Debt Help For Financially Troubled – 2008 FSA Warning

Borrowers at Risk of Debt Problems

The Financial Services Authority (FSA) today warned that a ‘significant minority’ of people with too much debt may face debt problems in 2008, requiring debt help, after its Financial Risk Outlook highlighted adverse UK economic stability and resulting pressure on various financial institutions.

High Fuel and Energy Bills

Following a tumultuous week within the world markets that shows little sign of settling down, the warning comes as more and more people struggle with increasing council tax bills, gas and electricity prices and a seemingly never-ending rise in the cost of fuel at the pump.

Payplan’s Debt Help-Line

Payplan has noticed a significant proportion of callers to its debt help-line are already struggling to meet payments to their mortgage or rent, and urges those that are beginning to fall into arrears for whatever reason, to seek free debt help as soon as possible.

Immediate Debt Help for Free

Call Payplan free on 0800 280 2816 to receive free debt advice, IVA and bankruptcy advice or simply to see if there are other options open to you such as reducing your mortgage payments by taking free mortgage advice. Get immediate and free debt help online using Payplan’s debt help calculator.

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IVA Advice Increases as Recession Fears Loom

IVAs and Levels of Bankruptcy to Rise

Chris Tapp from Credit Action has raised concerns that there will be a rising demand from those struggling with mounting debt problems for free debt advice, IVA advice and bankruptcy advice in 2008.

Will House Prices Fall 5% in 2008?

According to Credit Action UK debt now stands at £1.4 billion, and with the average household owing nearly £9000 in unsecured debts such as credit cards and personal loans, the current economic gloom with predicted house-prices falling 5% across the UK and the credit crunch squeezing debtors’ options to re-finance it is imperative that debtors take free debt advice to review their options sooner rather than later.

Job Cuts Fear for Debtors

An increase in IVA applications and personal insolvency such as bankruptcy is widely predicted as a result of the current economic climate. A recent Deloitte Economic Review has stated that employers may need to “wield the axe more sharply” to prepare for a possible recession within the next 2 years. For those already with poor credit and bad debts and who are unable to meet their commitments on credit cards and their mortgage payments, the loss of income from unemployment could be the final straw.

Get Free Debt Advice

For those who are already struggling to pay their debt, be it credit cards, personal loans or their mortgages, it is important to take free debt advice as soon as possible. As well as giving experienced and professional free debt advice, Payplan offer free debt management plans (DMPs), and Individual Voluntary Arrangements (IVAs) advice and can help suggest ways to maximise your weekly or monthly budget.

Call Payplan free on 0800 280 2816 or for detailed free debt advice online, or to enquire about which free debt solution can benefit you (DMP, IVA or Mortgage Advice), submit your details through the quick and simple Debt Calculator

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Council Tax Bills To Increase Dramatically in 2008

Council Tax Rise

A recent study by the Local Government Association states council tax rates will rise by an average of 4-5% in 2008. This, together with the increased cost of utilities such as gas and electricity from 10-15% has led to concerns over UK householders meeting these priority bills.

Cuts in Council Services

Not only will the cost of the average council tax bill rise, but UK householders can expect to see some local services continuing to be cut back in an effort to save money and direct it to where it is urgently needed, such as local Policing. Government ministers have said however, that there should be no excuse for larger than expected increases and that they will be prepared to cap any predicted rises.

Council Tax Bill a Priority

Payplan advise that whilst the seem ever increasing, they should be treated as priority payments along with the mortgage or rent. The consequences of falling behind with council tax, electricity or gas bills can have a greater and more immediate impact on a family’s situation for the worse.

Price Comparison Websites

Unfortunately, many of the price comparison websites that can find customers a better deal for their energy supply, may not prove so useful in the short-term whilst energy prices are so unstable. Customers could switch now to a cheaper energy supplier to find that prices rise with that a new electricity or gas company almost immediately.

Struggling? Get Debt and Money Advice

If you think you are struggling to meet payments to your priority bills such as your council tax or utility bills, at the expense of paying back credit cards, personal loans or overdrafts first, then it is a good time to seek free professional money advice in confidence from an experienced debt advice organisation such as Payplan.

Call Payplan free on 0800 280 2816, or fill in our quick and simple debt calculator to get expert debt advice online.

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Economic Growth Rises Against Odds

2007 Record Year

Despite the effect of the ‘credit crunch’ on lending and the recent turmoil in the world’s financial markets over the last few days, there was welcome news that 2007 recorded the UK’s strongest full year of economic growth at 3.1% since 2004 (3.3%).

End of Year Results

More astonishingly, the economy grew faster than expected in the final quarter of 2007, according to the Office for National Statistics (ONS)

5% Increase Mortgage Lending

The Council of Mortgage Lenders (CML) has also stated that 2007 was the strongest year ever for gross mortgage lending, despite an expected slump towards the end of the year. Compared to 2006, mortgage lending increased 5% to a record £362 billion in 2007.

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