Financial solutions company Think Money have advised people who are struggling to repay debt to carefully consider how and where they cut back on their spending, following the release of a study showing that millions of people have cut back on insurance in the past 12 months in order to save money. The report from Sainsbury’s Finance estimated that almost one million (946,000) people have...
Responding to news that the Credit Services Association (CSA) has agreed that its members will grant 30 days’ ‘breathing space’ to borrowers who have fallen behind on their debt repayments, debt management company Gregory Pennington has advised struggling borrowers to take advantage of the opportunity to seek expert debt advice. The CSA, which represents debt recovery agencies...
Responding to news that total personal debt levels in the UK have risen over the past year, Debt Advisers Direct have warned of the dangers of getting into debt in this difficult time for the economy, and advised anyone who finds themselves struggling to repay debt to seek expert debt advice. New lending figures released by the Bank of England this week revealed that total personal debt in the UK...
In response to a new report claiming that 70% of UK companies may be planning to freeze or cut wages this year in an attempt to get through the recession, debt management company Gregory Pennington has advised workers to take what steps they can to prepare for any potential reduction in income. The company added that anyone with debts to their name could be at a disadvantage if their income is...
Responding to a new report from PricewaterhouseCoopers suggesting that over a quarter of borrowers are worried about their ability to repay debts, debt management company Gregory Pennington has advised consumers that all forms of borrowing should be planned well to ensure that the debts can be repaid, and has encouraged anyone struggling to repay their debts to seek professional debt advice. The...
Financial solutions company Think Money have said that borrowers and homeowners stand to gain from the Bank of England’s potential measures to tackle the economic crisis, but warned that tighter lending criteria may remain in place to avoid any repeat of the past year’s trouble in the loan markets. According to The Telegraph, two leading economists have said that the Bank of England may need...
Following the announcement of a new Government housing rescue package, financial solutions company Think Money (www.thinkmoney.com) commented that while it is a welcome help to many homeowners, it is by no means a complete solution to the trouble the housing market faces. The new measures, according to the Government’s News Distribution Service, include: • Offering 10,000 first time buyers...
Debt management company Gregory Pennington have commented that the recent cuts in consumer spending and saving is a clear sign of the way the credit crunch and rapid inflation is forcing consumers to change their spending habits, and have advised consumers to do what they can to stay out of debt in the coming months. As reported in The Guardian, spending and saving in the UK have taken a big hit...
Following a survey from comparison site uSwitch showing that disposable income had dropped for the first time since 1997, financial solutions company Think Money has stressed the need for consumers to cut back on their spending and, when necessary, seek expert debt help or advice. Released at the end of August, the report related that UK households are £2,500 worse off this year than in 2007 –...
Debt management company Gregory Pennington have warned that too many people are failing to make any kind of regular savings, despite the large amount of uncertainty surrounding the future of the economy putting many at risk of debt. Commenting on a recent report by Nationwide Building Society, a spokesperson for GregoryPennington.com said that potentially hundreds of thousands of people are...