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What is Statutory Demand? (25 November 2011)

 

A statutory demand is a warning given to someone that they have 21 days in which to pay a debt, following which period proceedings for bankruptcy may ensue. This is rather like a warning shot across the bows as far as a creditor and their solicitor are concerned and is often very effective. The average debtor will be eager to pay up once they have been familiarised with the possible consequences of not doing so.

 

 

Making an unsecured debt secure by virtue of a charging order (9 May 2011)

 

If you are a property owner and you have defaulted on your credit card or personal loan repayments, your credit card or loan company can secure this debt against your property.

 

 

Payment Protection Insurance (9 May 2011)

 

Payment Protection Insurance (PPI) is a mechanism used by the banking industry when issuing loans to their customers to cover the debt repayments. The PPI is designed to insure the consumer that in the event of loss of income through redundancy, illness etc their loan repayments are met and they are protected.

 

 

Budgeting Loan- interest free loan (14 February 2011)

 

A common mistake our clients make is looking for a low interest loan to pay of existing debts without checking their entiitlement to an interest free Budgeting Loan from the social fund.

 

 

Interest Rate Cap (14 February 2011)

 

Moneysupermarket.com recently revealed the total level of personal debt in the UK amounts to more than £1,460 billion. Meanwhile, the Office of Fair Trading has estimated that over £16,000 an hour is generated as profit by the high interest rates lending sector.

 

 

Having your cake and eating it: Debt Relief Orders and the Public Purse (14 February 2011)

 

Part V of the Tribunals, Courts and Enforcement Act 2007 and the Insolvency Act 1986 gives an applicant the right to apply for a debt relief order (‘DRO’).

 

 

You v Visa (9 November 2010)

 

Every time you purchase goods and services using your credit card you are creating yourself a right to claim against your credit card company when things go wrong. This may sound too good to be true but section 75 of the Consumer Credit Act 1974 (CCA ‘74) states that we can choose to pursue the supplier or the credit card company or both.

 

 

What does the recent Supreme Court case on bank charges mean for consumers? (9 November 2010)

 

Banks earn around a third of their retail revenues from unarranged overdraft charges that are “difficult to understand, not transparent, and not subject to effective consumer control” (Office of Fair Trading).

 

 

Slap on the Wrist (9 November 2010)

 

On 8th July 2010, the Financial Ombudsmen gave Redstone Mortgages Limited a final decision notice which notified Redstone Mortgages that they must pay a financial penalty of £630,000 for treating customers in arrears unfairly.

 

 

More Money...what about a Credit Union (23 August 2010)

 

If you are on a low wage or have benefits as your main source of income, a Credit Union which offers loans, savings and current accounts may help however are rarely used.

 

 

What is a Debt Relief Order (DRO)? (23 August 2010)

 

Debt Relief Orders came into force in England and Wales on 6th April 2009 and they provide debt relief, subject to some restrictions. They are suitable for people who do not own their own home, have little surplus income and assets and less than £15,000 of debt.

 

 

Pre-payment meters– Pushing Velnerable consumers more in debt? (21 June 2010)

 

During a press release in 2004, the Ofgem Managing Director for Corporate Affairs, John Neilson, said: “Some vulnerable customers use prepayment meters and many of them are missing out on valuable savings. We have worked hard to remove the barriers that prepayment customers face when trying to switch supplier. However, many prepayment customers are still losing out because they have not switched”.

It was apparent then that pre-payment meters were a costly method of fuel payment, and venerable customers, those on receiving social security or those living under the poverty line were being urged to switch and save.

So what’s happened since then?

 

 

New Consumer Credit Directive (21 June 2010)

 

Consumer Credit Directive 2008/48/EC was drafted in March 2010 and incorporated the The New Consumer Credit (EU Directive) Regulations 2010.

It is anticipated that this new directive will effect a change in the amount of consumers getting themselves into trouble with repayments of credit.

 

 

Challenging a Trustee in Bankruptcy Remuneration (21 June 2010)

 

In the current economic climate with escalating debt problems and an increasing number of personal insolvencies, it would appear that trustees’ in bankruptcies are figuratively on the winning team in terms of fees. However recent changes to the law and case law have illustrated that now more than ever there is to be greater scrutiny of extortionate trustee’s fees which are borne out of the ‘set the timer’ charging culture.

Facts of case A
The trustee in bankruptcy’s schedule indicates a claim for his remuneration was £286,440.70 in order to settle the
bankruptcy petitioner’s costs of London Borough Brent Council for the sum of £939.25 and other liabilities to creditors totalling £66,205.27. Does this seem proportionate?

 

 

No Duty of Care Owed to Social Housing Tenants (12 April 2010)

 

A recent Court of Appeal decision considered whether a local authority had a duty of care towards its social housing tenants.

 

 

Insolvency – Directors Have Benefit of Doubt (20 June 2008)

 

The Insolvency Act 1986 requires that the books and records of an insolvent company must be handed over by the company’s officers

 

 

Debt Collectors - Better Protection for Consumers (16 June 2008)

 

Rogue debt collectors face tough new rules in a Government bid to improve consumer protection in this contentious area. This is because of changes to the Consumer Credit Act 2006 (CCA) which have recently come into effect.

 

 

Tough Going for Customers as Banks Seek Security (9 June 2008)

 

Recent figures from the Courts Service show that lenders of consumer credit (as opposed to mortgages) are increasingly taking steps

 

 

Debt Still Valid After Bankruptcy (28 April 2008)

 

When a person is unable to pursue a claim against someone who has been made bankrupt on account of the bankruptcy having been discharged

 

 

IVAs - New Code of Conduct (20 April 2008)

 

A new voluntary code of conduct for the management of Individual Voluntary Arrangements (IVAs) has been announced.

 

 

Worried about Debt? Contact us (13 April 2008)

 

The 21st century mobile age more or less operates on credit. Every day you are offered new credit cards and other alluring financial products. Sometimes, however, things can get out of control as financial discipline gives way to the fun of frivolous spending. Unfortunately, nothing lasts forever.