Increase In Mortgage Repossession

Increase In Mortgage Repossession

Accroding to a new report by the Council of Mortgage Lenders (CML), there was a 15% rise in repossessions during the first quarter of the year.

9,100 homes were repossessed during the first 3 months of the year however this was down 10% from the same period last year.

Michael Coogan, CML director general, said “Looking ahead, the financial position of many households is likely to be stretched for some while, and some will inevitably find themselves in difficulty,”

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

Sequestration

Debt Management Plan

Thursday, May 12,2011
Debt Support Trust
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Childcare Cost Continue To Rise

Childcare Cost Continue To Rise

The cost of childcare has continued to rise for 10 years now according to children’s charities Save The Children and the Daycare Trust.

An investigation carried out by the charities has found that the cost of a nursery place for a 2yr old or under has risen to £177 a week.

“Childcare is so expensive it is becoming a luxury that only families earning a very good wage can comfortably afford,” said Sally Copley, head of UK policy at Save the Children.

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

Sequestration

Debt Management Plan

Wednesday, May 11,2011
Debt Support Trust
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Retail Sales Increase 5.2%

Retail Sales Increase 5.2%

Retail sales have increased 5.2% compared with March which saw the lowest sales figures since records began.

In March retail sales had dropped 3.5% in comparison to February sales. The increase is believed to be due to 2 long weekends and warm weather.

The industry association’s director general, Stephen Robertson said,.”These sales figures are a relief after the dire sales falls we saw in March, but are not the full picture,”

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

Sequestration

Debt Management Plan

Tuesday, May 10,2011
Debt Support Trust
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Increase In Public Sector Pay Gap

Increase In Public Sector Pay Gap

The pay gap between the public and private sector has risen faster than predicted when comparing the hourly rate according to a think tank group.

Policy Exchange has found that the pay gap between the public and private sector is 30% as companies cut back whilst public sector wages rise.

Policy Exchange director Neil O’Brien said public sector pay had got “hugely out of control”.

“It is unreasonable and unfair to expect private sector workers to make all the sacrifices,” he said.

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

Sequestration

Debt Management Plan

Monday, May 09,2011
Debt Support Trust
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Payday Loans – Pros and Cons

Payday loan companies have increased exponentially over the past three years. As a result of people needing a short term loan to get them through the month, an increased number of payday loan companies have sought to fufil this need. There are both positives and negatives to a payday loan

Positives Of A Payday Loan

  • When someone needs a small amount of credit at short notice then a payday loan can offer the solution
  • If an emergency arises and you need money quickly then a small amount of finance could be borrowed from a payday loans company

Negatives Of A Payday Loan

  • People can find debt quickly snowballing due to the amount of interest which is charged along with any fee’s for missing a payment (interest is charged at up to 4000% APR)
  • Many people use payday loans to cover basic needs and therefore end up creating a cycle of debt which never ends

Before taking a payday loan be sure that you can;

  • Pay back the loan on time
  • Only use this service when absolutely necessary
  • Only use a licenced payday loan company

Debt Support Trust is a registered debt advice charity (SC041902).

Monday, May 09,2011
Debt Support Trust
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House Prices Fall 1.4%

House Prices Fall 1.4%

House prices fell 1.4% in April compared to March 2011 according to a new report by Halifax.

House prices have continued to fall with a decrease of 1.2% in the first three months of the year compared with the previous three months of 2010.

While all reports show a decrease some have showed different figures;

Land Registry – This showed a decrease of 2.9% over the year

Nationwide – This showed a dip of 0.2% over a month and this equates to 4.9% over the year

The contradiction in figures is due to the time period that the statistics are taken from, The Nationwide statistics were a comparison of 6 months while the Land Registry was a yearly report and halifax was month on month.

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

Sequestration

Debt Management Plan

Monday, May 09,2011
Debt Support Trust
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Retail Insolvency Rises

Retail Insolvency Rises

The latest statistics from the Insolvency Service has shown a rise in retail insolvencies over the previous 3 months to April.

According to the report, 99 companies were declared insolvent during Q1 of 2011 which was up 70% on the last Quarter of 2010.

These new statistics coupled with the new personal insolvency stats could suggest that a double dip recession is extremely likely in the future.

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

Sequestration

Debt Management Plan

Monday, May 09,2011
Debt Support Trust
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Insolvency Statistics For England And Wales

Insolvency Statistics For England And Wales

New statistics released by The Insolvency Service have shown a decrease in the number of people becoming insolvent over the previous 3 months.

According to the new report 30,162 people were declared insolvent in the first quarter of 2011 which is down 1.7% on the last quarterly report.

While insolvencies in England, Wales and Scotland have all fallen many anaylists are predicting it will increase at the end of the year.

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

Sequestration

Debt Management Plan

Friday, May 06,2011
Debt Support Trust
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Protected Trust Deed Statistics By Postcode

Protected Trust Deed Statistics By Postcode

Debt Support Trust has now collated the recently released Protected Trust Deed statistics from the Accountant in Bankruptcy.

This new data shows the largest areas in Scotland for Protected Trust Deed’s and gives an updated look into which regions are becoming worse off.

The new statistics have been released in a table which you can search to find your postcode. The Protected Trust Deed stats can be found at our new 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 (Scotland)

Refinance

Bankruptcy

Sequestration

Debt Management Plan

Friday, May 06,2011
Debt Support Trust
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UK Debt Statistics

UK Debt Statistics

The May debt statistics from Credit Action were released. From the statistics was can expect that today;

  • 337 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.(Insolvency could include entering a Protected Trust Deed/IVA)
  • 1,603 Consumer County Court Judgements (CCJs) were issued every day during Q4 2010 and the average judgement amount was £3,245.
  • Citizen Advice Bureaux dealt with 8,004 new debt problems every working day in England and Wales
  • The average cost of raising a child from birth to the age of 21 is £27.50 a day.
  • 87 properties were repossessed every day during Q4 2010
  • 296 new people became unemployed for more than 12 months every day during the 12 months to end February 2011
  • 1,392 people reported they had become redundant every day during 3 months to end February 2011
  • £133,200,000 is the amount that the Government Public Sector Net Debt (PSDN), including financial interventions, will grow today (equivalent to £2,178 per second).
  • £118,080,000 is the interest the Government has to pay each day on the UKs net debt of £2252.1bn (which includes financial interventions). This is estimated to rise to £182m a day in 2015-16.
  • 212 mortgage possession claims will be issued and 163 mortgage possession orders will be made today
  • 377 landlord possession claims will be issued and 251 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 £1.156bn.
  • 7.7m cash withdrawals will be made today with a total value of £528m
  • The average car will cost £16.08 to run today
  • It costs £67.90 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

Sequestration

Debt Management Plan

Thursday, May 05,2011
Debt Support Trust
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