The IVA industry has been the cause of much scrutiny over recent months. New guidelines have substantially hindered both the growth and progress of the majority of IVA firms, however the same cannot be said for the UK’s premier IVA provider.

Debt Free Direct is unanimously hailed as the UK leader with regards to IVA administration and at a time when numerous other firms are suffering financially, Debt Free has announced record profits close to £10 million pounds, born from an 80% increase in turnover standing at £28 million pounds

The company has also stated that it is rapidly recovering after the recent spate of bad press regarding IVA promotion in general. If you are a frequent visitor to this site, you will have seen the various articles we have published relating to IVA promotion, and how a number of firms have had their wrists slapped and subsequently suffered, as a result of misrepresenting the process. 

In addition, Debt Free has also announced their acquisition of rival firm Clear Start. The deal, which was announced just over 2 weeks ago, is believed to have completed for the princely sum of £11 million pounds and will further support Debt Free’s position as the UK’s premier debt solutions firm.

Consumers may finally be approaching the peak of the UK’s debt mountain, however analysts suggest that the repercussions of consumer debt are yet to be felt.

A recent study compiled by the UK’s premier banking authority has revealed that rising interest rates are curbing consumer borrowing, as demonstrated through a decline in the number of new credit card applications.

However, what would appear to be positive news on the surface is not a shared sentiment by some industry analysts. Experts suggest that even if consumer borrowing were to completely curtail, the after affects would still be felt for the next two decades at least. Of course, the fact that borrowers are starting to “cotton on” to debt patterns is certainly encouraging, but the severity of consumer debt has effectively passed the point of no return.

In spite of this, consumers are advised to continue adjusting their spending patterns and to remain credit conscious. Although the national debt total has surpassed the 1.5 trillion pound mark, individual situations can still be vastly altered with a little perseverance.

Rising interest rates are becoming a major concern for many UK homeowners, with regards to potential debt vulnerability.

According to a new study, it is highly possible that cracks will soon start to appear in the homeowner market, as many mortgage payers are already struggling to meet their financial commitments.

On the other side of the coin, experts fear that first time buyers are biting off more than they can chew with regards mortgage products such as the 125%’er. To presume young people who are making their first leap on the property ladder, will be able to consistently afford high repayments associated to such mortgages, is unrealistic and will eventually result in serious financial hardships.

So far this year, interest rates have rose on four separate occasions and analysts predict that a further rate rise later this year, could see the national base rate reaching the 6% mark. If rates do reach this historic level, many experts predict that a market “correction” is inevitable.

If you do have concerns about your current financial stability and/or commitments it is important to seek help early on. If you would like free debt help or advice please complete the form overleaf.

It’s a sad day when young people are forced to forego higher education, and furthering their career prospects simply because its become to expensive, but according to new research, that’s exactly what happening at the moment.

Approximately half of all 16-24 years olds have pushed ideals of attending university to the way side, for fear of accumulating too much debt as a result. A further 1/3 of all students haven’t even considered the prospect of University in light of recent higher education charges.

However, it is also suggested that a large proportion of students consider “real world experience” far more beneficial as a means to develop their career prospects than higher education. Approximately 40% of people surveyed feel that by entering the world of work at an earlier age, they are more likely to become debt free before the age of forty.

There has been a dramatic change in trend over the last few years with regards to the number of students choosing to pursue higher education. It is not known exactly whether the increased expense associated to Universities is to blame, or if younger people have simply become more ambitious. Societal cynics suggest the latter is most probable.

According to a new report issued by one of the UK’s largest car insurance firms, a large amount of people are facing additional debt worries due to rising insurance premiums.

The report has revealed that car insurance is rising by around 2% each year as a national average. The increasing costs are forcing some consumers to turn to credit as a means to keep their cars on the road.

The biggest detriment for people using credit such as loans or cards to pay for insurance, is the additional costs that such means bring. For example, on top of the rising cost of insurance, which is historically causing consumers to turn to credit, they are also incurring further costs in the form of interest, which is tagged to every loan or credit card.

It is suggested that insurance premiums are likely to continue rising over the next few years, with the primary reason for increases stemming purely from a higher than normal amount of claims.

How many times have you had a bill through the door, which you totally forgot about? And how many times has paying for that bill, left you short and vulnerable to other types of financial eventualities.

We can probably all relate to this experience, as according to new research, this type of event is extremely common amongst many people in the UK. Accordingly, unaccounted invoices and bills cost UK consumers a whopping £50 billion pounds per year. It is suggested that such a huge volume of unaccounted finances can only be attributed to haphazard money management, which for all intents and purposes should be completely avoidable.

Saving experts advise consumers to always have some form of money reserve whenever possible. If people are a little more proactive with their income and consciously put a little away every now and again, then these types of incidents can be safely avoided.

This type of scenario further enforces the suggestion that many people could greatly benefit from a little re-education on the subject of money management. It has been reported that less than 20% of all people would be able to survive for 8 weeks, if their income was to stop for some reason.

Practical budgeting and effective money management are skills, which unfortunately, very few people possess. Some consumer groups have suggested that the UK’s debt crisis could be considerably reduced or even averted if these types of skills were more prevalent amongst society.

If you ask any person what they would consider to be the most significant and indeed most special time in a couple’s relationship, you can bet that 9 times out of 10 the most common answer would be marriage.

For women in particular, a wedding day is something that is planned in meticulous detail over the course of many years. However, as you would probably expect, any event that is planned in great detail, over a long period of time is unlikely to be cheap.

According to recent studies, weddings are one of the biggest causes of long term debt amongst couples. The average cost associated to planning and orchestrating the big day is around £10,000 forcing many couples to seek financial assistance in order to pay for their wedding day. Reportedly, over 60% of couples choose loans, credit cards and even overdraft facilities to fund the event.

Worryingly, over 1/3 of couples are continuing to repay debts associated to their wedding 6 years into marriage, with a further 1/3 clearing debts 2 years later. Weddings are obviously expensive occasions and few couples are prepared settle for second best.

Problems tend to arise for couples when seeking other forms of credit such as a mortgage. The findings show that additional credit commitments stemming their big day restricts the scale of mortgage options available to them (due to affordability), thus forcing compromise with regards to their chosen home.

Research suggests that weddings are becoming more lavish with each new generation, and some analysts predict that the costs associated to matrimony will have rose by around 10% by the year 2011.

If you’ve spent the last 4 years of your life slogging away at university, attending lectures, and cramming for exams, you’ll be able to relate to the feeling of pure elation that most graduates feel, when they are finally handed their degree. However, another increasingly common feeling amongst graduates is that of absolute disdain, in finally having to deal with the mountain of debt that they have accumulated along the way.

And what a mountain postgraduate debt has become! According to recent studies by the National Students Union, today’s graduate has racked up average debts in excess of 30,000 pounds. It is thought that rising tuition fees coupled with increasingly expensive student accommodation is pushing the average post graduate debt through the roof.

As a result, a number of UK debt management firms are seeing a stark rise in the amount of graduates appearing on their books, seeking help through informal debt management plans and even IVA’s.

The National Students Union has suggested that such debts are becoming a serious hindrance for many post graduates, with a large majority unable to get a foot on the property ladder due to zero deposits, which in turn is affecting job opportunities and career progression. It has also been reported that a number of students are unable to complete their course due to mounting financial pressures.

The society has called for the current student credit system to be reviewed, and to offer more favourable terms to students in order to curb such debts. In other news, Gordon Brown has recently been central to much criticism, following on from his decision to sell part of the student loan book into the private sector.

According to a new study by one of the UK’s leading product switching sites, the advent of digital TV to become a compulsory requirement for all UK households may further contribute to the national debt situation.

It is estimated that the required technology to display digital signals such as TV’s, radios, and satellite dishes is likely to cost over £2 billion pounds collectively, with the UK populous footing the entirety of the bill. There have been numerous advertisements and communications informing consumers of the proposed change, however a large percentage of people are still unaware that the change is a mandatory requirement.

Officially, the entire country will have wholly entered the digital age by 2012, although certain parts of the UK will crossover at an earlier stage. It is largely accepted that the move to digital is a necessary part of technological progression, however certain groups feel that those who are less well off should receive some form of financial assistance from the government.

It is also suggested that senior members of our society will be less enthused about the move, and are more likely to be unaware of the proposed change. If you would like more information about the switch to digital visit digitaltelevision.gov.uk, or if you are concerned about the possible debt implications of digital contact your local Citizens Advice Bureau.

Carers UK, the society representing independent home carers, have recently expressed concerns towards rising debt amongst people who look after those close to them, coping with disabilities.

It is reported that around 30% of people who choose to give up work to care for relatives or close friends, are not receiving adequate financial support from our benefit system and are suffering financially as a result. The society feels that carers are both undervalued and unnoticed with regard to the huge commitments they make in order to help those less fortunate.

It is wrong that a group of people, who make life-changing sacrifices to help those in need, should have to suffer the burden of debt or any other type of financially related stress as a result of their commitment. Society is probably less aware of the situation than it should be, and more needs to be done by the government in way of support for such people.