DCM Money Solutions

DCM Money Solutions Insolvent

A growing number of DCM Money Solution clients are worried about their financial future as the company enters administration.

The for-profit debt management company based in Nottingham has a message on their website which reads that the company went into administration on the 2/03/2011.

The statement also advises their client database has been sold to the Cleardebt group.

Whilst many companies are going through insolvency proceedings at the moment, we have read and spoken to a number of people who are worried about their financial future. We would like to inform any previous client of DCM Money Solutions that advice and help can be obtained from our debt advisors via our debt analyser or on 0800 085 0226.

 

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 17,2011
Debt Support Trust
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Debt Calculator – Now Live On Debt Support Trust

Debt Management Calculator – Now Live on Debt Support Trust

Debt Support Trust has launched a new debt management calculator which enables people to contrast the time and cost savings when entering a debt management plan with a for profit debt management company or charity.

The debt calculator is a system which enables somebody in debt to input their unsecured debt, their monthly disposable income and also change the fees charged by a for-profit debt management company to get a realistic answer.

Once the information has been entered, the calculator will give the following information;

  • the fees which the person in debt has to directly pay
  • provide a comparison between both for-profit and not for profit companies

You can access and use the debt management calculator here.

Please note, within a debt management plan the company administering the solution will try to freeze interest and charges. Our debt management calculator assumes interest and charges have been frozen. If they interest and charges are unable to be frozen then it may take longer to repay your debt than estimated.

 

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

Wednesday, March 16,2011
Debt Support Trust
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Council To Help First Time Home buyers

Council To Help First Time Buyers

Councils are going to be able to help first time house buyers with their deposit. The new scheme which is being introduced will see councils pay up to 20% of the security.

Lloyds TSB has been signed up to the new plan which will be trialled in Blackpool, Warrington, Northumberland, Newcastle under Lyme and East Lothian.

Cecilie Booth, director at Sector Treasury Services, said: “The combination of relatively high house prices and understandable caution over lending from banks and building societies means that many potential first-time buyers are unable to save a sufficient deposit, even though they could afford mortgage repayments on a typical first home.”

 

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

Wednesday, March 16,2011
Debt Support Trust
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The Rising Debt To Energy Companies

The Rising Debt To Energy Companies

A recent survey released by Uswitch highlights that up to 5 million Brits are in debt to their energy supplier.

The total amount owed by Britons is currently £642 million to their energy company. The average household now owes £126 which is 10.5 per cent higher than 2008’s average debt of £114.

The average home now pays £1,132 a year on gas and electricity. 22% of people who were surveyed said they didn’t have any intention of taking any action to deal with the debt.

 

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

Tuesday, March 15,2011
Debt Support Trust
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2011 Budget – Changes To Tax & Benefit System

2011 Budget – Changes To Tax & Benefit System

Changes to the tax and benefit system have been released by the UK Government which will be rolled out across the next three years. These changes will have a financial impact on millions of people across the UK. While some of these changes have taken place already, many are not likely to come into force until April 2011.

Theses changes include;

  • Personal Allowance rising from £6,475 to £7,475, which means that the amount a person can earn before paying tax has increased.
  • Higher Rate (40%) Income Tax threshold was £43,875 and is now £42,475. This is the amount a person can earn before paying the higher rate of tax. As a result of this decrease more people throughout the UK will be required to pay more tax.

Because of the above changes it will mean that;

  • 500,000 people will stop paying income tax
  • 750,000 people will become Higher Rate taxpayers

The changes to national insurance will see;

  • Primary Threshold increasing from £110 per week to £139 per week
  • Upper Earnings Limit decreasing from £844 per week to £817 per week

Families will also see a change to their tax credits which will include;

  • Baby Element removed altogether
  • Child Element increased from £2,300 to £2,555
  • Family Element withdrawn at a rate of 41% for everyone earning over

 

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

Monday, March 14,2011
Debt Support Trust
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Ten Tips To Avoid Debt

Ten Tips To Avoid Debt

 

1.      Work out a budget – It is the most important tip and is one of the most effective methods to stop over spending.

2.      Only use free cash machines, only take out what you need once a week – This stops you from taking out more than is needed over a long period of time.

3.      Why are you spending – Are you impulse shopping? Ask yourself if you really need the product or service

4.      Always read the terms & conditions carefully before signing anything – check for interest rates changing or anything you weren’t already aware of. Never sign on the spot.

5.      If  you do take credit then always do a comparison of the cheapest deals – It can help to use a comparison site.

6.      Plan out what will be spent on a weeks shopping before going – Only spend what you have budgeted for when shopping for food and look around for the best deals.

7.      When spending money always compare what is being spent against the cost of a household bill – If a new TV cost 3 times what an electricity bill would be then ask whether it is worth the expense.

8.      Try and not pay one creditor by taking more credit- robbing Peter to pay Paul is a mistake that most people in debt make at some point. This almost always makes debts worse.

9.      Never go food shopping when hungry – Eating something before going shopping Is a good tip to stopping you from overspending when food shopping.

10.  Speak to your creditors if you are unable to make your payments – It is always better to deal with financial problems early on and trying to come to an arrangement. This could stop debt problems getting worse.

 

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

Monday, March 14,2011
Debt Support Trust
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Nottingham Council Cuts

Nottingham Council Cuts

 

Nottingham city council are set to make cutbacks of £33.6m as well as cut 370 jobs. The news came as the council set it’s budget for the next financial year.

The leader of Nottingham city council, Jon Collins stated “Its not really what I wanted to come into politics to do but we are elected to make difficult decisions and we are making those difficult decisions.”

The cuts are likely to impact the Citizens Advice Bureau  who are facing a 30% cut in funding which will see the advice centre being cut by 72% overall. These cuts have seen cab regional funding slashed from £51,475 a year to just £14, 285.

 

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

Friday, March 11,2011
Debt Support Trust
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Banks Write Off 25% Of Debt

Banks Write off 25% of Debt

Banks wrote off nearly 25% in the last quarter of 2010, according to the Bank of England.

£2.27bn worth of debt has been written off by banks and building societies compared with £1.83bn during the previous quarter.

It is understood that the increase in debt being written off is mainly due to the increase in people struggling to keep up with their credit card debts.

In the final months of 2010 it has been revealed that there was 1.18bn worth of defaults on credit cards compared with £740m during the same period a year previous.

For the whole of 2010 the total amount of debt written off was £9.71bn.

 

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

Wednesday, March 09,2011
Debt Support Trust
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High Demand vs Local Authority Funding Cuts

high demand vs local authority funding cuts

The demand for reliable debt advice has been growing at a rapid pace for a number of years and as a result of the recession it’s unlikely to change. The financial inclusion fund remains in place for the next year however Citizens Advice Bureaus continue to face cuts from local authority.

Unfortunately some Citizens Advice Bureaus may close or only open on a part time basis, for example Eastwood and Beeston CAB in Nottingham is being forced to reduce their service. The Nottingham based charity are considering whether to simply open for 2 days a week  putting 18 jobs at risk, along with 65 volunteers.

The reason for CAB offices failing to cope is due to the high demand for their service which can no longer be supported financially due to budgetary cuts. It was suggested that the CAB financial problem would be fixed when the financial inclusion fund was re-instated, however this may not be the case.

 

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

Wednesday, March 02,2011
Debt Support Trust
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UK Debt Statistics

UK Debt Statistics

The March statistics from credit action have now been 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 Bureau’s 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
  • 474 new people became unemployed for more than 12 months every day during the 12 months to end December 2010
  • 1,589 people reported they had become redundant every day during 3 months to end December 2010
  • £145,200,000 is the amount that the Government Public Sector Net Debt (PSDN), including financial interventions, will grow today (equivalent to £1,681 per second).
  • £120,660,000 is the interest the Government has to pay each day on the UKs net debt of £2244.2bn (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 £1.153bn.
  • 7.9m cash withdrawals will be made today with a total value of £530m
  • The average car will cost £16.08 to run today

 

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

Wednesday, March 02,2011
Debt Support Trust
read more