OFWAT Water Price Increases - Cheap Water Bill Advice

Rising Cost of Water Bills

cost-of-water-to-increase-2008.jpgAn Announcement by OFWAT, the regulator for the UK’s water industry, that the price of water will rise in April will cause further financial misery for those families struggling to make ends meet, especially after the recent hike in the price of gas and electricity early in 2008.

OFWAT has stated that the average household water bill will increase by an average of £18 for the year. The regulator sites the cost of maintaining water pipes, reducing environmental impact and the risk of internal flooding from overflowing sewers as the main arrears for improvement - the latter being especially important after the nationwide floods of 2007.

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If you are struggling to meet your utility bills (water, gas or electricity), then your service provider should have systems in place to help you. Ofwat also offer advice to help you pay your water bill or water arrears.

OFWAT also offers advice on water metering and has an online water meter calculator to work out whether you will be better off financially having one installed. If this is the case, then your water company will install one free of charge.

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How can I stop my mortgage lender from repossessing my house?

Debt Question of the Week

Stopping a mortgage lender repossessing your house

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1) First of all you need to establish whether you have a surplus income to offer towards the mortgage arrears.

2) Complete an Income and Expenditure, listing all essential household costs such as normal mortgage payments, utilities, transport costs, housekeeping, medical/dental, clothes/shoes, hairdressing etc.

3) If there is a surplus income left over, offer a reasonable proportion of this to the arrears.

4) You will need to attend the Repossession Hearing at the Court, present the financial statement and if possible, take your first payment of money towards the arrears with you. This shows the Court that you have every intention of keeping to the payments and of your desire to keep your home.

5) It is vital that you make an offer that you can realistically maintain. Don’t offer more than you can afford otherwise you could find it hard to meet the arrears payments and if you fail to keep up with the payments the Court can grant the Repossession and a date would be set for your eviction.

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IVA Review & Comparison Site in the News

IVA.com

50-for-iva-clients.jpgCredit Today reports that spokespeople for both the Bankruptcy Advisory Service and the British Banker’s Association both had reservations about IVA.com’s offer of a BREAD prepaid credit card, topped up with £50, for clients it refers to IVA companies whose IVA is then approved.

IVA Comparison Website

Whilst the website offers a useful starting point and comparison service for debtors seeking IVA advice or for those using an IVA to solve a debt problem, the offer, if intended as an inducement to attract more clients into IVAs, was described as an “absolute disgrace’, reported Credit Today. An IVA should only be undertaken with professional debt advice from a well respected insolvency practitioner.

IVA.com Director

Terry Balfour, iva.com’s director said that the offer, listed under ‘promotions’ on the iva.com website, was “extremely useful for those who have found it difficult to control their spending and now need to get used to living within their means.”

Payplan IVA Advice & Reviews

Payplan can offer free IVA advice and do not charge up front fees as some insolvency practitioners do. Payplan will only recommend an IVA for clients when an IVA will be of substantial benefit.

Call Payplan free on 0800 280 2816 or submit your debt details online for free debt and IVA advice.

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National Debt House Repossession Record

Record Repossessions Advise CML

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At 27,100, national house repossessions have risen to their highest level since 1999. Whilst these figures are not as high as were expected by the Council of Mortgage Lenders (CML), it is still too soon to predict the outcome for 2008, reports Credit Today, and does not guarantee a slow down in those seeking debt advice.

Economy, Recession & Repossession

As fears continue for the stability of the world’s economies and mutterings of recession are heard in financial circles, the effects of the credit crunch and the ability of banks to pass on recent Bank of England interest rate cuts to their customers could be crucial in shoring up any further increase in home repossession figures.

Repossession Court Action

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What is important is that those who fall into difficulty, either because of rising mortgage payments or increased levels of unsecured debt, get debt help at the earliest stage possible. This may not always come directly from the lenders themselves as Sue Edwards from Citizens Advice recognises - some secured and mortgage lenders are too quick to take court action against struggling borrowers. Michael Coogan from the CML advises that lenders can help flailing borrowers by rescheduling payments, extending loan terms or even allowing payment breaks.

Ask For Debt Help

Whoever is correct, it is sometimes hard to think clearly and very easy to lose focus when creditors are vying for their share of your income. Importantly, when priority costs such as mortgage, secured loan or council tax payments begin to fall behind, it is time to take debt advice and ask for help.

Free National Debt Advice

Payplan are a national debt advice organisation who offer free debt solutions and debt help for all situations across the UK. If you are unable to pay your credit card and loans and are falling behind with mortgage and secured loan repayments, then at the very least, Payplan can offer you free and practical national debt advice.

Call Payplan free on 0800 280 2816 or submit your details online for immediate national debt advice.

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