CREDIT CARD WRITE-OFFS INCREASE

As seen on the BBC News website today there has been a further rise in the amount of credit card debts being written off by UK banks and other lending institutes.


Bank of England figures show that in the first three months of 2010 write-offs rose to £1.25bn. That was the second highest quarterly amount on record. Last year, a record £4.12bn was written off by credit cards lenders which amounted to 10% of all money lent on credit cards.


£160m was the amount of money written off on mortgages which is the lowest quarterly figure for 18 months. The number of repossessions in the UK also fell by 7.5% in the first quarter of 2010 to 9800.

The Bank of England have been quoted as saying that these losses have been the prime factor in the increase on the interest payable. Statistics show that the average UK credit card rate was 15.51% in April this year which is slightly higher than July 2007 where the rate was 15.2%.

PURE DEBT SOLUTIONS APPEAR TO BE UP TO OLD TRICKS!

It looks like Pure Debt Solutions are up to old tricks!  This time they appear to be making unsolicited cold calls to individuals.  If you have stumbled across this blog whilst searching for information on Pure Debt Solutions then I recommend that you report the company to TPS (Telephone Preference Service) - they can be contacted on 0207 2913320 - although the calls are annoying try and take as many details as you can about them (such as address, telephone number) as this will help TPS take action.

Tenable Solutions Limited does run a debt management company called Pure Financial Management but we do not have an outbound sales team.

Last year we had calls from worried individuals who had paid money to Pure Debt Solutions for a Debt Management Plan which didn't exist, it appears now they are looking for new clients with their abhorent sales techniques!

If you do have concerns about personal debts and would like some friendly, impartial advice then please do not hesitate to contact me.

0800 4 96 95 94 or EMAIL

HMRC Debts

Many people are still not aware that HMRC (Her Majestys Revenue & Customs) are NOT preferencial creditors.  Simplified this means that they do not have any preference over any of your other creditors and should be dealt with in the same way.  The only difference with HMRC is that they can and will use effective methods in which to collect monies owed.  This could be by issuing a CCJ (County Court Judgment) followed by visits from bailiffs (and don't forget if your premises are solely commercial they can enter without permission) or even a Winding-Up Petition.  This information is not meant to scare you but to make you realise that you need to tackle your debts head on - the debts will not go away.

You could contact your creditors yourself and try to organise a payment plan but you need to be very careful that you do not show preference to any creditor, you also need to ensure that you payments are realistically affordable and not just a random figure given as a knee jerk reaction.  This is very time consuming and you may find that whilst you are negotiating with your creditors (who will play hard ball to get as much money from you as possible) you are not spending the time required earning money for your business.  It's a chicken and the egg situation!

There are lots of solutions available and of course, your situation will be unique to you therefore it is imperative that you recieve the best advice possible from a company that will work solely on your behalf.  Ensuring that your needs are met and that you are fully protected before your creditors recieve anything!

If you would like to have an informal chat on how Tenable Solutions Limited and its subsiduaries can help you please do not hesitate to contact me on 0800 4 96 95 94 or if you prefer you can email me for a speedy response.  Any contact is treated in the strictest of confidence and all advice is given without obligation.