to deal with debt collection agencies chasing debts over 6 years old, plus lots more.

BBC Tees - Cash Clinic 26/7/2010

Commenting on the benefits of paying off your mortgage early as opposed to saving.

BBC Essex - Sound Advice 28/7/10

Topics include IVAs, triggers that lead to debt, mortgage debts and where to go for debt help.

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. I can't afford to go bankrupt! 39

3. My debt is killing me 38

4. Can my credit card company put the debt on my house? 33

5. Bankruptcy saved my life & my home 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?