Credit And Borrowing On Rise

Credit And Borrowing On Rise

According to the Bank Of England, there was an increase in mortgage and unsecured credit in February 2011. Remortgages were also up to a 26-month high.

There were 46,967 residential mortgages approved during February 2011, up by 815 on January 2011. Also, there were 35,725 remortgages approved in the second month of the year.

It’s promising that the ability to obtain personal credit is improving. Some financial experts have been predicting the Bank Of England will raise the base rate from 0.5%.

 

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, March 29,2011
Debt Support Trust
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Energy Companies Price Increase Notice

Energy Companies Price Increase Notice

Energy companies must give at least 30 days notice before increasing their energy prices according to the industry regulator, Ofgem.

The changes included are as follows;

  • Ofgem confirms household energy suppliers must give customers at least 30days notification of price increases
  • New rule also means that consumers must have 30 days advance notice of any change in their contract which leaves them significantly worse off
  • Advance notification of price increases builds on Ofgem’s proposed reforms which aim to sweep away complexity in energy pricing

These changes are a welcomed relief to people struggling with debt. Many people who have found it hard to manage their money will now have the option to move their energy supplier before price increases.

 

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, March 29,2011
Debt Support Trust
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Budget 2011 – Savers Worse Off

Budget 2011 – Savers Worse Off

Savers who were hoping for some relief with the 2011 budget have been left disappointed. The new financial year is unlikely to help people who have put money aside.

With inflation now 4.4% and the bank rates at an all time low, savers were hoping for something in the budget which would help them continue to save.

While the budget failed to help savers there was some good news. National Savings & Investments announced the return of inflation-linked savings certificates. This will mean savings are ahead of inflation because NS&I guarantee savings and investments will never be lower than the Retail Price Index.

 

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 24,2011
Debt Support Trust
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Budget 2011 – Council Tax Freeze

Budget 2011 – Council Tax Freeze

Following George Osbourne’s budget, the communities secretary revealed that all town halls in England will freeze or reduce the council tax payments for 2011-2012.

The Government have provided each council in England with a grant equivalent to a 2.5% increase in council taxes.

It is understood that the average council tax band D will remain static at £1,439 for 2011-2012. The Government plans to offer further incentives to keep council tax unchanged or reduced. The average family could save up to £72 this year with these changes.

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 24,2011
Debt Support Trust
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Budget 2011 – Winter Fuel Payment Decrease

Winter Fuel Payment Decrease

The Budget for 2011 was released yesterday and it has shown many areas where the Government plans to make cuts. One of theses cuts is the winter fuel payments for the elderly.

The previous allowance for the winter fuel payment was £250 for over 60’s and £400 for over 80’s. This has now been reduced to just £200 for over 60’s and £300 for over 80’s.

This is likely to have a serious impact on the personal finance of the elderly. The decrease in the winter fuel payments coupled with savings being depleated due to inflation could see more pensioners seeking debt advice.

 

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 24,2011
Debt Support Trust
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Increase In Mortgage Fee

The Office Of Nation Statistics has released new figures which show mortgage lenders fees have now increased. The rise in fees are believed to have an impact on miscellaneous goods and services as they also have risen.

The average mortgage arrangement fee is now £963 which is up from £898 in January. In November the average fee was £411 but this has since jumped dramatically.

Source: http://www.which.co.uk

The table above shows the arrangement fees over the past 6 months.

 

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, March 23,2011
Debt Support Trust
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House Prices Fall 11%

House Prices Fall 11%

Research carried out by zoopla.co.uk has found that the average house price in the UK has dropped by 11% in the past year. These results are shown by region below;

 

The property based website has found that the worst hit region is in the North East of England with a fall of 14.12%.

In England the average house has seen a £26k drop in price while in Scotland there has been a decrease in house prices of £21,489 (12.37%) on average.

 

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, March 22,2011
Debt Support Trust
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Debt Help Increase Due To Pay Freeze

Debt Help Increase Due To Pay Freeze

A recent report has confirmed that British consumers are likely to struggle due to pay freezes and the rising cost of inflation. This information was released within the Government’s latest figures earlier this month.

The latest statistics show the average earnings excluding bonuses (i.e regular pay) decreased from the December 2010 rate of 2.3 per cent to 2.2 per cent in January 2011.

Including bonuses

However, average earnings growth including bonuses increased in the year to January 2011. For example, between December 2010 and January 2011 the earnings rate increased by 0.5%. Research by comparison website Uswitch revealed that 56% of the working population (16 million people) will have their wages frozen this year.

Meanwhile inflation was 4.0% in January, up from 3.7% in December.

The statistics for average pay coupled with inflation is likely to mean that more people with seek debt advice.

 

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, March 21,2011
Debt Support Trust
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Students Could Pay Back Double

Students Could Pay Back Double

The new student loan system which is due to come into place could mean some students will pay back double the amount they borrowed.

According to data collected by leading accountants for the BBC, students who take a £39,000 loan for three years could find themselves paying back £83,000.

Parents who wish to pay back their childs debt early could find themselves paying a penalty but the universities minister David Willetts told the BBC,

“What we are looking at is whether, if people wish to repay early having taken out a loan, there should be any payment for that and on that we are going to be consulting people to seek their views,” Mr Willetts said. “The question on which we will consult is whether or not there should be a penalty for people.”

 

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, March 21,2011
Debt Support Trust
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FSA Warns Of Increased Mortgage Debt

FSA Warns Of Increased Mortgage Debt

The FSA has warned about the high levels of mortgage debt in the uk and that people are leaving themselves unprepared for hardships.

The FSA chairman Lord Turner said that 28 per cent of new UK residential mortgages in 2010 were for amounts greater than 3.5 times the borrowers income, a level not seen since 2007.

Lord Turner has warned there is a concern of people being left at risk to changes in personal circumstances or interest rates increasing.

 

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, March 18,2011
Debt Support Trust
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