View more on these topics

Debt agencies inundated with enquiries as personal debt soars

Debt-advice related enquiries increased 28 per cent as households struggle with a collective personal debt of £1.46 trillion.

The Department of Business, Innovation and Skills’ free face-to-face advice service is being stretched by the increased demand and would be able to provide support to more people through efficiencies, says a report by the National Audit Office.

Head of the National Audit Office Mr Amyas Morse says: “BIS’s project to offer face-to-face advice has done well and has helped those who have used it. But demand is outstripping capacity and the Department needs to look at ways of reaching even more people; and it must establish a coherent framework for delivering the Government’s wider strategy for tackling over-indebtedness.”

The report reveals that some people have to wait a month for an appointment with some advice agencies as record levels of personal debt hit Britons – which is now equal to roughly £56,000 for every household, or 160 per cent of annual pre-tax income.

The report comes as the Conservatives announced plans to create a free financial advice service, should they win the next general election.

The Tories put forward their proposal for a free advice service Tuesday in an economic manifesto, called A New Economic Model.

A conservative spokeswoman said: “It is about encouraging a culture where people do proactively seek financial advice.”

Recommended

Aberdeen merging UK and Euro funds

Aberdeen is merging some of its UK and European funds in a bid to improve efficiency. The £42m UK opportunities fund will be merged with the £119m UK growth fund and renamed the Aberdeen UK equ-ity fund. The firm is also merging its £5.4m European opportunities fund with the £224m European growth and renaming it […]

1

Platform tickets

Tracey Scott reports on why some advisers either use a variety of platforms or are reluctant to use any.

Midas looks to private equity

Midas Capital has added two private equity funds to its balanced growth fund as it aims to build on last year’s turnaround in performance.

In Focus image

In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Welcome to the NuLabour land of milk & honey where “there will be no more boom & bust” – how stupid of the masses to believe Gordon “King Canute” Brown would be able to (single handedly) stop the world’s financial tides !!

  2. And the Tories will do better? Not according to someone very close to the action.

  3. Michael Nicholls 5th February 2010 at 1:25 pm

    This just goes to highlight the fact that intermediaries are not filling this void. ‘Middle England’ is buckling under the weight of its debt and as an industry we’re not helping enough people.

Leave a comment