Families unable to help financially

Families are increasingly unable to help each other out, according to research from the Chelsea Building Society.
The society surveyed over 1000 family members and found that while 59% of people are willing to help their families – almost 30% are unable to do so due to the rising cost of living.
Families are countering this inability [...]

Lib Dems call for tighter regulation of repossessions

Voluntary guidelines for lenders, which state repossession should only be a last resort, should be binding on all lenders, according to the Liberal Democrats. The party has also called for mortgage rescue schemes, commonly known as sale and lease back, to be regulated.
In its latest proposals to help families facing the threat of repossession, the [...]

UK personal finance literacy worsens

Despite personal finance issues taking centre stage over the past year, the financial literacy of British adults has declined compared to this time last year, according to Abbey Banking.
The research is based on a simple GCSE-level personal finance exam conducted among a group of adults in August 2007 and repeated a year on.
It found this [...]

MBL adds debt calculator to sourcing system

Mortgage Brain has unveiled a new Debt Consolidator Calculator as part of Mortgage Brain 6.70.
It provides intermediaries with the ability to compare the continuation of short term loans and mortgage payments against the potential monthly savings by consolidating all loans.
The debt consolidator calculator will pre-populate data already inputted and automatically calculate all payment options for [...]

Brits approaching retirement saddled with debt

More than one in three of the UK population over the age of 55 have outstanding unsecured debts and could be heading towards retirement with £66 billion in the red.
This equates to an averaging £11,106 per head.
The analysis based on 4,507 people in the UK aged 55 and over who released equity in their home [...]

IVA eruption to start soon, says Moody

Recent figures showing a decrease in the number of bankruptcies and IVAs are just the lull before the storm, according to TCF Debt Solutions.
“It really isn’t rocket science,” said TCF’s managing director, Andy Moody. “Whatever comfort the government was seeking in these figures is just an illusion. We know from the growing number of enquiries [...]

19,000 repossessions in last six months

There were 18,900 cases where lenders took possession of property in the first half of the year, according to the Council of Mortgage Lenders. This compares with 13,400 in the second half of 2007, and 12,800 in the first half of 2007.
On arrears, the total number of households with arrears of three months or more [...]

Brilliant moves into debt management

Brilliant Loans, the secured loans subsidiary of Exclusive Connections, has launched a debt management service.
Four different potential solutions are available – Debt Management, IVA, Sale and Rent Back and Full and Final Settlements.
Matthew Arena, managing director of Brilliant Loans, said: “This is a great opportunity for Brilliant Loans to provide a vital service to customers [...]

Public borrowing increases further

Latest figures released by the Office for National Statistics show that net debt was £555.3bn, equivalent to 38.3% of gross domestic product.
The Government has said that it will keep net debt to below 40%, but as this figure continues to increase month on month it may have to revise this decision.
Net borrowing stands at £9.2bn, [...]

Intermediaries key to debt advice

TCF Debt Solutions, the debt management and IVA firm, believes that mortgage brokers and IFAs are in the best position to help families reorganise their finances to cope with debt and the economic downturn.
It adds that they should look to change their business models to take account of the need for dedicated help.
TCF Debt Solutions, [...]