It was revealed earlier this month that bankruptcy levels in England and Wales had reached the highest on record, with the financial crisis and the ongoing recession forcing more and more people into insolvency.

According to a recent report the level of debt that the average UK housing tenant is now in has soared to its highest level since the 1980s.

Some industry officials have expressed concern that the level of insolvencies in the UK could be increased and sped up as a result of a new scheme that has come into play recently.

According to recently released figures homeowners in the UK have reduced their overall mortgage debt by an impressive £8 billion, even though the financial crisis continues and the country is plunged into recession.

Figures from the Financial Services Authority have shown that over the course of 2008 the level of home repossessions increased by around two thirds, as an increasing number of homeowners struggled to keep up with their mortgage repayments in the difficult financial climate.

Following further house prices falls for the month of February, as reported by a number of major lenders and the Land Registry, it has been reported that a rising number of homeowners are now facing the daunting prospect of negative equity.

Recently released figures have suggested that the fall in house prices has now resulted in over one million homeowners being plunged into negative equity.

An official from the debt management service Payplan has states that the level of debt management enquiries in the middle of January this year soared, as an increasing number of worried consumers faced up to the fact that they may struggle with their finances over the course of this year.

The effects of the global financial crisis are being reflected in the rising number of people seeking advice about their debts, according to officials from the Citizens Advice Bureau. The CAB claims that over the past year the level of enquiries relating to debt problems has soared by one third, and over the past few [...]

A Labour MP was slated recently after calling people in the UK ‘bloody miserable’ adding that people these days were wealthier than ever. This is despite the fact that bills, food prices, and petrol costs have been soaring, credit conditions have become far tighter due to the global credit crunch, and many people are facing [...]

New government regulations that have been introduced could result in debt agencies and charities in the UK being able to write off a portion of clients’ debts even in the event that creditors are not happy about the matter. Many people that are struggling with their debts now turn to debt management agencies and charities, [...]

According to a recent report an increasing number of people have decided to consolidate as a result of financial woes and worries in an increasingly difficult financial environment. Figures have been taken over the last several years, and officials claim that over the past three years around 6.5 million borrowers have decided to consolidate their [...]

Rising personal debt levels in the UK have resulted in many consumers seeking advice and debt management assistance from one of the number of debt advice companies and charities around, and many have entered into debt management plans through these firms. However, in the past they have experienced difficulties in terms of making arrangements with [...]

Chancellor of the Exchequer, Alistair Darling, has recently announced that he wants banks to do what they can to help the more vulnerable families in the country, stating that banks need to help struggling homeowners in order to reduce the risk of rocketing repossession levels. Both Darling and the Housing Minister, Caroline Flint, have stated [...]

In April of next year the government are introducing Debt Relief Orders, and these orders are a way for low income borrowers with debts to declare themselves bankrupt online without having to go near a bankruptcy court or deal with the traditional hassles of filing for bankruptcy. However, there are concerns amongst some officials that [...]

With an increasing number of households finding themselves under financial strain as a result of high living costs, tight credit conditions, and rising bills, it is little wonder that so many have decided to turn to consolidation in order to try and reduce their outgoings, reduce the number of debts that they have to deal [...]

A recent survey has revealed that the Citizen’s Advice Bureau has seen a rise in the number of enquiries relating to mortgage arrears and debt related issues over the first part of this year. Money issues have always been one of the most commonly dealt with problems by the CAB, but with credit conditions tighter [...]

Many struggling borrowers in the UK have entered into an IVA over recent years, with awareness about this process having been raised through a series of advertisements put out by IVA firms. An IVA, or Individual Voluntary Arrangement, is a legally binding agreement that is known as a softer alternative to bankruptcy. This process is [...]

Over recent years Individual Voluntary Arrangements, or IVAs, have become increasingly popular with borrowers that have found themselves in unmanageable levels of debt. With an IVA, if agreed, the borrower pays a set amount each month, which is then distributed amongst all creditors on a pro rate basis, and the term of the agreement is [...]

These days, with the level of consumer debt in the UK at record highs, many people find themselves suffering from debt problems, and once these problems start they can quickly spiral out of control. Often, it is people with a number of high interest debts such as credit cards, store cards, and high interest loans, [...]

In the past many consumers had no idea what an IVA was, but awareness has been raised over the past couple of years following a series of glossy advertisements run by a number of debt management agencies. An IVA, or Individual Voluntary Arrangement, is a legally binding agreement between a borrower and his or her [...]

Homeowners that have entered into an IVA, or Individual Voluntary Arrangement, could face soaring interest charges on their mortgage as the result of a clause in the agreement that requires them to use the equity in their home to put towards their debts. An IVA is known as a softer alternative to bankruptcy, and those [...]

When you have a number of high interest debts on which you are making repayments each month dealing with your accounts can become tiresome and frustrating. Having to deal with so many payments and creditors can even lead to missed or late repayments, which can add to your debt problems, affecting both your credit rating [...]

Borrowing money is always associated with a number of common risks. These generally stem from people over borrowing, that is, borrowing more than they will be able to pay back later.