It can be all too easy to end up in debt. From losing your job or suffering a bereavement to something as simple as an unexpected bill or the washing machine breaking down, many of us would struggle to cope with a change in circumstances. The Big Help Project is a charity that works with families facing debt problems. For many, the situation has spiralled out of control and they have - or are close to having - creditors knocking on the door. They started out as the Knowsley Food Bank, but the team soon realised those coming to them in crisis had built up large debts that needed addressing if they were ever to get back on track. So they opened Jubilee Debt Advice in 2012 to offer free, confidential, professional debt-management advice and support from a team of qualified debt advisors. They also act as advocates for their clients, claiming back benefits which should have been paid, getting debts written off and giving information on bankruptcy. Click here to visit their website and … [Read more...] about Could you be entitled to claim unpaid benefits or get your debts written off?
A debt management plan
DEBT firms have been slammed by the city watchdog for continuing to push people into unaffordable repayment plans. The Financial Conduct Authority (FCA) had "significant concerns" about the market when it first looked into commercial and not-for-profit firms that provide debt advice and administer debt management plans back in 2015. But while some firms have improved, four years on the FCA says a whopping two thirds still need to buck up their practices. In particular, the watchdog is concerned about the treatment of vulnerable customers, the advice given to couples, and the use of a one-size-fits-all approach. It cites one example of a cancer sufferer who was hounded for unaffordable payments despite being out of work because of their illness. In another case, an 87-year-old widow on a 95-year debt management was pushed into signing online documents despite being confused and uncomfortable using technology. How to cut the cost of your debtIF you're in large amounts of debt it can be … [Read more...] about Two thirds of debt firms ‘giving out bad advice and pushing unaffordable payments on customers’
CHRISTMAS can leave families in trouble with big debts to pay off - but there are ways to clear what you owe within the month if you follow nine easy steps. The average Brit will have a Christmas hangover of £740 of debt and £323 on credit, according to research by MoneySuperMarket. If you've been left in financial dire straits because you've overspent this Christmas, don't panic. Finance experts have shared their top tips with The Sun to reveal how you can keep lenders at bay and pay off as much as you can afford by January 31. These are the top 10 tips to follow if you find yourself in debt this January. Dennis Hussey, money adviser at National Debtline said: "During the festive season people can feel pressured to spend more money which can cause worry and affect people’s finances at the start of a new year. "If you are worried about money, don’t wait to take action. Don't ignore your bills - and make a list of your debts They say knowing is half the battle, and … [Read more...] about How to clear your debt by Jan 31 in 9 easy steps
The financial hangover from Christmas is often a struggle, but for some people in Bristol it can mean serious debt problems. Dealing with debt can be extremely stressful, but insolvency practitioner Samantha Hawkins is warning people not to "ignore escalating problems". Samantha, who has spent 20 years working in the industry, says there are solutions for people struggling with money problems. She said: “There is often shame around admitting to a debt problem. This can lead to people ignoring an escalating problem. "Christmas can be a crunch time for many people. Spending more time with the family and feeling under pressure can lead to people feeling hopeless. "I want to assist people to take control of their debt and make the right decision for them to start their path back out of debt.” Here, Samantha offers her six tips for dealing with serious debt. 1. Seek advice from a professional Ask to see the qualifications of the person you are talking to. If they are not a … [Read more...] about Six tips for dealing with serious Christmas debt
Countries in the Pacific should improve their debt monitoring systems and strengthen investment prioritization to better manage the risk of debt distress, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor launched last week.The Monitor says six of ADB’s 14 Pacific developing member countries—Kiribati, the Marshall Islands, the Federated States of Micronesia, Samoa, Tonga, and Tuvalu—are facing elevated risk of debt distress due to their narrow economic bases, vulnerability to economic shocks, and exposure to climate change. However, these risks can be mitigated by strengthening institutional capacities to sustainably manage debt.“ADB and development partners are working with Pacific governments to strengthen debt management while also promoting long-term solutions to the challenge of expanding access to basic services,” said ADB Director General for the Pacific Ms. Carmela Locsin. “While debt financing … [Read more...] about Debt management, investment planning critical for Pacific: ADB