42% of adults' debt problems leave them struggling to reach pay-day

Around 42% of adults admit that they are having difficulties in making it to pay-day each month. This is leaving many needing to seek alternative debt assistance from professional debt solutions. New research by the R3 insolvency group has found that it is frequently the 20th day of the month when many adults find themselves in financial difficulties and struggling to make it through to their next pay-day. Around 25% of those surveyed by the group said that it was non-essentials spending that tended to leave them with this short-fall. Around 16% felt that their difficulties were due to struggling to pay off bank loans and mortgage repayments. Read More...

New high in rent prices could leave you in need of debt relief

A new survey finds that the average rent price in Britain is at its highest peak for two years. The average monthly rent cost has been steadily rising for the past seven months, as landlords seek debt relief from their own debt problems. The report from LSL Property Services, suggests that supply and demand pressures have left the average cost of rent at £686. As rent costs increase, consumer belts tighten accordingly as already stretched finances are given further tension. As landlords themselves are faced with financial difficulties and pass these on to their clients and with a shortly arriving VAT increase, it can be predicted that the short-term future for those renting property will be only more difficult as time goes on. Read More...

A new lending scheme has been set up across the West Midlands in the hope of making loans available to the financially excluded, and hopefully providing debt relief to those who might need to resort to dubious loan sharks or even illegal methods for a cash boost. The National Housing Federation has set up the 'My Home Finance' scheme which is currently in its pilot phase, as a not-for-profit attempt to divert borrowers away from loan sharks and other dubious short-term debt solutions. Read More...