Latest News

• Access to Debt relief order expanded by change in legislation Submitted on 31.10.2011

  A change in insolvency legislation has expanded access to the debt relief order (DRO). The change is specific to pensions. read more

• Bankruptcy warning for homeowners Submitted on 05.10.2011

  The number of home owners unable to keep up with their loan repayments is expected to rise, the Bank of England has warned. read more

• HMRC stance on Bankruptcy and unpaid taxes Submitted on 05.09.2011

  The Insolvency Service has obtained bankruptcy restriction orders (BRO) bankrupts where the they believe the debtor has acted in a reckless or dishonest manner which has played a significant role in a financial failure. read more

• Bankruptcy court fees due for 2nd rise in 2011 Submitted on 20.05.2011

  The fees payable in a Debtor's application for Bankruptcy will rise to £700.00. The changes are set to take effect as of 1st June 2011. read more

• Bankruptcy court fees due to rise in April 2011 Submitted on 21.03.2011

  The fees payable in a Debtor's application for Bankruptcy will rise to £625.00. The changes are set to take effect as of April 2011. read more

• DCM Money Solutions in Administration Submitted on 16.03.2011

  Apex Debt Counselling & Management Limited or DCM Money Solutions has been placed into Administration. Gordon Johnston and Alan D Fallows of HJS recovery were appointed Joint Administrators of the Company on 2 March 2011 by the director. Clients and creditors will shortly be receiving notification of the administrators’ appointment by post. read more

• Need for more debt advisors as government plans cuts in public debt advice sector Submitted on 09.02.2011

  Government cuts debt advice sector whilst debt advice sector needs most support read more

• Bankruptcy changes afoot in 2011 Submitted on 03.02.2011

  The Insolvency Service is planning changes to the way surplus income is dealt with in bankruptcy. Your home is also affected if you have equity. read more

• Bankrupt blows debts on gambling Submitted on 18.10.2010

  Bankrupt businessman handed suspended sentence after gambling away £20,000 in the month after his bankruptcy. A example of when the courts will not act leniently in delivering enforcement. read more

• How to tackle credit card debt and lead a happy married life Submitted on 16.10.2010

  Are you aware that being in debt can lead you to stress and frustration as well as weaken your marriage? Several researches reveal that money woes are strenuous for your financial life and can even lead to a divorce. So, you should always try to avoid falling into debt, especially credit card debt. read more

• The young are more vulnerable to debt worries than older people Submitted on 16.06.2010

  Research from R3, the insolvency trade body, which explores the experiences of people struggling with their debts, reveals that a far higher proportion of younger respondents are more likely to leave their bills unopened and avoid their creditors than older respondents. read more

• Loan sharks last port of call for those struggling with debt problems Submitted on 16.06.2010

  As many as 67,000, or 7%, of those struggling with debts say they have already contacted a loan shark or doorstep lender, while a further 13% have considered doing so. This is based on research by insolvency trade body R3 who have identified a group of 961,000 individuals who describe themselves as ‘struggling with debt but have not sought help’. read more

• Solicitor handed 15-year bankruptcy restriction after £9m loss Submitted on 16.06.2010

  Jonathan Gilbert, a conveyancing solicitor from Berkshire has signed a bankruptcy restrictions undertaking for causing a £9m loss to his creditors and has agreed to abide by the restrictions for the maximum 15-year period following an investigation by The Insolvency Service. read more

• Assets must not be hidden from creditors warns Insolvency Service Submitted on 16.06.2010

  A surge in potential bankrupts trying to put their assets out of the reach of their creditors has prompted a warning from The Insolvency Service. read more

• More men are seeking debt help as the impact of the recession widens debt problems Submitted on 15.06.2010

  A combination of rising unemployment, a slower rate of salary increases andrising household expenditure has led to a massive increase in the numbers ofmen seeking debt advice in the last three years, according to Consumer Credit Counselling Service. read more

• Cut in benefits will increase need for debt management and debt advice Submitted on 09.06.2010

  The government aims to cut benefits like child benefit, tax credits that will affect low income households and create further debt problems amongst families that are already struggling with debt read more

• Debt Management firms heads for bankruptcy in the High Court Submitted on 08.06.2010

  A group of companies based in Cheshire claiming to provide debt management and debt help nationally have been wound up by the Insolvency Service in the High Court. read more

• Relying on credit cards may cause debt problems and increase need for good debt advice Submitted on 28.05.2010

  More and more UK consumers are relying on credit cards to fund their lifestyles. This may not be as shocking a revelation as the 5 million who admit to using a credit card to pay their essential living costs an additional 2.5 million take cash advances on their credit cards. read more

• Civil sector job losses will increase demand for debt advice Submitted on 25.05.2010

  Civil sector job losses and a freeze on recruitment will see many more people searching for debt advice read more

• OFT joins campaign against Loan sharks Submitted on 25.05.2010

  The OFT is taking part in a campaign to warn people of the dangers of loan sharks that charge exorbitant interest and use violence and threats to enforce debts. read more

• IVA and Bankruptcy preferred over debt management Submitted on 20.05.2010

  Debtors are using IVA and bankruptcy as a source of debt help over debt management to ensure they do not receive continued pressure from creditors. read more

• Time to pay proposals being rejected by HMRC Submitted on 10.05.2010

  HMRC are taking a hard line against companies requesting time to pay tax and VAT bills read more

• Debt Management faces upto Administration Submitted on 27.04.2010

  Manchester based debt advisor Accuma falls into Administration read more

• Average pensioner has £36k debt Submitted on 26.04.2010

  The average amount of debt owed by a pensioner is £36000 with the vast majority struggling with funding their retirement. read more

• Beware of bad debt advice Submitted on 21.04.2010

  The recession has seen an increase in reported debt management and IVA cases and many solicitors and other financial advisers have started to offer debt advice. read more

• Insolvency Service changes to rules to save £45m Submitted on 15.04.2010

  The service said that the changes, rolled out this week, will reduce costs and administrative burdens and "reflect modern business practices." The changes form the second phase of the most extensive rewriting of the 1986 Act the Insolvency Service has proposed. The (Amendment) Rules 2010 includes more than 500 changes to the legislation. read more

• Northern Rock admit failure to notify defaulted debt Submitted on 14.04.2010

  Actions of Northern Rock directors leads to fines imposed by the FSA on failure to provide accurate details of defaults on mortgages and debt read more

• Online Bankruptcy causes fears of misuse Submitted on 07.04.2010

  Government plans to make the bankruptcy application process streamlined has been criticised by trade body R3. read more

• Bankruptcy King to enter UK banking Submitted on 07.04.2010

  Sir Richard Branson has snagged the man they call the Bankruptcy King in America to to back his banking venture as Virgin launches bid to oust favourites in RBS battle. read more

• Debt Stats April 2010 Submitted on 31.03.2010

  Latest figures on the extent of personal, business and government debt in the UK. read more

• Debt management firm faces liquidation Submitted on 30.03.2010

  A debt management business in Bolton is facing closure after the Government appealed to the High Court to wind up the company in the public interest. read more

• New rules to combat irresponsible lending Submitted on 30.03.2010

  The government today has announced new rules to introduced from 1st February 2011 as part of the European Consumer Credit Directive. read more

• Post Office banking to be revived in the UK Submitted on 29.03.2010

  Business Secretary Lord Mandelson today announced a major expansion of the financial services offered by the Post Office, in a drive to put banking back into the heart of communities and making the Post Office network of 11,500 branches more sustainable read more

• Budget Report - Summary of the Key Changes Submitted on 24.03.2010

  Chancellor Alistair Darling has delivered his final Budget before the general election. Below is a summary of the key changes. read more

• Budget report - Bank accounts to be made accessible to over 1.7 million Submitted on 24.03.2010

  The Chancellor guaranteed today that every adult in the UK would have access to a basic bank account. He said that the measure would lead to one million adults opening an account over the next five years. read more

• Cartel Client Review shuts its doors Submitted on 24.03.2010

  Multi million pound Claims management company closed down by the Ministry of Justice read more

• Student Loans Company to receive healthcheck Submitted on 22.03.2010

  Minister of State for Higher Education David Lammy, today commissioned an independent health check of the Student Loan Company (SLC) to ensure it is on track to deliver the service students and their parents deserve. read more

• Debt fears grow for UK unemployed Submitted on 18.03.2010

  Unemployment figures have dropped in March 2010, however the numbers leaving employment has also dropped. read more

• Bank overdraft improvements unveiled Submitted on 16.03.2010

  Significant improvements in unarranged overdrafts build on progress in PCA market read more

• Free credit report for people with debt problems Submitted on 15.03.2010

  Credit reports to be made free by June 2010 as part of new government plans read more

• Credit card users promised more control Submitted on 15.03.2010

  Prime Minister Gordon Brown today announced new rights for Britain's 30 million credit card users that will save consumers millions of pounds and give people more control over their finances read more

• Court fees for Bankruptcy set to rise Submitted on 14.03.2010

  The court fee for an application for a debtor's bankruptcy petition is set to rise read more

• Slaves to Debt Management Plans Submitted on 09.03.2010

  Over a quarter of individuals in debt management plans (DMPs) will have to face making payments for over ten years, according to figures released today by insolvency trade body R3. read more

• Changes to Scottish Insolvency Laws long overdue Submitted on 09.03.2010

  Scotlands personal insolvency practice is "unfit for purpose", according to an insolvency specialist who spoke at Credit Todays Credit Scotland conference. read more

• Tax evaders will be made public Submitted on 05.03.2010

  Tax cheats will be named and shamed by HM Revenue & Customs from 1 April, if they have dodged more than £25,000 of tax. read more

• Interest rates kept at 0.5% for the 12th consecutive month Submitted on 05.03.2010

  The Bank of England kept base rates at 0.5% for the twelfth consecutive month today as house prices dip and rise. read more

• Government changes Debt Relief Order criteria Submitted on 04.03.2010

  The government has announced plans to make it easier for people in financial difficulty write off their debts in Debt Relief Orders (DROs) meaning people with small pension pots can apply for the low cost debt relief solution. read more

• Reader's Digest falls into administration Submitted on 04.03.2010

  The British edition of Readers Digest has collapsed into administration after 70 years as a household name read more

• Unemployment figures stabilise but for how long? Submitted on 04.03.2010

  The number of unemployed people fell again during the last months of last year, confirming that the worst of the recession in the jobs market is over. read more

• Bankrupt joins HMRC Submitted on 02.03.2010

  HMRC make Robert Bowering bankrupt and then offer him a £70000 job a month later read more

• Debt Management plans that keep charging interest Submitted on 02.03.2010

  Ge Money and Link Financial have been known to continue charging interest even when the debt is still being paid on a debt management plan read more

• Credit card interest soars Submitted on 16.02.2010

  The collapse of the subprime market and massive defaults has led to the banks and credit card provider passing on the losses to all customers read more

• Corporate administration soared by more than 54% Submitted on 10.02.2010

  The credit crunch has already taken its toll on the corporate sector as the number of companies in administration soared by more than 54% in the first quarter of 2008, the Insolvency Service said yesterday. read more

• Warning on Mortgage payments Submitted on 09.02.2010

  Warning on mortgage payments as mortgage payments are being paid using creditcards read more

• Worrying debt statistics Submitted on 04.12.2009

  Credit action reveals survey results showing startling statistics over UK debt read more

• Heights of the Premier hit by debt problems Submitted on 04.12.2009

  Portsmouth Football Club face Administration read more

• Another Football casualty Submitted on 04.12.2009

  Crystal Palace Football Club falls into Administration read more