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.
Welcome to the Clark Richards Debt Blog
Court action to recover debts jumps 105% in second quarter
August 19th, 2009Fix your mortgage before rates rise again
April 11th, 2009Leading financial advice experts are claiming that borrowers should take advantage of competitive fixed rate mortgage deals now, as rates are set to rise again over the coming months.
Following a dramatic drop in the UK base rate from 5% to 0.5% over the past year, many variable rate and tracker mortgage holders are enjoying a significant reduction in payments.
Keep an eye on your finances to avoid fraudsters
March 26th, 2009Whilst debt, redundancy and unsustainable living costs may lie at the top of our concerns during the credit crunch, millions of Britons could also be at risk from financial fraudsters, new figures have shown.
According to UK payment association Apacs, online banking fraud more than doubled in 2008 to £52.5 million – up from £22.6 million in 2007.
Government to provide debt counselling boost
March 17th, 2009The government has pledged that it will invest more money into debt counselling services to help British people survive the recession.
Health Secretary Alan Johnson and Work and Pensions Secretary James Purnell revealed that an extra £13 million will be ploughed into the rollout of psychological therapies over the next two years, providing a faster service for GPs to refer their patients to.
Help your child to break the debt cycle
March 16th, 2009Millions of British parents could be missing out on the chance to aid their child’s financial future by failing to benefit from Child Trust Fund (CTF) vouchers.
Whilst many families in the UK are struggling with their debt management in the short term, parents could start their child on the road to financial stability by claiming a £250 boost for their offspring’s Child Trust Fund on their seventh birthday.
Controlling your outgoings could create more cash than saving
March 14th, 2009Lowering your monthly bills could save you more money than some of the best savings accounts on the market, according to a price comparison website.
If you want to decrease your direct debits in order to tackle your debts, switching your car insurance or other regular financial commitments could save you a significant amount of money each month.
Go back to basics to avoid credit card debt
March 12th, 2009The Institute of Financial Planning (IFP) has urged consumers to go ‘back to basics’ in their approach to household finances in order to avoid unnecessary debt.
Following this month’s interest base rate reduction to 0.5%, the IFP has claimed that low rates will make little positive effect on the bank balances of the British public, and that people should use any money saved by the decrease to reduce their debts rather than go on a spending spree. Debt management is extremely important and everyone should regularly check their finances.
Parents teaching children a financial lesson
March 5th, 2009Over half (51%) of parents are teaching their children about the current economic downturn in order to make them more aware of the country’s mounting debts, according to a survey by the Co-operative Child Trust Funds.
Save a fortune by becoming financially savvy
March 5th, 2009Most people would like to believe they are financially aware; in this current economic climate, knowledge of your outgoings could be key to keeping control on your spending and avoiding debt.
For many people, managing the family finances can be a difficult and arduous task. With bills arriving throughout the month, ad hoc costs that you haven’t anticipated and the general rising cost of living, sticking to a monthly budget can be difficult.
Stub out debt by giving up smoking
March 4th, 2009National ‘no smoking’ day is approaching on March 11, and cutting down or quitting cigarettes altogether could save you enough money to clear your debts in 2009.
For a person that smokes 10 cigarettes a day, the total cost for a year of smoking could add up to over £1,000 – the same sum as many current account overdrafts. By reducing or stopping your daily cigarette intake, Britons could save enough money to tackle their debts.
