Mary Smith

Every day in the UK, it’s estimated that an average of 390 adults become insolvent. This is in spite of the supposed end of the recession last year. We’ve heard about the green shoots of recovery for a while now and the housing market is certainly showing signs of improvement. However, it’s understandable that the period of recovery may be drawn out by the number of people who lost their jobs and remain unemployed. In addition to this, there is also the damage to consumer confidence that’s stopping us all going out and spending like we did pre-recession. [Read more…] about IVA

A recent study has revealed that almost one in three personal loans that were taken out by people in the UK over the last year were actually for consolidating their debt. Debt consolidation is an understandably attractive proposition for many facing mounting debt problems. As the name suggests, consolidation of your debts makes them easier to manage. This is achieved in a number of ways. For starters, the idea is that you reduce the amount you pay out each month and only make one payment, at the same time and to the same lender. [Read more…] about Debt Consolidation

Financial questions are at the forefront of many people’s minds in the UK at the moment and have been for some time. Due to the recent financial turmoil that has swept over the country like a cloud of volcanic ash, the recent televised debate between Labour leader Gordon Brown, Conservative leader David Cameron and Liberal Democrat leader Nick Clegg was understandably focussed on such concerns. People in the UK are looking for debt advice from a number of sources and it’s to be expected that we look to our leaders to provide some reassurance of a stable hand on the nation’s financial tiller. [Read more…] about Debt Advice (HB)

The proposed self-service bankruptcy petition, that would allow individuals to fill out the necessary forms and file for bankruptcy online, continues to gather momentum amid growing concerns that making such a serious debt solution so easy will be ultimately damaging. It has been prompted by the increasing pressure on the courts caused by the every growing number of bankruptcy petitions. Ultimately, the proposal is still in the consultation stage but industry leader Harrington Brooks is warning against too bullish an approach to bankruptcy.

Making the process quicker and more affordable is an understandable concern. Those facing this severe debt solution are in a precarious position financially and a quick resolution is in everyone’s best interest. A quick-fix mentality to bankruptcy could be dangerous though. A big part of the bankruptcy support supplied by companies like Harrington Brooks is the personal assistance and encouragement that allows individuals in debt difficulty to make important changes to their personal finance. As the most severe debt solution on the market, it needs to be backed up by dedicated debt advice and assistance in drawing up a budget that allows you to regain control of your money.

Already, people looking for a loan are able to avoid any uncomfortable face to face meetings by making any number of credit applications online. There is something inherently wrong with the idea that someone can get themselves into dangerous levels of debt and then go through the bankruptcy process without having to discuss the root of their debt problem with an expert. If bankruptcy becomes too easy, the numbers taking this route could get out of hand and personal debt in the UK could spiral out of control. The consequences of bankruptcy can be serious and wide ranging, so talk to an impartial advisor before taking any steps. There could be a less severe and more appropriate solution available to someone in your situation.

Visit www.harringtonbrooks.co.uk, fill in a few details and a dedicated debt advisor will be able to discuss your options with absolutely no obligation.
This article was written by Harrington Brooks on Bankruptcy and the steps that can be taken to find the best solution.