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Debt management weekly round-up

11/06/2010

The Bank of England's decision to keep the base rate at 0.5 per cent for the 15th consecutive month should alleviate many people's debt fears for the time being.

Earlier this week, we reported about a survey by bankruptcy trade body R3, who stated that thousands of people could be forced to look for debt solutions in the rate went up.

Their figures show that a rate of 3.5 per cent would have meant that around a fifth (19 per cent) of small and medium firms would have gone bust, adding thousands to the unemployment figures.

Despite this, the Chartered Institute of Personnel and Development expect the numbers out of work to increase to nearly three million due to public sector cuts.

In other news, Santander warned that many Britons may need debt help as their have no savings to fall back on, whilst a new report from Consumer Focus revealed that nearly a million people don’t have a bank account in any form.

These people would need to get some form of account to make repayments if they choose to tackle their financial problems with an IVA or Debt Management Plan. ADNFCR-2613-ID-19832089-ADNFCR