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News Archive
March 2010
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Claim Management Solicitors get shut down Solicitors for Cartel Client Review, a Claims Management Company, gets shut down by... |
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UK striking debt numbers issued March 2010 UK striking numbers, debt statistics issued March 2010 |
February 2010
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Government stings consumers as they put up the cost to go bankrupt to £600 The Government, through the Insolvency Service, is increasing the cost for consumers who need to go bankrupt by 25%. |
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Debt Relief Orders - re think about pensions Government plans a re-think on how pensions can stop consumers proposing a Debt Relief Order,DRO. |
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New challenge on bank charges due 11 June 2010 Bank charges claims re opens with key case against the Bank of Scotland on 11th June 2010..... |
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A better deal for tax credit claimants who delay reporting changes New changes in how tax credits are to be collected will help consumers that have been over paid. |
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How inflation affects your spending power and wage negotiations. How inflation affects your spending power and wage negotiations. |
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New rules proposed to tighten up on charging orders The Ministry of justice is considering proposals to offer greater protection to home owners by setting a minimum amount of debt before a court can order the sale of a home. |
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Your love should keep you warm but don’t get fleeced 'The internet is now an established way to meet and connect with new people, but those meeting on dating and other sites need to be on their guard against potential dating scams. |
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House repossession figures 2009 are misleading.. House repossessions hit 14 year high, but should they be higher? |
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Personal insolvencies reach record numbers but should they be higher? As insolvencies reach record numbers Debtwizard claims the new figures are masking the true amount of unmanageable debt and feels it should be nearer the million mark. |
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UK striking debt numbers issued February 2010 UK striking numbers, debt statistics issued February 2010 |
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Fraudsters attack thousands of tax payers offering false rebates Fraudsters are sending out tens of thousands of scam emails to coincide with the tax return deadline of 31st January 2010. Anyone caught out by the scam could have their bank account emptied or find some additional shopping on their credit card that they did not know about. |
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FSA gets tough with 'Sale and Rent back' schemes The FSA has announced sweeping new rules to regulate ‘Sale and rent back’ or ‘Fire sale’ schemes which are offered to mortgage holders facing repossession. We cover the key points and what to do if you find a firm unregulated. |
January 2010
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OFT steps into the ring to sort out unenforceable credit agreements The OFT has published draft guidance for lenders and borrowers as part of a consultation exercise about the enforceability of loan agreements. |
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FSA proposes new rules to protect home owners in arrears The Financial Services Authority (FSA) has today launched a consultation covering a package of measures to further protect mortgage holders from excessive charges from lenders should they fall into arrears. |
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Millions urged to check their tax codes Millions urged to check their tax codes because of a fault with the HM Revenue & Customs (HMRC) new computer system. Is estimated that up to 25 million tax payers may have been sent the wrong tax codes which could result in some individuals paying around £108 per month extra. |
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Honest guv, we are the cheapest, trust me..... New rules on energy selling came into force on 18 January 2010, but are they enough to protect the householder? |
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Start supporting the unemployed So we never made the 3 million mark of unemployed by the end of the year, as predicted by many analysts, that said my real concern is how these individuals that become unemployed will motivate themselves into getting back to work. |
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Thousands forced to use 'loan sharks' Thousands of individuals turn to loan sharks as other forms of credit dries up. Also read the DebtWizard comment and advice on what to do if caught up with a loan shark. |
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Government to Ban Log book loans? The government is in consultation as to whether to ban log book loans. |
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December interest rate decision & Quantitative Easing explained A quick guide to quantitative easing and Mike's comment on the interest rate decision for December 2009 |
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UK debt numbers for December 2009 UK striking numbers, debt statistics for December 2009 |
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Bad News for those trying to avoid their debts Consumers hoping to write off their debts through a legal loophole have been dealt a blow after the Manchester High Court‘s recent ruling on six test cases. |
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Lenders forced into court to repossess homes New government plans will force lenders to go to court to repossess homes and stop the previous loophole of repossession after just two months of arrears. |
December 2009
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Carry on Banking Carry on Banking! This is a brand spanking new film about the banking industry and the set up of a rival bank called 'Pussy bank'. Don't worry it is just good, clean humour in the carry on tradition. Anyone of a certain generation will be beloved of the Carry On films. But the ‘proper ones’ haven’t been made for decades. Until now. |
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OFT drops the test case on bank charges The City regulator, Office of Fair Trading (OFT) has decided not to continue with the test case on bank charges. |
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Debt charities under threat Debt charities could have their funding cut in 2010. But where will this leave struggling borrowers? Mike Thomas explains more.... |
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OFT and SOCA warn of new Jamaican lottery scam The OFT and the Serious Organised Crime Agency (SOCA) are warning the public to be on their guard against a new Jamaican-based lottery scam which has already seen some UK residents lose thousands of pounds each. |
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Inflation for November 2009 explained November Consumer Price Index (CPI), Retail Price Index (RPI) and Deflation, explained in simple terms. |
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Lenders win battle to chase debts for 6 years instead of 3 Plans to reduce the time period for which lenders can legally pursue consumers for civil debt have been shelved by the Government. The Ministry of Justice initially proposed to reduce the time limit that allows lenders to chase civil debts from the present six years to three. |
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OFT warns lenders over misleading consumers if their debts are unenforceable Consumers that are hoping to write of their debts, claiming they are unenforceable, will soon know their fate following a recent test case hearing in the Manchester High Court. If the Court supports the consumer then the lenders may be forced to write the debts off, however if the Court favours the lenders then around 100,000 consumers will be forced to pay up for their debts. |
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Debt management industry needs to box clever to avoid regulation The Ministry of Justice proposes changes to the debt management industry for the benefit of consumers. Mike Thomas reports on what impact this could have on consumers and why we need regulation. |
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Checkout time for cheque This month the Payments Council is expected to vote whether to abolish the use of cheques aimed at saving the banks millions in processing costs. |
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UK debt numbers for November 2009 UK striking numbers, debt statistics for October 2009 |
November 2009
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Debtwizard's top ten Christmas tips The festive season maybe just around the corner but after a tough year in the job market and with many individuals and families still feeling the pinch, it’s easy to panic about how to fund Christmas once again. Avoid getting into debt with these Christmas money-saving tips from the DebtWizard, Mike Thomas. |
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Debtwizard 5 point guide to bank charges following the Supreme Court ruling Here we have a simple to read 5 point guide on what you may wish to do following the Supreme Court ruling on bank charges |
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Banks win Supreme Court case on bank charges Supreme Court rules for the banks, Mike covers what the OFT can do now, what happens to the 1.1 million cases stuck in the court system and what the consumer can do. |
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Date set for Supreme Court decision on bank charges With the Supreme Court decision about to be announced Debtwizard explains the ramifications for the winner and loser. |
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Inflation for October 2009 explained October Consumer Price Index (CPI), Retail Price Index (RPI) and Deflation, explained in simple terms. |
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Debtwizard challenges the house repossession figures Although the data is collected correctly by the Council of Mortgage Lenders (CML) and Ministry of Justice (MoJ) in my view it does not offer a true reflection of current market conditions because; |
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Spare a thought for the unemployed From experience many will not address their debt issues for well over a year from when they first arose and will often ignore the fact that they have a serious debt problem growing everyday. Some will unfortunately drop into depression or turn to alcohol, gambling or even crime in an attempt to solve their debt problems. |
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Personal insolvencies rise to record levels The current figures reveal that this is the highest number of insolvencies since the Insolvency Service started collating records back in 1960. This would have been even higher if the government had not withdrawn Simplified Individual Arrangements, (SIVAs) on 17th November last year. |
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OFT announces review of debt management practices The OFT has launched a review of compliance levels across the UK debt management industry after concerns about the quality and varying level of advice given to the consumer. |
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UK debt numbers for October 2009 UK striking numbers, debt statistics for October 2009 |
October 2009
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46,000 mortgage holders to receive £7.7m as FSA fines GMAC-RFC Ltd £2.7m for mis-treating borrowers. The City watchdog Financial Services Authority (FSA) has fined GMAC‑RFC Limited (GMAC-RFC) £2.8million for failing to treat customers fairly and ordered them to pay back, with interest nearly £8million to 46,000 of its mortgage customers. |
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FSA orders Swinton to offer refunds on over 480,000 PPI policies The FSA has fined Swinton Group Ltd, the high street insurance broker, £770,000 for serious failings in their advised sales of single premium payment protection insurance (PPI). |
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Credit cards to get their comeuppance As the government launches a consultation on credit cards Debtizard highlights the key points of the proposal and also comments on his concerns. |
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Bohemian Bankruptcy |
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The FOS needs to stop pussyfooting round the banks There are too many voluntary codes and ways around the system for these banks. What I would like to see is the FOS, OFT and FSA go in hard, put on steel toe caps and kick them out of office if they are unfit to serve the consumer. |
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Halifax grabs that little bit extra! Halifax is certainly not ‘giving that little bit extra’ instead they plan to take it from its customers with new higher bank charges. |
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Post Office aims to be a top 10 mortgage lender Most Post Offices currently provide a wide range of financial services, such as insurance, savings products, credit cards and foreign currency. One wonders when they will decide to go into funeral arranging, as they do most things now or will Tesco pop up with this one. |
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Mortgage crackdown proposed by City watchdog The measures proposed by the FSA are, in my view, long overdue and although they may be uncomfortable for some they are necessary in order to haul us back to sensible levels of manageable borrowing, otherwise we would just be on countdown for the next property crash. |
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OFT squares up to four firms over gym membership fees The Office of Fair Trading has received undertakings from four firms to make changes in the way they market and sell gym membership agreements. |
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Government cannot reclaim on overpaid benefits- new Appeal Court ruling The Appeal Court ruled on the 14th October 2009 that Secretary of State for Work and Pensions cannot recover overpayments of social security benefits through the courts where the claimant is not at fault. |
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How to avoid those late payments charges The DebtWizard offers very useful tips on how to avoid those late credit card and utility payments that could alos mark down your credit rating. |
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Court grants group litigation order to sue the banks On 5 October 2009 the High Court granted a Group Litigation Order to UK home owners who are suing BOS and Barclays over “unfair” Shared Appreciation Mortgages (SAMs). This move, which BOS and Barclays attempted to block, is an important victory for homeowners who will now sue the Banks on a group, rather than an individual, basis. |
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Citizens Advice Bureau under pressure from consumers in debt New figures show Citizens Advice Bureaux in England and Wales are now dealing with 9,300 new debt problems every working day. DebtWizard also offers his comment |
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Bank accounts to be made clearer and easier to switch Although the proposed changes on switching direct debits are soon to be made easier is concerning that we are all having to wait up to as much as two years |
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Massive unreported change in bankruptcy policy As from the 6th April 2009 certain bankrupts will no longer be required to be advertised in the local paper. Jo Public does not know about it, not even the media. Because of this I wrote to the Insolvency Service to ask why this was not made public knowledge back in April this year. |
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