News: Men In 20% More Debt Than Women by Finance News Bulletin

Published: 26/10/07

Men are racking up 20% more debts than women, and can afford to pay less to their creditors in spite of earning more, novel statistics have revealedResearch by Chiltern Debt Management shows that on average, men seeking help to run their finances take an average of 22 months longer to become debt free than their female counterpartsIt seems that the more you earn, the more you use The average salary of a gentleman on a debt gentlemanagement plan is £24,627, compared to £22,530 for women

However, men only sense able to pay back 25% (£2613) per month of what they be indebted their creditors, at the same time as women only repay 26% (£2273) of what they oweIt also appears that women are more prepared to face their amount overdue than men

The average age of a female client is 43 years, two years younger than the standard male age of 45This can have exponential implications for money owing levels, as men typically take 158 months -- that's over 13 existence to pay off their debts, compared to 136 months about 11 years) for womenIn another surprising trend, women tend to increase their debts amongst more creditors, despite owing less Women have amount overdue on average of £23,946 to 8

1 creditors, compared to men who owe £29,914 to 78 creditorsThis investigate is supported by the growing idea that women are having more control over their money Research by NS & I has exposed that women are no longer standing in the backdrop when it comes to financial decisions

In 2007, men in 20% of households made key monetary decisions, falling from 22% in 1992 Although women carry on to earn less than men, they are infectious up - and fastOn average, women in their twenties earned the equivalent of 93% of men's wages in 2000, increasing to 96% today If this trend continues, women will exceed their male counterparts in earnings by 2015

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Debt management companies target struggling borrowers - Published:25/05/07

According to recent information a number of debt management companies are targeting customers in the UK who are struggling to pay back their loans and other debts by obtaining their details from lenders with the present of a large commissionOne expert claims that some debt management firms are prepared to disburse up to £1500 in commission to any lender that will provide the details of those that are stressed with repayment on their debts and could be suitable candidates for an person Voluntary Arrangement (IVA)With an IVA those meeting certain criteria, such as being in full time employment and owing more than £15,000 in unsecured debt, can come to an agreement with creditors to make put repayments over a five year period, after which the remainder of the balance on the loan is on paper off Debt management firms have been claiming that they can decrease borrowers' debts by up to seventy five percent by doing this, but come officials are worried that the companies are not providing information on the disadvantage of this agreement or the fact that creditors may reject the proposalsDebt management firms are eager to try and get struggling borrowers onto an IVA scheme because they mesh thousands in income for each IVA that is set up, including charge, set up fees, and other charges According to recent data the number of populace that have switched to an IVA over the history year has doubled, and debt management companies are making this idea seem all the more alluring and easy by contacting consumers out of the blue and suggestive of that they consider an IVA as a solutionOne insolvency practitioner affirmed: 'Loan companies are farming out customers who can't afford to take on more debt by selling them on to IVA firms This flies in the face of the industry's ethical direct'Debt is a really easy thing to get wedged in Even if you are not extravagant monthly costs can spiral out of control, especially if you take your eye off the ball So what can you do to avoid getting too distant into debt and if you are there already how can you get out of itIt is simple for debt to get out of control Student loans, losing your work, becoming ill or any number of other unforeseen events can with no trouble cause debts to mount upThere are many forms of lender on the market Not all of them are banks money owing consolidations companies play a specific role in the debt marketEarly salvation Penalties - Loan Extras - Debt Consolidation Bad praise - Choosing a Personal Loan -.

Property repossessions soar - Published:01/02/07

information Companies & markets Investing Power portfolio Campaigns Mortgages & homesMortgage featuresInsurance Consumer advice Broadband & phones Retirement economy & banking Credit & loans Small business duty & wills Message boards Money blog gear & calculators Ask an expert Guides Compare & buyThe number of families pain the misery of mortgage repossession and the danger of homelessness has risen sharplyTAKE PART IN OUR review Don't miss your chance to tell us what you think of This is Money and assist shape our futureA ONE-MINUTE MAKEOVER If you only have one minute to study how to sort your finances, forget the rest and read this>> Our 8-step planFigures published today by the Council of Mortgage Lenders (CML) make known homes taken into possession by mortgage lenders shot up from around 10,300 in 2005 to 17,000 in 2006The CML said the rise was partly due to the financial crash of reaching the finish of fixed-rate mortage deals, but mostly because of the growth in lending to people with poor credit minutes, where arrears and control rates are higherThough the proportion of borrowers more than three months in arrears cut down last year, higher interest rates are predictable to reverse the trend this year The CML forecast 19,000 repossessions in 2007 and 20,000 in 2008Those most susceptible are overstretched borrowers on variable rates, said the CML But many more ordinary borrowers would be exaggerated if interest rates continued to riseprotection, the housing and homelessness charity, supposed mortgage arrears and repossession cases seen by its advisers have more than doubled in the past two existence and that its online recovery guidance was viewed more than 70,000 times throughout 2006According to the CML, only one in five mortgages is covered by mortgage payment protection cover, meaning many people look to the condition for financial assistance when they fall behind on repaymentsThey are often shocked to learn the only benefit available to stressed homeowners is income support mortgage interest (ISMI), says protection ISMI covers just the interest part of your mortgage, not the capital, and only up to a maximum of £100,000To be entitled, claimants must have been on profits support for at least 39 weeks, meaning even successful applicants won't receive any financial help for nearly 10 months'With the state safety net being so slight, it is crucial homeowners steer past the most horrible pitfalls that increasing information of homeowners are at risk of falling into,' says the charityShelter chief executive Adam Sampson supposed: 'There are some classic mistakes borrowers need to avoid to diminish the chances of losing their home'Amongst the worst errors people can create are burying their heads in the sand and evasion calls and letters from their lender, captivating on more debt to attempt and pay off their mortgage or thinking they need to disburse for advice from debt management companies'Instead, Sampson recommends have a loan ofers who fall behind should resist the temptation to have a loan of more, spurn costly tactics from debt management companies and, most importantly, inform their lender as soon as they have problemsThe previous you talk to your lender, the more options you are likely to have on how your arrears can be addressed, says Shelter These comprise asking your mortgage company if it can add your arrears to the total sum on loan, extending your mortgage era, asking to pay what you can as soon as you can, or switching temporarily from a refund mortgage to a cheaper interest-only home loan'Homeowners should not panic if they start to have evils keeping up repayments Remember, falling behind does not unavoidably mean you will lose the roof over your head and you may not need to find a large chunk of cash to put the problem correct,' it says'Even though numbers are on the up, only a little proportion of people who fall behind on their mortgage ever lose their house'• Do seek free expert advice from Shelter at wwwprotectionorguk or call 0808 800 4444, Citizens' recommendation wwwcitizensadviceorguk, the Consumer Credit Counselling Service at wwwcccscouk or call 0800 138 1111 and National Debtline at wwwnationaldebtlinecouk or call 0808 808 4000• Do talk to your lender as soon as you think you might move violently making a mortgage sum You will have a greater chance of finding a way to meet your arrears the sooner you create communicating with your lender• Don't sense you need to turn to debt management companies who charge cost for their assistance• Don't think extra borrowing will solve your amount overdue problems It will almost certainly make them worse and propel you further down the debt spiral• Don't think losing your house is inevitable There are a diversity of options available before you reach the last option of repossession, including converting to an interest-only loan, or negotiating an option repayment scheduleWhy don't the Citizen's Advice join armed forces with organisations like Shelter and make their own telly adverts so that they can persuade vulnerable populace not to be tempted by these debt management and loan company adverts fronted by populace you think you know and trust, similar to Carol Vordeman and Phil Tufnell, who obviously have no expertise whatsoever when it comes to beating financial products and servicesThe warnings have been in place now for at least 12 months counting a recent warning from the Bank of England Governer that anyone buying property in this excited and overpriced property market is captivating a huge risk with the inevitable penalty should anyone fall behind with mortgage repaymentsThe Banks and Building Societies though must believe a huge share of the responsibility for allowing borrower's to take on too much debt and overstretching themselvesWith the prospect of yet another interest rate looming anyone considering creation a property purchase would be wise to put it off for a while and ignore the advice from land Agent's who have a vested interest in keeping the overheated property market going© 2007 linked Northcliffe Digital Ltd Terms Privacy policy promote with us LoansCardsMortgagesInsuranceCompare the most excellent deals around with This is MoneyPlease choose a loan£ Select a loan word 12 months (1 year) 24 months (2 existence 36 months (3 existence 48 months (4 existence 60 months (5 existence 72 months (6 existence 84 months (7 existence 96 months (8 existence 108 months (9 years) 120 months (10 years) GO New praise cardPick your favoured card offer Please decide 0% introductory rate No annual fee Cashback faithfulness scheme All of the above GO Balance transferPlease select a type of insurance existence insurance Home and inside Car Breakdown services Health - medical Health.

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Bad debts hit record levels for banks - Published:08/01/07

2006 saw the highest level of consumer bad amount overdue for banks on record, according to info released from KPMG The figures indicate that for the first time the one hundred thousand barrier has been out of order in terms of the number of people becoming insolvent in the year, with around one hundred and ten thousand people going for bankruptcy through Individual Voluntary actions (IVAs) and bankruptcyAccording to further data, UK banks saw bad debts rise to a whopping sum of almost one and a half billion pounds in 2006 This is partly consideration to be due to the massive level of consumer debt that many households and persons have got themselves into over recent years, with many struggling to keep up with repayments on credit cards, loans, and other forms of unsecured finance It is also thought to be partly due to the huge advertising campaigns that have been seen over the past couple of years, with many companies contribution to create it easy for consumers to get out of debt rapidly through IVAs and debt management plansThe number of people opting for an IVA greater than before by one hundred percent from 2005, with around forty five thousand people opting to take this route An IVA involves pending to a repayment arrangement with the creditors and repaying part of the debt that you owe, with the remainder being written off after sixty monthsOne KPMG spokesperson stated: 'characteristically the sorts of debts we have seen being dealt by means of by by means of IVAs in 2006 are personal loans, credit card balances and other forms of 'pay money for now, pay later' unsecured loans Most of the money is borrowed to meet current spending - including lifestyle items such as holidays - rather than to obtain assets or to fund a business'These existence, banks offer a range of goods and services designed to meet the needs and wants of all their customers Many branches will have a different advisors and client relations managers who are assigned to the different clientele of the bankWe all like to think of ourselves as quite responsible and trustworthy people, especially when it comes to financial commitments But the piece of information of the matter is that some people are more reliable and responsible than others and banks and other lenders know thisIs it likely to obtain a loan if you have a poor credit score or even if you've affirmed bankruptcy The answer is yes However, not surprisingly, the loans available will have senior interest rates and limits that are more stringentDebt is a really easy obsession to get stuck in Even if you are not extravagant monthly costs can spiral out of manage, especially if you take your eye off the ball So what can you do to avoid getting too far into debt and if you are there already how can you get out of itEarly salvation Penalties - Loan Extras - Debt Consolidation awful Credit - Choosing a Personal Loan -.

News: Men In 20% More Debt Than Women by Finance News Bulletin

Published: 26/10/07

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Debt management companies target struggling borrowers - Published:25/05/07

Property repossessions soar - Published:01/02/07

Bad debts hit record levels for banks - Published:08/01/07