Atlantic Financial Management

SITEMAP

Debt management weekly round-up

06/08/2010

It's been a mixed bag in the world of debt management this week, so let's look at a few of the stories that have made the news.

HMRC are now going to use private debt collectors to collect up to £140m of tax that is owed to them.

Whilst the Revenue states that the move will give them "vital additional capacity", Atlantic Financial Management’s Kevin Still calls the move "potentially worrying if HMRC don't provide enough account history to do the job properly".

Even if you pay your taxes, you might not be able to get some services on the NHS in the future. A report from Friends Provident suggests that obesity drugs should cost people money, which could lead them to seek debt solutions.

Sticking with health, and debt problems have led to more people calling NHS 24’s Breathing Space helpline, which is for people who have mental health concerns.

Meanwhile, the Low Incomes Tax Reform Group raises fears that new minimum wage rules could actually increase the debt levels of the people it is aiming to help.

Figures published today by the Insolvency Service show the number of personal insolvencies in England and Wales reaching nearly 35,000 (34,743) in the second quarter of 2010 - an increase of 5.0 per cent on the corresponding quarter a year ago.

"These include Individual Voluntary Arrangements (IVAs), Bankruptcies and Debt Relief Orders (DROs), with IVAs rising by over 10 per cent on the last quarter." ADNFCR-2613-ID-19921210-ADNFCR