phoenix & co

3 June 2011 Last updated at 15:17 Debt experts’ warning over rising bankruptcy costs By Simon Gompertz Personal finance correspondent, BBC News The rise in the cost of going bankrupt could discourage people with financial problems from seeking a solution, debt experts are warning. The fee for petitioning for bankruptcy rose by £75 to £525 at the start of the [...]

FEES BAILIFFS CAN CHARGE: The fees chargeable by most bailiffs are legally regulated in various Statutory Instruments, but this varies between the different types of debt that he is to collect. Sadly, many bailiffs are charging fees that are either not permitted by law, or are very excessive. The Government is currently looking at introducing far stricter regulations of Bailiffs [...]

How to complain about financial services Money TalkBy Natalie Ceeney Chief executive, Financial Ombudsman Service Natalie Ceeney says that communication is the key in a dispute  It is almost a month since I started my new role, as chief executive at the Financial Ombudsman Service – the free service set up by law to settle complaints between consumers and financial businesses. [...]

Always remember a Debt Collector cannot chase for debts that are being disputed.Call Consumer Direct on 0845 404 0506 if you have a complaint about a Debt Collector.

PPI and banks: Must pay, will pay? Robert Peston | 14:46 UK time, Wednesday, 20 April 2011 You might have noticed that my mind (and body) have been away from the day job. But I am so gobsmacked by the comprehensive defeat of the banks in the PPI case that my fingers felt compelled to tap on smartphone keys. What [...]

Put simply, Insolvency means you cannot pay your debts when they fall due and/or you owe more than you own. If that applies to you, you probably also are experiencing creditor pressure including legal threats or action. You should take advice, (which should be free) to understand your options and plan accordingly.

Debt advice is a new growth industry, with thousands of people (many of whom are unlicensed and inexperienced) employed to give advice. Many Advisors are often Volunteers, like those working for organisations such as “The Citizens Advice Bureau and have your best interests at heart, but others are little more than hard-sell operators pushing high cost debt management/consolidation plans or IVA’s that are not best suited to particular circumstances.

All advice should be free. Always ask to see your Advisors licence and always speak to some people they claim to have helped. Remember that if a proposal sounds too good to be true, it probably is!

Example business opportunity page.

Here is March 2011′s updated list of interesting links:

Credit claims firm investigated »
Crackdown on claims handlers »
Ministry warns on debt write-offs »
ASA upholds Lloyds TSB complaint against debt claim chaser »
100 claims companies cancelled as crackdown continues on firms who mislead the public »
Court lets woman off £8000 credit card debt »

The OFT is warning consumers that businesses that claim to be able to use sections 77/78/79 of the Consumer Credit Act 1974 to wipe out their debts are misleading them.
The OFT has today published a guide on the rights consumers have to request information under these sections of the Act. This explains that for a fee of £1 consumers can request a copy of their credit or hire agreement and information on their account so that they can find out:

• what was originally agreed
• what the agreement is now (if it has changed)
• how much is still owed.