Most credit card limit increases are uninvited. Credit card companies are pushing credit on cardholders who can’t pay. That’s the worrying message of research published by Citizens Advice. The Bank of England and Financial Conduct Authority have been concerned for some time about growth in unsecured debt, particularly on credit cards, as we reported in the summer. With incomes stagnant and inflation […]
How we helped, April to September. In the first half of 2017-18 our trained advisers helped fellow citizens tackle more than 5000 different problems. The chart below shows the most frequently raised categories. Among the most problematic Benefit issues were Employment Support Allowance, Housing Benefit and Personal Independence Payments. Biggest Debt issues linked to housing: rent arrears and unpaid council tax. Citizens Advice Reigate & Banstead offers free support to local […]
Financial risk affects 25m people. Large scale research by the Financial Conduct Authority* shows why Citizens Advice is asked to help so many with debt and other money worries. Potentially vulnerable covers “those who may be less able to engage with their finances or with financial services. The reasons for this can vary from low financial resilience to suffering […]
New protocol launched by Citizens Advice and local authorities. The number of householders falling behind with council tax payments has risen to a worrying level. Helping them get back on track is in everyone’s interests. Which is why Citizens Advice and the Local Government Association have jointly launched a new Council Tax Protocol. By setting out good practice at each […]
We’re here to help. Read about our 5-step approach. In time, every debt problem can be managed and solved. CARBS Help With… 1) Debt Or give us a call. Our trained advisers can help with all debt problems. *****
Fastest growth since before the crash. In April outstanding credit card debt in the UK was £68bn. This is 9.7% up on the previous year and means the fastest growth since 2006. The Financial Conduct Authority (FCA) estimates 3.3m people have “persistent” credit card debt. In an 18 month period they pay more in interest and charges than in actual […]
Helping with over £1m unsecured debt. Currently our trained advisers are helping clients manage unsecured debts of more than £1.1m. Average personal debt per client is £10,490. The main components are credit cards, unsecured loans and benefit overpayments. Citizens Advice Reigate & Banstead saw 112 new clients facing significant problem debt in the year to March 2017. Growth in this kind of debt […]
Lenders must be responsible. The Bank and the Financial Conduct Authority are launching reviews into lending practices. Citizens Advice says more must be done to make sure lenders across all consumer credit markets behave responsibly towards their customers. National Citizens Advice Chief Executive Gillian Guy said: “While households are struggling to meet everyday costs like rent and […]
Taking control – Report and Recommendations. Citizens Advice and 6 other charities report this week (1) that some bailiffs are still exceeding their powers when trying to recover debts. Laws reformed as recently as 2014 should have provided debtors with greater protection from aggressive bailiffs. Citizens Advice chief executive, Gillian Guy, said: “Harsh tactics by bailiffs can […]
Harsh debt collection. Citizens Advice has reported worrying activity by doorstep lenders who earn commission on collecting repayments. It’s estimated that 1.3 million people use these loans, the average amount borrowed being £500. Evidence submitted to the Financial Conduct Authority shows vulnerable people being harassed into making payments they can ill afford. In some cases the practice is linked […]