Banks and building socities are writing off millions of debt every day. What should you do if you are struggling with unsecured debt repayments?

Crosshills, West Yorkshire -- (SBWIRE) -- 12/03/2010 -- In the last 12 months UK banks and building societies have written off a staggering £9.9bn worth of loans, £740 million of which is credit card debt, to UK individuals. This equates to just over £20 million every day.

These latest UK debt statistics from the national charity Credit Action also report the total personal debt in the UK as £1,452bn, which is more than the UK produces in a year.

In October 2010 total lending increased by £1.3bn, in comparison consumer credit lending in October 2010 increased by £0.3bn a small amount when taking into account the £8.4bn growth in January 2008.

Secured lending on property remained at £1,236bn for the end of October 2010.

Average UK household debt excluding mortgages is £8,556, including personal loans this figure increases to £17,825 and including mortgages the average debt is £57,624.

Craig Gedey, Market Manager at Debt Advisory Line said: "Anyone who is struggling with loan debts or credit card debts may be eligible to start a debt management plan."

"Rather than consolidating debts with another loan a debt management plan helps you repay the debts you have at an affordable monthly repayment amount; after living expenses have been accounted for."

"On average we help customers reduce their debt repayments by 49%."

Visit http://www.debtadvisoryline.co.uk/debt-help for more information.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Concern amongst the elderly about the cost of rising energy bills this winter. Many of these people are already living in poverty and may have debt problems, what can they do to get help?

Crosshills, West Yorkshire -- (SBWIRE) -- 11/08/2010 -- According the research from Age UK more than 50 per cent of over 60 year olds are dreading the cold this winter. Those people described as being at the bottom of the social scale, and possibly in debt, are twice as likely to fear the cold weather as the richest.

40 per cent of over 60 year olds are worried about being able to afford their energy bills this winter and almost 30 per cent say they are likely to resort to extreme measures to keep warm.

Recent figures show an increase to 1.7 million homes in fuel poverty, in England and this new research from Age UK shows that perhaps concerns amongst the elderly about heating bills are far more common.

Last year 30 per cent of over 60 year olds resorted to living in just one room to keep their heating to a minimum cost and maximum warmth. Some wore hats and scarves, some more drastic measures were staying in bed during the daytime and 2 per cent even went to the public library.

People at the bottom of the social scale are twice as likely to be worried about the cold winter months and more than three times likely to say they could not get warm at all last winter.

Michelle Mitchell Charity Director of Age UK said: ""What lies behind this widespread fear of cold weather are pressing social issues, such as nearly two million pensioners living in poverty and millions of older households anxious about being able to afford keeping warm this winter."

"While the Government's decision to protect Winter Fuel Payments will make a big difference to the lives of many low-income older people this winter, our research shows there is still some way to go to take the fear out of winter.

"Through the Spread the Warmth campaign we want to raise awareness of the difficulties many older people face in winter and let them know that Age UK can help them. We want as many people as possible to get involved in our campaign so we can offer the best support to those older people who need it."

Craig Gedey, Marketing Manager at award winning Debt Management Company, Debt Advisory Line said: "Speaking to a debt management company could also help people who are worried about being able to afford keeping warm this winter."

"Anyone who is struggling with debts of any kind, including utility bills should seek professional debt management advice. Although debt management companies mainly deal with unsecured debts, creditors should agree to accept repayments on these debts after all reasonable living expenses, including heating, are accounted for."

"Visit http://www.debtadvisoryline.co.uk for more details or call us now on 0800 157 7254."

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Keeping a balance on your credit card for 2 years or more? Credit card debts are still causing concearn for millions of Brits...

Crosshills, West Yorkshire -- (SBWIRE) -- 11/01/2010 -- 41 per cent of UK credit card holders still have an outstanding balance on their credit card after a year, this equates to 6 million UK credit card holders.

Rather alarmingly 14 per cent of credit card holders keep debts on their cards for longer than 5 years.

The research by Moneysupermarket.com also revealed that over 3 million people say they pay just the minimum amount off their credit card balance each month, which could mean that these people cannot afford to make higher debt repayments.

Kevin Mountford, Head of Banking at moneysupermarket.com, said: "Our research reveals credit cards are still playing an important role in the nation's finances, but in the current climate, it's more important than ever for consumers to understand the cheapest way to borrow on their cards and avoid getting stung by high interest rates."

Understanding how credit card debts are repaid and just how much interest is charged is vital for consumers, especially considering the current economic climate. The average length of time a credit card debt is left unpaid stands at a massive 21 months.

This is when credit card debts can become a problem for some people. Craig Gedey, Marketing Manager at Debt Advisory Line said: "People may think that they are spending small amounts occasionally each month on their credit card. However, the interest and in some cases additional charges, on outstanding balances soon add up, increasing the total amount to repay."

"In this situation of interest charges increasing the total amount to repay combined with customers repaying only the minimum amount each month it is no surprise that credit card debts are being left unpaid for nearly 2 years."

"Anyone struggling to juggle bills like this should seek professional debt management advice. At Debt Advisory Line we help people repay their debts by negotiating with creditors to try and have interest and charges frozen."

Visit http://www.debtadvisoryline.co.uk for more details or call 0800 157 7254 today.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Overdraft charges to change, but will the new fees put people further in debt?

Crosshills, West Yorkshire -- (SBWIRE) -- 11/01/2010 -- Unauthorised overdraft charges of up to 20 per cent will be stopped for NatWest and RBS customers in February 2011.

In a move the banks describe as simplifying the charges, customers will pay a fee of £6 per day for any unauthorised overdraft of more than £6.

Currently RBS and NatWest charge for 'the paid referral fee', 'the guaranteed card payment fee' and 'the maintenance charge' which will be merged into the one £6 charge. Other fees for a bounced cheque, direct debit or standing order will increase from £5 to £6 every time, up to a £60 maximum fee.

The charges will not apply to customers with a basic bank account, a student bank account or graduate account. None of these changes will affect people who have arranged an overdraft in advance.

Head of overdrafts at RBS said: "We asked our customers about products and charges and they told us they wanted them to be simply and easy to understand."

Craig Gedey Marketing Manager at Debt Advisory Line http://www.debtadvisoryline.co.uk said: "Making all bank charges easier to understand is a good for customers; however a fee of £6 per day will mean substantial costs for people who stay overdrawn without authorisation."

"People who are continuously overdrawn face costs every month, pushing them further into debt; a vicious circle that needs to be stopped. At Debt Advisory Line we offer debt management plans to help people repay their debts. We also try to negotiate with lenders to have interest and charges stopped so that repayments go towards what is actually owed rather than repaying only the interest."

EBS have also said that a text message and email warning service will be introduced to warn customers in advance that they would be charged if going overdrawn without authorisation.

The coalition government has stated in its 'coalition document' that it will be putting pressure on the banks with respect of protecting consumers against bank charges.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Government cuts will affect the poorest in society; warning from Debt Advisory Line

Crosshills, West Yorkshire -- (SBWIRE) -- 11/01/2010 -- Leading debt management specialist, Debt Advisory Line, has issued a strong warning that debt is set to spiral following George Osborne's savage spending review and the company is arranging special training for staff to cope with an increase in calls from concerned consumers. Debt Advisory Line argues that whilst all tiers of society are affected, it will be the poor and most vulnerable whose slide into debt could be most likely following the capping of benefit payments and extremely severe changes to social housing rules for tenants. Coming hot on the heels of June's bloodbath budget, the very poorest, who claim the most in benefits, will see their incomes shrink.

Debt Advisory Line's management team are arranging regular training seminars to help staff deal with an expected influx of calls from consumers concerned about the future and those already facing severe financial difficulties. Nina Learoyd, Head of Customer Services said: "It is crucial that we help to train quality teams so all staff members understand the situations our vulnerable clients can find themselves in so we are able to identify problems and advise appropriately. It is this poorest sector of society which has to carefully balance food and heating costs, as well as regular payments - as such, they are less able to absorb losses.

Learoyd continued: "However, this time it's not just the poor, we're expecting a rise in calls from debt ridden families from middle class backgrounds in the future as child tax credits are also taken away from higher earners. As if all of these changes were not enough, National Insurance is set to rise next April to a basic rate of 12%. Worryingly, despite these most savage cuts, the Institute for Fiscal Studies has warned that even further action may be needed."

An active member of DEMSA, the debt managers' standards association, Debt Advisory Line encourages the highest standards within the debt management industry, ensuring customers are dealt with in a responsible, compassionate and transparent manner. In fact, the DEMSA Code of Conduct carries approval under the Office of Fair Trading's Consumer Codes Approval Scheme (CCAS), the only such approval to be granted in this sector.

Debt Advisory Line are also proud holders of the title of 'Debt Management Provider of the Year Award' which they have held for two consecutive years. See http://www.debtadvisoryline.co.uk

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Criticism over planned child benefit cuts...How could this affect family finances?

Crosshills, West Yorkshire -- (SBWIRE) -- 10/06/2010 -- David Cameron faces further criticism today over plans to scrap child benefit for higher tax payers.

Any couples where one parent earns about £44,000 will be affected. Any couples with both parents earning over £80,000 would keep the benefit.

Chancellor George Osborne announced the planned cuts for 2013 yesterday saying that it was a 'big decision'. Mr Osborne said: "When we're asking so much of so many people across society I think it is a fair measure."

The coalition government says that reductions in government spending are crucial if it is reduce the budget deficit and these child benefit cuts would save around £1 billion a year.

At the moment parents are paid child benefits of £20.30 a week for the eldest child and £13.40 for subsequent children. Child benefit payments continue until the age of 19 for those in full-time education.

Families with three children will not be eligible to receive child benefit and face being around £2,500 a year worse off.

Unsurprisingly there has been widespread criticism to these planned cuts because single parents and couples on modest incomes would be affected most. The change is estimated to affect about 1.2 million families.

Mr Osborne continued: "It's not a decision we've taken lightly."

"But given the scale of the debts Labour's left us with, and given they've left us with no plan and we've had to come up with proposals, we think this is fair."

"It means we're all in this together. Each part of society is going to be making a contribution"

However, critics say the move will further penalise people on relatively modest incomes. Paul Noon, general secretary of the Prospect union, said: "They're not people who are rich."

"They are people who pay their taxes, they are people that work hard and need this sort of income to keep families together and support children."

Speaking on yesterdays 'Today programme' on BBC Radio 4, Martin Narey, chief executive of Barnardos, said "There are already many families living in poverty where dad and mum are in full-time work, they have teenage children, very many of them still a long way from a reasonable living standard."

"To take away child benefit from them just because their kids are 14 to 15, would be foolish and very damaging. It would certainly plunge many more families into poverty."

Craig Gedey, Marketing Manager at Debt Advisory Line said: "For families who rely on child benefit payments to make ends meet every month this cut will obviously come as a major blow to their finances."

"Unfortunately in many circumstances families living in poverty also struggle to manage their finances and could fall into debt."

"Anyone struggling to keep up with repayments on loans or credit cards should seek professional debt management advice as soon as possible."

"At Debt Advisory Line we help people manage their debts and we offer expert debt advice on all debt solutions available to people living in the UK."

Visit http://www.debtadvisoryline.co.uk or call 0800 157 7254 today for more details.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

A staggering number of complaints about UK banks...

Crosshills, West Yorkshire -- (SBWIRE) -- 10/05/2010 -- Over the last 6 months a staggering 1.3 million complaints have been lodged against banks. This equates to an alarming 7,143 complaints every day.

Poor customer service, poor advice, and mis-selling of financial products are the main reasons for complaints.

Marc Gander from the campaigning Consumer Action Group said "We're used to banks treating their customers shabbily; however these figures are quite extraordinary.

You have to wonder where these billions of pounds of taxpayers' money are being spent, it's certainly not on complaints handling."

Peter Vicary-Smith, chief executive of the consumer organisation Which?, said: "Yet again, the big high street banks are failing to put customers first. The banking industry urgently needs to overhaul the way it treats its customers if it's going to rebuild its shattered reputation."

"Clearly a reform of the way bank staff are incentivised is needed; bonuses should be linked to treating customers fairly and the resolution of complaints, not to sales. At least, by getting rid of the lengthy two-stage complaints process, the FSA is ensuring that complaints will be dealt with more quickly from now on."

With some banking products more than 70 per cent of customers were found to have been given poor advice or service.

Craig Gedey, marketing manager at Debt Advisory Line said: "These reports cannot be good for consumer confidence in the UK banking system. At a time when bank fees and charges seem to be rife it is essential that people manage their finances well to avoid any penalties."

"Often people fall into arrears because of bank charges and struggling to repay these charges along with other debts and monthly bills can sometimes escalate into thousands of pounds worth of debt."

"At Debt Advisory Line we provide award winning debt management advice to help people manage their debts. Visit http://www.DebtAdvisoryLine.co.uk or call 0800 157 7254.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Following recent reports that some fee-charging debt management firms are pretending to be charities and aim to make money from vulnerable people, Debt Advisory Line maintains its position at the forefront of the debt management sector...

Crosshills, West Yorkshire -- (SBWIRE) -- 09/30/2010 -- Debt Advisory Line, one of the UK's leading providers of consumer debt advice, is maintaining its position at the very forefront of the debt management sector. An active member of DEMSA, the Debt Managers' Standards Association, the company encourages the highest standards within the debt management industry and promotes good practice throughout the sector; ensuring customers are dealt with in a responsible, compassionate and transparent manner.

Key, high calibre appointments serve to reinforce these claims with Grahame McGifford being dedicated to compliance in the role of Group Compliance Director and former Skipton chief, John Goodfellow as new Chairman, both in 2009.

Following the recent OFT report criticizing some debt management firms for misleading advertising and giving poor advice, Grahame McGifford stresses the importance of selecting a reputable company, he explains: "It is crucial for influential businesses like ours to highlight the absolute need to adhere to the highest standards. As well as investing in first-class employee training, our organisation boasts a robust compliance and dedicated marketing departments and demonstrates to our customers that we are committed to comply with the standards set out in the OFT debt management guidance and DEMSA's rigorous Code of Conduct. Our membership of DEMSA demonstrates our unrelenting commitment to our continued growth and development including our marketing materials and website development.

Debt Advisory Line are fiercely proud holders of the title of 'Debt Management Provider of the Year Award'. The company has been awarded this for the last two years and has currently been shortlisted for the 2010 award taking place in the near future. Hopefully this hat trick of awards will demonstrate our commitment to this field.

See http://www.debtadvisoryline.co.uk and http://www.demsa.co.uk., for further information.

For further information please contact Sue Flynn or Sophie Hayes at The Whole Caboodle on 01423 523000 or email Sophie@thewholecaboodle.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

As savings interest rates are the worst since 2006, people choose to repay debts first...

Crosshills, West Yorkshire -- (SBWIRE) -- 09/28/2010 -- People are continuing to pay back debts before making any savings according to research from Markit UK's Household Finance Index. The research also found that lower levels of debt have been noted for the 8th consecutive month.

Additional research from Lloyds TSB confirms a peak in savings back in 2006, adding to the trend that perhaps traditional savers are choosing to deal with paying back debts first.

The record all time low Bank of England Base rate of 0.5 per cent combined with the rising cost of household bills and food has resulted in lower savings with the exception of anyone earning over £57,000 per annum.

Tim Moore, Economist at Markit said: "Concerns over pay and job security remains at the forefront of people's minds, while stubbornly high inflation and an impending VAT rise are becoming increasingly difficult to ignore."

"Those working in the public sector reported the greatest degree of pessimism, perhaps because of a sense of unease ahead of next month's government spending review.

"Households have responded to the uncertain outlook by paying down debt, reining in their appetite for unsecured credit and delaying major purchases."

Craig Gedey Marketing Manager at award winning Debt Management Company, Debt Advisory Line said: "An increase in the trend to pay back debts is an encouraging sign. With interest rates remaining at all time low levels this is by far the best option, even for people with lower levels of debt."

"At Debt Advisory Line we help people manage their debts by providing a detailed debt management solution based on individual financial circumstances so that it is tailored to each customers' needs."

Visit http://www.debtadvisoryline.co.uk for more details.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

High street spending figures show signs of receovery but is more credit card spending a receipe for disaster?

Crosshills, West Yorkshire -- (SBWIRE) -- 09/25/2010 -- Consumer spending on debit and credit cards increased by 9.2 per cent during August this year compared to 2009. Total spend in August was down by 1.9 per cent compared to July but credit card company Barclaycard say that this is because of early summer sales hitting the high streets.

Barclaycard's Spending Index figures challenge concerns that high street spending is down as consumers review their finances and cut back on non-essential spending.

According to Barclaycard summer sales and back-to-school spending was the main reason for August's uplift. However increases in the cost of food and cotton filtering through to high street prices also equate to higher spending.

Head of Barclaycard UK Payment Acceptance, Stuart Neal said: "With leading retailers warning that the government austerity drive will keep the economy in the doldrums and hit consumer confidence hard, it is good to see a fourth month of increased spending."

"While there is some cause for viewing the near future with a certain amount of trepidation, recent indicators are good. Confidence remains relatively high, but it will be important to see how spending fares when public spending cutbacks begin to hit people's pockets, and not just the headlines."

Craig Gedey, Marketing Manager at award Winning debt management company http://www.debtadvisoryline.co.uk said: "Increasing consumer confidence on the high street is one peice of good news for the economy."

"Increased spending on credit cards is fine as long as consumers can afford to repay their bills. Credit card debts are amongst the most common when debtors contact us at Debt Advisory Line. Sometimes people use one credit card to pay off another credit card bill and these people should be seeking professional debt advice."

"We help people to get out of debt in the shortest possible time, because we know how stressful debt can be. We offer expert debt advice on all debt solutions to people living in the UK. Call us today on 0800 157 7254."

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

No more interest free student loans - could this push people further into debt

Crosshills, West Yorkshire -- (SBWIRE) -- 09/22/2010 -- From the beginning of the month new interest rates have been applied to student loans.

The student loan interest rate is based on the previous month's figures; the lowest of either the Retail Prices Index (RPI) measure of inflation or bank base rate, calculated from a group of high street banks rates, plus 1 per cent.

RPI was 4.4 per cent and banks base rate is now 0.5 per cent, so the banks base rate plus 1 per cent, giving the new 1.5 per cent rate will be in place for the next 12 months.

Anyone who took out a student loan before 1998 will pay 4.4 per cent interest, anyone who took out a loan after this date pays the 1.5 per cent interest rate.

Student loan interest rates may also increase over the course of the next 12 months in line with any Bank of England and base rate increases.

These new interest rates put in place by the Student Loans Company will affect around 3.3 million people who took out their student loans after 1998 and just over 355,000 people who took out a loan before 1998.

Craig Gedey Marketing Manager at Debt Advisory Line said: "Paying interest on a student loan could leave thousands of people struggling to keep up with repayments on other priority debts."

"Anyone who finds themselves in this situation should consider contacting a professional debt management company and speaking to a qualified debt adviser about calculating an income and expenditure report."

"At Debt Advisory Line our award winning Debt Management Plans have helped thousands of people so do not hesitate to contact us on 0800 157 7254 today."

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Alarming amount of debt written off by banks every day in the UK - are we only now beginning to see the true outcome of the credit crunch?

Crosshills, West Yorkshire -- (SBWIRE) -- 09/09/2010 -- A record breaking £40 million of debt was written off each day by UK banks between April and June this year. The figures, released earlier this month from the Bank of England, highlight the fact that families in the UK continue to struggle with debt repayments. The total figure was a staggering £3.5 billion of debt written off.

£2.1 billion was credit card debt, £1.2 billion was overdraft debt, personal loan debt and hire purchase agreements and £184 million was from mortgages.

Even though economists say the recession is officially over the combination of rising unemployment and the fact that people borrowed too much before the credit crunch hit in 2007 means that we're only now beginning to see the impact on household and personal finances.

Director of personal insolvency at the accountants RSM Tenon, Mark Sands, said: 'We are seeing the impact of the downturn really starting to hit now."

'It is not necessarily that people have lost their job, but they have lost their overtime, an extra shift or have had a pay cut. They can survive for a while, but suddenly they are tipped over the edge and they cannot cope with their debts.'

Craig Gedey, Marketing Manager at Debt Advisory Line said: "Almost 800,000 people have become unemployed since 2008 and this number continues to rise.

"Even though the Bank of England base rate has been kept at an all time low of just 0.5 per cent since March 2008, lenders continue to increase interest rates charged on loans, credit cards and overdrafts."

"Anyone who is struggling to keep up with repayments on their debts should get help from a professional debt management company. Debt Advisory Line is the Debt Management Provider of the Year 2008 and 2009. We help people to get out of debt in the shortest possible time, because we know how stressful debt can be. We offer expert debt advice on all debt solutions available to people living in the UK."

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New leaflet campaign will warn people about the dangers of borrowing from a loan shark

Crosshills, West Yorkshire -- (SBWIRE) -- 05/28/2010 -- The Office of Fair Trading together with trading standards officers is starting a campaign against loan sharks, warning of the dangers of borrowing money from unregulated and illegal sources.

Around 200,000 leaflets and posters will be handed out and displayed in Scotland, Northern England and the West Midlands warning of the sometimes violent nature of loan sharks. An estimated 165,000 households in the UK borrow money from loan sharks.

The OFT commented: "Unlicensed loan sharks will often offer cash loans without paperwork; they may take benefit or bank cards as security, and threaten or use violence to get money."

11,500 people and £31 Million of illegal loans have already been written off because of the OFT's work to date. Prison sentences have been handed out to some of the illegal money lenders.

Craig Gedey, marketing manager at the Debt Advisory Line said: "The OFT's work in this area of illegal lending is highly commendable and this new campaign will hopefully continue to highlight the fact that people should never borrow money from an unlicensed source."

"With no contractual security and extortionate interest rates being charged, most people are very likely to fall behind with repayments to a loan shark."

The OFT leaflet and poster campaign will highlight the extortionate interest rates charged and that borrowers will often face the possibility of threats and violence.

Craig Gedey continued: "People struggling with debts should seek professional advice from an established debt management company. Borrowing to repay other debts is a recipe for financial trouble; a good debt management company should complete an income and expenditure exercise to find out how much you can realistically afford to repay."

"Here at the Debt Advisory Line, we are fully committed to your financial well being. We will be efficient, ethical and transparent in dealing with you and your creditors. Debt Advisory Line is a member of the Debt Resolution Forum and DEMSA and abides by the Office of Fair Trading Guidelines when giving advice to customers about debt."

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Would you struggle if mortgage interest rates went up? Over 5 million UK households would...

Crosshills, West Yorkshire -- (SBWIRE) -- 05/23/2010 -- A staggering 5.4 million UK homeowners would not be able to afford a rise in interest rates according to new research from Shelter, the housing and homeless charity.

Repossessions are down slightly so far this year but housing experts and charities are warning that homeowners are still at risk if interest rates increase, putting further pressure on their household finances.

Chief executive of Shelter, Campbell Robb said: "Some 5.4million mortgage holders haven't even thought about how they will pay their mortgage if interest rates go up. We know for a significant number of people, just keeping on top of their current mortgage repayments is a constant struggle."

Homeowners with discounted and tracker mortgages will face the biggest increase in their monthly repayments if interest rates increase. These are the borrowers who have been able to take advantage of all time low rates, many of whom will have been paying less than 3% interest.

The number of people in mortgage arrears also fell during the first quarter of the year according to figures from the Council of Mortgage Lenders; 9,800 people lost their homes in this first quarter of 2010 which is 8 per cent fewer than the previous quarter and 26 per cent below the same period last year.

Craig Gedey, Marketing Manager at Debt Advisory Line said: "Despite the falling figures reported here there are many people facing the fact that when mortgage rates increase they will struggle to keep up with repayments."

"Any homeowners who are financially stretched now and feel that further costs would tip them over the edge should seek advice now."

As Debt Management Company of the Year 2008 and 2009 Debt Advisory Line offer debt advice for people with debt problems across the UK. We understand how debt affects your life and thrive on providing award winning services with integrity, empathy and confidentiality. We will review your finances and provide you with a debt management solution based on your circumstances.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Staggering figures show the true demand for debt help in the UK...

Crosshills, West Yorkshire -- (SBWIRE) -- 05/23/2010 -- The Citizens Advice Bureau (CAB) annual statistics reported that an additional 2.4 million enquiries for debt advice were received by its call centres in 2009 compared to 2008.

The CAB report shows that debt advice makes up 34 per cent of all enquiries received for the year; the largest topic of advice sought by CAB callers.

Compared to the previous year in 2009/10 debts owed to private bailiffs increased by 38 per cent. A total of 19,090 enquiries regarding private bailiffs were made compared to 13,845 the previous year.

Chief Executive of the CAB, David Harker said "We know from our frontline that the human impact of the recession is far from over for people who have lost their job or their home, or both, in the past two years. Yet, there are millions more people struggling with debt and poverty, or missing out on welfare benefits, that Citizens Advice Bureau want to be able to assist."

Between April 2009 and March 2010 the CAB advised on 7.1 million issues which is an increase of 18 per cent on the previous year. Enquiries regarding mortgage and secured loan arrears increased by 21 per cent over the same period.

David Harker continued "We were able to help more people last year thanks to some generous additional funding from the government and many local councils."

"However much of this was short term, and our network of community based services, which rely on the generous help of 21,000 volunteers, may not be able to help as many people in future if funding is cut. It is absolutely vital that we are able to continue to provide the invaluable service we deliver to local communities without risk of major cuts."

Craig Gedey at Debt Advisory Line said: "If government cuts are carried out people will still need professional debt management advice to help them find a solution based on their personal financial circumstances."

"Getting reliable and helpful advice is key when speaking to any organisation about your debts. At http://www.debtadvisoryline.co.uk we understand how stressful debt can be and we offer advice on all financial solutions, specific to your needs."

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Interest rates are kept on hold at record low levels but this means little for people already struggling with debts.

Crosshills, West Yorkshire -- (SBWIRE) -- 05/14/2010 -- The Bank of England Monetary Policy Committee kept interest rates at the record low of 0.5% today a decision which had been expected.

Experts are expecting no interest rate rises any time soon, and certainly not as the economy continues to recover. The record low 0.5% rates have been in place since March 2009.

Even though the UK has recently seen an inflationary increase from 3% in February to 3.4% in March 2010 experts still believe that interest rates will be kept on hold to boost the recovering UK economy.

It was in the final quarter of 2009 that the UK officially moved out of recession with growth of 0.4% and the economy grew by 0.2% in the first quarter of 2010.

Chief Economist at the British Chambers of Commerce, David Kern said: "Given the dangers still facing the economy, the [Bank's] Monetary Policy Committee must persevere with expansionary policies."

"Any thought of raising interest rates, and withdrawing the QE stimulus, must be rejected until there is more conclusive evidence that growth is secure."

Craig Gedey Marketing Manager at Debt Advisory Line said: 'keeping interest rates on hold yesterday was a good decision considering the ongoing issues surrounding the results of the general election last week.'

Experts are predicting that interest rates will be kept low to compensate for the new government's spending cuts, which cannot be avoided to tackle the budget deficit.

'Unfortunately low interest rates don't really help people already struggling with debt problems as they may have missed payments and incurred charges.'

'Taking control of your debts and perhaps speaking to a debt management company to understand how they can help you is a good starting point. At Debt Advisory Line we offer debt advice on all debt solutions available to people living in the UK.'

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Alarming number of Brits keeps their debts secret from loved ones...

Crosshills, West Yorkshire -- (SBWIRE) -- 05/05/2010 -- According to a survey by OnePoll for the Post Office £55bn of debt is kept secret by people in the UK.

2,258 UK consumers took part in the survey which found that 31% of people hide debts from family members; 16% of women and 28% of men do not let their partners know how much debt they owe.

An example taken from the BBC.co.uk/news web site was Nigel; a 69 year old living near Bath who was not aware that his wife had run up debts of more than £50,000 using credit cards and store cards.

Nigel thinks the credit card companies have acted irresponsibly, he said: "They were sending through pre-authorised cards to my wife. She had ticked a box stating that she was a homeowner but I was kept in the dark even though I jointly own the house with her."

"The credit card companies should inform co-owners if their partners are running up huge debts, which could affect the family home."

"The debt does of course need to be repaid. We have had to take out a mortgage on the house, which I can cover with my pension, but this was not how I hoped to be spending my retirement."

The issue here is that although credit cards and store cards are taken out on a personal or individual basis ultimately a family home could be at risk if these debts are left unpaid. Credit card companies do not inform partners or joint owners of a property if one runs up huge bills.

Craig Gedey Marketing Manager at Debt Advisory Line www.DebtAdvisoryLine.co.uk said: "Many people will think Nigel's situation is unfair but this is quite a frequent occurrence, as the statistics show, when it comes to debt management."

"People need to take responsibility for the debts they owe but perhaps understandably many people feel the situation is best kept to themselves, which can lead to a more stressful situation in the future if debts are left ignored."

Legally the joint owner of a property is not liable for their partners debts, however the lenders can legally demand any equity owned by the debtor. In most cases this means the property will have to be sold.

Lesley McCloud from the British Bankers Association (BBA) said: "If customers do not keep up payments, banks try to come up with a mutually acceptable repayment plan."

"Only if that completely breaks down will they go to court to try to get the money back. It is during that process when assets are considered. Even then it would be a last resort to force a sale. More commonly the debt is covered when the house is sold voluntarily."

Chris Tapp, from debt advice charity Credit Action, said: "You can find out if you are linked to another person's debt by running a credit check."

"Re-mortgaging your home may not be the best option if you are in debt. A good debt management plan is an alternative. The most important thing is to speak to your lenders and seek independent advice from a debt advice charity."

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Come September students could be facing higher interest rates on their loans.

Crosshills, West Yorkshire -- (SBWIRE) -- 04/27/2010 -- On 1st September the Student Loans Company will reset the interest rate payable and this is based on the Retail Prices Index (RPI) rate of inflation in March.

Obviously the recent rise in RPI to 4.4% in March means that students should expect to see an increase from the current rate of interest they are paying on loans.

There are different rules used to set interest rates depending on when the loan was taken out. Interest rates on loans taken out before 1998 are set based on RPI in March. However, interest rates on loans taken out after 1998 are set based on RPI in March or the Bank of England Base Rate (0.5%) plus 1%, depending on which is lower.

Craig Gedey Marketing Manager at Debt Advisory Line said: 'Whichever loan category you may fall into as a Student Loans Company borrower this will mean higher interest rates.'

'Students face record debt levels; according to the online credit report provider Callcredit the average student debt is £15,700 and the average student starting salary is £22,300.'

'Any graduate with additional unsecured debts like a credit card or high street bank loan can speak to a professional debt adviser about a debt management plan if they are worried about keeping up with repayments.'

http://www.DebtAdvisoryLine.co.uk - Debt Advisory Line is the Debt Management Provider of the Year 2008 and 2009. We help people to get out of debt in the shortest possible time, because we know how stressful debt can be.

Call us FREE on 0800 157 7254 today for a confidential discussion.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Continuing to spend more than they earn; 5.4 million Brits put their financial stability at risk...

Crosshills, West Yorkshire -- (SBWIRE) -- 04/23/2010 -- A staggering 11% of the population or 5.4 million people spend more than they earn every month. In addition to this 13% break even and 53% end up with less than £100 in their current account when all expenditure for the month has been covered. With Credit Action reporting that current personal debt in the UK is £1.64bn this is surely a massive cause for concern.

Craig Gedey Marketing Manager at Debt Advisory Line said: 'These figures quite obviously show that people are continuing to live beyond their means when perhaps they should at least consider or investigate the benefits of a Debt Management Plan.'

'We talk to many people who want to apply for a loan to consolidate their debts. This is fine is some circumstances but people need to understand that borrowing your way out of debt in most instances is simply not possible.'

'We work with customers to find them the best solution for their circumstances. As Debt Management Provider of the Year 2008 and 2009 we understand how debt affects people's lives and we thrive on providing award winning services with integrity, empathy and confidentiality.'

For more information visit http://www.debtadvisoryline.co.uk or call us FREE on 08001577254 today.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Additional opening hours at Debt Advisory Line means debt help is available 7 days per week

Crosshills, UK -- (SBWIRE) -- 04/21/2010 -- Debt Advisory Line, based in Stockport, Cheshire and Keighley, North Yorkshire will be able give more debt advice to people thanks to new Sunday opening hours.

The additional Sunday opening hours are from 11am to 3pm.

Craig Gedey Marketing Manager at Debt Advisory Line said: "Of course the recent financial troubles have created difficult times for many people and we are very pleased to be able to offer debt advice right across the weekend as well as every week day."

For more information visit http://www.debtadvisoryline.co.uk or call FREE on 800 157 7254 today.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Huge contrasts in the traditional trend of increasing mortgage debt. What does this mean for the UK housing market and debt levels?

Crosshills, West Yorkshire -- (SBWIRE) -- 04/20/2010 -- According to figures from the Bank of England homeowners have been paying off their mortgage debt for the last 7 consecutive quarters. This contrasts the normal trend of mortgage debt growing as more and more people start on the property ladder and people remortgage to make use of the equity they have built up in their property.

In the last quarter of 2009 around £4bn of equity was pumped into property, approximately £40bn over the last 2 years.

As interest rates have hit an all time low many mortgage borrowers are choosing not to reduce their monthly payments. These people will see their mortgage balance cut and experts believe this is the main reason behind the massive reduction in mortgage debt.

Craig Gedey Marketing Manager at Debt Advisory Line commented: "Unfortunately the reality is that not everyone can afford to make mortgage overpayments and those struggling aren't always able to release equity in their property. In this situation Debt Advice is the best option."

"Debt Advisory Line has been voted 'The Debt Management Provider of the Year' in 2008 and 2009. We offer professional and confidential debt advice.'

How will this affect savings and borrowing?

Because mortgage debt is being repaid and the mortgage funds available to lenders comes from retail sources, according to property website www.obligo.co.uk , this means that lenders have funds which needs to be lent on again to generate interest to pay savers and investors. Experts believe that lenders will be put under increasing pressure to lend so that they can generate the returns needed to ensure profitability.

As the future may hold a change of Government because of the general election in May, any regulatory changes and the pressure on lenders to lend should help revitalise the mortgage market as borrowers find it easier to get their mortgage or loan.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

According to the Bank of England’s Credit Conditions Survey Overdrafts and personal loans will be limited to ‘better quality’ borrowers over the next three months.

Crosshills, West Yorkshire -- (SBWIRE) -- 04/02/2010 -- The Bank of England's Credit Conditions Survey also found 'Lenders reported that the increase in credit availability had been supported by slight improvements in their funding costs and by an improved economic outlook for businesses.'

Mortgage availability will be 'steady' while tighter credit scoring for unsecured non credit card lending will continue.

The availability of commercial lending increased during the first three months of the year, in particular within the commercial property sector. Lenders report that the approval of loans within the corporate sector should continue to increase over the next quarter.

Slight improvements in lenders funding costs combined with the improved economic outlook for business were the reasons given for the increase in the availability of credit.

For UK households, as we've previously mentioned, the end of the recent Stamp Duty Holiday means less demand for new mortgage lending in the first quarter of the year. This is set to continue over the next three months and lenders are expecting 'little change' in the housing market.

Craig Gedey Marketing Manager at Debt Advisory Line said: 'Limiting loans to 'better quality' credit scoring customers is good news if it helps stop people, who may already be struggling with debt, from trying to borrow their way out of it.'

'If you have been refused a loan or cannot keep up with repayments on a mortgage, a loan or credit cards, speak to a Debt Management company as soon as possible, do not try applying for another loan with another lender.'

'With a Debt Management Plan customers make one affordable monthly payment and in an IVA customers may have interest or charges frozen.'

'One of the main advantages of using a Debt Management Company is that we deal with all your creditors on your behalf so you never have to see payment demands again. At Debt Advisory Line your Personal Account Manager will provide ongoing support and act as your one to one, main point of contact.'

Visit http://www.debtadvisoryline.co.uk today or call us FREE on 0800 157 7254

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

One of the UK’s leading providers of consumer debt advice has welcomed the Government’s firm action to tackle ‘financial exclusion’ outlined in the 2010 Budget.

Crosshills, West Yorkshire -- (SBWIRE) -- 04/01/2010 -- Debt Advisory Line believes the Treasury's move to force all UK banks to provide a basic bank account to every citizen will go some way towards helping poor and disadvantaged people to benefit from basic financial services and have the best chances of recovering from debt.

Mike Ransom, Head of Business Development, Debt Advisory Line said: "We are delighted with the decision to provide consumers with a legal right of access to a basic bank account. Millions of households in the UK are already blighted by financial exclusion many of whom suffer from severe debt problems. With 1.75 million adults without a transactional bank account, many cannot receive pension and benefit payments, have a debit card or set up direct debits.

"This means that it is the most vulnerable consumers who have to pay over the odds for basic services such as utilities, exacerbating their poor financial situation. Gaining access to a bank account, without overdraft facilities or cheque books, also helps an individual's ability to find employment which is another key step towards reducing their debt."

Debt Advisory Line recently launched its own current account with prepaid debit card for this purpose, to provide a current account, available to everyone, with no credit checks and a 'no hidden bank charges' guarantee.

Mike Ransom continued: "The provision of this account underlines our continued focus on our customer's requirements after listening to the needs of our customers. They have told us they want a card that helps them manage their money, allows them to take control of their household bills and finances and has no hidden charges. This is exactly what we have given them with the current account and prepaid debit card."

Debt Advisory Line already helps thousands of consumers every month to tackle their debt problems and rebuild their credit profile in the shortest possible time, with advisers helping individuals across the UK tackle mortgage arrears, Individual Voluntary Agreements (IVAs), trust deeds, secured loans and bankruptcy.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

As the UK mortgage market continues to slow in February 2010 will the spring see an uplift in lending figures?

Crosshills, West Yorkshire -- (SBWIRE) -- 03/30/2010 -- New figures released from the Bank of England show the number of mortgage approvals fell in February, continuing the slow start to 2010 for the housing market.

Mortgages approved for house purchases fell by around 1,000 to 47,094 and this was the third monthly fall in numbers since the end of the stamp duty holiday.

The savings market saw a jump in balances held; the Building Societies Association showed that balances held at mutual institutions increased by £807 million in February, the first increase for a year.

There have been many reports and reasons given for the slow start to the year for the housing market, mainly the end of the stamp duty holiday and the bad weather. New figures from the Bank of England and the British Bankers Association now show that this has continued in to the New Year;

The number of mortgages approved for house purchases was 47,094, lower than the previous 6 months which stood at 55,130.

The number of remortgages increased in February to 27,297 from the previous 6 months average of 25,985.

Craig Gedey, Marketing Manager at Debt Advisory Line said: 'Home movers have been taking advantage of the Governments Stamp Duty Holiday and this has obviously helped bolster the UK housing market.'

'You would expect to see the housing market pick up as we move in to spring 2010 and remortgage numbers continue to increase.'

'Anyone looking for help with their debts and who is considering a remortgage should speak to a professional and DEMSA approved debt Management Company like Debt Advisory Line - Visit our web site http://www.debtadvisoryline.co.uk or call us FREE on 0800 157 7254 today.'

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Call for the credit card industry to clean up its act will happen by 2011.

Crosshills, West Yorkshire -- (SBWIRE) -- 03/18/2010 -- New rules designed to help credit card customers stay in control of their debts will come into force by the end of January 2011.

The new agreement has been put in place following the governments call for the credit card industry to 'clean up its act' last year.

The agreement will include:

• Ensuring that the highest cost debt on a credit card is paid off first

• A new 30-day window to allow people to opt out of any unsolicited increase in their credit limit

• A ban on those in financial difficulties being offered an unsolicited rise in their credit limit

• A 60-day period for people to reject a change to the interest rate on their existing debt. If they reject it, they must then close their account, with "reasonable" time being given for them to pay off their debt or move it to another lender.

• Regular payments of only the minimum being met with more information from the lender.

Consumer Minister Kevin Brennan said: "This is a fair framework of rights and rules that makes sure easy and convenient lending for the majority does not lead to unmanageable debt for the minority who may be in financial difficulty."

Chair of the UK Cards Association said: "We are pleased that our evidence on unsolicited credit limit increases and the re-pricing of existing debt has conclusively shown that existing practices do not need to be overhauled. We believe that, overall, the outcome of the review is balanced."

Citizens Advice Director of Policy Teresa Perchard warned: "Too often we have seen situations where individuals' credit limits have drifted up to totally unaffordable levels, making it impossible for them to address their debts if they lose their job or hit a financial crisis."

"In addition the level of minimum payments has not always enabled consumers to keep up with the interest."

Craig Gedey, marketing manager at Debt Advisory Line said: "ensuring customers pay off the most expensive debts first is a great step forward for the credit card industry."

"Perhaps a cap on interest rates for credit cards and store cards should be introduced to further protect vulnerable customers."

Anyone with credit card, store card debts that are out of control should speak to a qualified and DEMSA Approved debt Management Company like Debt Advisory Line. Call us today on 0800 542 6782 or visit our web site http://www.debtadvisoryline.co.uk for more details.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm