The future does not look bright for many people with Government spending cuts on the way and the possibility of interest rates rising before too long. If you are already struggling and in debt now is the time to get help as things look like they will be getting worse.

Sorry to be such purveyors of doom but we have to be realistic. There is not a lot of good financial news at the moment and it is likely that, as always, it will be the average citizen that takes the brunt of the financial problems.

Now is the time to take stock of your incomings and outgoings and make sure that your household books are balancing. If you have a little spare cash every month this could be used to cushion the blows when they inevitably come.

If you are unable to balance your books, no matter what you try, it could be the time to get some financial help as a deficit, month after month, will inevitably lead to debt problems.

For those already struggling with mounting debts don’t delay, get help as quickly as possible to avoid the problems getting any bigger. A debt management solution could leave you paying less and better able to cope with the unexpected in the future.

Categories: Debt, Economy

There have been difficult times recently with the financial crisis and there are more to come for many with the new austerity measures announced in the recent budget. Many businesses have survived but with increased debt to keep themselves afloat.

Servicing these debts costs money and if the interest rate is high you could save each and every month by getting a business loan consolidating all of your debts. Whilst business finance has been hard to come by in the last couple of years there are plenty of signs that recovery is on its way, if only slowly.

If you have been turned down for a business loan via your bank this does not have to be the end of the line. A business loan broker will have access to many different lenders for all types of circumstances.

It might also be possible to take extra capital to invest in the business as well as clearing your debts. The way to find out is to get in touch with Yes Business Loans and see what they can offer you. It doesn’t cost anything to find out and there is no obligation to proceed if the figures don’t add up.

Yes do as much of the running around as they can for you leaving you to run your own business. In the meantime they work hard on your behalf to get the best deal available in the market for your particular circumstances. At Yes they like to say YES to business loans and finance.

Categories: Debt, Economy

An awful lot of people in the UK have debt in some form or another. Whilst repayments are manageable this tends to be ignored and life continues as normal. However, as the cost of living rises meeting these debt repayments becomes more difficult and then it is considered a debt problem.

In the early stages it is possible that debt management can be done without professional help. Make a budget showing exactly how much money is coming in to the household and where it is being spent. Look at ways you can cut back on any items that you can do without.

It is possible you can balance your own books if your incomings and outgoings are not too far apart. Make a revised budget and stick to it so that you can live within your means. Make repaying your debt a priority and, if at all possible, try to reach a situation where you are debt free.

Whilst this may be possible for some, for others their debts have already become a major problem through months or years of neglect. If you are unable to meet your debt repayments act as soon as possible – leaving debt to its own devices will only mean your debt problem getting worse.

When debt has escalated action is imperative. Debt management is one option to help you get out of your debt problems. Debt Management is a simple process of negotiation, where your debts are discussed with your creditors. They may freeze the interest being charged or it may be reduced, they might even write off large parts of the debt.

For free debt advice get in touch with us at IVA Debt Problem for a full explanation of all the options available dependent upon your circumstances.

Categories: Debt, Economy

As posted previously, the budget has bought little good news for anyone and the majority of people are going to need to tighten their belts to avoid getting into debt problems in the future. Amongst the headline grabbing moves such as raising VAT there are a number of other measures which have an impact on sections of society.

One of these is the future sale of the student debt book. At present the interest on student loans is subsidised by the government, costing up to £16 billion per year. The sale of this debt book could well mean an increase in student loan repayments, leaving students even further in debt.

Currently students taking a loan from the official provider, The Student Loans Company, do not have to make repayments until they are in full time work. At this point repayments are deducted at source until the full loan amount, plus interest, has been paid.

The Student Loans Company lent over £5 billion last year, and could be attractive to a number of financial institutions. However the timing of the sale has been questioned as it may not achieve the price it could in today’s depressed market conditions.

Categories: Debt, Economy

With the Chancellor due to announce his emergency budget measures tomorrow aimed at reducing the UK’s deficit, it is unlikely any of us are going to be feeling better about our household finances in the near future. The possible increase in VAT to 20% will hit everyone, particularly the poorer members of society, leading to an increase in debt problems.

For those already struggling and with things about to get worse now is the time to get some debt advice and get your finances under control, if at all possible. Don’t put it off, debt left unchecked will increase and your problems will become worse.

If your debts are relatively small and you have money coming in it is possible that you can sort out your problems on your own. Identify where all of your money is going each month and see if there is any area in which savings could be made or spending can be curtailed completely. Hopefully any measures you need to take now will be short term, dealing with your small outstanding debt and getting your finances on the straight and narrow.

If you are unable to see where savings could be made or your income is not enough to cover your basic living expenses then help is at hand. Similarly if your debts are much larger and you have gone beyond the point at which they are manageable IVA Debt Problem can give you advice and propose actions you can take to resolve your problems.

Larger debts will require more long term solutions and these can be painful and restrictive. However at the end of the tunnel is some light, and you could become debt free in the future, getting your life back on track. Now is the time to act, we face a prolonged period of austerity dealing with the budget deficit and the Chancellor is unlikely to be giving you any gifts tomorrow.

Get in touch with us for a free no obligation debt review and see how we could help you. Or use our debt calculator (above) for a quick search of your options.

Categories: Debt, Economy

Recent Government figures have revealed a ninth consecutive quarterly rise in personal insolvencies. This takes them to the highest rate since records began.

35,682 people entered into personal insolvency in the first three months of 2010, a near 18% rise on the same period last year, as consumers continued to struggle with personal debt, despite the UK economy starting to recover.

This figure includes over 18,000 bankruptcies and nearly 12,000 IVAs.

Falling incomes during the recession is one reason why so many people are struggling to make ends meet, and with tax rises and public spending cuts on the way to ease the country’s debt burden the worst may still be to come.

People struggling with debt should seek professional debt advice sooner rather than later. Options such as a debt management plan can then be considered before insolvency becomes necessary.

Categories: Debt, Economy, General

UK personal debt at the end of March 2010 stood at £1,460bn. The twelve-month growth was 0.9%. Individuals owe more than the whole country produces in a year, according to Credit Action.

The average household debt in the UK is £8,796 (this excludes mortgages). This figure rises to £18,324 if the average is based on the number of households who actually have some form of unsecured loan.

Categories: Debt, Economy