Mark McLaughlin looks at how HM Revenue & Customs handles requests by taxpayers for more time to pay their tax bills.
Taxpayers who do not pay their tax liabilities on time fall into two categories – those who ‘can’t pay’, and those who ‘won’t pay’. At least that seems to be the view of HM [...]
Tax Debts – Can’t Pay or Won’t Pay?
August 1st, 2011Personal Debt Levels Rise As Families Increase Credit Card Spending
July 1st, 2011There are many people drowning in debt at the moment, in the wake of the recent economic downturn, but increased spending on plastic remains the top cause of financial crisis among this generation.
New research conducted by Moneysupermarket.com has revealed that 1/3 of British consumers have increased their arrears on unsecured forms of credit (such as [...]
British Teens Have Unrealistic Expectations About Future Finances
May 25th, 2011New research has shown that teenagers in the U.K. expect to be earning over £61,700 per year by the time they’re 35 years old.
The survey conducted by The MoneySense Panel revealed that British teenagers have a very unrealistic forecast of their future financial situation. Currently, the national average salary for 30-39 year olds is [...]
Millions to Gain as Banks Surrender Against Legal PPI Battle
May 11th, 2011It is predicted that over 3 million people will receive compensation after several top banks dropped their legal fight against mis-sold Payment Protection Insurance (PPI).
British banks are expected to pay out £9 billion in compensation and legal costs in what is being named as the biggest mis-selling scandal in U.K. history. But as so many [...]
Housing Market Showing No Sign Of Recovery As Record Number Of Mortgage Holders Default
April 27th, 2011As house prices rise at the moment, consumers are seeing their confidence plummet as a result. The Bank Of England has predicted that more and more homeowners will struggle to pay their mortgage each month in the aftermath of the price hike.
The bank revealed that between January and March, lenders claim that there had been [...]
10% Of Male Pensioners Retire With Debts Of Over £50,000
February 2nd, 2011According to new research, one in ten men who plan to retire this year will do so with personal debts of over £50,000.
Overall, 1 in 5 retired homeowners are still paying off a mortgage. Research conducted by Scottish Widows UK found that on average, they each owed £38,000.
This further shows that the recession and the [...]
Brits Only Worry About Debt When They Owe £16,000
January 19th, 2011According to new statistics, the average British citizen won’t worry about their level of personal debt until they owe more than £15,837.
The survey, commissioned by life insurance firm Scottish Provident revealed that people would not generally be concerned about outstanding balances on loans and credit cards until they owed almost £16,000. Only then would they [...]
What Happens To My Debt Management Plan If My Income Changes?
December 22nd, 2010If you are using a debt management plan to resolve financial issues, you may be wondering what happens if your income fluctuates while you are on the plan. Read on to find out what would happen if your income improved, or reduced, and what options are available to you.
Depending on the level of debt included, [...]
Women Worst Hit By Recession
December 8th, 2010 Women are being hit the hardest by Britain’s economic meltdown, figures have revealed.
The number being plunged into insolvency in just one year has soared to an all-time record of nearly 65,000, a staggering 175 a day.
The study conducted by the Government’s Insolvency Service discovered that women are being hit almost 3 times harder by the [...]
Millions Can’t Afford To Retire
December 1st, 2010A massive 4.5 million people over 50 years old expect to work beyond the state retirement age according to new research conducted by insurance and retirement firm LV.
The study found that more than half of over-50s expect to work up to 5 years beyond retirement, more than ¼ expect to work 5-10 years past retirement [...]