Peter Payack Finance

LONDON, UNITED KINGDOM — (Marketwire) — 04/14/09 — Responding to new figures suggesting that less than half of consumers put money into savings on a regular basis last year, financial solutions company Think Money has emphasised the importance of putting money aside each month, adding that people with savings have more protection against debt and other unexpected financial circumstances.

A new survey from National Savings & Investments (NS&I) has claimed that just 47% of people in the UK made regular savings throughout 2008, meaning that over half either put money away from time-to-time or saved nothing at all.

However, NS&I also said that people who are saving have increased the amount they put away on average, with a higher level of savings in the three months to the end of February 2009 than in any quarter since records began four years ago.

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If you’re struggling to keep up with your debt payments, there’s very little point in waiting before you do something about it. The longer you wait, the more likely you are to start missing payments and receiving letters and phone calls from your creditors – not to mention late payment charges, damage to your credit rating and even higher interest rates.

Debt Relief Order

In general, the sooner you take action, the easier it should be to ‘sort your debts out’ – to make sure you can afford your payments and to figure out a way of clearing your debts as soon as realistically possible.

To reach that point, you may need some help and cooperation from your creditors – but you may not.

You may find you can keep up with your payments just by cutting back on your spending. If you can do this, it’s well worth making the sacrifices, whether that means cutting back on going out, reducing the amount you spend on clothes, banning yourself from buying CDs, buying a more economical car or cancelling a holiday or two. Exactly how you choose to ‘tighten your belt’ will vary from one person to the next, but it’s a good idea to start by keeping a complete list of everything you spend.

Ideally, it’s best to do this for a complete month (although this may not be an option if your debt problems require you to act immediately), as it’ll give you a chance to figure out exactly where your money is going. To do that, you’ll need to make a note of every penny you spend – you probably have a good idea of how much you spend on bills like mortgage / rent, utility bills and petrol, but it’s your spending on non-essential items that you need to reduce, and this can be extremely hard to figure out unless you keep careful notes.

If you don’t think this will ‘free up’ the cash you need for your monthly debt payments, you need to contact your lenders, explain your situation, tell them what you can afford to pay per month, and ask what they can do to help you pay that. For instance, they might agree to accept lower payments, waive charges and / or freeze interest on your debt for the time being.

It’s up to you whether you want to negotiate with them yourself or ask a debt relief expert to help you out – but again, timing is important, and the sooner you do it, the easier it should be to agree on a repayment plan that works for you and your lenders alike.

Department for Business, Enterprise and Regulatory Reform  (National)
New 30-day rule to help households take control of their finances

Debt collectors have agreed with Government to give 30 days’ breathing space to borrowers struggling to repay debts.

The new 30-day rule, agreed with the Credit Service Association (CSA), which represents debt collection agencies, will start once an accredited debt advisor has been appointed.

Consumer Minister Gareth Thomas said:

“This new 30-day rule will give people a breathing space to help them take control of their finances as well as encourage them to seek help from debt advisors.

“I welcome the CSA’s recognition that this is an important and sensible commitment to have made to borrowers.”

Kurt Obermaier, Executive Director of the CSA, said:

“We have an agreement to allow a 30-day breathing space in the hope and expectation that this will ease the pressure on the debtor and more likely result in a positive outcome for all.”

The new 30-day rule is being written into the CSA’s existing code of practice which governs their 300 members.

It means that debt collection agencies will not contact debtors to pursue debts for 30 days once they have been informed that an accredited debt advisor has taken on the case. This will allow an accredited debt advisor to negotiate with creditors and the collection agency so that a plan for repaying the debt can be agreed.

In addition CSA members will be required to inform borrowers of the availability of accredited advisory services.

A break of 30 days - with a possible extension of another 30 days - to borrowers in difficulty was part of a new set of ‘fair principles’ agreed following a credit card summit hosted by the Department for Business in November.

Debt Relief Orders

Consumer Affairs Minister Gareth Thomas also welcomes the news that debt relief orders will come into effect on Monday 6th April.

He said: “We want anyone in difficulty to be able to access the help they need.

“We know that many people are already struggling to stay on top of their bills and pay their debts so we are taking action to ensure consumers are in control of their finances and are treated fairly.”

These orders will mean people on low incomes with limited debts who could not previously afford to go bankrupt will be able to write off their debts and start again after a period of 12 months.

This is not an easy option for people in debt - the insolvency will be a matter of public record and creditors will be able to apply to have the order revoked. But it will help those trapped in poverty.

Notes to editors:

1. Accredited debt advisors include: Citizens’ Advice Bureaux, Advice UK, The Consumer Credit Counselling Service

2. The announcement means a formal amendment to the Code of the CSA

3. The Credit Services Association (CSA) Limited was established in 1902 and is the only National Association in the UK for companies active in relation to unpaid credit accounts; debt recovery agencies, tracing and allied professional services

Department for Business, Enterprise & Regulatory Reform
7th Floor, 1 Victoria Street, London SW1H 0ET

Public enquiries +44 (0)20 7215 5000
Textphone +44 (0)20 7215 6740 (for those with hearing impairment)
http://www.berr.gov.uk

Client ref 2009/94

COI ref 172610P

The Office of Fair Trading has told 11 financial management businesses with ‘look alike’ websites posing as official or charity advice sites to close them down immediately, and is warning consumers to take care when searching for debt advice online.

The sites use similar or slightly amended domain names which imply that they are affiliated to organisations such as Citizens Advice, Advice UK, National Debtline or the Consumer Credit Counselling Service. Some of the website names also imply that they have some official status or sanction from the Government.

Parts of the content of these ‘look alike’ websites are often copied from legitimate sites offering free advice, despite the companies involved charging fees.

Read more: Closure of ‘look alike’ debt advice websites sought by Office of Fair Trading

If you have debts of around £15,000 (or higher) that you are unable to repay, an IVA (Individual Voluntary Arrangement) is a Government-backed debt solution that could help you get back in the clear by allowing you to write off debt you can’t afford. As part of the Insolvency Act (1986), it’s a legally binding means of getting out of debt that helped over 40,000 people per year in both 2006 and 2007.

An IVA proposal can only be put forward by a licensed Insolvency Practitioner. If the IVA is approved, you will pay a set monthly amount towards your IVA, usually for 5 years – after which your debt will be considered settled.

Before entering an IVA, your circumstances will be thoroughly reviewed to determine how much you are able to pay each month once living expenses have been taken into account. Creditors are likely to accept an IVA if they can see that a) you are not able to repay the full amount, and b) they will get more from your IVA then they would by petitioning for your bankruptcy.

How does an IVA work?
1) Firstly, you will speak to a debt adviser about your situation. If they think an IVA is your best option, they will work with you to draw up a proposal, telling your creditors how much they would receive if the IVA goes ahead.

2) The proposal is then submitted to your creditors for approval. A Creditors’ Meeting will be planned to give your creditors a chance to discuss the terms.

3) The Creditors’ Meeting invites your creditors to get together and vote on whether to approve your IVA proposal. For the IVA to go ahead, those who vote in favour of the proposal must collectively own more than 75% of your total debts.

If any of your creditors do not respond to the proposal, it is automatically considered a vote in favour of the IVA.

4) If approved, the IVA begins and you will pay a fixed amount each month, which will be divided between your creditors. This will usually take place over 5 years. Your creditors are legally required to stop charging interest and may no longer pursue any kind of legal action, unless the terms of the IVA are broken.

5) If you are a homeowner, you will probably have to free up the majority of the equity in your home in the 4th year of your IVA, and this will also be divided between your creditors.

6) If you successfully keep up payments for 5 years, the IVA is complete and you are legally debt-free. However, it may take up to a year afterwards for the IVA to disappear from your credit history.

I was searching the web earlier for impartial debt advice (just doing a little research), and I noticed a Twitter search page ranking quite high - impartial debt advice

Anyone seen this before?

WASHINGTON, March 31, 2009 /PRNewswire-USNewswire via COMTEX/ —-People who are struggling to pay their bills and hold onto their homes and cars need to know that it shouldn’t cost much - if anything - for them to get outside help, according to the American Financial Services Association Education Foundation (AFSAEF).

Susie Irvine, AFSAEF’s president and chief executive officer, points out that, with April being Financial Literacy Month, it’s an opportune time to raise public awareness about legitimate options for debt management assistance. “In today’s economy, it’s all too easy for stressed borrowers who are desperate for quick solutions to be lured into false promises that end up costing them a lot of money,” she said.

“Consumers should avoid any third-party service that attempts to charge them upfront fees of hundreds - or thousands - of dollars,” Irvine added. “If this happens, run the other way.”

Most creditors have in-house hardship plans and workout programs to assist troubled borrowers deal with temporary and permanent situations. By contacting their creditors directly, borrowers often can obtain an arrangement that won’t cost them anything. “This option makes the most sense if your financial obligations are relatively few,” said Irvine.

For people with multiple debts, the more practical option may be an accredited, non-profit credit counseling agency, such as one that’s a member of the National Foundation for Credit Counseling (NFCC). These agencies can negotiate a debt management plan and provide budget counseling for nominal fees. According to NFCC, initial counseling sessions are often free, enrollment in a debt management plan costs $25-50, and the agency’s monthly fee to administer the plan averages $25-50.

AFSAEF urges consumers to exercise caution when dealing with debt settlement companies, which claim they can consolidate a delinquent borrower’s debt and pay it off for less than what’s owed. “People should know that these companies tend to collect a significant part of the consumer’s fee before anything - if at all - is paid to creditors,” said Irvine.

Based in Washington, DC, AFSAEF’s (www.afsaef.org) mission is to help consumers realize the benefits of responsible money management, understand the credit process and seek help if credit problems occur. It is affiliated with the American Financial Services Association (www.afsaonline.org), the national trade association for the consumer credit industry, protecting access to credit and consumer choice.

SOURCE American Financial Services Association Education Foundation

http://www.afsaef.org

Copyright (C) 2009 PR Newswire. All rights reserved

Welcome to Free Debt Management Website. Our website provides informational links to UK & U.S. residents concerning their consumer debt problems, quick, pain-free fixes like debt consolidation, debt management, and bankruptcy. We offer links for advice and solutions to people with debt problems.

Debt management does not supply you with another loan, but can provide a service that help to clear you debts, will distribute your monthly payments to your creditors on your behalf and negotiate to try and reduce/freeze interest and charges.

Debt management, Debt Advice Online

CARY, NC - SAS, the leader in Business Analytics software and services, is ranked in the top three in financial crimes risk management by Chartis Research in its Financial Crimes Risk Management Systems 2009 report. The report evaluates software vendors in regards to “completeness of offering” and “market share potential.” Chartis Research noted SAS’ strengths in credit risk (particularly retail banking) and operational risk as key differentiators. Also, SAS® software was ranked high by Chartis in several areas including advanced analytics, data management and integration, configurability and support capabilities.

“Chartis considers SAS as one of the leading players in the provision of technology solutions for financial crime risk management,” said Helen Townsley, Director of Research at Chartis Research. “SAS is one of the few technology vendors that has taken a fully integrated platform approach to developing its financial risk management solutions and anti-money laundering solutions. With the current financial crisis and high profile failures, leading technology vendors need to provide an integrated enterprise risk management offering which can analyze and report on the gaps and overlaps between credit risk, operational risk and financial crime.”

Chartis forecasts the global market for financial crime risk management technology to grow to $3.75 billion by 2012, at a compound annual growth rate of 13.1 percent. The report examines both the demand and supply side of the market for financial crime risk management technology. It specifically covers the market requirements for fraud and anti-money laundering technologies and forecasts of market size, competitive landscape and best practices.

According to Chartis, the common factor among established leaders such as SAS is that “forward looking vendors have seized the opportunity to identify the common functional components (e.g. case management, risk analytics, reporting) and established clear strategies for a component-based solution.” Chartis states that “those vendors with a strong pedigree in business intelligence, analytics and data-integration have been able to add the required integration layers on top of their existing point-solutions to provide a more seamless enterprise solution.”

Chartis highlighted that “the SAS Financial Crime solutions integrate analytics, advanced decisioning capabilities, and sophisticated rules into a single Enterprise Financial Crimes Platform.” The research company complimented the functional SAS components of data analytics and alert generation, alert and workflow management, and lastly case management. Chartis is confident that “the [SAS] solution set enables accurate scoring of all transactions at the point of sale (POS) to stop fraudsters immediately and delivers a cross channel, cross line of business approach to detecting and preventing the more sophisticated and dynamic attacks.”

[Source: Financial Crime Risk Management Systems 2009, Chartis Research, February 2009.]
About Chartis Research

Chartis Research is the leading provider of research and analysis on the global market for risk technology. Our goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance. We help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology. www.chartis-research.com

About SAS
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, SAS helps customers at more than 45,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world The Power to Know®

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SAS Business Intelligence Software have 30+ years of experience and 45000+ customer sites worldwide. View success stories, analyst reports & demos.

Gregory Pennington are a debt management company based in Salford Quays in Manchester. They offer a wide range of debt help and advice, including debt management plans, debt consolidation and IVAs.

A trade body for IVA (Individual Voluntary Arrangement) and debt resolution firms has said that as many as one in 60 people in England and Wales could be facing unmanageable debt.

David Mond, chairman of the Debt Resolution Forum, claimed that “there are an estimated 110,000 people currently in individual voluntary arrangements”, as well as “…probably more than 700,000 people in informal debt management plans”.

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