Debt Management

Payday loans can be a short-term debt solution

Half of payday loan borrowers say it was a positive experience

A new survey by uSwitch has found that 51 per cent of payday loan borrowers found the experience to be a positive one and that many believe they provide a service unavailable from most banks.

Archbishop Welby has stated an inquiry will occur into the matter

Welby embarrassed by Church's indirect Wonga investment

The Church of England has faced an embarrassing blow after it emerged that it may have indirectly invested in online lender Wonga.

The Most Rev Justin Welby is taking on lender Wonga

Welby vs Wonga as Church of England takes on Wonga

The Archbishop of Canterbury has revealed that the Church of England is planning to force online lender Wonga out of business by competing against it.

Kerry Katona has been seen advertising payday loans

Citizens Advice calls for new tough payday loan advertising rules

Citizens Advice has called for stricter rules for payday loan firms, particularly regarding advertising their products.

The OFT has referred payday lenders to the Competition Commission

OFT refers payday lenders to Competition Commission

The Office for Fair Trading has referred payday lenders to the Competition Commission after giving lenders the opportunity to curb some of the worst practices.

The government is supporting credit unions

Credit unions join together as alternative to payday loan firms

The government is providing £35m of backing for credit unions to join together and attract new members as an alternative to using payday loan companies.

There has been a fall in the number of people being declared bankrupt

Debt Relief Orders weapon of choice for debtors with no assets

The Insolvency Service reports a nine per cent drop in the number of people being declared insolvent in 2012 but experts warn that this is not necessarily good news.

Debt levels have fallen for people retiring in 2013

Prudential reports debts down for people entering retirement

The Prudential's 'Class of 2013' retirement report shows that the average debt a person takes into retirement has fallen by 18 per cent in the last year.

The Co-operative Bank has pulled basic bank accounts for newly bankrupt customers

Co-op exit means Barclays only bank account choice for bankrupts

The decision by the Co-operative Bank to withdraw its basic bank account for new bankrupts has been criticised by the government and consumer groups.

Households are turning to payday loans to pay monthly bills, new research suggests

One million people use payday loans each month to pay bills

Research from Santander suggests that one million people in the UK are regularly using payday loans that charge high interest rates to pay their household bills.

Overspending at Christmas can cause debt and financial problems

Warning on borrowing through credit to fund Christmas

The latest credit conditions survey reveals that lenders expect a surge in demand for credit in the run up to Christmas, but consumers should use other options.

Debt problems have a wider impact on society

Understanding the impact of debt and tackling its causes

Mark Lovell, Executive Chairman of A4e, a company that delivers front line public services gives his take on the impact of debt on those on low incomes and how we as a society can tackle it.

Free expert debt advisers are having their funding stopped

Debt advice funding cut despite increase in demand

The government is cutting expert debt advisers at a time when demand for their services is increasing, fuelling concerns that disreputable debt management firms will fill the gap.

Taking control over personal finances is a leading new year's resolution, according to Lloyds TSB

Finances a leading new year concern, study finds

People are keen to take control over their wayward finances in 2011, according to a new study.

People are paying off debt or building savings during the recession

Loan demand down as people clear debt

Paying off debts and filling up savings pots are continuing to be the priority for banking customers as the year draws to a close.

Can debt cancellation firms really help or leave you worse off?

Debt cancellation cowboys or saviours?

Firms claiming they can write off debts, save you from repossession and get refunds are springing up left, right and centre, but can they really help?

Stephen Fry among those warning about how mental illness can affect finances and debt

Depression striking those in debt

Debt and depression are firmly entwined – with half of all those in debt suffering mental health problems.

Families looking for debt help find costly empty promises

'Unenforceable' debt clearance firms face crackdown

The Ministry of Justice has now shut down 100 claims management companies for misleading the public about debt repayment since its 2007 opening.

Debt fears stop action

Next steps for debtors paralysed with fear

Debtors frozen with panic shouldn't feel alone after a study revealed 43 per cent of those in serious debt were too scared to take action.

Councils must not rush in with bailiffs

Councils pushed to stop harassing tax debtors with bailiffs

Bailiffs representing local councils are harassing those falling behind on council tax.

OFT is warning about a debt sale scam

Debt sale scam warning

Consumers are warned not to be scammed by businesses claiming to help them become debt-free by 'selling on' their debts.

Watchdog stops debt cancellation advert

Debt cancellation ad banned

An advert promising to cancel credit card and personal debt has been cancelled by watchdogs.

Charity sees rise in debt problems

Charity sees surge in debt cases

The number of people seeking help over debt from charity Citizens Advice Bureau (CAB) jumped 21 per cent for the first three months of the year.

Britain's got debts

Debt Britain: Now debts greater than salary

Brits now owe more on average than their annual salary, according to new research.

The OFT has warned debt management firms not to cold call

OFT warns debt management firms over cold calls

The Office of Fair Trading (OFT) has warned six debt management firms to stop cold-calling consumers or face enforcement action.

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