- Forecasts from influential bodies suggest that the consumer debt crisis maybe shifting from unsecured borrowing to arrears in priority bills.Continue reading..
Harrington Brooks quarterly comment – Q4 2014
Debt outlook for 2015 is brighter, but consumers should be prepared for a possible interest rates rise, says Harrington Brooks. New analysis compiled by leading debt management firm Harrington Brooks predicts that 2015 will be a better year for people in debt. The analysis forms part of Harrington Brooks’ second quarterly snapshot of indebtedness in… Continue reading..
FCA Cap for Payday Loans Confirmed
The Financial Conduct Authority (FCA) has confirmed limits on costs, fees and interest charged by payday lenders, following wide consultation with various industry stakeholders. From January 2nd, interest and fees must not exceed 0.8% of the loan amount per day, and default fees must not be greater than £15. Ultimately, a borrower will not pay… Continue reading..
Tough Affordability Checks Should be the Norm
As a result of Wonga putting in place tough new affordability checks and writing off unpaid debts, Harrington Brooks will be able to remove over £3m of Wonga debt from customers financial management plans, the firm revealed today. More than 10,000 of Harrington Brooks’ customers have Wonga debts and will no doubt welcome the news… Continue reading..
Harrington Brooks to facilitate workshop at MALG conference
The prestigious Royal College of Physicians in Central London shall be hosting the annual MALG conference on 19th November. Darryl Matthews, Head of Credit Relations at Harrington Brooks, is to facilitate a workshop titled ‘Creditors and advisers do now talk together – job done then?’ On the positive potential outcomes of the conference Darryl comments: “The… Continue reading..
Bankruptcies at lowest in 15 years
The Government’s latest report of Insolvency Statistics for the July-September quarter have revealed signs of a strengthening economy for individuals and companies in England and Wales, with decreases in formal insolvencies, including bankruptcies. 6% decrease in personal insolvencies 7% decrease in bankruptcies 9% decrease in IVAs 7% increase in debt relief order (DRO.) The number… Continue reading..
The Children’s Society Calls for Watershed Ban on Payday Loans
A report from The Children’s Society has called for a restriction on payday loan adverts before 9pm, a sentiment which, according to their research, is reflected by three-quarters of parents. The restrictions would be in a similar vein to those that cover gambling, alcohol, tobacco and junk food. The research conducted found that over a… Continue reading..
Should Your Children Be Included In Financial Discussions?
A recent study by family support charity Home-Start has revealed 31% of adults felt general money discussions were inappropriate for children to be included in. But is keeping quiet healthy for your household? 75% of children aged 5-10 don’t think so, instead believing they should be involved in decisions about what their family spends money… Continue reading..
Coronation Street Bailiffs Storyline “Disgusting”
Bailiffs hit the cobbles in Coronation Street this week, as the Windass/Armstrong clan watch their possessions seized after failing to pay their debts. The scenes were not easy watching, and certainly tougher for those viewers struggling with arrears. But how much of the drama could become reality, and what happens if you find yourself facing… Continue reading..
HB Asks: What effects will the FCA’s cap on payday loans have?
As the FCA announces a series of proposed measures aimed at restricting the costs to consumers of payday loans; Harrington Brooks ponders that while the FCA’s intention is to protect the consumer; the law of unforeseen consequences may paint a different picture. View Proposals for a price cap on high-cost short-term credit on FCA website…. Continue reading..
Household Debt at Highest Since 2009
Figures revealed by The Money Charity have shown that despite economic growth, household debt has risen over the past 5 years, with an estimated £1.6 trillion and counting owed privately in both secured and unsecured credit. Evidence from R3, the Association of Business Recovery Professionals, states that people from all over the UK are struggling… Continue reading..
Complaints and Customer Satisfaction – How do Harrington Brooks compare?
Customers made 2.5 million complaints against financial companies in the second half of 2013, with the biggest banks receiving thousands of calls and emails a day from disgruntled consumers. At Harrington Brooks the level of redress was 0.0023% of turnover. This compares favourably to most companies that typically have rates of 7% to 8%. As… Continue reading..
Could you inherit your tenant’s debt?
For those people who decide to rent out properties, it’s taken as part and parcel of the experience that there may be some tidying up to do once your tenants move out. So, it’s fair to say that landlords are probably quite accustomed to their tenants leaving a bit of a mess behind at the… Continue reading..
Should the Retirement Age be 70?
The UK government has outlined plans for an increase in the age at which people are entitled to a state pension. At present, the retirement age for men is 65 and for women it’s 60 but women will soon find that theirs goes up to 65 too. The current government plans have the state pension… Continue reading..
Top 10 Tips To Avoid Scams
There are a lot of means by which criminals running financial scams can help themselves to the hard earned cash in your bank account. Too often, the first we know about this kind of fraud or identity theft is when it affects our credit rating and impacts on our own ability to secure credit, or… Continue reading..
Show caution with store cards
Some distressing news has emerged from a recent piece of research by a high profile consumer group, which suggests that the rates of interest are unrealistically and even exploitatively high. Not only that, the findings expressed the view that these cards were easier to get than they should be; encouraging people to take on greater… Continue reading..
The Psychology of Repayment
A recent study suggests that, in order to help people to better manage their debt, credit card companies should either increase the minimum repayment amount from the typical 2-3%, to 5%. This is part of an effort to help people pay off their debt more quickly and therefore more cheaply, than they are presently. You… Continue reading..
5000 A Year, Just To Keep Up
A recent survey suggests that it is going to cost the average British household a whopping £5,000 over the next year, just to maintain their current level of debt and not slide any closer to insolvency. So, this is simply the level of expenditure that we are facing in order to meet the interest added… Continue reading..
How will the retirement age affect you?
Shadow Chancellor George Osborne has proposed to increase the state retirement age for both men and women from 2016. This is a decade earlier than the plans set out by Labour. The upshot of this is that about two and a half million people, currently aged between 48 and 57, will find themselves working longer… Continue reading..
Should there be a cap on personal debt?
Debt is an essential part of western world economy and has been for centuries. In the UK alone, 65% of our gross domestic product is consumer related and this consumer spending keeps our economy afloat. Debt plays an essential part in funding this rampant consumerism. Over the years, personal debt has become easier to accrue… Continue reading..
Debt Health Issues
It is no secret that the number of people involved with serious debt is rising at an alarming rate. And with this increase comes an increase in stress related conditions. Having financial problems can be stressful, and many people do not know how to cope with this stress. But how exactly does one cope with… Continue reading..
The 10 Most Stupid Taxes!
Do you hate paying taxes? Although it can feel like a large chunk of your earnings go the Government, your money does pay towards things such as education and public transport. Harrington Brooks have found some of the most bizarre taxes that we really would detest paying for: Early 1000s: Heregeld Lady Godiva demonstrated against… Continue reading..
Friends, Family and Money: The New Twist
The Credit Show conducted a poll on Britons’ money habits. The research revealed some surprising facts such as that more than 71% of Brits borrow money from friends or family members. What is not surprising is that this may lead to a clash between borrower and lender, and that nearly sixty per cent of those… Continue reading..