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…
Council Tax Bankruptcies
Whilst we are still dealing with a few cases where the debtor has been made bankrupt for relatively low levels of Council Tax, it would
Visit to Buckingham Palace
As many readers will know, I was honoured with an MBE in the Queen’s New Year Honours 2008. Around this time two years ago, my
An Excellent Agreement
Recently we have reached agreement for a client who was responsible for a personal guarantee to his business bankers, after his business failed. The PG
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
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
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.
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
Early Discharge from Bankruptcy
When the Enterprise Act came into force, the Official Receiver was given the opportunity to grant an early discharge from bankruptcy and we saw some
Advertising of a Bankruptcy Order
Discretionary advertising of all insolvency procedures came about in April last year. Advertising was rarely of any benefit to any of the involved parties but
Debtor’s Petition – Should it continue to be a Court-based Process?
Currently, if a debtor wishes to submit his/her own petition for bankruptcy, he/she must go through the Court process. We recently attended a Consultation Group
Foreign Bankruptcy Assistance Service/Bankruptcy from Abroad
We now have considerable experience in submitting petitions for people who are now living abroad but who have debts in the UK. These petitions are
New Government Proposals in respect of high Interest Rates
The new Liberal Conservative Governments has announced plans to crack down on the excessive interest rates charges on credit and store cards. These measures will
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
Individual Voluntary Arrangements
Regular readers of our Bulletins will know that this is a regular heading and point of discussion! We are very aware that many debtors are
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
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
A Complaint we pursued…
Recently we pursued a complaint against a Trustee in Bankruptcy who had demanded a payment of £10,000 from a discharged bankrupt person, in exchange for
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
Failure of Regulators and Monitors
An insolvency practitioner is licenced by one of several authorising bodies, ie Institute of Chartered Accountants, the Law Society, the Insolvency Practitioners Association, etc. Until
Increase in the number of Bankruptcy Orders
Figures recently released show that personal insolvencies rose at the greatest rate ever recorded in the last financial quarter. We are now seeing an increasing
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
And finally……
The last couple of years have been very busy for us. We moved our office from my home in East Yorkshire over to our office
Contact us
The Bankruptcy Advisory Service Limited
PO Box 155
Knaresborough
North Yorkshire
HG5 0UE
Telephone: 01423 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…
Council Tax Bankruptcies
Whilst we are still dealing with a few cases where the debtor has been made bankrupt for relatively low levels of Council Tax, it would
Visit to Buckingham Palace
As many readers will know, I was honoured with an MBE in the Queen’s New Year Honours 2008. Around this time two years ago, my
An Excellent Agreement
Recently we have reached agreement for a client who was responsible for a personal guarantee to his business bankers, after his business failed. The PG
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
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
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.
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
Early Discharge from Bankruptcy
When the Enterprise Act came into force, the Official Receiver was given the opportunity to grant an early discharge from bankruptcy and we saw some
Advertising of a Bankruptcy Order
Discretionary advertising of all insolvency procedures came about in April last year. Advertising was rarely of any benefit to any of the involved parties but
Debtor’s Petition – Should it continue to be a Court-based Process?
Currently, if a debtor wishes to submit his/her own petition for bankruptcy, he/she must go through the Court process. We recently attended a Consultation Group
Contact us
The Bankruptcy Advisory Service Limited
PO Box 155
Knaresborough
North Yorkshire
HG5 0UE
Telephone: 01423 862114 / 07887 601734
E-mail: Gill@bankruptcyadvisoryservice.co.uk