One of the most stressful things about being in debt, in additon to the obvious worries associated with owing money, is harrasment from lenders. Debtors are often bombarded with regular warning letters and phone calls several times a day. This can cause considerable distress to people affected by debt, often acquired through no fault of [...]

In the current climate, many people are struggling to pay off several large debts, with some barely affording to meet the minimum payments. The danger with this is that the minimum payment barely covers the monthly interest on a debt, meaning the actual balance only goes down by one or two pounds a month. Of [...]

Perhaps not surprisingly, given the terrible state of the British economy at present, bankruptcies towards the end of 2008 hit a record high. Figures released from the Insolvency Service show how: During 2008, 350 people were declared bankrupt in the UK every day In the final quarter of 2008, 19,100 people were declared bankrupt – [...]

Following years of cheap and easy credit, we are now experiencing an ever-deepening recession, and, as a result, many people are struggling with unprecedented amounts of debt. Peter McGahan, Managing Director of Worldwide Financial Planning, advises: “Ensure you pay off debts that have the highest interest rate first. Also, remember to pay bills that are [...]

The Government is to introduce Debt Relief Orders on the 6th April 2009, and these are to assist people with high levels of debt who have no possible means of paying their debts off (i.e. they have exhausted all other options). Debt relief orders offer an alternative to bankruptcy at a lower cost: bankruptcy costs [...]