Archive for July, 2006

“Unjustifiably low” repayments will not clear debt

by on July 26th, 2006

TweetSharePrice comparison website uSwitch has criticised lenders for dropping monthly minimum repayments to as little as two per cent of the balance, arguing that this makes borrowing more expensive in the long-term. Nick White, head of personal finance at uSwitch, questioned why lenders would be less stringent with repayments at a time when levels of [...]

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Struggle to clear debt keeps graduates from housing ladder

by on July 26th, 2006

TweetShareHigh levels of student debt mean that the majority of graduates are increasingly sceptical of their chances of getting on the property ladder. The need to clear debt before saving up for a deposit means that more than a third of those polled by debt consultants Thomas Charles anticipated waiting three years before buying their [...]

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ClearDebt offers one of the cheapest ways to clear debt with an IVA

by on July 26th, 2006

TweetShareJohn Borgars of Equity Development said that ClearDebt was cheaper than competitors which typically charge over £4,000 per case they handle. In addition to the lower charges, he added that ClearDebt sought these fees from other sources rather than an individual already coping with debt problems. “The real significance is that ClearDebt claims its fee [...]

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Report to help beat credit card debt

by on July 26th, 2006

TweetShareThe report’s authors believe it will help people avoid getting caught in a debt trap and gives advice on how to use cards without getting into debt. “It’s clear that credit card debt is one of the major factors of personal debt in the UK so we hope The Credit Card Debt Report will help [...]

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Lib Dems accuse government of “alarming complacency”

by on July 26th, 2006

TweetShareVincent Cable, the party’s economics spokesman, said that the four-fold increase in the amount of young bankrupts since 2001 showed a “pressing need” for financial education. “There is now a pressing need for better financial education for the young. This generation of young people face an unprecedented burden of debt which is going to affect [...]

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Advantages of IVAs shown in a new report

by on July 25th, 2006

TweetShareAccording to John Borgars of Equity Development, IVAs are both quicker than formal bankruptcy procedures and avoid incurring large lawyers’ fees. Mr Borgars said that the introduction of IVAs combined earlier forms of informal and cheap agreements with the advantage of being backed by the law. “The advantage of an IVA is that the debtor [...]

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