BRITAIN: ‘ Tories Bedroom Tax Show Increase in Rent Arrears Cases ‘

#AceDebtNews – BRITAIN – October Debt and benefit issues remain the highest areas of demand for the Warwick district’s Citizens Advice Bureau branch but the need for unemployment and housing advice is also increasing.

The charity, for which its volunteers provide specialist help and advice for people with a variety of problems, has released its annual report which will be presented for approval at the annual branch meeting next week.

In the last 12 months the branch dealt with 5,865 debt issues, 4,817 welfare issues and, 1,898 unemployment issues.

Aidan Knox, branch manager, said: “One of the key issues for the people of Warwick district is affordability and we are advising more people who are in work yet unable to make ends meet than ever.

“Affordability not only impacts on the need for debt advice but on housing security too. Over the last year we have been advising on average three people per week with some form of housing repossession action taken against them.

“Affordability, or the difficulties people are facing trying to achieve it, is one reason we are increasing the work we are doing in helping people save money and reduce costs. This includes helping people research their options to change energy suppliers, be savvy bargain shoppers and budget more effectively and many other areas of money saving help.”

Paul Hobday, a money advisor for the branch, said the downward pressures on incomes have led to many working families struggling to meet basic household expenses and so arrears for priority bills such as utilities are now more common than ever.

While a rise in mortgage interest rates could also provoke a significant increase in repossession proceedings client problems have also been compounded by the ‘bedroom tax’, which has led to an increase in levels of rent arrears over the last 12 months.



#bedroom-tax, #britian, #cab, #charity, #unemployment, #volunteers, #warwick, #warwickshire

` One Tenth of Cuba’s Debt to Russia will be Invested in Cuban Economy RFM Sergei Lavrov ‘

#AceFinanceNews- HAVANA – April 29 – One-tenth of Cuba’s debt to Russia will be reinvested in Cuban economy, Russian Foreign Minister Sergei Lavrov said Tuesday upon the completion of talks with his Cuban counterpart, Bruno Rodriguez.

“The part of the debt that is not written off – and that’s 10% of the total – will be reinvested in Cuban economy on agreement between the two sides,” he said. “We’re interested in the making these investments productive to the maximum.”

Various companies are showing interest towards operations in Cuba and the energy sector leaders like Zarubezhneft, Rosneft and Inter RAO are among them, Lavrov said.

He recalled an important arrangement that has already been fulfilled in the form of an agreement on writing off Cuba’s debt to our country.

“This agreement is in the final phase of ratification at present,” Lavrov said.

Russian Oil and Media News



#cuba, #cuban, #havana, #rosneft, #russia

” Money Cannot Be Created or Destroyed “


#acedebtnews, #acefinancenews, #created, #destroyed, #money

“Financial Ombudsman’s PPI Claims Will Decline in 2014-15 from 400,00 to 270,000”

Financial Ombudsman Service

#AceDebtNews says according to the latest Financial Ombudsman Service (FOS) newsletter they have forecast volumes of payment protection insurance (PPI) complaints will decline in 2014-15 as it indicated banking and credit complaints are becoming increasingly complex.

PPI ClaimsIn its proposed plan and budget for the next financial year, FOS revealed it expects to resolve a record 320,000 PPI cases, reducing its stock of PPI grievances from 400,000 to 270,000 but warned numbers are likely to remain “substantial”.

The ombudsman announced it intends to tackle 64,000 new banking complaints in 2014-15, as well as another 150,000 new PPI cases at the same time as reducing its budget by 20%.

Tony Boorman, interim chief executive and chief ombudsman, said: “For the last few years our focus has been on building up our capacity to meet the unprecedented challenges of PPI.

“The investment we have made in scaling-up and developing our service is now paying off as we plan for another year of record activity, resolving twice as many PPI cases as we receive. But we’re not out of the PPI woods yet.”

FOS admitted there had been times in the past two years when the organisation received more than 12,000 PPI disputes a week, although numbers have now fallen to around 6,000 cases a week.

The organisation confirmed banking and credit complaints continue to make up the largest area of its work, although the number it has received so far this year is around a quarter lower than it had assumed in its budget for 2013-14.

It warned many of these types of cases are becoming more difficult to resolve as consumers face financial pressures and lenders remain under cost pressures.

FOS has also seen an increase in the number of cases related to various types of short-term credit, including payday loans.

Boorman added: “Across all of our work we continue to hear that people’s dealings with financial businesses remain strained, suggesting a lot more work is required to restore consumer trust in financial services.”

The ombudsman also set out how it will fund its workload, with the announcement it will freeze the case fee paid by businesses at £550, payable only after the 25th case, and will no longer charge businesses the £350 supplementary case fee for PPI complaints.

But FOS warned of a potential shortfall in income for its consumer credit work during 2014-15 and 2015-16, as businesses transfer to the Financial Conduct Authority, which has said it may not recover a levy from companies until 2016-17.

FOS intends to use its consumer credit jurisdiction surplus of £1.7m to offset this and suggested that should a shortage remain it may need to see this recovered through future levies paid by consumer credit firms in 2016-17.

Ace Debt Management Services says: #GetOutOfDebtWithoutBorrowingMoreMoney  

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#acedebtnews, #business, #complaint, #consumer, #finance, #financial-conduct-authority, #financial-ombudsman-service, #fiscal-year, #fos, #ombudsman, #payment-protection-insurance, #ppi

” Debt Collector’s Tend To Favour Going After African American’s Rather Than White’s”

#AceDebtNews says according to HUFFPOST  a  new survey finds that African-Americans are much more likely than whites to be called by debt collectors, despite both groups reporting relatively equal levels of debt and repayment rates.

Just take a look at this chart:


Think tank Demos and the NAACP Economic Department collaborated to survey moderate-income American households with some credit card debt for the study. Black Americans weren’t any more likely than whites to be late on a payment, the survey found, and they were also no more likely than whites to declare bankruptcy or get evicted.

So what gives? It’s not clear exactly why debt collectors seem to be going after one race more than the other, but the study’s findings could be the result of one unfortunate reality: Black Americans tend to have lower credit scores than white Americans, research has shown. And that gap got wider as a result of the financial crisis — sub-prime lenders were more likely to target African-Americans during the housing boom. Those loans, with higher interest rates, were more likely to default. The result: credit scores that could be marred “decades,” as the Washington Post pointed out in 2012.

“African-American households are more likely to have been called by bill collectors because they are more likely to have blemishes on their credit history that would send debts to collection agencies,” Catherine Ruetschlin, an author of the Demos report, wrote in an email to The Huffington Post.

The economic recovery hasn’t been kind to African-Americans: The unemployment rate for blacks (12.5 percent) is more than double that of whites (6.2 percent), according to the most recent jobs report. In fact, the jobless rate for blacks now is much higher than the overall unemployment rate in October 2009 (10 percent), the highest it got in the aftermath of the recession.

“Those disadvantages mean that African-Americans are more likely to face financial insecurity and have poor credit scores as a result,” Ruetschlin wrote.

Blacks also have a harder time than whites getting a home loan. They earn less than their white peers. They’re much more likely to live in poverty and less likely to have health insurance.

Mark Schiffman, a spokesperson for ACA International, a trade association of third-party debt collectors, defended his industry as “color-blind.” “They [the third-party agencies] don’t get into the ethnic information,” he told HuffPost. “Their job is to collect the debt, not give out the credit.”

Adam Christian Debt Management Services


#acedebtnews, #acefinancenews, #aca-international, #african, #african-american, #collection-agency, #credit-scores, #debt, #debt-collectors, #huffington-post, #huffpost, #national-association-for-the-advancement-of-colored-people, #united-states, #washington-post, #white-american

‘Hope to be bankrupt for Christmas’: Irish mortgage debtors see insolvency as way out

#AceDebtNews says “Irish Mortgage Debtor’s” see Insolvency as a way out of their debts. Of course once insolvent you cannot get credit again under UK Law – so better to request ” An Arrangement with Your Creditors” and then agree a new contract – but never miss an agreed payment otherwise the lender will return to the “Original Payment Arrangement and Add back missed Repayments and Add Compound Interest for every day! #DRAP

#bankrupt, #debtors, #irish, #lenders, #mortgage

Local Courts tossing people in Debtors Prison

#aceDebtNews says ” Local Courts Tossing People Into Debtors Prison” According to a post from #americaforchange many people unable to pay their fines are being imprisoned, by the “State of Pennsylvania” read more at his site. #unfairness

My Opinion My Vote

View original post 782 more words

#acedebtnews, #courts, #debtors, #prison

IFS analysis of today’s public finance figures: for immediate release

#AceDebtNews says just received a "Press Release" Subject: IFS analysis of today’s Public Finance Figures:

"Immediate Release"

IFS analysis of today’s public finance figures: for immediate release

Today the Office for National Statistics and HM Treasury published Public Sector Finances November 2013. We now have details of central government receipts, central government spending, public sector net investment, borrowing and debt for the first eight months of financial year 2013–14.

Headline Comparisons

· Central government current receipts in November were 4.6% higher than in the same month last year. Receipts between April and November 2013 were 4.0% higher than in the same months of 2012, excluding the impact of transfers related to the Asset Purchase Facility. The Office for Budget Responsibility’s (OBR’s) latest Economic and Fiscal Outlook, published earlier this month, forecast an increase in receipts relative to last year’s levels of 3.6% for the year as a whole and a fall of 1.1% for the period from November 2013 to March 2014. This forecast growth for the year as a whole is slightly higher than the 2.8% forecast by the OBR at the time of the March 2013 Budget.

· Central government current spending in November was 1.8% lower than in the same month last year. Spending between April and November 2013 was 1.8% higher than in the same months of 2012. The OBR’s latest forecast implies an increase relative to last year’s level of 1.9% for the year as a whole and of 1.4% for the period from November 2013 to March 2014. This is forecast growth for the year as a whole is largely unchanged from the 2.1% previously forecast by the OBR at the time of the March 2013 Budget.

· Public sector net investment in November was £2.3 billion, £0.6 billion more than was spent in November last year. Public sector net investment between April and November 2013 has been £13.1bn (excluding the impact of the transfer of assets from the Royal Mail Pension Plan to the public sector), which is 7.2% higher than in the same eight months of 2012. The OBR’s latest forecast was that net investment in 2013–14 would be £24.9bn (excluding the impact of the transfer of assets from the Royal Mail Pension Plan to the public sector), which is 9.8% above last year’s level.

Courtesy of Rowena Crawford, a senior research economist at the IFS, said:

“Two weeks ago the Office for Budget Responsibility updated its forecasts to predict lower borrowing, lower spending and higher receipts than it had previously forecast in March. Today’s figures are consistent with that overall picture; receipts from many of the major taxes continue to grow strongly and central government spending continues to grow less quickly than the OBR forecast for the year as a whole.

A £2.6 billion upward revision to estimated borrowing over the year so far means that borrowing is now estimated to have been higher than was thought last month. However, with four months of the financial year left much uncertainty remains, and the OBR’s forecast for borrowing this year may still prove to be correct.”

The full analysis can be downloaded from:

Previous analysis of public finance figures can be found at:

Please let me know if you have any queries.

#debtreductionanalysisplanexcercise, #ifs, #public-finance

Over Half of Consumers Feel Undervalued by Their Bank

Image representing GMC Software Technology as ...

Image by None via CrunchBase


#AceFinanceNews says over half of “Consumers feel undervalued by their Bank” leading banks to look at closer at  their customer experience gap,  with friendly, knowledgeable staff and banking services as the consumer demands


Almost half of consumers in GBGermany, France and the US feel their bank does not value them as a customer ( 48 per cent), according to new Ipsos MORI research commissioned by GMC Software Technology. Consumers want to decide how they bank, with almost three-quarters wanting to request the format in which they receive information from their bank (72 per cent) and also at a time that suits them (74 per cent). Banks therefore need to listen to consumers to deliver the services they need. However, only 19 per cent of consumers really believe banks understand
how to deliver good customer experience.


Ipsos MORI

Ipsos MORI (Photo credit: Wikipedia)


The research of 4,032 consumers looked at what consumers really think about their bank’s customer experience and how they are valued. It offers insight into how banks can improve their relationship with customers by listening and providing the right information, at the right time, via the right, optimized channel with a particular focus on on-line and mobile.


Improving The Customer Experience: Just six per cent of consumers in France believe that their bank really values them as a customer. And elsewhere, the banking industry does not fare much better with ten per cent in GB, 20 per cent in Germany and 27 per cent in the US [tab 0240]


In order to improve the banking customer experience, the top three points for each country are friendly and knowledgeable staff (US 60 per cent; France 50 per cent; Germany 45 per cent; GB 45 per cent); enabling customers to bank when and how they want (France 56 per cent; US 45 per cent; GB 49 per cent; Germany 42 per cent); easy access to the branch (GB 39 per cent; Germany 34 per cent; France 31 per cent; US 49 per cent).


Bill Parker, chief marketing officer, GMC Software Technology, said: “It’s time the banks started to show that they value their customers by listening and allowing customers to be involved in decisions that affect the banking experience. Banks should provide multiple channels of communication, but they should ask consumers which ones they want to use, not tell them.”


Screenshot of a typical SMS Banking message on...

Screenshot of a typical SMS Banking message on a mobile screen (Photo credit: Wikipedia)


Constraints of On-line and Mobile Banking:  The demand for on-line banking is increasingly obvious. Online-only is already the most common way to view bank statements (36 per cent of all bank customers have on-line-only statements) and not just among Generation Y. It is important not to assume that on-line/mobile banking channels are the preserve of the young. For example, all age groups are using on-line-only statements. Of the under 31 year old’s (Gen Y), 37 per cent use on-line-only statements as are 33 per cent of the 55-70 year old’s.


Current On-line and Mobile Banking Services Have Considerable Constraints: Two thirds (65 per cent) do not believe their on-line banking delivers an effective level of customer service, while just 3 in 10 (29 per cent) feel it is truly interactive i.e. you can present your bank data in any way you want or link back to your bank with questions. Mobile banking fares little better, with only 23 per cent of banking customers finding the service satisfactory. The nature of both on-line and mobile lend themselves to a more dynamic, interactive relationship with the consumer rather than presenting static content that could, just as easily, be sent by post.


The mass adoption of on-line statements is driven by customers appreciating its convenience (80 per cent), environmental benefits (71 per cent) and increased security compared to paper (39 per cent). Revealing the level of skepticism towards banks, 67 per cent of bank customers suspect banks are pushing on-line statements in order to save money.


“The number of ways by which a consumer can interact with their bank is increasing, with traditional bricks and mortar giving way to call centres, internet and mobile banking as well as social media. It is now time to close the customer experience gap. The research reveals that there is a time and place for each channel, and banks need to adopt the technologies and strategies that will help them engage effectively with each customer
through the optimized channel that each customer chooses,” continues Parker.


Consumers Managing Money More Effectively: Despite the lack of interactivity, on-line statements clearly encourage customers to
manage their money more effectively. Two thirds (66 per cent) of those who use on-line statements view them at least once a week. Of those using statements on a mobile device, 61 per cent view them at least once a week. In sharp contrast, of those who rely on printed statements, 58 per cent view their bank statement only once a month onwards.


With on-line being the most popular way to view bank statements, and viewed more frequently, the rise of consumer technology seems to be improving the nation’s ability to manage its money.


Download the report ‘End of the banking autocracy: why banks must understand value and bring back trust’ here [ ].




The research was conducted on i:omnibus, Ipsos MORI’s online omnibus, in GB, France, US and Germany between 25-30 October 2013.


Questions were asked online of 1,018 GB adults aged 16-75, 1,004 French adults aged 16-74, 1,000 US adults aged 18-75 and 1,010 German adults aged 16 to 70 (total 4,032 consumers).


To be nationally representative, the survey data was weighted by age, gender, region, working status and main shopper in GB; age, gender, region, working status, main shopper, social grade and working status in France; age, gender, region, working status, working status and income in the US; and age, gender, region, working status, household size, employment status, main shopper and size of town in Germany.


GMC Software Technology AG: delivers seamless CCM solutions that streamline document creation processes and produce higher quality, relevant communications of all types for delivery through print, electronic and interactive channels.


GMC helps thousands of clients worldwide across the banking, insurance, retail, business services, telco/utilities and healthcare industries gain customer insight to improve the customer experience by getting communications to market 70% faster, improves operational efficiencies by more than 50%, and expands business services for more lucrative opportunities.


For more information about GMC’s award-winning robust and scalable GMC Inspire
[ ] solution, visit:


Corporate & AsiaPAC
GMC Software Technology


Chameleon PR
North America
Sterling Kilgore




The GMC logo and GMC Inspire are trademarks of GMC Software Technology


APPENZELL, Switzerland, November 13, 2013 /PRNewswire/ —


GMC Software Technology AG



#acedebtnews, #customer-experience, #financial-services, #france, #germany, #gmc-software-technology, #ipsos-mori, #mobile-banking, #online-banking, #united-states

“Pay Day Lender’s in America ” Can They Be Stopped?

English: Author: swanksalot URL: http://www.fl...

English: Author: swanksalot URL: Description: Front Window of a financial institution in Illinois which offers payday loans. License: (Photo credit: Wikipedia)

Pew’s recommendations draw on a detailed analysis of regulation in Colorado, where state policy-makers replaced a single, unaffordable, lump-sum repayment with a series of instalment payments distributed over six months.

poll of payday loan borrowers, which also appears in the latest report, indicates support for such reform—an overwhelming 9 in 10 support a system of instalment payments over time instead of the conventional lump-sum-repayment structure.

“Pay-day Lending in America” series discusses the safeguards that are necessary to create successful small-dollar loan markets, and presents an analysis of a recent Colorado law change showing these safeguards can be applied while maintaining access to credit.

Pew’s research conclusively shows that pay-day loans are unaffordable for most borrowers. The loans require payments equal to one-third of a typical borrower’s income, far exceeding most customers’ ability to repay and meet other financial obligations without quickly borrowing again.

In its final report in the Payday Lending in America series, Pew provides guidance for federal and state policy makers on how to make the pay-day loan marketplace more safe, transparent, and predictable.




#acedebtnews, #business, #colorado, #financial-services, #loan, #lump-sum, #payday-advance-services, #payday-loan, #pew-charitable-trust, #united-states