Money Management

Managing your finances efficiently is an essential part of everyday life, particularly for those on low income. Dealing with money issues can sometimes be off-putting, but if you simply don’t understand how things like credit cards or mortgages work, you could end up losing out financially or getting yourself deeper in debt. Clark Richards can help you avoid losing money and getting into debt by providing you with enough information to make the correct choices.

Helping You Manage Your Debt

Clark Richards can advise on potential benefits or grants you may be entitled to whilst looking at some of the things you can do to reduce your day to day living expenses by:

Debt Advice

With so much information to take in it is necessary to get the right advice and if you are experiencing financial hardship or you are struggling with debt you need to take action quickly to stop the situation getting worst.

How can Clark Richards Help?

If you are struggling with your debts and are unsure about whether a debt solution will get you debt free in the quickest possible time, you need to call us today. There are debt solutions for every circumstance and in most cases we will be able to identify a debt solution in a matter of minutes.
Call free on 0800 988 3359 or complete our short and simple Debt Advice Form for debt help today.

Information About Our Service & Fees

Although a large percentage of debt management cases result in interest & charges being frozen, it can’t be guaranteed. All initial advice is provided free of charge & there is no obligation to use one of the debt solutions we recommend. If, however a debt solution is taken out, please be aware that fees will be charged – please read a full breakdown of our Terms of Business. We understand that charging fees to help you become debt free is not ideal, but we feel without charging a fee we would not be able to provide you with a quality service that will help you become debt free. We closely monitor other debt advice companies to ensure we remain one of the cheapest companies in the UK.

Please be aware that a debt solution may lead to an increase in the size of the sum to be repaid and may impair your credit rating and your ability to obtain credit in the future. You may be charged a fee if you decide to proceed with a debt solution. You should discuss any further fees or charges with the debt advisor that you are referred to. If you fail to maintain payments to an IVA you creditor may make you bankrupt. If you are a homeowner you may be asked to release equity in your property in order to repay your debts.

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Credit Card Debt

Credit Cards are one of the easiest forms of debt to acquire and are often the stimulus of debt problems, due to the unique way that funds are repaid and interest is charged.

Credit card debt can be the most expensive forms of credit if managed incorrectly and can be very difficult to get under control.

Credit Card Minimum Payments

Unlike a loan, which is likely to have a fixed level of borrowing, pre-arranged repayment costs and term, a credit card offers the convenience of making minimum payments and all the while it’s still possible to increase the debt through further purchases and interest incurred on the unpaid balance remaining!

Eliminating Credit Card Debt

Eliminating credit card debt can be very difficult and it is important to identify that there may be a problem if your find yourself relying and credit cards for everyday living costs like rent or mortgage.

More than 2 million people have used credit cards to pay their mortgage or rent, an increase of almost 50% in a year, according to the housing and homelessness charity Shelter.

Expert Quote on Credit Card Debt

Campbell Robb, chief executive of Shelter, said: “This research brings into sharp focus how keeping a roof over their head has become a daily struggle for millions across the country. This is a totally unsustainable situation and one which we fear could see thousands more families pushed into the spiral of debt, eviction or repossession and ultimately homelessness.

“Using credit cards to pay the rent or mortgage is simply robbing Peter to pay Paul. With the average credit card interest rate now standing at over 16% it is the worst possible course of action. Already someone faces the nightmare of losing their home every two minutes, and we would urge every single one of these people now relying on credit to keep their home to seek advice urgently.”

Clark Richards has a wealth of experience in advising client about credit card debt. There are some simple steps to assist in settling credit cards and a Debt Management Plans can be welcome relief until finances are back on track.

How can Clark Richards Help?

If you are struggling with your debts and are unsure about whether a debt solution will get you debt free in the quickest possible time, you need to call us today. There are debt solutions for every circumstance and in most cases we will be able to identify a debt solution in a matter of minutes.
Call free on 0800 988 3359 or complete our short and simple Debt Advice Form for debt help today.

Information About Our Service & Fees

Although a large percentage of debt management cases result in interest & charges being frozen, it can’t be guaranteed. All initial advice is provided free of charge & there is no obligation to use one of the debt solutions we recommend. If, however a debt solution is taken out, please be aware that fees will be charged – please read a full breakdown of our Terms of Business. We understand that charging fees to help you become debt free is not ideal, but we feel without charging a fee we would not be able to provide you with a quality service that will help you become debt free. We closely monitor other debt advice companies to ensure we remain one of the cheapest companies in the UK.

Please be aware that a debt solution may lead to an increase in the size of the sum to be repaid and may impair your credit rating and your ability to obtain credit in the future. You may be charged a fee if you decide to proceed with a debt solution. You should discuss any further fees or charges with the debt advisor that you are referred to. If you fail to maintain payments to an IVA you creditor may make you bankrupt. If you are a homeowner you may be asked to release equity in your property in order to repay your debts.

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Debt in the UK

Debt problems within UK households have become more and more prevalent over the past few years. Debt problems quite often occur when a household experiences a reduction in income. Loss of job, accident or sickness and a reduction in hours are by far the main culprits.

The fall in house prices and mortgage lenders reluctance to remortgage people’s homes has also played its part.

Debt – The Facts

Figures released in September 2011 state that the total level of personal debt in the UK is £1,451 billion. This is obviously a staggering figure and put into a more comprehensible way – The average owed by each and every UK adult stands at a whopping £29,532.

A large percentage of this debt is made up of unsecured debts like credit card debt, loans and overdrafts. These types of debts can be very expensive to maintain and more and more people are beginning to fall behind with their contractual monthly payments as they try to keep up with day to day bills.

The Affect of debt

How can Clark Richards Help?

If you are struggling with your debts and are unsure about whether a debt solution will get you debt free in the quickest possible time, you need to call us today. There are debt solutions for every circumstance and in most cases we will be able to identify a debt solution in a matter of minutes.
Call free on 0800 988 3359 or complete our short and simple Debt Advice Form for debt help today.

Information About Our Service & Fees

Although a large percentage of debt management cases result in interest & charges being frozen, it can’t be guaranteed. All initial advice is provided free of charge & there is no obligation to use one of the debt solutions we recommend. If, however a debt solution is taken out, please be aware that fees will be charged – please read a full breakdown of our Terms of Business. We understand that charging fees to help you become debt free is not ideal, but we feel without charging a fee we would not be able to provide you with a quality service that will help you become debt free. We closely monitor other debt advice companies to ensure we remain one of the cheapest companies in the UK.

Please be aware that a debt solution may lead to an increase in the size of the sum to be repaid and may impair your credit rating and your ability to obtain credit in the future. You may be charged a fee if you decide to proceed with a debt solution. You should discuss any further fees or charges with the debt advisor that you are referred to. If you fail to maintain payments to an IVA you creditor may make you bankrupt. If you are a homeowner you may be asked to release equity in your property in order to repay your debts.

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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.

We sat down with Nick Pearson, Director of External Affairs at Paymex, to find out about policy formation, the damage done by ‘rogue’ companies, and what it’s like working for both fee and free DMCs…read more

Why should I partner with a debt solutions provider?

The link between debt and depression is widely acknowledged, both by those within the debt management sector and also by those looking at the sector from the periphery. Of course it’s no surprise that the stress of debt can often cause mental health issues to arise, but what measures are those within the industry taking to help indebted individuals who are also suffering from issues like depression?

Debt Management Today spoke to Bev Budsworth at The Debt Advisor, whose company actively campaigns for better awareness about debt issues and who has put procedures in place to ensure her employees have the skills necessary to help their clients…

DMT: Finding yourself in debt can be an extremely stressful experience; do you think there’s a link between debt and depression as experienced by the clients who you help?

Bev: Debt is one of the three D’s – Debt, death and divorce – that rank very high up the scale for causing debilitating stress. It’s not hard to imagine how ill someone can feel if they have limited income which does not cover their outgoings, plus creditors are chasing for payment.

Quite often there is also more than one D – Divorce and Debt quite frequently go together. When you are subject to this level of stress it is extraordinarily difficult to think straight. And it is not just your ability to concentrate that is affected. Chances are you are not eating properly; resorting to alcohol to numb the ache which in turn means your sleep is disturbed. You wake up tired, lack an appetite, live off endless cups of tea/coffee and so the stress spiral gears up.

Recognising that you are caught up in a debilitating stress cycle and doing something about it is sometimes easier said than done. What we aim to do is help get the word out there that there is much that can be done to not only deal with the stress but deal with the source of stress. Dealing with debt is actually relatively simple. However, we need the client to partner up with us. By this I mean we need them to accept their position and positively resolve to change their lives so that we can over a period of time:-

 ·         Repay their debt

 ·         Get their finances back in control

·         Actively seek to improve maintenance of their health

And unsurprisingly these changes do lead to an improved life.

DMT: What made you interested in exploring this link?

Bev: I once was too late to help a client – a young man that we had talked to on the phone and were due to visit. We tried to confirm the appointment with him but got no response. Several days later we had a call from a relative who had found our information pack. The young man had taken his life. It still haunts me daily.

DMT: What steps have you taken in the company to make sure your employees are equipped to help those suffering from depression or severe stress?

Bev: I believe that people need to empower themselves and it’s important for the client to be with us on our journey. We have a resident psychotherapist and our team members have all undertaken soft skills training which incorporated Neuro-linguistic programming (NLP) skills. It’s interesting to learn and understand the process our bodies go through when we experience stress. The most helpful strategy I often use is E]]> http://www.clarkrichards.co.uk/2011/debt-management-news/debt-and-depression-a-holistic-approach/feed/ 0 http://www.clarkrichards.co.uk/2011/debt-management-news/association-says-y3s-to-membership/?utm_source=rss&utm_medium=rss&utm_campaign=association-says-y3s-to-membership http://www.clarkrichards.co.uk/2011/debt-management-news/association-says-y3s-to-membership/#comments Fri, 18 Nov 2011 14:43:51 +0000 admin http://www.clarkrichards.co.uk/2011/debt-management-news/association-says-y3s-to-membership/

The Association of Professional Debt Solutions Intermediaries (APDSI) has announced the appointment of new Affiliate Member Y3S Debt Rescue.

A second-hand car salesman has been jailed for two years after conning customers – including Otis Ferry, a pro-hunt campaigner who is the son of famous rock star Bryan Ferry – out of thousands of pounds.

With another freezing winter fast approaching and energy prices soaring so high that the Government has been forced to intervene, MoneySave Solutions, the online portal to financial services specifically for those in financial difficulty or with a poor credit history, is urging families to start looking now for the best deals and tariffs available. Many energy companies offer a financial hardship tariff, while savings can also be made through government grants and free insulation, depending on eligibility.