19/11/2003
Debt-laden Britons told: 'Help Yourself Out'
With total consumer credit debt, excluding mortgages, reaching £168 billion and average consumer debt at over £6,800 per household, the OFT is today launching a major debt advice campaign.
'Coronation Street' star Sue Cleaver, who plays in debt Eileen Grimshaw, has lent her support to the OFT campaign, 'In Debt? Help Yourself Out!' – which is aimed at helping people with debts they are unable to control.
Principally, the OFT advises those in debt not to panic, to seek impartial advice, prioritise debts and contact the lenders as they may be able to help.
Penny Boys, OFT Executive Director, said: "Coping with debt early on is the key to avoiding serious problems. You should act as soon as the bills start to mount up or payments on credit agreements are missed. Don't bury your head in the sand and hope it will go away - it won't."
It is best to seek impartial advice and to ensure that the full costs of any new deal are fully understood, for example arrangement fees, length of the deal and any further penalty payments.
The OFT also warns people to think very carefully before borrowing more to pay off their debts.
Debts is a growing problem in the UK, as total consumer debt (including mortgages) has topped £906 billion – but disturbingly only one quarter of debtors know how much they owe.
Citizens Advice Bureaux will give free, confidential and impartial advice on debt.
(gmcg)
'Coronation Street' star Sue Cleaver, who plays in debt Eileen Grimshaw, has lent her support to the OFT campaign, 'In Debt? Help Yourself Out!' – which is aimed at helping people with debts they are unable to control.
Principally, the OFT advises those in debt not to panic, to seek impartial advice, prioritise debts and contact the lenders as they may be able to help.
Penny Boys, OFT Executive Director, said: "Coping with debt early on is the key to avoiding serious problems. You should act as soon as the bills start to mount up or payments on credit agreements are missed. Don't bury your head in the sand and hope it will go away - it won't."
It is best to seek impartial advice and to ensure that the full costs of any new deal are fully understood, for example arrangement fees, length of the deal and any further penalty payments.
The OFT also warns people to think very carefully before borrowing more to pay off their debts.
Debts is a growing problem in the UK, as total consumer debt (including mortgages) has topped £906 billion – but disturbingly only one quarter of debtors know how much they owe.
Citizens Advice Bureaux will give free, confidential and impartial advice on debt.
(gmcg)
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14 February 2011
Funding Of £27m Secures Face-To-Face Debt Advice Programme
The future of the face-to-face debt advice programme has been secured today with the Government announcing £27 million of funding for the next year. The Government wants to ensure that individuals facing financial difficulty can get valuable impartial advice early, rather than wait until their problems become much more difficult to resolve.
Funding Of £27m Secures Face-To-Face Debt Advice Programme
The future of the face-to-face debt advice programme has been secured today with the Government announcing £27 million of funding for the next year. The Government wants to ensure that individuals facing financial difficulty can get valuable impartial advice early, rather than wait until their problems become much more difficult to resolve.
21 October 2004
Charity calls for credit reform to tackle rising debt problems
Citizens Advice has issued a credit warning to consumers after revealing that people approaching the agency with debt problems had risen by three-quarters over the past seven years. On the back of the figures, the charity has today called for a reform of Britain’s "outdated" consumer credit laws to be included in the Queen’s Speech later this year.
Charity calls for credit reform to tackle rising debt problems
Citizens Advice has issued a credit warning to consumers after revealing that people approaching the agency with debt problems had risen by three-quarters over the past seven years. On the back of the figures, the charity has today called for a reform of Britain’s "outdated" consumer credit laws to be included in the Queen’s Speech later this year.
27 April 2012
Government Departments Outsourcing Debt Collection
Government departments tasked debt collection agencies with recovering almost £60bn in unpaid consumer debt last year, according to figures release for the first time by the industry.
Government Departments Outsourcing Debt Collection
Government departments tasked debt collection agencies with recovering almost £60bn in unpaid consumer debt last year, according to figures release for the first time by the industry.
03 October 2005
National scheme to tackle personal debt
People with personal debt problems are set to benefit from a new national scheme, which encourages early contact between debtors and creditors. The introduction of Pre-Action Notices (PAN), by the Department for Constitutional Affairs, is aimed at helping people to resolve debt difficulties without going to court.
National scheme to tackle personal debt
People with personal debt problems are set to benefit from a new national scheme, which encourages early contact between debtors and creditors. The introduction of Pre-Action Notices (PAN), by the Department for Constitutional Affairs, is aimed at helping people to resolve debt difficulties without going to court.
07 March 2012
Report Calls For Tighter Controls On Payday Loans
A report has recommended that lenders of payday loans should be forced to limit loans being ‘rolled-over’, stop letting customers switch lenders and to share customer information with other lenders.
Report Calls For Tighter Controls On Payday Loans
A report has recommended that lenders of payday loans should be forced to limit loans being ‘rolled-over’, stop letting customers switch lenders and to share customer information with other lenders.
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