Britons sitting on a £5bn black hole of ‘hidden debt

Britons are using cash meant for rent, council tax and utility bills as a loan to cover other household bills, almost £200 (per person) has been built on average in unpaid rent and council tax and overdue gas and electricity bills, the report from Demos claimed. 
These debts are not included in formal figures on levels of household debt, but can have just as damaging an impact on people as payday loans, it said.
Demos said around nine in ten adults in the UK are in some form of debt, and the most common reasons for borrowing money were for a one-off purchase or unexpected event. 
However, the report said ‘worryingly’ almost one quarter of people had dug themselves into debt to cover everyday living costs such as food, heating and clothing’.

Do you have bills that you can't meet and debts you can't pay contact Twinpier


Payday Loans

#Debtline #debtdebate blog: Do you have Payday loan? Are you one of the many that has been treated unfairly after explaining that you are facing financial difficulty.

Citizens advice bureau has been running a survey and in the first 12 month 83% of respondents stated that their payday loan lender didn't treat sympathetically or offer support when they had financial difficulty. 84% failed to freeze interest payments and only 9% were told that they could get debt advice.

Do you need help negotiating an affordable repayment with a payday lender? We can help, contact  Twinpier

PPI – Claims Management

#Debtline #Debtdebate blog:

Twinpier doesn't provide claims management but we note with interest the following situation regarding Lloyds PPI payouts. For many years now the OFT & FSA (and various consumer groups) warned consumers not to use claims management companies who claimed they could obtain a larger payout for PPI claims. Given the revelations contained in tonight's BBC programme here it's clear claims management companies were justified in making those claims and by adopting a firm policy of not being fobbed off they have obtained much higher payouts for their clients than consumers acting on their own.

The knee-jerk reactions and (all too) regular attacks on fee charging money advice sector should be firmly put to bed - people are adult enough to know if you want expertise you will usually have to pay for it.

Warren Buffett — 'Honesty is a very expensive gift, Don't expect it from cheap people.'

Gas and Electric Debts

#debtline #debtdebate (blog) Thisismoney.co.uk  has reported; "Couple’s shock as British Gas breaks into home, replaces meter ... and changes the locks. A new low for customer service?  This was a shock as they had been paying their bills, 
Unbeknown to them, British Gas had failed to change over the details for the gas and electricity account at the address from the previous tenant".

"A week ago I got a bill from BG for 320 quid. It was just after xmas so I couldn’t afford to pay it. I was given 5 days to pay early to qualify for a discount. This I could not do. I received another letter ‘Final Notice’ pay half now or phone us to arrange payment or we will get a warrant to cut you off.
I phoned them up, and now they are saying that I must pay the whole £320 in full, or they will cut me off. No payment plan, no arrangement, just simply pay everything in full or else. I've explained that in a fortnight, I was intending to pay the full bill when I got paid, but they refused to budge" (consumer action group)


Are  you being threatened by a utility company, do you have old utility bills that you cannot pay contact Twinpier  for advice.


A budget for savers

#debtline, #debtdebate (Blog)
BUDGET12:36: 

"Support for savers is at the centre of this Budget," says the chancellor.
Are you one of the many millions that has no savings and are struggling to pay debt need support and advice contact Twinpier 

Savings

#Debtline #Debtdebate blog: One in five people admit to having no savings (Scottish Widows Savings Report). 


For those who are managing to save, the average amount they hold is £10,200. However, more than half of those surveyed said they were saving less than they did two years ago.


The study of 5,000 adults found that family pressures are continuing to have a big impact on people’s ability to save for the future. Two out of five adults said they had lent ‘a substantial amount’ of money to family members.
Meanwhile, one in four had lent money to their children to cover living expenses, put towards a house deposit or pay off debt.
Lending to family members was found to have a serious effect on parents’ and grandparents’ finances. One in four of them said they were saving less as a result, while one in five had to cut back on day-to-day living costs.
One in four of the 35–44 year olds surveyed had no savings whatsoever. Many of them said this was because they were in debt – the average amount owed being £5,935.
Do you have little or no savings;  pay out all your surplus income on debt and borrow to pay for day to day living expenses. Need help and advice contact Twinpier
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