Introduction

Increased printing and postage costs have limited the News Bulletins which we are able to produce and we have decided to provide more information on our website, as a way of communicating with our subscribers and others interested in the work we do. Please do check regularly on line for updates – www.bankruptcyadvisoryservice.co.uk.

We are now in the first month of a new Government and as I prepare this Bulletin, the new Chancellor has announced the first cuts in public spending to reduce the financial deficit. How this will affect many of us and, indeed, what further cuts we are to endure, will become apparent in the emergency Budget in June. The ‘green shoots of recovery’ appear to be very delicate and the latest insolvency figures provide some concern, showing a massive increase in personal insolvencies over the same quarter last year. Certainly, from our perspective, there are more people than ever struggling with unmanageable debt, lending criteria is so tight that businesses and households are finding it difficult to obtain any financial support and the number of properties being repossessed is increasing month on month.

It is a sad fact of life that, during recessionary times, crime increases. It concerns us greatly that we are seeing an increasing number of people whose financial morality is somewhat questionable and we have no doubt that this attitude is, at least to a degree, fueled by the behaviour of some of our MP’s and lending institutions.

The situation regarding banks and building societies has been the subject of many miles of press reports over the last couple of years. Regular readers of our Bulletins going back over the last 12 years will be aware that a regular heading has been ‘Irresponsible Lending or Irresponsible Borrowing’. We firmly believe that the proof of the former is now well established. It is beyond us to understand why, when it was so obvious to us that lenders were lending more than would ever likely be repaid, it was not obvious to themselves, their regulators and, indeed, H M Government. Indeed, had any MP come and spent a day in our office, it would have been abundantly obvious that people were being allowed, and, indeed, ENCOURAGED to borrow funds which were far, far in excess of what they were capable of repaying.

As a result, bankruptcies and business failures are increasing to new heights. Whilst issue is being taken with the Insolvency Service for adopting a ‘lighter touch’ in respect of many bankruptcies, one could ask whether it is really their responsibility to ‘punish’ debtors who have simply accepted funds which were, in many cases, thrown at them. Had the lenders carried out proper credit checks and acted more responsibly, we would not now be in the mess we are in. Indeed, we have lost count of the number of times we have been told by a client that, realising they had a problem with loan repayments, they approached the lender for assistance and advice, only to be ‘sold’ another product, INCREASING the amount they already owed and could not repay!!!

However, enough of our opinions, let us move on…

The Banking Crisis

I recently completed a bankruptcy petition for a client who had around £40,000 credit card debt. She was solely dependent upon State Benefit and had

Read More »

Debt Relief Orders

A Debt Relief Order is only applicable for those debtors who have debts of less than £15,000, assets of no more than £300 and disposable

Read More »

Debt Management Plans

These informal arrangements with creditors which are operated by an increasing number of firms, some of which have charitable status, are coming under increasing scrutiny.

Read More »

Pre-Payment Meters

Some Utility Companies insist on a bankrupt person having a pre-payment meter for electricity, once the Bankruptcy Order has been made. We have long argued

Read More »

Our Services

Some people may not be too clear about the service we provide – We are a totally independent organisation and provide help and advice on

Read More »

Creditor Pressure

There are guidelines in respect of the times a creditor may contact the debtor. In addition, it is quite unacceptable for a creditor to issue

Read More »

Credit Today Award

I was absolutely delighted to accept the Sabin Award for Outstanding Contribution to the UK Rescue Sector at the Credit Today Insolvency & Rescue Award

Read More »

Just a thought…

It is becoming increasingly apparent that many people feel they have a right to free advice in regard to their financial situation. As we are

Read More »

Bankruptcy Fees

From 5 April 2010, the fee to submit a bankruptcy petition was increased to £600. Those on low income or in receipt of certain forms

Read More »

Contact us 

The Bankruptcy Advisory Service Limited
PO Box 155
Knaresborough
North Yorkshire
HG5 0UE

Telephone01423 862114 / 07887 601734
E-mail: Gill@bankruptcyadvisoryservice.co.uk

Introduction

Increased printing and postage costs have limited the News Bulletins which we are able to produce and we have decided to provide more information on our website, as a way of communicating with our subscribers and others interested in the work we do. Please do check regularly on line for updates – www.bankruptcyadvisoryservice.co.uk.

We are now in the first month of a new Government and as I prepare this Bulletin, the new Chancellor has announced the first cuts in public spending to reduce the financial deficit. How this will affect many of us and, indeed, what further cuts we are to endure, will become apparent in the emergency Budget in June. The ‘green shoots of recovery’ appear to be very delicate and the latest insolvency figures provide some concern, showing a massive increase in personal insolvencies over the same quarter last year. Certainly, from our perspective, there are more people than ever struggling with unmanageable debt, lending criteria is so tight that businesses and households are finding it difficult to obtain any financial support and the number of properties being repossessed is increasing month on month.

It is a sad fact of life that, during recessionary times, crime increases. It concerns us greatly that we are seeing an increasing number of people whose financial morality is somewhat questionable and we have no doubt that this attitude is, at least to a degree, fueled by the behaviour of some of our MP’s and lending institutions.

The situation regarding banks and building societies has been the subject of many miles of press reports over the last couple of years. Regular readers of our Bulletins going back over the last 12 years will be aware that a regular heading has been ‘Irresponsible Lending or Irresponsible Borrowing’. We firmly believe that the proof of the former is now well established. It is beyond us to understand why, when it was so obvious to us that lenders were lending more than would ever likely be repaid, it was not obvious to themselves, their regulators and, indeed, H M Government. Indeed, had any MP come and spent a day in our office, it would have been abundantly obvious that people were being allowed, and, indeed, ENCOURAGED to borrow funds which were far, far in excess of what they were capable of repaying.

As a result, bankruptcies and business failures are increasing to new heights. Whilst issue is being taken with the Insolvency Service for adopting a ‘lighter touch’ in respect of many bankruptcies, one could ask whether it is really their responsibility to ‘punish’ debtors who have simply accepted funds which were, in many cases, thrown at them. Had the lenders carried out proper credit checks and acted more responsibly, we would not now be in the mess we are in. Indeed, we have lost count of the number of times we have been told by a client that, realising they had a problem with loan repayments, they approached the lender for assistance and advice, only to be ‘sold’ another product, INCREASING the amount they already owed and could not repay!!!

However, enough of our opinions, let us move on…

The Banking Crisis

I recently completed a bankruptcy petition for a client who had around £40,000 credit card debt. She was solely dependent upon State Benefit and had

Read More »

Debt Relief Orders

A Debt Relief Order is only applicable for those debtors who have debts of less than £15,000, assets of no more than £300 and disposable

Read More »

Debt Management Plans

These informal arrangements with creditors which are operated by an increasing number of firms, some of which have charitable status, are coming under increasing scrutiny.

Read More »

Pre-Payment Meters

Some Utility Companies insist on a bankrupt person having a pre-payment meter for electricity, once the Bankruptcy Order has been made. We have long argued

Read More »

Contact us 

The Bankruptcy Advisory Service Limited
PO Box 155
Knaresborough
North Yorkshire
HG5 0UE

Telephone01423 862114 / 07887 601734
E-mail: Gill@bankruptcyadvisoryservice.co.uk