Home repossessions down for April, May & June, but is it good news?

The number of properties taken into possession by first-charge mortgage lenders continued to fall in the second quarter of 2010, according to the latest data from the Council of Mortgage Lenders.

Debtwizard argues that other factors such as sale & rent back schemes, unemployment and the low interest rate may be distorting the true picture.

You read more on this here.

PPI sellers face big compensation demands from consumers

The FSA is bringing in new controls to force firms to deal with old cases of complaints about mis-selling of Payment Protection Insurance (PPI).

As many as two and three quarter million people could be refunded up to £2.7bn for being mis-sold PPI. Are you one of them?

Read article.

Go to Q & A's plus template letters.

Go to solicitors that help, no win-no fee.

New - The Expenditure Guide when negotiating with lenders

The expenditure guide is designed to help you understand the minimum and maximum lenders allow for housekeeping (food and toiletries), hairdressing, clothes and work meals, plus much more.

Anyone thinking of proposing a Debt Management Plan, Individual Voluntary Arrangement (IVA) or even going bankrupt will find this guide extremely useful.

Go to the DebtWizard expenditure guide.

DebtWizard Forum

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

20 year old with 17-20k of debt

BBC One Show 3/8/10 Consumer bankruptcy - your views

Going Bankrupt & Mis-leading website

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

Consumer insolvencies dip 3% but are expected to rise later in the year

The numbers of consumers going bust are down slightly but many analysts, including Debtwizard, expect them to rise over the coming year.

You can hear Mike commenting on this on BBC Essex as well as his concerns on why some debt advice firms steer consumers away from bankruptcy.

Go to article

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

How a re-possessed home can come back to haunt you

“Help, I can’t believe this is happening to me” gasped the man on the phone. “Surely they cannot do this to me, this house was repossessed some 10 years ago and now they are chasing me for the mortgage shortfall after they undersold it!” I get quite a few such calls from desperate people that have previously had their home repossessed and not heard anything for years but then, right out of the blue, a solicitor’s letter drops on the doormat claiming thousands- in this particular case £66,381. You can read more on 'why lenders claim so much', 'what can be done', 'time limits to recover mortgage shortfall debt' and 'the dangers of acknowledging the debt'....... Continue reading

Isn't it about time we started supporting the bankrupt?

As the number of consumer insolvencies continues to rise isn't it about time the public and the banks started supporting bankrupts instead of ostracising them. With the government announcing 34,743 individual insolvencies in England and Wales in the second quarter of 2010 - 5% up on the same time period last year - spare a thought for those individuals who have been battling unemployment and credit problems and who have now decided that insolvency is the only route left. Many people regard bankruptcy as an easy way out of paying debts. I simply can’t agree with this as I have often seen the pain and suffering of those going through the experience. Continue reading

London cab driver inspires Mike to write this 5 point DIY debt guide

A cab driver once told me that if he had a debt problem he wouldn’t know what to do to resolve it or even where to start, so I gave him a quick DIY guide to debt resolution from the back of his cab, and here it is! When you are trying to deal with debts it can be hard to know where to start. This means many people end up burying their head in the sand, which allows their problems to worsen. So, to help prevent your debts spiralling out of control I have put together a five-point plan Continue reading

A debt collector contacts you on a debt over 6 years old, do you pay?

Ever been chased for an unsecured debt that you have not heard about for over 6 years?

Do you know how to respond or what sort of letter to write, do you know your rights?

We help you with simple Q & A's and a template letter.

Debtwizard guide to old debts

Need a basic bank account?

Find out which banks and building societies offer basic bank accounts and what services you can expect to get from them.

All these accounts accept Automated Credit Transfer (ACT) payments, offer cash withdrawals at the Post Office®, and a cash-machine card. None of them offer a cheque book.

Click here to see basic bank accounts

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 & Deflation in simple terms

As UK inflation for July fell to 3.1% from 3.2% in June, we explain why and the difference between Consumer Price Index (CPI) and Retail Price Index (RPI).

We also detail what impact both measures have on consumers and wage increases.

Need to understand what 'Deflation' is?

Read article

Latest Debt News

The latest debt related news since the last email.

- New - Expenditure guide figures

- Consumer insolvencies dip

- Debt solution comparison table

- Home repossession figures

- PPI sellers face more claims

- How to deal with old debts

- Need a basic bank account?

- How inflation affects your pay rise

- DebtWizard Forum

- 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 Shropshire - Keith Middleton's Extravaganza 10pm Sun 19/9/10

BBC West Midlands - Ed Doolan 1pm Wednesday 20/10/10

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 6/8/2010

Mike comments on the number of consumers going bankrupt and why some firms steer people away from bankruptcy to earn fees.

BBC West Midlands - Ed Doolan 16/8/2010

Mike was live in the studio taking helping listeners resolve those debt issues. Topics covered - Debt relief orders, triggers for debt, loan sharks and can consumers sell their debts, plus much more.

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. Debt solution comparison table

4. The Limitation Act (Old debts)

5. Harassment template letters

Mike's 5 most topical postings on the forum

1. Bankruptcy or IVA through CCCS for insurance worker

2. BBC One Show 3/8/10 consumer bankruptcy, your views

3. Bankruptcy update re my house

4. I can't afford to go bankrupt

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

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?