Why pay fees for a debt management plan? See how much we could save you
A fee charging debt management company is a firm that will charge you for debt advice and debt service. They usually take the first two months’ payments into your plan as upfront costs followed by 15% of your monthly payment plus VAT. The New Protocol launched in February 2013 will mean that the up front fees will be taken over six months. See Debt Management Protocol
There are some good fee charging firms operating in the debt industry and if you are happy with your firm then fine. However there are some shockers out there and we have the following guide to help you spot them, see our 7 point guide to spotting a dodgy debt advice website!
If you are thinking of starting a debt management plan or wish to transfer to a 'non' fee debt management plan and not pay fees then see how much we can save you by using the slide bars on our unique fee saving calculator above.
Page last updated Tuesday, 20 March 2012
As the UK Consumer Prices Index (CPI) annual rate of inflation fell to 4.8% in November, down from 5% in October we explain why and the difference between CPI and RPI. We also detail what impact both measures have on consumers.
The Consumer Prices Index (CPI)
The largest downward pressures came from food, petrol, clothing and furniture, household equipment & maintenance. Bread and cereal prices dropped marginally when compared to a sharp increase a year ago. Vegetable prices fell by 1% for the previous two months which is the biggest fall for a decade. Chocolate, sugar, jam and sweets also became cheaper.
Partially offsetting these were upward pressures from increases in the cost of domestic heating and off sales of alcohol.
Each month the ONS examines a ‘basket’ of 600 different items and services from over 100,000 different retail outlets and then determines the rate of increase or decrease.
CPI which is the Government's preferred measure of inflation does not include council tax or mortgage interest costs, buildings insurance, house depreciation and other house purchase cost such as estate agents' and conveyancing fees.
Retail Prices Index (RPI)
RPI annual inflation stands at 5.2 per cent in November 2011, down from 5.4 per cent in October. The largest downward pressures came from food, petrol, furniture and clothing. Partially offsetting these were upward pressures from wines & spirits off sales and fuel & light.
The Bank of England target for inflation is two per cent and they expect inflation to fall back sharply in 2012, with the possibility of it being below the two per cent target by the end of the year.
Impact on consumers
Starting from April 2011, CPI is to be used in place of RPI for increasing state pensions and other benefits. Many see he change as unfair as CPI is now lower than RPI (the previous index used). By changing the index many consumers will receive less of an increase to their wages, pensions or benefits.
Full report can be found at: statistics.gov.uk