Tag Archives: economy

How Brexit could affect your finances if you’re in debt

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The people of the UK have spoken and have decided that we should leave the EU. There are endless articles online about the political ins and outs, arguing one side against the other. We’re going to sidestep the debate and instead investigate the practical implications of Brexit on your finances.

The short answer to how Brexit will affect the majority of people is this: things will probably carry on as normal, in the short term at least.

The long answer is a bit more complex…

The key thing to note is that very little has changed since the vote to leave the EU and it’s still too early to see what the long term impact of Brexit will be.

We do have a slightly better idea about where the potential changes to your finances could occur, based on short term predictions of the economy. So let’s take a look at the different areas that Brexit could affect you, and how soon these changes could happen. Continue reading »

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Is it brighter news for the number of insolvencies?

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Sun and dark clouds

OK, so is the storm coming or going?

The insolvency figures for July to September 2011 were released on Friday and the number of personal insolvencies fell during the summer.

Compared to the same time last year, the number of people who became insolvent fell by 11%, to 30,219. In real terms over 3,500 fewer people became insolvent in July to September 2011 compared to July to September 2010.

But if you’re in debt and think that a formal solution is your way out, what’s the next step?

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It’s the recession hitting women harder, not the shopping bill

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Female unemployed sign

The recession bites for women

The Insolvency Service recently released the new insolvency figures for April to June 2011 and a leading accountancy firm has found that there’s been a big rise in female insolvency – taking out Individual Voluntary Arrangements (IVAs) or Debt Relief Orders (DROs), or opting for bankruptcy.

According to RSM Tenon, 14,827 women took out some form of insolvency in the three months to June and females now account for 48% of personal insolvencies (up from 32% in 2002). Female insolvencies also outnumber males in two of age categories, for 18-25 years olds and 26-35.

In their press release the accountancy firm  wonder if,

“There’s an element of truth that the offer of buying handbags with pricey store cards is sending more and more women bust.”

However, from our experience, this isn’t about ‘shopping till you drop’ but about sudden income shock.

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Why will families be £1,500 worse off?

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Pound coins and notes

Are families really going to shell out money?

Yesterday the International Monetary Fund (IMF) warned that “families would have £35 billion less disposable income due to the Government’s attempts to tackle the deficit.” Divided equally that means every UK household will be nearly £1,500 worse off a year. If you’re in debt, how can you find this shortfall when you’re struggling already?

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