Tax Changes – Think Tank Report

Tax Changes – Think Tank Report

According to the Resolution Foundation think-tank some middle income families could be up to £2800 worse off after tax cuts/changes take effect.

The report found that 700,000 middle income earners will be paying the top rate of tax as a result of changes to the budget.

A couple with two children and a household income of £42,000 stands to lose £2,800.

Those earning between £15,000 and £58,000 will lose an average of £435 a year from 2012 as a result of cuts to the Child Tax Credit. This figure rises to an average of £600 for families in London. In some instances families could lose as much as £1,300 a year.

 

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

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Monday, February 21,2011
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Inflation Statistics

Inflation Statistics

Figures released by the Office for National Statistics confirm that inflation has continued to soar and has reached 3.7%.

Whilst it is believed that inflation will continue to rise to 4%, the average earnings statistics including bonuses (released on 19/1/2011) are unchanged in the year to November 2010, from the October 2010 rate of 2.1 per cent.

Unfortunately the trends would suggest that we could be about to find the hard times getting even harder with more people seeking help to manage debts, pay bills and struggle to purchase even essential household items.

 

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

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Monday, February 21,2011
Debt Support Trust
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“Help With Price Of Petrol Please”

“Help With The Price Of Petrol Please”

As the price of petrol continues to rise there is talk of the government helping to relieve some of the pressure with the introduction of “fair fuel stabiliser”.

Currently the price of petrol is split into 3 segments making the average price of petrol to £1.28 per litre

1) The V.A.T – This is currently at 17% of the cost (21.35p)

2) Fuel Duty  –   This is currently at 46% of the cost (58.95p)

3) Petrol   –  This is currently at 37% of the cost  (47.7p)

 

The plan which is being considered would see the Government fuel duty being reduced as the price of petrol rises and so helping to stabilise the price paid by drivers at the pump.

This plan could really help those feeling the pinch and provide a welcome relief for people living close to the poverty line especially as the cost of living continues to rise.

 

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

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Monday, February 21,2011
Debt Support Trust
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The Financial Inclusion Fund

Financial Inclusion Fund Cut Put Back 1 Year

The Financial Inclusion Fund (FIF) which was set to be scrapped under the new budget reforms has been thrown a lifeline by the Government u-turn taken earlier this week.

It was believed that the Financial Inclusion Fund which is around £27 million pounds a year was to be cut from the budget completely, however the Government has been forced to reconsider it’s decision after the backlash from local CAB.

In Birmingham it was understood that all 5 CAB Offices would be closing but it now seems that they will stay open as Citizens Advice will receive two thirds of the fund, with the remaining going to independent debt advice services across England and Wales.

 

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

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Monday, February 21,2011
Debt Support Trust
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Pensioners In Worst Debt Than Ever Before

Pensioners In Worse Debt Than Ever Before

Figures released by the Insolvency Service has highlighted that pensioners are now six times more likely to go bankrupt than they were 10 years ago.

We have also seen an increase in personal insolvency from 983 in 2004 to 2,595 in 2008 but it is believed that the reason pensioners are being affected more than other group could be because they are going into retirement with debts, along with increased life expectancy as well as the recession.

But possibly the most worrying statistic is that those aged between 65 and above are now going bankrupt 50% faster than any other age group.

 

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

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Friday, February 18,2011
Debt Support Trust
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UK Debt Statistics

UK Debt Statistics

Credit action.org is a charity which provides useful and accurate statistics about the UK debt problem. The February statistics include;

 

Today in the UK

  • 372 people every day of the year will be declared insolvent or bankrupt. This is equivalent to 1 person every 53 seconds during a working day.
  • 1,716 Consumer County Court Judgements (CCJs) were issued every day during Q3 2010 and the average judgement amount was £3,312.
  • Citizen Advice Bureaux dealt with 9,389 new debt problems every working day in England and Wales
  • 1,721 people reported they had become redundant every day during 3 months to end November 2010
  • £203,600,000 is the amount that the Government Public Sector Net Debt (PSDN), including financial interventions, will grow today (equivalent to £2,356 per second).
  • 207 mortgage possession claims will be issued and 154 mortgage possession orders will be made today
  • 372 landlord possession claims will be issued and 248 landlord possession orders will be made today.
  • 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

There are a number of solutions to debt, so get in touch to find out how we can help you.

 

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

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Friday, February 18,2011
Debt Support Trust
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UK Debt Statistics

Credit action is a charity which provides debt statistics about personal debt in the UK. January’s statistics are

– Total UK personal debt at the end of November 2010 stood at £1,454bn.

– UK banks and building societies wrote off £9.9bn of loans to individuals in the last 12 months to end Q3 2010. In Q3 2010 they wrote off £1.83bn (£740m of that was credit card debt). This amounts to a write-off of £20.10m a day.

– Average household debt in the UK is ~ £8,495 (excluding mortgages). This figure increases to £16,336 if the average is based on the number of households who actually have some form of unsecured loan.

In the UK today:

  • 372 people will be declared insolvent or bankrupt. This is equivalent to 1 person every 53 seconds during a working day.
  • 1,716 Consumer County Court Judgements (CCJs) were issued daily during Q3 2010. The average judgement amount was £3,312.
  • 1,000 people are seeking some form of formal debt rescheduling every working day.
  • 98 properties were repossessed daily during Q3 2010

Click for the full Credit Action January statistics

 

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

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Tuesday, January 04,2011
Debt Support Trust
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Welcome to Debt Support Trust

Debt is a problem which affects millions of people throughout the UK. Our debt blog will explore all things debt-related including;

– Debt case studies

– Recent changes to the personal debt market

– Statistics

– Customer feedback

and much more…

Blog along with us…

We want you to play your part and contribute to the making of our debt blog, after all, it’s nothing without you.

You can leave your comments under any post to provide your thoughts and opinion. If you have a story or blog post you would like us to post you can contact us at contact@debtsupporttrust.org.uk.

 

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

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed

Refinance

Bankruptcy

Sequestration

Debt Management Plan

Thursday, December 09,2010
Debt Support Trust
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Author’s For Debt Support Trust

Welcome to Debt Support Trust. This blog will be written by Steven Clarke. If you have any suggestions for the blog then please email us at contact@debtsupporttrust.org.uk

Tuesday, November 09,2010
Debt Support Trust
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