Weekly round-up

23/10/2009

This week celebrities struggling with financial difficulties have been hitting the headlines. Sacked Tranmere manager John Barnes was declared bankrupt by a Liverpool insolvency court last week.

It's believed this is a result of unpaid taxes. It comes as the Duchess of York had to put birthday celebrations on ice, due to lack of cash.

Fergie could consider speaking to a debt management specialist or enter into an Individual voluntary agreement to avoid becoming bankrupt.

Fergie's not alone in her money woes, it's been reported that four in ten people in Britain are either saving too little or nothing at all for their pensions.

That's according to research conducted by the Association of British Insurers who say people just aren’t prepared for unexpected events like unemployment.

The figures become even more poignant as the average monthly pension for expats on state schemes has dropped by more than 270 euros since January 2007.

Kevin Still, Director of debt management company EuroDebt commented that
"Exchange rate problems will have hit many very hard along with very poor interest rates. We now have debt advisors in places like Spain where there are a large number of Brits living abroad or semi-retired".

It might be difficult for some people to look that far into the future at the moment as reports say more UK companies face the threat of insolvency next year, despite the number of firms failing, decreasing in the past three months.

A BBC report commented on a study which warned how the 1980's recession also saw a temporary rise in business confidence before rapidly deteriorating in 1982.

Looking ahead, Christmas is just around the corner, around one in five people say they're planning to use credit cards to fund their Christmas this year.

This could make IVA advice top of many people’s Christmas list as worried consumers seek a way to repay what they owe, in a manageable way.

• Share
• 
• 
• Store
• 
• Follow
•