House Prices Decrease 1.2% In August

House Prices Decrease 1.2% In August

House prices fell 1.2% in August in comparison to July according to new figures released by Halifax today.

The new statistics have also shown that house prices are curently 2.6% lower than a year ago at £161,743.

“A recent decline in average mortgage rates has further boosted home affordability for those able to raise a deposit to make a new purchase,” said Martin Ellis, Halifax’s housing economist.

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed (Scotland)

Refinance

Bankruptcy

Wednesday, September 07,2011
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Parents In Debt Because Of Daycare

Parents In Debt Because Of Daycare

A new survey carried out by the Daycare Trust and Save The Children which questioned 4,359 parents has found that nearly a quarter were in debt because of daycare costs.

The survey has found that 58% of people didn’t benefit from working after paying for childcare and 61% said they were struggling to pay for childcare.

Kate Groucutt, policy and research director at the Daycare Trust, said: “It is unacceptable that parents are being forced into debt in order to pay for childcare.

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed (Scotland)

Refinance

Bankruptcy

Wednesday, September 07,2011
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“Excessive” Airline Surcharges

“Excessive” Airline Surcharges

Despite the Office of Fair Trading announcing a couple of months ago that debit card surcharges through airlines should be banned, consumer group Which? have found that passengers are still paying £265,000 a day in “excessive” charges.

The OFT advised at the end of June that surcharges should be banned however the Government is still to take action which means consumers are still being charged for using their debt cards.

Richard Lloyd, Which? executive director says:”With most airlines yet to drop these card surcharges and some introducing new fees, it’s time for the Government to put a stop to this. A minor change to the law is all it would take to ban the charges on debit cards that you only find out about at the end of a lengthy online booking process.

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed (Scotland)

Refinance

Bankruptcy

Tuesday, September 06,2011
Debt Support Trust
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TalkTalk To Increase Line Rental

TalkTalk To Increase Line Rental

TalkTalk are to increase their line rental charges by 9.5% to reach £13.90 from the 1st of October although prices for UK calls will remain the same.

The increase comes after BT announced last week they will be increasing their line rental and call by up to 5%.

Tristia Clarke, commercial director at TalkTalk, said: “Our customers have told us that they love getting great value and they want long-term confidence about their outgoings.

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed (Scotland)

Refinance

Bankruptcy

Tuesday, September 06,2011
Debt Support Trust
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Annuity Rates Drop 21%

Annuity Rates Drop 21%

If someone has a private pension or occupational pension they can except to receive 21% less than they would have 3 years ago because according to Hargreaves Lansdown, the stock broker company, the annuity rate has dropped 21%.

While the increase does not affect people on a final salary pensions, it could be costly to a lot of people with average private or occupational pensions.

Mr McPhail from Hargreaves Lansdown said, “Annuity rates are at record low levels but there’s nothing to stop them going lower. Factors which could drive them down further include a Japan-style depression hitting the British economy and the introduction of equal annuity rates for men and women at the end of 2012.”

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed (Scotland)

Refinance

Bankruptcy

Friday, September 02,2011
Debt Support Trust
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UK Debt Statistics – September

UK Debt Statistics – September

Below is the new debt statistics which have been released by Credit Action for September;

Total UK personal debt at the end of July 2011 stood at £1,451bn. The twelve-month growth rate increased 0.1 percentage points to 0.9%. Individuals currently owe nearly as much as the entire country produced between Q2 2010 and Q1 2011.

Total lending in July 2011 rose by £0.9bn; secured lending increased by £0.7bn in the month consumer credit lending increased by £0.2bn (total lending in Jan 2008 grew by £8.4bn).

Total secured lending on dwellings at the end of July 2011 stood at £1,242bn. The twelve-month growth rate increased 0.1 percentage points to 0.8%.

Total consumer credit lending to individuals at the end of July 2011 was £209bn.The annual growth rate of consumer credit remained at 1.7%.

UK banks and building societies wrote off £8.0bn of loans to individuals in the 4 quarters to end Q2 2011. In Q2 2011 they wrote off £2.06bn (£1.15bn of that was credit card debt). This amounts to a write-off of £22.54m a day.

Average household debt in the UK is ~ £8,055 (excluding mortgages). This figure increases to £15,491 if the average is based on the number of households who actually have some form of unsecured loan.

Average household debt in the UK is ~ £55,814 (including mortgages).

If you add to this the March 2010 budget report figure for public sector net debt (PSND) expected in 2015-16 (excluding financial interventions) then this figure rises to £106,429 per household.

Today in the UK

  • 334 people every day of the year will be declared insolvent or bankrupt. This is equivalent to 1 person every 59 seconds during a working day.
  • 1,391 Consumer County Court Judgements (CCJs) were issued every day during Q2 2011 and the average judgement amount was £3,345.
  • Citizen Advice Bureaux dealt with 9,072 new debt problems every working day in England and Wales during the year ending March 2011.
  • The average cost of raising a child from birth to the age of 21 is £27.50 a day.
  • 99 properties were repossessed every day during Q2 2011.
  • 112 new people became unemployed for more than 12 months every day during the 12 months to end June 2011.
  • 1,688 people reported they had become redundant every day during 3 months to end June 2011
  • £248,500,000 is the amount that the Government Public Sector Net Debt (PSDN), including financial interventions, will grow today (equivalent to £2,876 per second).
  • £144,600,000 is the interest the Government has to pay each day on the UKs net debt of £2266.3bn (which includes financial interventions). This is estimated to rise to £182m a day in 2015-16.
  • 197 mortgage possession claims will be issued and 154 mortgage possession orders will be made today.
  • 383 landlord possession claims will be issued and 258 landlord possession orders will be made today.
  • The UK population is projected to grow by 1,205 people a day over the next decade.
  • 24.1m plastic card purchase transactions will be made today with a total value of £1.182bn.
  • 7.3m cash withdrawals will be made today with a total value of £478m.
  • The average car will cost £16.08 to run today.
  • It costs £67.85 on average to fill a car with a 50 litre tank with unleaded petrol.

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed (Scotland)

Refinance

Bankruptcy

Friday, September 02,2011
Debt Support Trust
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New Rules Make Savers Worse Off

New Rules Make Savers Worse Off

Changes in the law for how pension contributions are paid by employers could make savers worse off in order for employers to balance the books.

The new law would see all employers being forced to offer a pension scheme to their staff however some experts warn that employers may cut their contributions to people who currently save for retirement to help pay for people who don’t save.

Stuart Southall, the ACA chairman, said there is ‘a rising trend among employers of all sizes to review existing pension arrangements’.

He added: ‘Given the economic climate, a goodly number are seeking ways to reduce their pension costs.’

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed (Scotland)

Refinance

Bankruptcy

Thursday, September 01,2011
Debt Support Trust
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Banks Warn Customers To Cut Back

Banks Warn Customers To Cut Or Lose Home

Two state owned banks are to warn customers who are struggling financially to cut back or face losing their home.

The warnings will be carried out by UK Asset Resolution (UKAR) which has found around 30,000 customers who could struggle if interest rates were to rise.

UKAR will contact customers in order to go through an income and expenditure so they can find areas where people can save money or put them in touch with a debt advice charity.

The two banks , Bradford and Bingley & Northern Rock have also admitted to carrying out secret credit checks which has come under criticism due to privacy. The credit rating company Experian said a company needs a customers permission to carry out a credit check.

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Sequestration

Debt Management Plan

Wednesday, August 31,2011
Debt Support Trust
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OFT Could Stop Debt Companies Social Networking

OFT Could Stop Debt Companies Social Networking

The Office of Fair Trading could ban debt compnies from being on Facebook or Twitter because they feel it may not be “appropriate”.

Along with stopping debt companies from using social media they are also considering banning companies from advertising with Google.

The consideration has been recieved with some disapporval, Will Critchlow, founder of search marketing group Distilled, said: “This does seem a little crazy. Consumers will have searched for these services deliberately. To deny them access to online advertising while exposing them to the free results does not seem to make any sense. Surely, if you want to ban these companies from one form of advertising you should ban them from all forms of advertising. Otherwise, there is no logic to it.”

A spokeperson for Debt Support Trust said; “The minority of debt companies deceiving customers looking for debt help should be specifically targetted – a one size fits all approach isn’t the answer. People can mis-sell debt solutions on TV, radio or in newspapers.

Debt Support Trust is fully behind the OFT’s proposal to stop rogue debt companies, however it’s unfair to ‘tar every company with the same brush’.”

Debt Support Trust doesn’t advertise on Google although we have a Facebook account and a Twitter page.

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Sequestration

Debt Management Plan

Tuesday, August 30,2011
Debt Support Trust
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BT To Increase Price Tariff By 5%

BT To Increase Price Tariff By 5%

British Telecom is set to increase their price tariff by 5% in December this year and will see their line rental increase from £13.90 to £14.60.

The changes to the cost of BT’S line rental, daytime calls, anytime package and connection charge could push people who are struggling over the edge or force them to switch to another company.

A spokesman for BT said, “We have been putting up prices a couple of times in a year, and now we are promising to freeze them for a year until 2013. Ok, it’s not exactly balloons and hats in the air time, but we are trying to balance business needs and the fact that times are hard for our customers.”

 

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Sequestration

Debt Management Plan

Monday, August 29,2011
Debt Support Trust
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