0800 988 3359
01625 506070
Little cash left over at the end of the month
Debt for many low-to-middle level income earners is fast becoming a norm as ‘broke Britain’ continues to feel the strain of rising livings costs and reductions in household incomes. A new survey conducted by Ipsos Mori on behalf of the Resolution Foundation has found that less than half of the households of low-to-middle income earners have any cash left over at the end of the month after meeting expenses, in contrast to 66% of upper-income families who do.
Less than 3 in 10 low-to-middle income households have enough money left to make regular monthly savings, according to the survey. This equates to a gross household income of £12,000 to £30,000 for a childless couple, £24,000 to £42,000 for a couple with two children or £30,000 to £48,000 for a home with three children. Such findings continue to cast a shadow against the general agreement that households need to reduce debt.
Speaking in the Financial Times, Gavin Kelly, chief executive of the Resolution said “Working people in low-to-middle income households continue to be squeezed from all angles. Everyone is saying that households need to save more and run down their debt – but this new poll shows just how hard that will be”. His gloomy conclusion appear no different to the pessimistic picture painted by many in recent months, concluding “Families simply cannot afford to put money aside. This is a worrying picture both for the financial security of Britain’s households and for the economy.”
Debt Management to save more, spend less and reduce debts seems fundamental, but may prove to be a struggle in reality, as money goes less further and every last penny counts more than the last, with one in four expecting their financial position to get worse over the next year.
quick links...
© Copyright 2013 Clark Richards. All rights reserved.
Legal: Postal Address and Registered Office: Clark Richards Limited, 3 Bailey Court, Green Street, Macclesfield, Cheshire, SK10 1JQ.
Company No: 6770655. OFT CCL No: 651 922. ICO Reg No: Z1688010
This privacy policy sets out how Clark Richard’s uses and protects any information that you give Clark Richard’s when you use this website. Clark Richard’s is committed to ensuring that your privacy is protected. Should we ask you to provide certain information by which you can be identified when using this website, then you can be assured that it will only be used in accordance with this privacy statement.
Clark Richard’s may change this policy from time to time by updating this page. You should check this page from time to time to ensure that you are happy with any changes. This policy is effective from 05/08/2009.
What we collect – We may collect the following information:
“What we do with the information we gather” – We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:
“Security” – We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online.
How we use cookies – A cookie is a small file which asks permission to be placed on your computer’s hard drive. Once you agree, the file is added and the cookie helps analyse web traffic or lets you know when you visit a particular site. Cookies allow web applications to respond to you as an individual. The web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences. We use traffic log cookies to identify which pages are being used. This helps us analyse data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes and then the data is removed from the system.
Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us. You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website.
Links to other websites – Our website may contain links to other websites of interest. However, once you have used these links to leave our site, you should note that we do not have any control over that other website. Therefore, we cannot be responsible for the protection and privacy of any information which you provide whilst visiting such sites and such sites are not governed by this privacy statement. You should exercise caution and look at the privacy statement applicable to the website in question.
Tracking Code – www.clarkrichards.co.uk uses tracking code from the major UK search engines to work out how you found our site, what pages you visited and what facilities you used.
Controlling your personal information – You may choose to restrict the collection or use of your personal information in the following ways:
We will not sell, distribute or lease your personal information to third parties unless we have your permission or are required by law to do so. We may use your personal information to send you promotional information about third parties which we think you may find interesting if you tell us that you wish this to happen. You may request details of personal information which we hold about you under the Data Protection Act 1998. A small fee will be payable. If you would like a copy of the information held on you please write to 3 Bailey Court, Green Street, Macclesfield SK10 1JQ. If you believe that any information we are holding on you is incorrect or incomplete, please write to or email us as soon as possible, at the above address. We will promptly correct any information found to be incorrect.
The agreement between you and us is made on the following terms:
“You” – Our client and partner where any of the debts are in joint names)
“Us” – Clark Richards Financial Management is a trading style of Complete Money Limited. Registered Office: 3 Bailey Court, Green Street, Macclesfield SK10 1JQ. Licensed by the Office of Fair Trading under Consumer Credit No. 609783 and FSA Registered under Reg. No.478215.
“Creditors” – Any and all of your unsecured creditors whose details you will provide to us in accordance with Section 3.
“Debt Management Program” – A plan of repayments produced by us in accordance with section 4.2
“Period” – The period which the Debt Management Programme is in operation.
“Fees” – The fees to be paid by you to us in accordance with the Debt Management Programme.
2 Agreement
You request us and we agree to provide you with a debt counselling advisory and adjusting service in accordance with these terms and conditions. You authorise us to negotiate on your behalf with your creditors. This agreement shall continue until final repayment to the Creditors is made in accordance with the Debt Management Programme, unless it has been terminated beforehand in accordance with Section 6.
3 Your Responsibilities
3.1 You will provide to us on request information relating to your finances. This will include but will not be limited to details of your income and expenditure, your creditors and any agreements you have with them, any loans, or mortgages you have, your dependants and judgements’ made against you or any other enforcement action being taking against you.
3.2 You will sign any necessary forms of authority or any other documents so that we may negotiate with your creditors on your behalf and generally carry out our obligations under this agreement.
3.3 You will pass all correspondence from your Creditors to us and keep us informed of any dealings you have with any Creditors whether we are negotiating with them or not. Once the Debt Management Programme has been agreed, you will not make any expenditure over or above your reasonable living expenses as calculated in the Debt Management Programme. You will not use your credit cards, nor incur further debts.
3.4 You will consult with us in relation to your Debt Management Programme of repayments and in relation to any alterations to it or reviews of it. Your payments to us will need to be amended to reflect any reasonable changes which your circumstances dictate. You will make payments to us under and in accordance with the Debt Management Programme promptly and without and deductions.
3.5 On occasions your Creditors will not provide us with balances of your account due to their own company procedures. If these circumstances arise then you will obtain this information for us and supply us accordingly.
3.6 We cannot be held responsible for any legal action taken against you by your Creditors as a result of fraudulent or incorrect information provided by you at the time of acquiring a loan, HP agreement, credit card or any other forms of credit.
3.7 Non contact from you will not be considered as cancellation of the agreement. If any funds are owing to you then written confirmation will be required to release funds owing to you in accordance with Section 6 of this agreement.
3.8 If you do not maintain regular payments we will suspend any action and payments on your account. Your creditors may have to be informed that payments are not being maintained. This may result in your Creditors continuing legal action against you for which we cannot be held responsible
3.9 If you do not maintain regular payments we will suspend any action and payments on your You remain responsible for continuing to pay any secured loans, mortgages, or Hire Purchase agreements and all household bills (including insurances).
4 Our Responsibilities
4.1 We will review your finances, covering your income, expenditure, debts and assets. These must include all debts secured on property or goods, which we will take into consideration but cannot negotiate reduced payments on. We will calculate your disposable income based on reasonable living expenses.
4.2 In consultation with you we will produce a Debt Management Programme by which you can pay off your Creditors out of your disposable income at rates you can afford. The Debt Management Programme will let you make monthly payments to us and will take account of your Creditors and of our Fees. It will not take account of any matters you have not told us about in accordance with section 3. It will also take account of the differing requirements of your different Creditors, if there is more than one.
4.3 We will negotiate with your Creditors and attempt to agree repayment terms with them of the amounts outstanding. In doing so we shall use the Debt Management Programme and we shall ensure that the periodic payments that we agree with your Creditors on your behalf do not exceed your disposable income (less our fee) as calculated by us, for the same period.
4.4 We shall attempt to agree with your Creditors, where appropriate, that they freeze or reduce their interest charges and that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them. In rare instances County Count proceedings may still be actioned against you. In these cases we will assist in completion of all relevant paperwork as required. We can not guarantee to stop legal action by your creditors.
4.5 We shall make payment to your Creditors in accordance with the Debt Management Programme.
4.6 The payment made to your Creditors will be reflected on the statements you will receive from them. A full breakdown of all payments we have made can be obtained on request. On all Creditors accepting the offers of repayment we will issue you with a breakdown of these. In addition we will issue monthly statements showing all payments and receipts of your account.
4.7 Should your circumstances or any other relevant information change during the Period, we shall, in consultation with you and your creditors review the Debt Management Programme and if necessary shall make changes to it in agreement with you and any Creditors concerned.
4.8 From time to time your Creditors will request an up date of your financial situation. We will contact you to review your current financial circumstances and update your Debt Management Programme accordingly. To aid this process we request that payslips are regularly forwarded to us for review.
4.9 All payments to us will be made into our Clark Richards Limited Client Account. This account is separate to our own business accounts and funds held for distribution to your Creditors will be retained for that purpose only. No interest will be payable to you on funds that we hold. At times funds held for distribution to your Creditors will be classed as clients monies.
4.10 During the negotiation process some Creditors may continue to charge interest and other recovery charges. We cannot always prevent these charges being levied. These will however be paid off as part of your Debt Management Programme.
4.11 We can only provide advice on the services that we offer.
4.12 The company takes any complaint regarding its practices very seriously. Any complaints can be sent in writing to the Directors of the company and shall be dealt by them with personally. The directors will return correspondence within 14 days.
5 How we will be paid
5.1 Unless we agree otherwise with you we will take from each monthly payment under the debt management programme a fee equal to 16.9% of the periodic payment under the debt management programme. Subject to a minimum of £34.50 and a maximum of £90. If in accordance with our records you have conducted your debt management programme satisfactorily we may, at our discretion, waiver the last 6 months management fee.
5.2 Because most of our work will be done at the start of the Period, we will charge an initial fee based on your programme payment. The initial fee will not exceed the equivalent of 2 months’ payments to your Debt Management Programme. The fee will be collected as follows; 100% of the first payment and 100% of the second payment. NO further administration charges will be applied to the initial fee.
5.3 If this agreement is ended in accordance with section 6, we will return any undistributed funds after having deducted the above fees and you will not Have to pay us any more money. This will be made within 30 days of receiving written confirmation in order to allow us time to process all receipts and payments to your account.
5.4 In the case of weekly payments, 4 times the weekly payment will equate to one month’s payment.
6 Termination of Agreement
6.1 If for any reason you wish to cancel, we offer a 7 day cooling-off period from the date we receive your first payment, in which we offer a full refund of any fees which we have taken.
6.2 After the 7 day cooling-off period you may end this agreement by giving us four weeks’ notice in writing.
6.3 We may end this agreement by giving you four weeks notice in writing if any one of the following things happen: 1) You breach this agreement and do not remedy the breach within 7 days of your bringing the breach to your attention; 2) A bankruptcy petition is issued against you; 3) You enter into an Individual Voluntary Agreement/Trust Deed; 4) Where the information provided to us is knowingly incorrect. 5) The information provided by you at the time of acquiring a loan(hp agreement, credit cards or any other form of credit) is deemed incorrect or fraudulent by any creditor, or 6) If we are affected by Force Majeure.
To request a call back please use fill in this form and one of our representatives will call you back...
