Filed under: IVA, finance, financial advice | Tags: awards, personal finance
Manchester-based insolvency practitioner, Bev Budsworth, has again been shortlisted for the ‘Personal Insolvency Practitioner of the Year 2009’ award at the national ‘Insolvency & Rescue Awards 2009’ just 12 months after winning the prestigious title.
This is only the second time that Credit Today has run these awards, aimed specifically at the personal and corporate insolvency and rescue sectors. The awards aim to honour the industry’s high achievers, and celebrate best practice and the raising of standards across the entire rescue industry.
Commenting on her shortlist for the award, Bev said: “It’s a great to see that the fantastic work we are doing at The Debt Advisor has been recognised for the second year running – this nomination is a real achievement in itself. All the heavyweights from the insolvency and rescue world will be in attendance; Delloite, KPMG, PwC – so we’ll certainly have some tough competition!
“The nomination in the personal insolvency category is testament to the incredible effort that my team and I have put in over the last few years. We won the award last year and, since then, have been tenacious in our crusade to promote an innovative approach to personal insolvency whilst continually aiding the rescue process.
“We have managed to establish ourselves as a major, ethical player within the debt management industry through our commitment to fully understanding the root cause of the debt problem and helping our customers through it.
“We are all looking forward to the awards evening and are keeping our fingers crossed!”
Bev Budsworth is the managing director of IVA & Debt management firm The Debt Advisor and, for a number of years, has been an active campaigner for a more innovative and holistic approach to debt. She is a staunch supporter of the rescue culture, believing that everyone deserves access to professional advice to help them become debt-free. Her membership of the influential Personal Insolvency Committee (PIC) and the Debt Resolution Forum (DRF) further allow her to help develop a debt management industry that is based on ethics and transparency.
The 2009 Insolvency & Rescue award ceremony will take place on Wednesday 21 October at the Tower Hotel in London and is expected to attract over 500 insolvency and rescue professionals. The ceremony will be hosted by comedian, Ed Byrne.
Filed under: debt consolidation, finance, financial advice | Tags: debt, finance
Award-winning, Manchester-based debt management company, The Debt Advisor, has been selected by support service provider, threesixty Services LLP, to offer personal and corporate non-lending solutions to its Independent Financial Adviser (IFA) clients.
The informal arrangement will see The Debt Advisor (which incorporates The Business Debt Advisor) extend its comprehensive range of personal and corporate non-lending solutions to threesixty’s national client base of around 3,500 financial advisors.
Bev Budsworth, managing director of The Debt Advisor commented: “We are delighted to team up with threesixty who are an extremely well respected business advisory firm. This new informal arrangement will see threesixty endorsing our products to its client base of around 580 firms – we look forward to working with them.”
Phil Young, partner at threesixty Services LLP, added: “It’s great to be in partnership with The Debt Advisor. Advisers are always looking for the right type of firm to introduce to, especially where corporate clients are faced with challenging economic conditions.
“Beverley comes with an impressive CV and The Debt Advisor has a great reputation in delivering this type of specialised advice.”
Filed under: debt consolidation, finance, financial advice | Tags: debt, mortgages, repossessions
Figures published today by the Council of Mortgage Lenders (CML) show that the number of repossessions in the second quarter of 2009 reached 11,400 – down from 12,700 in the previous quarter but an increase of 14% on the corresponding quarter of 2008.
Bev Budsworth, managing director of The Debt Advisor, commented: “It’s encouraging to see that factors in place to curtail the level of repossessions are obviously having a positive effect. The new government pre-action protocol offering people with mortgage arrears a six-month ‘cushion’ before action is taken will have certainly stemmed some of the flow. A record low base rate will also give borrowers in trouble more scope to repay their debts.
“However, we cannot afford to be complacent, other statistics released in the last few weeks point to a depressed economy that is seeing record levels of personal debt and the highest levels of unemployment for over a decade. Levels of repossessions are still high and I believe that this could be a momentary reprieve as signs point to levels increasing once again throughout 2009.”
Employment figures out this week showed the highest levels of unemployment since 1995 with 2.43 million people now out of work. The British Chambers of Commerce also predicted that this level could rise sharply with unemployment topping the three million mark. “It’s clear to me that too many people are still debt laden and simply cannot afford to repay their bills and end up defaulting on their mortgage, or worse, losing their house”, continued Bev.
This inability to repay debt was also echoed in the latest personal insolvency figures which were released by the Insolvency Service last week. Levels of personal insolvency rose to a record high for England and Wales with over 33,000 people being declared insolvent.
Bev explained: “This double whammy is proof that people are still finding it extremely tough as income streams dry up, debt mounts up and the cost of living seems to be continually rising. I think that these factors combined will increase the levels of repossessions for the remainder of the year. People need to remember that their mortgage is secured against their house and if they fail to pay their mortgage, they risk possible repossession and losing their homes.
“Times are tough but help is available. The key to combating mortgage arrears is by engaging your lender at an early stage and not just giving up and handing the keys back. There is help out there and options available to ease the pressure and keep the roof over your head.
“Speak to your lender as early as possible. Do your homework, work out what you can afford to repay with a simple income / expenditure calculation and present them with a solution, not just a problem. It’s always worth remembering that you can reduce your outgoings on unsecured debt by considering an Individual Voluntary Arrangement (IVA) or debt management plan – you must always prioritise your secured debts such as your mortgage and any arrears!
“There are signs that the housing market is beginning to pick up. In June, the number of mortgages granted to homebuyers was up by 23%, a figure that has been buoyed by the record low base rate. House prices are also marginally up month on month meaning that there will still be a vast amount of people with a healthy level of equity in their property. We are still seeing these ‘asset rich but cash poor’ people struggling with their household expenditure and simply giving up – a scenario made worse when you consider that the types of property with a good level of equity tend to be high-end detached houses that are simply not selling in a depressed housing market.
“My advice would be to always seek professional help and see if a tailored debt solution, such as an IVA, can help avoid bankruptcy and the potential loss of your home. Bankruptcy is a growing worry with the Insolvency Service recently reporting nearly 19,000 bankruptcies from April to June – a 15% increase on the same quarter in 2008. The most worrying aspect is the area of bankruptcy on the biggest increase is the debtor’s petitions where people are simply throwing in the towel.
“If you have a property with equity, you need to avoid bankruptcy at all costs as, not only may you lose your home, but the really frightening part is that bankruptcy could cost you thousands for the privilege and only 20% of all bankruptcies return any funds to creditors!”
Filed under: finance
Award-winning insolvency practitioner, Bev Budsworth of thedebtadvisor.co.uk offers a simple, 10-point plan for any student looking to sort out their finances and manage debt repayments whilst at university:
1. Don’t panic
For young people and students in debt the most important advice is don’t panic – there is always a solution available for dealing with debt.
2. Talk to someone
Talk to someone – either a friend or family member or a fellow colleague who has experience of a similar situation, who can give you advice on their own experience
As a student, you will usually have a local student’s union available who will have staff on hand that are used to dealing with money problems. They may well refer you to hardship schemes, which can help tide you over until you get back on your feet. They will offer sound advice on how to budget and manage your money.
You will feel so much better if you can share how you are feeling with someone. If you are unable to talk to someone at least write it down. You are doing something positive and this will help you feel more in control, reduce the feeling of panic and make you calmer.
3. De-clutter
Get all your personal bills and bank statements together, sort them and put them in a file. An untidy environment creates confusion and a sense of loss of control. A thorough tidy out has a good feel factor – you will instantly feel more in command.
4. Exercise
Going for a swim, walk or a work out in the gym will always make you feel far more able to deal with the more unpleasant aspects of life including debt.
5. Acknowledge your debt
You need to take responsibility for your debt. It is easy to blame institutions for making credit to easy to obtain but it is your debt, your responsibility and you need to deal with it.
6. Visualise a life free of debt and embrace change
Imagine what it would be like to be free of debt – your finances sorted, money in a savings account, no stress!
Develop a practical plan that is gradually going to move you closer to the debt-free state.
Remember if you do nothing, nothing will change and you will remain in debt.
7. Budget
Work out exactly what essential costs you have each month (rent, food, bills etc) and then divide what you have left into weekly amounts. Try taking that amount out of the bank at the start of the week and sticking to it, rather than making numerous trips to the cash machine.
8. Don’t spend money you haven’t got
Don’t be tempted to write cheques when you know you are up to your limit. The banks don’t take to kindly to this and will charge you £20 or more for the privilege of bouncing your cheque. Also, don’t take loans from friends to fund a night out – they may not be so friendly when you can’t pay it back!
9. Work sensibly
90% of students are now forced to work during their course just to keep their heads above water. Think about when you are likely to be most busy with exams and assignments and try to fit in more work hours in the quieter periods.
10. Take advice
There are many organisations including the NUS, CCCS, CAB as well as other professional organisations that specialise in debt advice. So pick up the phone and call.
