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Gregory Pennington - debt management company

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Current Feed Content from 7 Sep 08 08:25

• Debt management: making room for rising bills

  Fri, 29 Aug 2008 16:49:58 GMT

  What do you do when your income doesn’t stretch as far as you’d hoped? Following the recent record price increase from British Gas, Adam Scorer (Campaigns Director at gas and electricity watchdog energywatch) commented that:
  
  “…almost a billion pounds of profit in six months isn’t the sort of profit [British Gas’ parent company] Centrica wanted so it has raised gas prices by 35%.”
  
  British Gas stated that ‘soaring wholesale energy prices have forced it to increase tariffs for domestic gas and electricity’ – but as Mr. Scorer points out:
  
  “Consumers would love to be able to affect their bottom line so easily.”
  
  Unfortunately, very few people have the option of charging their employer 35% more because their own bills have gone up. It seems making the same money stretch further is the only option. Or is it?

• Managing debt at a time of record inflation

  Fri, 22 Aug 2008 16:26:14 GMT

  For anyone struggling to manage their debts, the inflation news on August 12th was not good – the CPI (Consumer Price Index) had risen from 3.8% in June to 4.4% in July.
  
  Is 4.4% really high?
  This jump marked both the highest CPI figure and the largest monthly increase since CPI records began in January 1997. According to the Guardian, the last time inflation was higher was in April 1992, when it hit 4.7%.

• Don’t let inflation land you in debt

  Fri, 22 Aug 2008 16:47:44 GMT

  It was recently announced that inflation has reached its highest level in 16 years. CPI inflation reached 4.4% in July, up from 3.8% in June, and already exceeding many economists’ predictions for total annual inflation.
  
  Even more worrying are the alternative figures: RPI inflation (which measures mostly the same things as CPI, but includes mortgage & housing costs) reached 5% in July, and the latest figures from The Telegraph’s RCLI (Real Cost of Living Index), which attempts to measure the rise in essential living costs to the average consumer, measured inflation at 10.8% in July.
  
  The news may be a particular worry to people struggling with debt, as rising inflation adds further pressure to the existing worry of rising utility prices and a volatile housing market.

• Debt andamp; Holidays

  Fri, 15 Aug 2008 16:30:22 GMT

  The best way to manage holiday debt is not to go on holiday in the first place. It’s not a popular choice, but tough times call for tough decisions, and around 1 in 4 British adults has decided not to take a holiday this year, according to a new study on holiday spending by CreditExpert.
  
  Giving up holidays may be an unpopular option, but for anyone struggling to manage their debts, it’s often the most obvious expense to cut. After all, unlike rent / mortgage, gas bills, petrol, food, etc. holidays aren’t actually essential.

• Debt advice: Do I need it?

  Fri, 25 Jul 2008 17:19:34 GMT

  Do I need debt advice? How much debt is too much? Are my problems sorting themselves out or getting worse?
  
  If you’re in financial difficulties, some well-timed debt advice can make all the difference – and the word ‘well-timed’ is important here. In general, the sooner you get debt advice, the easier (and cheaper) it’ll be to put your debts behind you.

• FSCS: protecting savers when a bank goes bust

  Tue, 15 Jul 2008 12:34:47 GMT

  Back in April, visitors to this site may have read about the FSCS (Financial Services Compensation Scheme), which will refund some or all of a saver’s money if their bank / building society goes bust.
  
  It’s very bad for the economy (and people’s confidence in our whole financial system) when an institution goes bust, and it can cost the taxpayer billions to prevent this – as happened with Northern Rock.

• Debt Management Plan or IVA – which is better for me?

  Thu, 26 Jun 2008 11:32:55 GMT

  What’s the difference between an IVA (Individual Voluntary Arrangement) and a debt management plan from a debt management company such as Gregory Pennington?*
  
  If you’re if debt, of course, the real question is: “Which would be better for me?” Take a look at the most important similarities and differences.

• Debt management and budgeting – the cost of kids

  Fri, 20 Jun 2008 15:55:20 GMT

  As anyone on a debt management plan will know, budgeting can be an eye-opening experience. Actually writing down where the money goes can be an unwelcome – but essential – ‘reality check’.
  
  Keeping track – an essential part of debt management
  For example, research from the Co-operative Bank Savings indicates that the average British family spends around £5, 000 per year entertaining the kids! If that sounds far-fetched, it just shows the importance of keeping track of your finances, and why it’s such a vital part of any debt management plan: the big expenses are easy to spot, but it’s the little expenses that really add up.

• Full andamp; Final Settlement offer - what is it?

  Fri, 6 Jun 2008 14:30:34 GMT

  If you have an overdue debt that you do not think you will be able to repay in full, some creditors may accept a ‘full & final settlement offer’. This is an offer to your creditor(s) of a lump sum in order to settle your debts. This lump sum is unlikely to be for the full amount: if you’re in financial difficulties and your creditors aren’t sure they’d ever get the full sum, they may well prefer to get some of it now than hope to get all of it in the future.
  
  There are a number of reasons why your creditors may accept a full & final settlement offer...

• What is an Administration Order?

  Tue, 27 May 2008 9:46:11 GMT

  It’s a mistake to think the courts are only there to help creditors. If you’re having problems keeping up with monthly payments to your debts, you may be able to ask the County Court for an Administration Order (see ‘Do I qualify for an Administration Order?’ below).
  
  An Administration Order would group all your debts together and lay down how much you can afford to pay towards them all each month. You’d make just one monthly payment to the Court, which would then pay each creditor an agreed amount. The Court would also take a small percentage of the money to cover costs.

• What are you entitled to? (Part 2)

  Fri, 16 May 2008 14:52:1 GMT

  If you’re having problems managing your debts, you’d undoubtedly find it easier if you could increase your disposable income: raising your income, lowering your expenditure, or both.
  
  Of course, wages aren’t the only form of income, but far too many people aren’t aware of what they’re entitled to. The government estimates that billions of pounds in benefits are going unclaimed across the UK.
  
  Here are just some of the benefits available to UK citizens. Are you entitled to any?*

• What are you entitled to? (Part 1)

  Fri, 16 May 2008 14:50:3 GMT

  If you’re having problems managing your debts, you’d undoubtedly find it easier if you could increase your disposable income: raising your income, lowering your expenditure, or both.
  
  Of course, wages aren’t the only form of income, but far too many people aren’t aware of what they’re entitled to. The government estimates that billions of pounds in benefits are going unclaimed across the UK.
  
  Here are just some of the benefits available to UK citizens. Are you entitled to any?*

• What is a Statutory Demand?

  Fri, 9 May 2008 15:34:22 GMT

  A statutory demand is a demand for payment of a debt over £750. It’s also a warning that your creditor may start bankruptcy proceedings against you if you don’t pay within 21 days. A creditor does not need to get the court involved to serve a statutory demand.
  
  It’s worth noting that no-one can push for bankruptcy unless you owe them £750 or more. So if you receive a statutory demand, you could consider paying enough of the debt to bring the total under that minimum. This isn’t the best way of managing your debt – and you’ll still need to deal with the remaining debt – but at least you’ll no longer face the immediate threat of bankruptcy.

• Debt management – in a credit crunch

  Fri, 25 Apr 2008 14:36:17 GMT

  Many people with multiple unsecured debts look into debt management or debt consolidation as a way of reducing their monthly outgoings and simplifying their finances.
  
  The option that’s right for one person may not be right for another, since debt management and debt consolidation both have their benefits and drawbacks. So it’s a decision they should only take after talking to an expert debt adviser – and one of the factors that adviser will consider is the cost and availability of a debt consolidation loan. Clearly, that can vary from person to person and from month to month, as the credit market goes through good times and bad times.

• What is County Court really like?

  Fri, 18 Apr 2008 12:41:49 GMT

  What is County Court action really like? On television, courts tend to be shown as glamorous places where defendants make passionate, witty speeches to solemn judges and fascinated juries. So depending on the kind of person you are, the thought of going to County Court could be either exciting or terrifying.

  But real life is very rarely like TV.

• What happens if I don’t pay my Council Tax?

  Fri, 11 Apr 2008 11:51:23 GMT

  Council Tax pays for local services, from policing to refuse collection. It’s a priority bill, which means paying it is even more important than paying your non-priority bills (such as credit cards or unsecured loans), as the consequences can be much more severe.

• Creditors and Debt Collection Agencies

  Fri, 4 Apr 2008 12:6:28 GMT

  "Will my creditors call in a debt collection agency?"
  "When – and why – would they do this?"
  
  These are extremely important questions if you’re in debt, especially if you’re struggling to make your payments. Unfortunately, there are no ‘standard’ answers, as it depends on which company you owe money to.

• Is debt management better than debt consolidation?

  Fri, 4 Apr 2008 12:21:10 GMT

  As with most questions about debt, the answer is `It depends`.

  It depends on the individual. Not just the amount they owe, but their financial history, their attitude to dealing with creditors – and their confidence in their own financial skills.

• What is a default notice?

  Thu, 20 Mar 2008 12:48:56 GMT

  To answer this question, we need to start by taking a look at the Consumer Credit Act 1974.

  Consumer Credit Act 1974
  The Consumer Credit Act 1974 is a piece of legislation that regulates almost all aspects of personal credit (for amounts up to �25, 000), protecting borrowers and lenders alike.

• Debt management: What debts can I include?

  Fri, 14 Mar 2008 12:45:43 GMT

  When dealing with debt becomes unaffordable, overly complicated, or both, many people turn to a debt management specialist like Gregory Pennington.

  Gregory Pennington’s Debt Management Programme can deal with unsecured debts – debts not secured to goods or property (a house, for example, or a car or TV).

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