Home > News > Debt advice

More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Amount of `bad debt` written off reaches 16-year high

03/03/2010

The latest figures from the Bank of England (BoE) suggest that individuals and businesses defaulted on £6.1bn worth of mortgages and loans during the final quarter of 2009 - the highest amount since 1993, when the figures were first collected in this format, the Telegraph reports.

Although bad debts on mortgages and credit cards did fall slightly, there was a large rise in the number of people unable to keep up with their other debts, such as overdrafts and loans - with write-offs reaching £1.36bn during the final three-month period of the year.

Lenders wrote off £205m of mortgage debt during the period, which was slightly lower than the £263m written off during the second quarter. Meanwhile, bad debts on credit cards fell considerably from £1.57bn to £894m in the final quarter.

Overall, total debt write-offs (on lending to individuals) increased to £9.34bn in 2009, up from the £6.85bn seen in 2008.

---

Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according