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: http://www.ifs.org.uk/publications/7023

Previous analysis of public finance figures can be found at: http://www.ifs.org.uk/publications/browse?type=pf

Please let me know if you have any queries.

#debtreductionanalysisplanexcercise, #ifs, #public-finance

How To Repay Your Debts With Out Borrowing More Money In Three Easy Steps

If you cannot be honest with yourself, you cannot be honest with other people!

If you cannot be honest with yourself, you cannot be honest with other people!

This is how l provide my “Debt Management Services” to people who are in need of help and guidance, to cut their debts, and not increase them by borrowing more money!

My personal view of anyone that lends money to get people out of debt is that it is wrong! I realise that when faced with a large bill, or how to repay that last payment to the power company, or even the debt collector, the first thing we all do is “panic”! It is then that “Pay Day Lenders” come into their own by providing what you “want” not what you “need”

The reason why l can know ,all this was back in 1988 my debts were “huge” and l was absolutely “terrified”at the thought! But in my case l had actually lent other people’s money, as l was a “broker” that broker deals all over the world, and one day l was “broke”myself! I contemplated a number of routes including “suicide” but l did not believe, that this would really solve my debt problems! I needed to find a way to repay those that l had personally “borrowed” in my name! As these were the ones that would one day come back to haunt me!

So l set about creating a plan and named it using the initials in my name “DRAPE” and it stood simply for “Debt Reduction Analysis Plan Exercise” it eventually got shortened to just “DRAP” as it became simply “an exercise in good debt management” rather “than borrowing as a way” to repay my debts! So in this post l will simply explain how l do this, as everyone can do it ,but many are too scared to contact “their” lenders, so they go to short-term money lenders! This eventually brings them back to me and usually it is too late! So read how using

“My Three Easy And Simple Steps” you can teach yourself how to “not to pay more money to other lenders” and use that money you “save” to manage and eventually get out of debt!

Step One:- Being Honest With Yourself:

Is really adding together all that you owe, every debt you have including bills, finance agreements or others, even money owing to family or friends! This will enable you to start to deal with the “fear over debt” it is not the debt itself you fear “but the fear of being in debt.” So by adding it all together “you become aware of your total indebtedness” but be warned if you hide anything it will “come back to haunt you,when you least expect it.” As lenders who are ignored, will pester the life out of you “causing you even more stress,” that is why l call it “being honest with yourself” as if you are not honest with yourself, you cannot be honest with anyone else, including the lenders! And this plan is simply about “honesty”, as you will see, as l proceed to step two!

Step Two:- Being Honest With the Lenders:

Once you have fully mastered step one you can move onto step two and decide the “how and what” of presenting your case to the lenders {Be it One or More} this is the point at which people turn to “Debt Management Companies” for help and yes sometimes they relieved the short-term problem but they do not do this “without payment” for their services! Their costs vary and it is usually added onto what “arrangement for payment” you eventually agree upon, this is called “ Making An Arrangement With YOUR Creditors notice l highlighted “YOUR” as if to scream out at you as it is “YOUR” creditors and not the debt management companies! As once they have made an agreement upon your behalf, that “you”will pay them an agreed amount to the lenders, which now become “your” creditors, as at this point “the state of lending policy” has changed, in that “you”are no longer “lending money” ,but agreeing to repay it”! This makes a huge difference to UK Finance Agreements” as they change their “status” just by the fact of being altered by “YOU”!

Up to that point you have being paying a set amount monthly and you signed up when you “purchased this agreement, with you signature and now you have changed it state of payment status”,so and thus you agreed “ALL Terms and Conditions” that applied at the time, that by the way could be “Altered” by them at any time! That is “onerous” to say the least, but now “YOU” have changed the “State in which the “contract exists” and as such you are no longer governed by the same rules that applied at start of contract!

So as not to put to finer point on it, once these “debt management companies” change or alter your agreements” by making “An arrangement with YOUR creditors” you must not ,miss one payment or you immediately and without question revert to “non forfeiture” of YOUR agreement”. Then every single penny you owe ,will be added onto the agreement plus “compounding interest” and they will “demand immediate payment in full” or court action will apply!

Now you know why l said at “step one be honest with yourself”is simply about being honest with the lenders” as in this regard it will “save you time and money”! By being honest about “the amount of your debts” you will be honest with lenders “about how much you can “comfortably afford as a payment under this NEW arrangement”.  As so many people say to “debt management companies” l can afford that amount, as l have overtime, or a good job or another reasons! It is the job of any “good debt management company or services” to get the best deal for “YOU” and not “THEM”! As remember “their fees” are based on a percentage of “YOUR” repayment as agreed by “YOUR” creditors, the higher they get “YOU” pay the more they charge in costs!

Step Three: Getting The Best Arrangement For YOU!

This is all up to your “Debt Management Company or Services” a good word “services” meaning to “serve” or “provide service”, not to themselves but to you their “customer” so choosing who to use, or trust becomes a minefield! So my advice is simply

If it feels right in your Heart” then you are 90% of the way there, in making the right decision. The other 10% is down to“cost for their “services” in other words”. What do l get for “MY Money”you see l have once again highlighted “MY” as to mean belong too ,as it is “YOUR” money not theirs!

My advice is at this stage ask for a “complete break down of their service costs in writing” so you can then assess the “true cost of using their company or not”! So being honest at outset with yourself and then the lenders, will then enable to decide ,who can l trust with “MY” money!

The answer is simple of course trust “NO ONE” they have to “prove” they can be trusted and it is not up to “YOU” to prove anything at all! Any company charging “upfront cannot be trusted” or any “company charging a % of you debts” “CANNOT” be trusted! You can only “TRUST” once the company has provided their “services” for nothing and delivered what they said in your contract with them, and not before! REMEMBER: They need you and you do not need them! But they also want you, but you do not want anything from them except, a great service at a great price ,with no strings attached! Then if the cost of their “Flat Fee Charges” seems fair and feels right in your heart, that is all “YOU” can do to “TRUST” you instinct! As it is all down to “THEIR” skill or lack of skills to get “YOU” the best arrangement possible, for “YOUR” money!

As from 2013 we no longer charge any fee for our services, either upfront or at completion but will make an arrangement with your creditors, that is both affordable and also can be paid into a designated banking arrangement for the lenders!  This amount will increase under any circumstances once we have it in writing and have confirmed it to you, it will be fixed until all your debts are clear. One small thing l should mention is do not stop the agreed payments or the lenders reserve to the right to reinstate original amount and add back all interest, also their will not be any third chances! So need to get good quality advice about “YOUR DEBTS” then email me at our new designated email address at get-out-of-debt@acefinance.me or leave a comment on this post or email it to need-help-to-with-debt@acefinance.me and l will contact everyone as soon as l possibly am able. 

Thank you for your support in 2012 and will provide more helpful advice in 2013.

Happy New Year

Kindest regards,

Editor {Ian Draper Ace News Group} 

#company, #creditor, #debt, #debt-consolidation, #debt-management-plan, #debtreductionanalysisplanexcercise, #drap, #financial-services, #loan, #payment