Tag Archives: debt

Payday loans: 7 key concerns we think need to be addressed

posted by in Budgeting 1 Comment

UPDATE: 1 July 2014 – new rules from the Financial Conduct Authority (FCA) means that payday loan companies:

  • cannot rollover an outstanding payday loan balance more than twice
  • must send the debtor an information sheet with contact details for various debt advice organisations. A copy of this information sheet can be seen here
  • cannot make more than two attempts to deduct money from a debtor’s bank account by means of Continuous Payment Authority (CPA) unless a rollover has been agreed.
  • Must now include a prominent risk warning on all financial promotions.
Payday loans neon sign

We can help you deal with payday loans

We say that payday loans should never be used to pay debt, but the payday loan sector also needs to take their customers’ financial situations into account.

Below we’ve outlined seven key concerns relating payday loans that we’ve highlighted this week, ones that are causing harm to consumers.

Continue reading »

Tags

Debt in Mind makes it to Parliament!

posted by in Budgeting Leave a comment

We made the call, and Parliament answered. Debt and mental health are linked!

Debt and mental health are linked

They say from small acorns can spring mighty oaks. Well, from our acorn sprung something seriously mighty indeed!

Our work alongside our friends at the Mental Health Foundation for Mental Health Awareness Week began as a simple belief that debt and mental health are intrinsically linked and that we should make more people aware of the connection between the two.

But not only have thousands of people been made aware of our Debt in Mind campaign, but it’s also attracted attention from those who can make real changes to better the lives of so many.

This morning we learned that the following statement was made in a motion tabled by Christina McKelvie at the Scottish Parliament yesterday:

“The Parliament recognises 13 to 19 May 2013 as Mental Health Awareness Week (and) congratulates StepChange Debt Charity on the launch of its new website, which examines the impact that debt and mental health problems can have on a person’s wellbeing…(and) commends the work being done by StepChange Debt Charity in aiding and guiding people with depression who are experiencing debt”.

So far the motion has been supported by 25 Members of the Scottish Parliament (MSPs). We’re very proud to receive such recognition and will continue to work alongside mental health charities to ensure that no one needs to deal with debt or mental health problems alone.

Tags

How Samaritans can help you

posted by in Budgeting Leave a comment

Samaritans are in your corner

Samaritans are in your corner

At Samaritans, we’re aware that people are feeling under increasing pressure over money. At the start of the current financial crisis in 2008, one in 10 of our calls was about money, debt and related issues. Since then, this figure has risen to one in six.

Although we know that worries about debt or the threat of losing a home can cause stress and depression, it’s important to understand that suicide is complex, and it is seldom the result of a single factor. It is likely to have several inter-related causes.

Continue reading »

Tags

Our debt advisor awarded best in the country!

posted by in Budgeting, Debt news Leave a comment

Hip hip hooray for our Trish!

Hip hip hooray for our Trish!

Leeds debt advisor Patricia Cassidy beat off tough competition to be crowned Debt Counsellor of the Year at the Credit Today Awards 2013

Patricia was there in person to collect her award at last night’s ceremony held at the plush Grosvenor House Hotel in London.

A panel of experts voted that she most consistently gave top notch debt advice, sympathetically dealt with difficult cases and worked to promote debt issues internally.

Competition was tough in a category with seven other nominees, including advisors from Baines & Ernst, ClearDebt, Christians Against Poverty and Debt Advisory Line.

But our girl won through and was rewarded for her tireless daily work helping people out of debt.

Continue reading »

Tags

The stress of dealing with debt alone

posted by in Budgeting Leave a comment

CCCS0357

No one should ever have to deal with debt alone

Mother Theresa was once quoted as saying “The most terrible (form of) poverty is loneliness”. Considering that in today’s society loneliness is said to be on the rise, she may well have been onto something.

Problem debt and rising living costs are a burden for many people, but it seems that people living alone have it especially tough. A 2011 study by Co-operatives UK found that 51% of a single person’s income goes on essential items such as housing, food and utilities compared just 30% of income earned by people living together. Dealing with this kind of pressure can surely intensify the negative feelings a lonely person goes through.

There’s more: according to the 2010 Lonely Society report by the Mental Health Foundation, the percentage of households occupied by one person more than doubled from 6% in 1972 to 12% in 2008. They also stated that more than a third of us (42%) have felt depressed because we felt alone.

If you take a look at our Debt in Mind page you’ll see quotes from actual clients expressing deep feelings of loneliness and despair. Debt and these feelings are often linked. If you’re feeling lonely it helps to understand more about these feelings. 

Continue reading »

Tags

Your relationship, your debt and your mental health

posted by in Budgeting Leave a comment

Debt problems can destroy even the healthiest of relationships

Debt can harm even the healthiest of relationships

It’s long been a concern of ours that so many people who struggle with debt feel a knock-on effect with their relationships.

There’s reason to be worried; our infographic for Mental Health Awareness Week highlights that 6.2 million people are hiding their debt from their partners. What’s more, 35% of people with debt problems said their relationship suffered or ended completely due to debt worry.

As Peer mentioned in a previous article, debt due to separation or divorce is a real problem all across the UK.  Luckily, our Wellbeing guide has a few suggestions to help keep your relationship on track during times of stress.

Continue reading »

Tags

Frugal friends: 20 brilliant moneysaving blogs

posted by in Budgeting, Debt news 29 Comments

who's your favourite moneysaving blogger?

Who’s your favourite moneysaving blogger?

If I’ve learned anything since joining the MoneyAware team, it’s that there’s no limit to what the web can do to help you save money or get debt free.

This is especially true when it comes to bloggers; people just like you and me who’ve chosen to let the world in on their lives and share the lessons they’ve learnt along the way.

It’s probably no surprise that we love moneysaving bloggers the most. So, we wanted to tell you about some of the best out there (in no particular order!) so you can save too!

Continue reading »

Tags