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, 18 September 2012
As the Office for National Statistics (ONS) reports falling inflation 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)
CPI annual inflation stands at 2.5 per cent in August 2012, down from 2.6 per cent in July. The largest downward pressures behind the change in the CPI rate came from furniture, household equipment & maintenance, housing & household services (particularly domestic gas) and clothing & footwear. These were partially offset by an upward pressure from transport (particularly motor fuels).
September last year was the last time inflation peaked, which then was 5.2%.
Basket of 600 different items
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)
The Retail Prices Index (RPI) annual inflation stands at 2.9 per cent in August 2012, down from 3.2 per cent in July. The largest downward pressures came from household goods, clothing & footwear and food. The only significant upward pressure came from fares & other travel costs.
RPI measure includes mortgage interest payments.
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
It is hoped that lower inflation will help cash-strapped consumers, who have been hit by high prices and low wage growth increase their spending ability, which will in turn boost the economy.
Many analysts say that lower inflation is crucial to the UK's economic recovery.
State pensions, wages and benefits
Starting from April 2011, CPI is to be used in place of RPI for increasing state pensions and other benefits. Many see the 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.
Are you owed thousands of pounds in mis-sold Payment Protection Insurance (PPI)?
If so we can help you claim in two ways, either use;
our free DIY template letters, or
a firm to help you with a LOW FEE of 12% + vat
Our recommended firm will handle all the claim on a "No Win, No Fee" basis for a fee of just 12% + vat, which is only payable if you have a successful claim.
It's that simple. Take me to: