Well if you try and hide the money away into wwhat was a fairly protected area then the following article really does “blow ” that idea out of the water.

Well as usual here at debt advice now we fear for the futoire but its looks like finncaill y there will very little that we can do about it ( Wonder if the Swiss bank account still works).

New Court Ruling Affects Bankrupts with Pensions

People over the age of 55 who enter bankruptcy could be affected by a new high court ruling.

The new ruling could force bankrupts over the age of 55 to use their pensions to help repay their debts which could seriously affect the retirement provisions of bankrupts

The ruling which was made in the case of Raithatha v Williamson means that bankruptcy trustees will be able to take money from the bankrupt’s pension, regardless of whether they have opted to receive it. The only condition is that they must be of “right age” to receive the pension which is normally about 55.

Prior to the ruling, pensions were not considered as income and therefore were not taken into account during bankruptcies.

The Raithatha v Williamson case refers to an application made by Mr Situl Raithatha as trustee in bankruptcy of Mr Michael Roy Williamson for an Income Payments Order (IPO) in respect of his pension that Mr Williamson had not elected to receive, although he was eligible to receive it. The hearing was to determine if Mr William’s debtors would be entitled to draw under his pension.

The pension in question was estimated to be worth about £1M.
Damon Watt, the EMW lawyer for the bankrupt, Williamson, said: “Up until now those who had reached retirement age were perceived to have some limited protection over their pension but this decision strips away that protection.”

He continued: “The judgment will have a disproportionately adverse impact on more senior citizens who have private pensions whereas younger bankrupts who have not yet reached pensionable age under the scheme will not be subject to such an order depriving them of an element of their pension pot.”

Bev Budsworth from The Debt Advisor comments “It is really important to seek advice if you are approaching retirement age and have a serious level of debt. It may be appropriate to negotiate better deals with creditors by proposing an IVA or even an informal payment plan”.

Don’t foreget we can also help you with aceess to IFA’s, Mortgage brokers and Expert debt advisors, we are here to help you Debt advice now . WHY WAIT?

Tips On How Best to use Your Credit Card(s)

Here at debt advice now, we find a list of what we call the bible of “do’s and don’ts for using cards.

We have included the main content from a recent article that we saw but when it comes to debt the best way is NOT to use them or if you do them clear the balance over a short period of time say by using 6 months interest FREE. Why make the banks richer than they already are !!

So ask someone what they think of credit cards and they’ll probably tell you one of two things. They’ll either recommend credit cards as an indispensable, convenient way to pay for things or they’ll tell you to steer well clear. Understanding of how best to use them and how to pay them off.
DO: Shop around for the best deal
This should be a no-brainer because you don’t want to be paying more than necessary for anything, especially credit cards.
The lower the rate a credit card has, the less any debt carried on the card will cost you. Rates are expressed as representative annual percentage rate (APRs).
‘Representative’ is a key word here; all it really means is that the advertised rate has to be offered to at least 51% of successful applicants. In practice, this means that if you’re accepted for a card, you won’t necessarily get its headline rate.
The best rates and deals go to those with the best credit ratings, as they’ve proven themselves to be responsible borrowers. Applying for a card and getting rejected can be bad for your credit rating, which leads us to our first ‘don’t'…
DO: Check your credit file
For a fee of around £2, you can get a statutory copy of your credit file from agencies like Experian of Equifax. You’ll see how good or bad your credit score is and you can check it for any errors which might be bringing your score down.
If you spot any errors, contact the creditor and explain the situation to them. If you are right, the error will be corrected under a Notice of Correction and your score should go up accordingly.

DO: Take advantage of balance transfer deals
If you’re having a hard time paying down the balance on your credit card, transferring the debt to another card with a 0% balance transfer offer could help – although you will need to pay a typical transfer fee of 3%.
This means you can start chipping away at the capital, rather than just paying the minimum interest on your existing card.
DO: Make a note of when these offers end!
If you’ve signed up for a card with a promotional interest-free period, make some sort of note of when it ends because the rate will shoot up thereafter.
For example, after August, the Capital One Balance card rate will rocket to a typical APR of 34.94% (variable), so you definitely don’t want to get caught out.
Stick the end date in your diary, on a post-it note on the fridge or make it a reminder on your phone – whatever it takes. Just make sure you don’t miss the date.
DO: Enjoy credit card benefits
One of the big advantages of paying with a credit card is the security they afford you. Thanks to the Consumer Credit Act and the more recent Consumer Credit Directive, anything you buy on a credit card worth between £100 and £60,260 is protected.
If, for example, you bought a sofa from an online retailer who subsequently went bust and disappeared from the web before you got your new couch, the credit card issuer would be jointly liable with the merchant for the purchase and you’d get your money back.
The protection applies for the full amount, even if you just paid for the deposit on your credit card.
DON’T: Get caught out by charges
Credit cards are certainly convenient, but that convenience sometimes comes at a premium.
For example, if you use a credit card to withdraw cash from a hole in the wall, you’ll be charged a fee of around 25%.
Look out also for credit cards that charge an annual fee for simply holding the card and for websites which charge a fee when you pay using a credit card.

DON’T: Make too many applications
Getting rejected for several cards in a short space of time can be damaging to your credit score, because potential lenders will see it as a warning signal.
Each time you apply, your credit history is checked by the lender – who will see the recent rejections, which will limit your chance of being accepted. Luckily there are some things you can do about it.
DON’T: Miss payments
While we’re on payments – make sure you never miss one. Late payment can earn you fines from the card issuer and damage your credit rating.
It’s simple to set up a direct debit which will automatically pay the credit card bill each month and it means you’ll never miss a payment

DON’T: Just pay the minimum
This is perhaps the biggest DON’T for all credit card users. Just paying the bare minimum off the card each month can have the debt hanging over your head for months and even years!
For example, if you spent £1,000 on a credit card with a representative APR of 17.32% (the market average, according to Bank of England figures), and you paid the minimum each month (usually the greater of £5 or 2% of the balance,) it’d take 23 years and nine months to clear the balance!
What’s more, you’d pay back £1,630, just in interest.

So whether you use them or not there are some really good ideas here and if you follow them to the letter of the law, you won’t get stuffed.

If you want any more information then click here to contact us you know it makes sense.

Why has consumer confidence takes a tumble /

Here at debt advice now, we are truely amazed at what the government are up to? This article really takes the biscuit! Have they been on the moon for the last four months?

YouGov’s HEAT index reports a four point drop, falling from 98 to 94 – momentum halts but confidence remains higher than in 2011.

YouGov’s latest HEAT findings reveal that consumer confidence has taken a tumble with the first half of April’s index score dropping by four points, down from 98 to 94.

The year started off well on the HEAT index; January saw a significant upturn in consumer confidence with scores increasing off the back of a positive December. February and March cemented the positive start as the index score not only sustained momentum but made steady gains.

April’s interim result, however, reveal a ‘not so rosy’ outlook as scores have dropped for the first time in 2012; the only positive news being that they remain higher than at any time in 2011.

This month’s negative index score represents a decrease in confidence amongst UK consumers within all measures included in the tracker; personal finance situation, home prices, job security and business activity.

Job security levels amongst employees, both retrospective and prospective, saw decreases of 90 to 87 (retrospective) and 105 to 99 (prospective). Amongst those aged 18 to 34 there was a dramatic decrease in score for prospective job security – down from 108 to 92 – reaching a 12 month low and well below the 12 month average of 102.

Business activity levels were also down, though not to the same extent, as scores tumbled from 111 to 107 (retrospective) and 123 to 121 (prospective). April’s prospective score of 121, however, is still substantially higher than in December 2011 – when it fell to a record low of 111.

April’s interim results also reveal that UK consumers share the same sentiment about their household financial situation; scores were down from 80 to 77 (retrospective) and 74 to 70 (prospective). Amongst households earning 50k and over, however, confidence in their household’s financial situation grew as scores saw minor gains from March – up from 91 to 92 (retrospective) and 84 to 87 (prospective).

Consumers are still wary about the state of the UK economy as well as their own financial situation; confidence levels in the government dropped to a record low under the coalition – dropping from 68 to 55. With the drop in confidence, in both the government and the economy, coming off the back of a poorly received budget, this political aspect could be a real driver of the UK consumers’ drop in confidence.

So if you are worried then click here .

We don’t want to say that we told you so but we did! We have no axe to grind at debt advice now and we take a very wide view of the economy, because we talk to hundreds of businesses every month and guess what., we are in the real world, still we felt that the below article is worth sharing if only to say that we are right

The jobs market is facing a “slow, painful contraction”, with firms scaling back decisions on whether to recruit more staff against a background of global economic “turmoil”, a new report has warned.
The Chartered Institute of Personnel and Development (CIPD) predicted that the employment situation will get worse for the rest of the year, while medium-term prospects were no better.
Fewer firms were planning to offshore jobs abroad and recruit overseas workers, while the private sector will grow at a slower pace in the next three months, it was suggested.
Confidence in the public sector remains low for the next three months and will get worse next year, said the CIPD after surveying 1,000 employers.
Gerwyn Davies, public policy adviser at the CIPD, said: “The figures point to a slow, painful contraction in the jobs market.
“Many firms appear to be locked in wait-and-see mode, with some companies scaling back on all employment decisions against a backdrop of increasing uncertainty as a result of the eurozone crisis and wider global economic turmoil.
“The good news resulting from this lull in business activity is that fewer employers are looking to relocate abroad or make redundancies.
“The downside is that recruitment intentions are falling, which will make further rises in unemployment therefore seem inevitable given that public sector job losses are outpacing the predictions made by the Office for Budget Responsibility.
“There is no immediate sign of UK labour market conditions improving in the short or medium term.”
The report was published ahead of new unemployment figures on Wednesday which will show whether the youth jobless total has gone over a million.
A DWP spokesman said: “We always said that the road to recovery would be tough – there is a long way to go before we deal with all the economic challenges ahead particularly given the crisis in the Eurozone.
“There are jobs out there, with Jobcentre Plus taking on 10,000 vacancies every working day.
“Our new Work Programme is now up and running and will make a big difference in ensuring that people on out-of-work benefits get the right support to get into employment.”
“The public sector job losses are far outpacing the Office for Budget Responsibility’s predicted figures. These cuts not only ruin the lives of the families of those made redundant, but also pile pressure on to those who continue to work in and rely on these vital services, who are mostly low-paid women.
“Millions of young people, public sector workers and long-term unemployed are among those paying the biggest price for an economic crisis they did not cause. A crisis that the Government will continue to fail to recover from unless it puts a stop to public sector job losses and concentrates on kick-starting the economy.”
Shadow work and pensions secretary Liam Byrne said: “Unemployment started rising again well before the current eurozone crisis.
“The Government’s economic policies – spending cuts and tax rises that go too far, too fast – have choked off growth and led to record levels of unemployment, with youth unemployment soaring.
“The evidence for a change of course is piling up. Labour has shown there is a better way with a five-point plan for jobs and growth that would get our economy moving again so we can get the deficit down.”

So don’t delay another day contact us BEFORE IT’S too late

Not that you want to get into an IVA but here at debt advice now we would say that it can be better than bankruptcy but each one has its benefits to assit with debt relief.

When calculating the income and expenditure, we take into consideration all payments towards secured liabilities. Remember, the IVA only deals with unsecured debts so any
payments towards either a secured loan or a mortgage are made during the IVA and continue as normal once the IVA is completed.

Clients can own other assets, so what happens to them in an IVA?

If they have an endowment policy linked to the mortgage it’s likely that this will be surrendered towards the IVA as will any shares or savings funds.

If they have a car, but can show that it’s needed for work, it’s highly unlikely that they will need to sell it. If they are in the middle of paying the car off under a hire purchase deal,
they can’t include this debt in the IVA as the finance company could just repossess the car.

Normally, they will be allowed to keep making the monthly payments towards the car, yet when the finance deal ends they will need to pay the extra money into the IVA instead.
How do I refer a client for an IVA?

We have many years of experience at debt advice now and our debt advisors will discuss the case with you and take your details.

We only do what is right for you taking all events into account. Taking into account your income and expenditure and creditor full details.

If the most suitable option is for an IVA you will be taken through the IVA process.

Dont delay contact debt advice now today

What do you mean my mortgage lender really wants to help me

Well you may think this is so, but just think again because at debt advice now we don’t feel that all is well in the world of finance?

Just have a read of this recent article to see the storm that’s brewing up

The Nationwide Building Society has become one of the latest lenders to slash the maximum loan-to-value (LTV) ratio on its interest-only mortgages, from 75% to 50%. This follows latest industry trends from a wide range of lenders restricting their criteria for interest-only mortgages.

It comes just weeks after Martin Wheatley, a director of the Financial Services Authority, told the Treasury Select Committee about the “ticking time bomb that exists today,” in reaction to the number of interest-only mortgages due to end over the next decade. *

Figures from the Council of Mortgage lenders shows that over 140,000 Interest-only mortgages will come to an end this year, with the average outstanding amount near the £60,000 mark.

With many people having no repayment strategy in place, the future can be daunting, especially for those homeowners in or approaching retirement, faced with a large outstanding sum still owing on their interest-only mortgage.

This will be the next BIG issue over the coming years and we know how to HELP you but as normal You wont bother to get in touch or WILL YOU ??

15m Brits taking a risk with no protection cover Protection & Insurance

Here is an article which you may not see yourself so here at debt advice now we thought that we would share it with you and as always in the cap fits then wear it!

Three in ten of UK adults are uninsured against events such as death, critical illness and redundancy, report Unbiased.co.uk.

UK adults are putting their financial security at risk according to new research from unbiased.co.uk, the professional advice website, which reveals three in ten (30%) of consumers are uninsured in vital areas such as life insurance, income protection, critical illness and mortgage payment protection.

Furthermore, a growing number of consumers are now cutting back on their insurance policies, with almost one in 10 (8%) cutting back on important areas in the past 12 months.

Karen Barrett, CEO of unbiased.co.uk, said:

“Consumers looking to tighten their purse strings are now adding insurance policies to the ‘cancellation list’, choosing to let go of their financial security in favour of some extra cash in their pockets. The ‘it won’t happen to me’ attitude seems to be at the forefront of people’s minds as they fail to realise what this may cost them in the future.

“We need to raise awareness amongst consumers that the state is no longer prepared to intervene in the event of ill-health or redundancy; it is up to each of us to take on this financial responsibility.”

Our recent survey found that over 15 million UK adults would be financially at risk if they were to lose their main source of income , yet despite this, 15% of people don’t see income protection as necessary and 15% claim that they can’t afford it.

In addition, when consumers were asked which insurance products they rated as most important in providing them and their family with long-term financial security, income protection was ranked seventh, below mortgage payment protection, motor insurance and building and contents insurance.

If its this bad then you need to speak to us at debt advice now..

Here at debt advice now we couldn’t resist letting you have an up date a friend of Alan Sugars the appentice see below what it says;

Former Tottenham Hotspur vice-chairman Paul Kelmsley sued by Barclays over £5m bank loan
Paul Kemsley, the recently-bankrupt former Tottenham Hotspur vice-chairman and property tycoon, is being sued by Barclays for repayment of a £5m loan.

The entrepreneur, who was made bankrupt in the High Court in London this week, has not paid back the 2008 loan, according to court documents filed in New York by Barclays.

“Mr Kemsley has failed to make the required payments and has informed Barclays that he is unable to pay the loan,” lawyers for the bank said. “As a result, Barclays has suffered a substantial loss and Mr Kemsley has been unjustly enriched.”

Back in April 2008, his personal net worth was estimated to be £180m and he was not required to provide any security for the loan, according to the legal documents filed by Barclays.

Since then Mr Kemsley “has informed Barclays that he does not have the ability to repay the amount outstanding under the loan facility and that he no longer has any significant assets or income in the UK. On information and belief, to the extent Mr Kemsley has any significant assets, they are located in the US.”

Barclays wants the New York courts to award it at least £5m and is waiting for Mr Kemsley to respond. It is understood that the bankruptcy in the UK will not affect the US action, while the case indicates that a lot of money has been shipped abroad? Well what a supprise !

So there you are if you leave matters to take their own course then this is what HAPPENS !!! If in doubt contact us at debt advice now you know it makes sense

Here at Debt advice now we could resist letting you read this recent article because it goes a long with what we have been saying for the past two years!

UK economic growth was today revised down to a contraction of 0.3% for the period covering the last three months of 2011.

The first two estimates of gross domestic product from the Office for National Statistics showed a contraction of 0.2%.

Problems in transport and communications, business services and finance were blamed.

The ONS also revealed that real household disposable income had fallen by 1.2% in 2011.

This is the biggest fall since 1977.

Overall growth in 2011 was also revised down from 0.7% to 0.5%.

Commenting on the figures, Azad Zangana, European Economist at Schroders, said: “The Office for National Statistics published its revised estimate for GDP growth for the final three months of 2011.

“The latest estimate showed the economy contracted by more than previously estimated. Q4 GDP was revised down from -0.2% to -0.3%, with most of the downward revision being made to household and Government expenditure, while the contribution from inventories was increased.

“In fact, not only was Q4 of 2011 revised down, Q1 was revised down by 0.2%, and Q2 was also revised down by 0.1%, which means the economy did contract in the second quarter of last year where it had previously thought to have been flat.

“The latest GDP data is significantly worse than expected and shows weaker momentum heading into 2012. Growth for 2011 as a whole is now 0.7% rather than the previous estimate of 0.9%.

“Our view is that the weakness highlighted in this release in combination with the poor production and retail sales data so far for, it is more likely than not that the economy also contracted in the first three months of this year, which would put the UK in a technical recession.

“In terms of monetary policy, the Bank of England will surely react to this by increasing the amount of Quantitative Easing if not at the next meeting, then certainly by May.”

So what do we think at debt advice now well what we think is that you can print as much money as you like, but if you don’t know how to manage it ( or should we say waste it !!!!) then the hole is just getting deeper….

Do it now get in touch , you know it makes sense

Well here at debt advice now we have some ideas but not an easy subject to cover really

Do you think that when the children leave home, you will be better off.

Well think again according to recent data from leading UK insurance company Aviva suggests this lifestage must be planned for.

Basically if you are over-55s you will doing well if you are faring financially, Aviva found that the average monthly income of

those in the age group had actually fallen from £1,284 one year earlier to £1,236 in February 2011.

It may not sound much, but while average house prices were about 1% higher, mortgage debt had risen by 19%.

Is this surprising?

Ok if we put this into context, we all know that the economy is still struggling from a decade of borrowing in the banking system,
so the middle aged can expect to be worse off, like everyone else.

But what does this say about the prospect to make good their financial position before retirement arrives – not a lot ?

So surely, this is an age when we should be better off In theory, seeing the children move out of the education system and become ‘independent\’
should be a time when we can expect to enjoy life ewell not this generation any way.

However, with the increasing need to help children buy their first home, is this a must, what happened to renting!

So what’s the solution?

We could, of course, cut back on the amount of support we give to our grown-up children. But for most families this is not really an option.
So planning your expenditure is something that can make life a little easier, but do you really want to live on bread and cheese to enjoy your old age?
Nobody wants to have to count the pennies when they are fully established in life.

The only real option is to start planning for middle age when we are much younger and to build up reserves that are themselves capable of
generating an income. This income can be used to supplement spending or to build up for the future.

Thanks to the recent Budget, each adult over 50 can invest up to £10,680 a year into a tax efficient Individual Savings Account (ISA), up to half
of which can be invested in cash. This means that a couple could put aside up to £1,780 a month between them, for the future, to help
ease later life, while leaving considerable flexibility for helping the children and grandchildren.

This figure is now set to increase in line with the Consumer Prices Index, each year, in future.

In practice, it may be difficult to put so much aside on a regular basis. On the other hand,
even less exotic levels of investment into an ISA can produce significant investment values over time.

Even without allowing for investment growth (or charges) £250 invested on a monthly basis for
20 years would be worth £60,000. Add possible growth and who knows how much that could represent as a nest egg to ease middle age.

It is important to take professional advice before making any decision relating to your personal finances.

Nothing contained in the article should be considered as giving individual financial advice.
The value of investments is not guaranteed and will fluctuate. You may get back less than you invest.
Please note that there may be variations for those living in Scotland and Northern Ireland.

Still worth a read but not easy to take action.