DEMSA responds to BIS committee Debt Management report

Thursday 8th March 2012

DEMSA, the Debt Managers Standards Association, has responded to the recently published Department of Business, Innovation and Skills report on debt management. Director of External Relations at DEMSA, Melanie Taylor states on the DEMSA website: “This report from the Business, Innovation and Skills committee is the culmination of an extensive inquiry within which DEMSA has

Consumer credit spending flat in 2011

Tuesday 14th February 2012

Consumer credit spending in the UK during 2011 remained at the same level as the previous year, according to statistics released by the Finance & Leasing Association (FLA). Spending on store cards dropped (by 10% in 2011) as did spending using credit cards or personal loans (fell by 1% when compared to 2010). Dealer-provided car

Personal Insolvencies down in 2011, but outlook ‘challenging’

Friday 3rd February 2012

The number of insolvencies in England and Wales fell during 2011, compared to both 2009 and 2010, according to figures released by the Insolvency Service. 119,850 people were declared insolvent in 2011 which was down 11.3% on 2010. Despite this, this figure is well in excess of the pre-credit crunch insolvency figures. One in 366

Record PPI reclaim payments

Friday 27th January 2012

The Financial Services Authority (FSA) has today released figures showing that £379 million was reclaimed for mis-sold PPI (Payment Protection Insurance) during November 2011. This represents an all time record amount. This is up from the £268 million that was paid out in October 2011 which itself was then the record. Earlier this month, the

Insolvencies down in Scotland

Wednesday 25th January 2012

Official figures from Accountant in Bankruptcy (AiB) report 4,664 personal insolvencies in Scotland in the third quarter of 2011/12. This represents a 13% decrease when compared to the previous quarter, although is a 2% increase when compared to the same quarter in the previous year. The 4,664 personal insolvencies is made up of bankruptcy and

Rent costs drop, missed rent increases

Friday 20th January 2012

A survey conducted by LSL Property, a leader in residential property services, has revealed that private rent in England and Wales decreased by 0.8% in December, when compared to the previous month. The average rent fell to £711 per month, and December was the second consecutive month that saw a decrease. Private renters in the

PPI complaints up at the Ombudsman

Wednesday 18th January 2012

The number of complaints referred to the Financial Ombudsman Service (FOS) has risen, mainly due to an increase in complaints regarding Payment Protection Insurance (PPI). During October, November and December 2011, the FOS received 55,907 complaints, up by 10% from the previous three months. During that time the number of PPI complaints jumped from 19,259

British Gas drop electricity price by 5%

Thursday 12th January 2012

On the day following EDF Energy announcing a 5% cut in the price of gas, British Gas has announced a 5% cut in their electricity price, with immediate effect. British Gas are the first of the ‘Big 6’ energy suppliers to cut their electricity prices, however they are not making any changes to gas prices

EDF announce 5% cut in gas price

Wednesday 11th January 2012

EDF Energy, one of the so-called ‘Big 6’ domestic energy suppliers has announced that they are cutting the cost of gas to consumers by 5%. This reduction will be introduced on 7th February 2012. Since EDF’s last price change (November 2011, an increase of 15.4%) the one year wholesale price of gas has decreased by

Is a Debt Relief Order right for you?

Tuesday 3rd January 2012

There are several ways of tackling your financial difficulties. These range from Debt Management Plans, Individual Voluntary Arrangements (IVAs), through to, in the most extreme circumstances, bankruptcy. A Debt Relief Order (DRO) is a possible debt solution open to you, if you fit certain criteria. The DRO was introduced in 2009 as an alternative to

PPI reclaim payments top £1 billion for 2011

Wednesday 21st December 2011

The Financial Services Authority (FSA) has today released figures showing that the amount paid out to customers in 2011 for mis-sold Payment Protection Insurance (PPI) has topped £1 billion. £268 million was paid out in October 2011 alone, an all time record. If you believe you have been mis-sold PPI, you may be entitled to

Rail Fares to increase in New Year

Wednesday 21st December 2011

Train fares will rise by an average of 5.9% in January 2012, the Association of Train Operating Companies (ATOC) announced yesterday. Fares valid from 2nd January 2012 can be found at National Rail Enquiries (www.nationalrail.co.uk) so people can check how much their ticket or any other fare will cost in 2012.  ATOC said the fare

PPI Reclaims and Tax

Wednesday 21st December 2011

HM Customs & Revenue is set to collect millions of pounds of tax on Payment Protection Insurance (PPI) reclaims. The banking industry has set aside billions of pounds in order to compensate people who were mis-sold PPI. In general, a PPI reclaim amount awarded is made up of three parts: a) The premium paid on

PPI reclaims and Debt Management Plans

Wednesday 21st December 2011

PPI (Payment Protection Insurance) has been in the news for the last year or two, and not for particularly good reasons. PPI was sold (or mis-sold in millions of cases) by credit providers to, in theory, protect the borrower from the possibility of not being able to keep up with payments due to unemployment, sickness

Christmas and Debt

Tuesday 13th December 2011

A survey, commissioned by banking software company Intelligent Environments, has revealed that almost a third of all Britons will go into debt over the Christmas period. The study, conducted by YouGov during November 2011, shows that 31% will go into debt or increases the debt they are already in to get by over the festive

Office of Fair Trading issues Credit Broker Guidance

Friday 25th November 2011

The Office of Fair Trading (OFT) has issued its guidance for credit brokers and intermediaries. This guidance sets out the standards expected of credit brokers, and of the responsibilities of businesses that use credit broker’s services. The industry has come under the scrutiny of the OFT over the last few years, partly due to credit

Unemployment figures increase yet again

Wednesday 16th November 2011

Unemployment has risen with yet again the 16 to 24 year old group unemployment figure now hitting 1 million. The total figure rose by 129,000 between July and the end of September to now stand at 2.62 million. The Office of National Statistics stated that the unemployment rate also rose, to 8.3%. Overall, unemployment increased

Insolvency Levels Down in Quarter 3 2011

Friday 4th November 2011

Statistics have been released today by the Insolvency Service. The number of individual insolvencies in England and Wales in the third quarter of 2011 dropped to 30,219. This represents a reduction of 11% when compared to the same period in 2010. The number of bankruptcies dropped 31.2% to 9,567, the first time this figure has

Your Credit Rating- The be all and end all?

Friday 4th November 2011

One of the most frequent questions asked by people when they contact us here at MoneyVillage regarding their debt problems is about their credit rating. There are myths and mis-conceptions surrounding credit ratings. The Blacklist One myth to dispel is that there is a blacklisting system and that if you are on the blacklist, you

Struggling with your finances? What happens next when you speak to MoneyVillage

Friday 28th October 2011

Millions of people are currently experiencing real financial hardship in the UK. One of the first hurdles a huge proportion of those people need to deal with is simply admitting to themselves that things are getting out of control. As the old saying goes, ‘a problem shared is a problem halved’. Just talking to someone

Household Debt: ‘An albatross around our neck’

Wednesday 26th October 2011

The general secretary of the TUC (Trade Union Congress) Brendan Barber will deliver a lecture spelling out his alternative view of the UK economy, highlighting the impact household debt is having. The lecture by Mr. Barber, to be delivered at the University of Liverpool, will set out the TUC’s five step plan for the economy.

ICAEW appointed by DEMSA to monitor standards in debt advice

Friday 21st October 2011

The Debt Managers Standards Association (DEMSA) has announced a new agreement in principle which will see the Institute of Chartered Accountants in England & Wales (ICAEW) undertaking the monitoring of new and existing DEMSA members. MoneyVillage is a marketing name of Debt Management Associates Ltd (DMA). DMA are a founding member of DEMSA, which was

Office of Fair Trading issues revised Debt Collection guidance

Wednesday 19th October 2011

The Office of Fair Trading (OFT) has today issued its revised guidance for the debt collection industry. This guidance sets out the standards expected of all businesses involved in the collection of debts, including banks, law firms and debt collecting companies. Particularly noteworthy is reference made to debt collectors using social networking sites, such as

Inflation, Pay Freezes and your Monthly Disposable Income

Tuesday 18th October 2011

Research the Incomes Data Services suggests that more than half of small companies intend on giving the same pay increases in 2012 as in 2011. The average pay rise awarded in 2011 has been 2.5%, well below the rate of inflation, which stands at 5.2%, according to the Office of National Statistics. This puts further

Inflation on the up: Will help those on benefits

Tuesday 18th October 2011

Official figures released this morning show that inflation is on the rise again. The Consumer Price Index (CPI) measure of inflation for September reached 5.2% For the first time the CPI is to be used to calculate increases next April for a whole raft of benefits, including Jobseekers Allowance and the state pension. Previously, the

Is an IVA right for you and your debts?

Friday 14th October 2011

If you are struggling with your finances and looking for ways to gain control of the situation you are in with your debts, you may find that you fit the criteria to qualify for an Individual Voluntary Arrangement (IVA). In order for you to be eligible for an IVA, you will need to fit all

Unemployment rises: More may need help with debts

Wednesday 12th October 2011

Unemployment has risen yet again, to reach a 17 year high. The figure rose by 114,000 between June and August. The Office of National Statistics stated that the unemployment rate also rose, to 8.1%. Hardest hit is the 16 to 24 year old group. The unemployment figure in this category has now reached 991,000, a

Warm Home Discount: Some May Miss Out

Monday 10th October 2011

Research by the BBC has revealed that thousands of eligible households might miss out on the new Warm Home Discount due to funding limits. According to the Department of Energy & Climate Change website, the Warm Home Discount scheme is a ‘four year scheme that runs from April 2011 to March 2015 to help low-income

PM Cameron: Households paying down debt

Wednesday 5th October 2011

Prime Minister David Cameron has told the Conservative Party Conference that households (as well as banks and government) paying off debt is the only way for Britain to emerge from the current economic crisis. This is despite previous concerns that consumers were not spending enough to sustain growth. Mr Cameron has insisted that Britain can

Council tax ‘freeze’ announced

Monday 3rd October 2011

£805 million of efficiency savings are to be made available to councils in England to contribute to a second council tax freeze, Chancellor George Osbourne has announced. The government cannot force councils to freeze the council tax bill however, the government is encouraging this by offering the extra money to those who limit spending rises

BAe job losses will put financial strain on thousands

Tuesday 27th September 2011

BAe Systems have announced today that almost 3000 jobs are at risk of redundancy through out the UK. Hardest hit areas are Central Lancashire (Warton and Salmsebury sites) and Brough in East Yorkshire. Other sites to be affected are in Dorset, Hampshire, Surrey and Essex. Today’s announcement ends days of speculation, after news of the

Millions on Verge of Financial Difficulty

Thursday 22nd September 2011

A report published by The Work Foundation states that those in the ‘middle wage’ bracket are being increasingly squeezed into competing within the low wage, low skilled job market. This follows hot on the heals of a report commissioned by the Consumer Credit Counselling Service (July 2011) which tells of 3.2 million UK households already

Understand what you are spending your money on

Tuesday 20th September 2011

Every one of us is feeling the impact of the current economic climate in some way. Given that the UK is officially out of the recession (and has been for over a year) it is hard to fathom why things are that much tougher now. The news is full of stories of job losses, wage

Rent On The Rise In August

Monday 19th September 2011

A survey conducted by LSL Property, a leader in residential property services, has revealed that private rent in England and Wales increased 2.1% in August. The average rent has now reached £713 per month, and August was the seventh month in a row that has seen an increase. Private renters in London are hardest hit.

Bankruptcies Up In Scotland

Monday 19th September 2011

Official figures from Accountant in Bankruptcy (AiB) report 5,319 personal insolvencies in Scotland in the first quarter of 2011/12. This represents a 25% increase when compared to the previous quarter, although is a 1% decrease when compared to the previous quarter in 2010 The 5,319 personal insolvencies is made up of bankruptcy and protected trust

Research Required On Capping Of Costs in ‘Payday Loan’ Industry

Monday 19th September 2011

The Department for Business, Innovation and Skills (BIS) is commissioning research into how a cap on the cost of Research into how a cap on the cost of credit in ‘payday loan’ market could affect borrowers. A review of the industry was launched last year. Despite calls for a limit on the total cost of

Higher Household Bills Eat Into Savings

Monday 19th September 2011

An announcement by the British Bankers’ Association (BBA) suggests that some people are using money which would have been used for savings for paying for essentials such as household bills. Personal deposits and savings in the High Street banks rose by just over £6 billion in the first six months of 2011. This compares to

BoE: Little Chance Of Rate Increases, Inflation Set To Increase

Monday 19th September 2011

Bank Of England policy-makers have said that there is a reduced chance of any rises in the official Bank rate in the near term, due to the weakness the UK economy is experiencing. The official Bank rate is currently set at 0.5% and has been this for well over two years. The highest rate in

Welcome to the Moneyvillage Website

Wednesday 1st June 2011

Welcome to the Moneyvillage Website. We understand the various debt solutions and situations many people find themselves in due to a variety of circumstances.

At Moneyvillage our team of experts will discuss your financial situation in a confidential manner and review your finances and debts to see how things can be improved removing some of the stress associated with being chased by creditors for debts.