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Latest news
Budget: VAT hike `bad for businesses`
An increase in VAT would be `bad for business`, according to a survey carried out in March - three months before the Budget was delivered yesterday.
According to uSwitchforbusiness.com, 87% of SMEs (Small and Medium Enterprises) felt that a rise would have a negative effect. A third said that it would put people off spending.
Credit card debt & payment hierarchies
Until recently, the phrase `payment hierarchy` was one that not many consumers had even heard.
Now, however, it has made the news, as credit card providers have agreed to change the way they use a borrower`s payments to clear the debts on a credit card. At the end of the year, they`ll start using payments to clear the most expensive debt on a card first, rather than last. This is what is known as a `positive payment hierarchy` - something which some credit card providers are already doing.
Unsecured debt dropped in April
The latest figures from the Bank of England have revealed that UK residents ended April carrying £136m less unsecured debt than they had at the start of the month.
According to the `Lending to individuals` report, net credit card lending actually increased by £168m, but `other loans and advances` fell by £303m as people repaid their debt more rapidly than they took on new debt.
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Latest news
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Insolvencies fall in Scotland
The number of individual insolvencies in Scotland actually came down in the first three months of the year, according to recent figures from the Insolvency Service. In Scotland, 5,175 ... -
Insolvencies: debtors` petitions rising
On Friday 7th May, the Insolvency Service released its quarterly figures showing how many people had been declared insolvent - i.e. entered bankruptcy, an IVA, a DRO (Debt Relief Order), ... -
Company insolvencies drop off
The number of companies going out of business fall quite sharply at the start of 2010, statistics from the Insolvency Service have revealed. This time last year, we learned ...