Myvesta UK Articles

I read last week where the number of homes being repossessed is on the rise.  The Council of Mortgage Lenders showed in a survey that a fifth of homes are being put up for sale due to the owners not being able to meet their mortgage payments.  The number of homes repossessed went up over 11,000 in the past three months, and the number of people looking to buy houses has decreased dramatically.

A recent meeting I had with Stephen and Joanne (names changed) from Lisburn, Co. Antrim highlighted the dangers involved in standing ‘guarantor’ for a family member’s loans. Stephen and Joanne rent their home from the local council and have a reasonable joint income. Over the past few years however they have managed to rack up over £25,000 of unsecured debt – credit cards, mobile phones, loans and store cards. They have fallen foul of the temptation we all succumb to at least once in our lives, to buy the things we want on credit without really thinking through how we are going to repay the money, or how much it is going to cost us in interest charges along the way.

While this is an article about US bankruptcy debt it brings to light the abuses that exist regarding bankruptcy discharged debt and continued collections on those accounts.

One are of the monthly budget that people always seem to overspend is on the mobile phone. We see people making the following top mistakes.

Who doesn’t like to make a little spare cash sitting at home in front of the computer? For many, the thought of finding a programme that would allow you to do that seems far off but here is a company that might make you smile.

Getting out of debt can involve sacrifice by working harder. But there is another way rather than work harder, work smarter. Instead of cutting things out of your life, increase your income and have more money to reduce your debt, without reducing your income.

Recent massive changes in how credit counselling in the US is regulated should be of importance to groups in the UK. Here is a press release regarding the summary of changes.

Most recent release of information from R3 regarding the action they are taking to represent members. Correspondence shows they are taking action.

The Institute of Chartered Accountants in England and Wales (ICAEW) has today urged consensus on the way forward on the Individual Voluntary Arrangement (IVA) protocol, following a statement issued by the Insolvency Service on its view of the development of the IVA protocol which the ICAEW strongly supports.

In an attempt to reaffirm their commitment to the Individual Voluntary Arrangement (IVA), the UK Insolvency Service has distributed a statement of support for the IVA.