Record numbers of consumers are turning to the Clark Richards for help with financial problems.
Since the start of the recession, the Company has helped thousands of people with all sorts of financial problems, including problems with debt, benefits, employment, and housing.
It has been announced this week that the cost of raising a child to the age of 21 as exceeded a whopping £200,000, this according to LV=, in their annual report.
The report suggested that a typical child would cost £9,610 to feed, clothe and educate over the course of a year.
It has been recently reported that 20% more people had struggled to pay their gas and electricity bills in the second half of 2009 compared to the same time period in 2008.
A report from Ofgem has also confirmed that there was over a 10% increase in the number of people that had entered into a debt arrangement to get on top of their energy bills.
It has be announced this week that Credit Card Interest Rates are at their highest levels for over twelve years. This despite the fact that the Bank of England is a mere 0.5% – the lowest it has been for many years.
The Insolvency Service has today disclosed the impact of the recession after the number of people being declared insolvent in England and Wales hit a record high.
According to the figures, a record 33,073 people in England and Wales were declared insolvent in the second quarter of 2009.
Debt Management Plans or DMP is a non-statutory procedure for debtors. This helps them to fight those severe repayment blues while trying to come to terms with creditors. The DMP comes to terms with these creditors easily for finding out alternative repayment methods thus engaging a third party as a provider.
If you take out an unsecured debt consolidation loan, you can take debts in your stride easily. Unsecured debt consolidation loans are different from secured debt consolidation loans where you put your home at risk since you use it as collateral. Secured debt consolidation loans require you to use collateral which is a security against the loan you take out.
Philip Stevenson, a chartered financial planner for Ark Financial Planning believes that while once getting into debt was considered to be a relatively common and controllable move, it is now becoming a greater concern for many.
“We are in a position now where people are more concerned with paying off debt rather than saving,” he said.
Lovetts, the debt recovery outfit (which also, incidentally, claims to be the UK’s first publicly-listed law firm), says the amount of debt it chased through the courts in the second quarter of 2009 increased 105% over the same period in 2008.
A comment piece by Simon Read in The Independent yesterday (August 17, 2009) has highlighted the lamentable situation whereby borrowers are being charged by their banks to receive advice and assistance in dealing with their debts.
