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Blogs

Loan sharks - BBC Essex Wednesday 17th 6pm

Just finished off planning for tonight's show on BBC Essex 6pm with John Hayes, this week's topic will be on 'loan sharks' and how they are making a comeback with a vengeance.

The hidden cost of the unemployed

The first thing that the 271,000 people who have been made unemployed in the last three months must do is deal with their sudden debt problem. Many of them will have large mortgages, overstretched credit cards, overdrafts and cars on hire purchase. And without an income they won't be able to keep up with the payments. 

Read more: Loan sharks and the 'hidden cost of the unemployed'

 

I am asking the PM to take decisive action in helping consumers that cannot afford the consumer bankruptcy fee.

As from 6th April 2009 the government have increased the cost to self petition for bankruptcy to £510.

The  PM's office just passed my request to The Insolvency Service and their response is very disappointing and unhelpful.

With a predicted 50% hike in bankruptcies, I feel that more should be done to address this looming problem. Whilst the government has bailed out most of the UK banks and now the car industry, little is being done to help the consumer caught up in debt problems brought about by the current economic crisis. 

Read more: Debtwizard's response, new letter sent to the Insolvency Service

 

The Office of Fair Trading, OFT, has stepped in twice over the past few days to sort out first Link Financial Limited and now yesterday on another ten firms, this is six debt management companies and four 'cold calling' companies.                        

Creditors must remember that when they instruct debt recovery firms or agents to act on their behalf then they are also responsible for that recovery/agent's conduct. Most lenders get round this by selling the debt to third parties, often with no previous correspondence between the lender and the consumer. The lender will then claim that they are no longer involved.

The debt collection industry in my view stinks as it is preying on the consumer's desperation and lack of awareness of their Debt Solutions Explained & Debt Solutions Comparison Table. Some of these individuals are vulnerable as they lack the knowledge and confidence to challenge debt recovery tactics and actions.

Read more: Debt collection industry stinks

 

Police Welfare Conference 

Been quiet on the blog as I have been away for three days at the National Association of Police Welfare Officers AGM and training event. Really informative and rewarding and such a worthwhile event, did a presentation to around 70 Police Welfare officers on the Debt Solutions Explained & Debt Solutions Comparison Table on getting out of debt and advised on consumer bankruptcy and whether a Police Officer can go bankrupt and still keep his/her job. In majority of cases they do but they need to follow a certain procedure within their force.

Read more: Police Welfare Conference - BBA Banking Code - BBC Essex

 

House repossession figures up 50%

The rise in home repossessions are worrying  through a lot of reasons, one is that the CML only record first charge holders, they do not include secured loan companies that are second or third charge holders, they also have no idea how many homes have been sold on the sale and rent back scheme.

Sale and rent back is where the current property owner sells the property to another person or firm to prevent the home being repossessed. After the sale the seller then usually remains in the property, albeit being owned by someone else, and pays rent, so in effect becomes a tenant.

It is estimated by the Financial Services Authority (FSA) that some 50,000 of these homes have been sold under this scheme over the past 'few' years and I believe that about 20,000 to 25,000 of these have been sold during 2008 alone.

Read more: Worrying times for home owners - update re bankruptcy fees

 

Been a frustrating day as the website is quite involved but will prove to be far easier to manage and update with articles.

Had a call today from another police officer who told me he is over secured on his property by the tune of around £54,000. He has a mortgage near 200,000 and a secured loan of £54,000 and we reckon the value of the property is around the £200,000 mark, so he is in negative, before selling costs of £55,000 and cannot afford to pay the mortgage and secured loan.

Read more: Police officer gets stiched up by loan company, or should it be the other way round?

 

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