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ClearDebt profits soar to £3.96m

ClearDebt Group has declared gross profits of £3.96 million for the full year to 30 June 2011, up 20 per cent on the £3.3 million announced for the same period last year. 

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Debt charities' warning of rising fuel poverty

A debt charity has warned of a sharp rise in fuel poverty after 20,000 people sought debt advice relating to energy bills in the first half of this year.

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Fairpoint Group hit by weak IVA market

 Fairpoint Group posted a loss of £1.6m after tax for the first half of 2011, after revenues were impacted by a fall in volumes and fees from individual voluntary arrangements (IVAs).

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Report reveals misfortune amid the council estates

People who have created comfortable lifestyles on council estates are suffering the highest number of insolvencies, according to a study published today.

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Financial services complaints surge to 150,000

Nearly 150,000 complaints against financial services firms flooded into the Financial Ombudsman Service (FOS) between January and June this year, as swathes of borrowers took action over payment protection insurance (PPI).

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HMRC targets tax dodging directors

HM Revenue and Customs (HMRC) is taking a tougher stance against business owners who have failed to pay tax before going bankrupt, says city law firm Wedlake Bell.

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Door opens to VAT refunds for IVAs

Insolvency practitioners have been advised that they can start claiming VAT refunds on open individual voluntary arrangement (IVA) cases, under guidance issued by the recognised professional bodies (RPBs) on a landmark court case.

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Northern Ireland a debt hotspot, says CCCS

Demand for debt relief orders (DROs) in Northern Ireland was more than double the UK average during the first month of their availability in the region, according to debt charity Consumer Credit Counselling Service (CCCS).

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DEMSA in new partnership to tackle fee chargers

The Institute of Money Advisers (IMA) and the Debt Managers Standards Association (DEMSA) have announced a new partnership intended to raise standards in the fee-charging debt advice sector.

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UK consumers paying it down

UK home owners who are behind on mortgage payments are now more likely to pay off their arrears than two years ago, according to analysis of more than 12,000 households.

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Debt pressures contributed to riots, study claims

Nearly half the nation believe that debt and financial pressures contributed to the looting in cities across England, according to a poll commissioned by the trade body R3.

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Debtors seeking support from loved ones

Nearly one in five people struggling with debt owe money to friends or family after borrowing from them to keep up repayments to creditors, according to the Consumer Credit Counselling Service (CCCS).

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Personal insolvencies in annual fall of 12%

Personal insolvencies have dropped by 12 per cent to 30,513 in the second quarter of 2011, year on year, according to today’s official statistics from the Insolvency Service.

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Threshold on creditors' bankruptcy petitions may rise to £3,000

The minimum level of debt for a creditor to petition for bankruptcy could rise to £3,000 from £750, under proposals announced by the minister for insolvency.

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Paymex wins landmark IVA battle against HMRC

Debt solutions provider Paymex Group has won a major court battle against HM Revenue and Customs, over tax charged on individual voluntary arrangements (IVAs).

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DRF unveils measures to improve standards

The Debt Resolution Forum (DRF) has unveiled new measures for members to undertake to improve standards in the debt management sector, following a consultation launched by the Office of Fair Trading (OFT).

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Insolvency figures unveil crisis in industrial communities

Married couples who live mostly in communities founded on mines, mills and assembly plants are suffering the largest rise in personal insolvencies, a report has claimed.

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43 debt management firms surrender licences

The Office of Fair Trading (OFT) has revealed that 43 debt management firms have surrendered their consumer credit licences, as it published revised guidance for the sector.

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Six million people behind on bills, says R3

Around six million people are behind with their bills and payments as record numbers experience financial distress, according to insolvency trade body R3.

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OFT warning to debt management firms

The Office of Fair Trading (OFT) has warned debt management firms that their licenses will be revoked if they do not operate within guidelines and withhold cash from creditors.

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