Debt Support Trust Partners with Mumsnet

Debt Support Trust Partners With Mumsnet

Debt Support Trust has teamed up with Mumsnet to offer debt advice and benefit guidance. From Thursday 7th April to Monday 11th April 2011 we will be answering questions about debt on Mumsnet.

Qualified debt advisor Andrew Greechan will be available to answer any debt queries on the social information website.  Anybody who would like to ask a question to our debt support team about anything from IVAs to benefit cuts, can do so by registering on the mumnets website and posting on the forum here.

All information provided via Mumsnet or directly from Debt Support Trust is confidential.

 

Debt Support Trust is a registered charity SC041902  which provides the following debt solutions

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Sequestration

Debt Management Plan

Thursday, April 07,2011
Debt Support Trust
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Mortgage Debt Falls – Bank Of England Statistic

Statistics from the Bank Of England have shown a decrease in mortgage debt from the last quarter of 2010. The £7bn drop is a record fall in the amount of money owed in mortgages.

The difference in mortgage debt is a massive change from 2006 records when it increased every quarter. Mortgage debt at the end of 2006 stood at 13.2bn.

The current mortgage debt levels now stand at £6.6bn.

 

Debt Support Trust is a registered charity SC041902  which provides the following debt solutions

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Sequestration

Debt Management Plan

Tuesday, April 05,2011
Debt Support Trust
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Money Advice Service Now Open

Money Advice Service Now Open

A new advice service was launched yesterday to offer help with financial advice. The Money Advice Service is being funded by a levy bank and therefore won’t charge people for help.

People looking for money advice including information on pensions, mortgages and savings can receive a financial health check from the Government funded service. The new advice centre is being back by many banks and financial institutions.

Graham Beale, Chief Executive, Nationwide Building Society said:

“The evolution of CFEB into the Money Advice Service is an important step in promoting a greater understanding of money and financial matters. Nationwide wholly supports this initiative and will play its own role to improve financial education and enable people to better manage their finances”.

The new initative is part of Money Made Clear and will provide impartial money advice on a wide range of financial issues.

If you need debt help Debt Support Trust is a not for profit charity able to provide debt advice.

 

Debt Support Trust is a registered charity SC041902  which provides the following debt solutions

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Sequestration

Debt Management Plan

Tuesday, April 05,2011
Debt Support Trust
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Protected Trust Deed Statistics To Be Released

The previous statistics showed a decrease in protected trust deeds of 35% in quarter two of 2010/2011.

New protected trust deed and Sequestration statistics are expected to be released on the 20th April 2011. These figures will be for the final quarter of 2010/2011.

The new statistics will be on Debt Support Trust when they are released by the Accountant In Bankruptcy. We anticipate a further reduction in the number of Protected Trust Deeds, with more people likely to enter the new Certificate of Sequestration.

Monday, April 04,2011
Debt Support Trust
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Debt Support Trust Backs Daily Mirror Campaign

The Daily Mirror has launched a new campaign to stop rogue debt management companies from ripping off consumers. The campaign is hoping to highlight problems with fee charging debt management companies who don’t act within the best interest of consumers.

The “Stop the Debt Rogues” campaign was inspired by the £250 million which was taken from consumers last year with a promise to pay creditors but never transpired.

The national paper has began a petition which can be signed on their website to ask the Government to crack down on these unethical companies.

Monday, April 04,2011
Debt Support Trust
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Debt Help Text Scam

There is a new text message scam which claims to “write off up to 90% of your debt”. This is misleading and can often be confusing for people in debt.

Cold calling and unsolicited text messages are part of the Office of Fair Trading (OFT) crackdown of rogue debt companies.

Misleading claims

There are some debt solutions where you may be able to repay a percentage of the money you borrowed, with the rest being cleared if the solution is satisfactorily completed. It’s essential to note that these solutions can be damaging to your credit file. These solutions include IVAProtected Trust DeedBankruptcy and Sequestration.

These texts make completely untrue and unethical statements which could affect the vulnerable. Mr Mark Sands from RSM Tenon has said “These email scammers are taking advantage of other people’s misfortune just when they need and deserve good advice. I’m worried that as these so-called debt settlement orders sound so similar to legitimate debt relief orders that many may fall foul of this scam”.

Anyone who is considering replying to these texts or adverts are advised to reconsider as it contravenes the OFT guidelines for debt advice organisations.

Text “Debt”

We text debt to the number supplied to find out what would happen. It turns out a for-profit organisation telephones back and then tells you that you are able to write off your debt. This is before he asked me about how much debt I owed.

Please don’t reply to these texts, they are more trouble than they are worth! Still getting calls 8 months later to write off debt.

Monday, April 04,2011
Debt Support Trust
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Debt Hotspot In UK – Scottish Towns Top List

Glenrothes, Kirkcaldy and Livingston have been confirmed as having the highest rates of insolvency. According to a report by Experian, over 80 people in every 10,000 within these areas are turning to insolvency to resolve their debt problems. This is double the UK average.

  • In Kirkcaldy, the rate was up 12% on 2009
  • In Glenrothes it increased by 20%
  • Livingston it was up by 32%

Anyone who is struggling with their personal finance should seek immediate debt advice.

Debt Support Trust can help people in the uk who are in need of assistance with their debt problems.

Friday, April 01,2011
Debt Support Trust
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Money Manager Tool – Now Live On Debt Support Trust

Money Manager Tool – Live On Debt Support Trust

Debt Support Trust has launched a Money Manager Tool which could help people organise their money.

The new online finance monitor will record a person’s income and expenditure as well as their debts. The graphs then detail how much money is available each month and exactly where money is being spent.

The Money Manager can help people keep up to date with their finances and enable them to manage their money more effective.

The benefits of the Money Manager tool are;

Some of the benefits of recording your money details with Debt Support Trust are

  1. You can review and assess your finances.
  2. You are able to better understand where money is being spent and therefore where money can be saved.
  3. You can closely monitor the amount of unsecured debt you have and the pattern of your repayments.
  4. Because you are monitoring your finances you are more likely to foresee a debt problem arising and can be more proactive in resolving the situation.
  5. If you are already in debt, you can use your Money Manager to monitor the progress you are making in repaying your debts.

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

Friday, April 01,2011
Debt Support Trust
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UK Debt Statistics

The April statistics from Credit Action were released and the highlights are shown below ;

  • 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.
  • 1,603 Consumer County Court Judgements (CCJs) were issued every day during Q4 2010 and the average judgement amount was £3,245.
  • The average person will save £2.73 every day.
  • 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.
  • 1,000 people are seeking some form of formal debt rescheduling every working day.
  • 87 properties were repossessed every day during Q4 2010
  • 455 new people became unemployed for more than 12 months every dayduring the 12 months to end January 2011
  • 1,545 people reported they had become redundant every day during 3 months to end January 2011
  • £188,200,000 is the amount that the Government Public Sector Net Debt (PSDN), including financial interventions, will grow today (equivalent to £2,178 per second).
  • £121,940,000 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 1,178 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 £66.45 on average to fill a car with a 50 litre tank with unleaded petrol.
Friday, April 01,2011
Debt Support Trust
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Debt Management – Debt Charity or For Profit

Debt Management – Debt Charity vs For Profit – Debt Calculator

The new debt calculator on the Debt Support Trust website contrasts the difference between debt management plans administered by a for profit debt management company and a debt management charity.

As stated today by Lesley Campbell in the Daily Record, the new debt calculator will show people how much it will cost for a debt management plan via a for profit company compared with a not for profit charity. This online debt management calculator will also compare the time taken to organise and complete a debt management plan.

Our new debt management calculator can be found here. The debt management calculator will not advise you if a debt management plan is the correct advice, so you may wish to complete a debt analyser form first. Alternatively you can receive debt advice from our debt advisors on 0800 085 0226.

Debt Support Trust does not offer debt management plans. If we recommend a debt management plan to be the right solution and you wish to proceed, we will direct you towards a not for profit debt management charity.

 

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

Thursday, March 31,2011
Debt Support Trust
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