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: financial advice
Salisbury and Southampton based Law firm Trethowans Solicitors has appointed a new Managing Partner and put in place a new management team.
After almost 12 very successful years in the role, Miles Brown will be passing the mantle of Managing Partner over to Partner Simon Rhodes on 1 June 2009. A new management team is now in place to drive the Firm forward. The new Management Team is Simon, Chris Whiteley as Senior Partner, Garry Treagust as Finance Partner and Andrew Mercer as Chairman. These changes form part of Trethowans’ pro-active approach to managing the challenges that lie ahead.
Simon Rhodes initially joined Trethowans as a Partner and Head of the Employment Team in 2005. Later in 2005 Simon was asked to head the whole of the Firm’s Commercial Services. Simon’s drive and enthusiasm have been instrumental in the substantial growth of the Employment Team. The Team now acts for international, national and regional employers, including a significant number of household names.
Simon’s main priority in the coming months will see him focus on the Firm’s strategy and its growth.
Partner Jon Loney will take over as head of the Employment Team. Jon Loney joined the Firm with a team from Foot Anstey last year and is a hugely capable and experienced employment lawyer. Partner Mike Watson will take over as Head of the Commercial Services Group. Mike is a highly-skilled Corporate lawyer with excellent local connections. Mike joined from Clarke Wilmott earlier this year.
Commenting on his appointment as Managing Partner, Simon said; “I am absolutely delighted to be asked to be Managing Partner of Trethowans. It is a huge responsibility but this is a great Firm. I wouldn’t want to be anywhere else. This is a very difficult economy but it’s a very exciting time for Trethowans. Under Miles’ stewardship, Trethowans has grown immensely and has become a very strong and healthy business. It is my job now to help drive us forward.
I would like to thank all the partners and staff for all their hard work so far. The staff we have here are fantastic and that makes my task much easier and more enjoyable. I’m taking absolutely nothing for granted and so I am very happy to be part of the new Management Team with Chris, Garry and Andrew. They are tremendous fellow partners and we are very focused on doing our best for the Firm.”
“Looking forward we have ambitious plans. We are very aware of the need to continue to develop the services we offer and also how we offer them. Our present and future clients are our focus. We will continue to offer the very best legal services, advice and support and we will continue to invest in our people and our systems. This will allow us to continue to deliver the value for money and quality of service that clients should expect from a legal provider. “
As the Council of Mortgage Lenders estimates that 75,000 people will have their homes repossessed this year, Moneyway’s bill management service has become more vital than ever for people seeking efficient money management. The bank’s OneBill service sees an expert team handle customers’ household bills and search for ways to reduce them, saving people hundreds of pounds a year.
Owen Woodley, Deputy CEO of Moneyway said: “The recession is affecting everyone and people are reviewing every penny they spend to see if savings can be made.
“Our OneBill product has proved a big hit in the past couple of years as people want to spend the time they have enjoying life, not trawling through an endless ‘to do’ list. With the economic climate in its current state, any expertise aimed at saving money is welcome.
“Our team of experts take on responsibility for a customer’s bills – ensuring the mortgage is paid, that the customer has the most economical energy supplier, the best phone and internet provider for their needs and that any other essential payments, from car insurance to SKY and Broadband, are taken care of
“But they don’t just pay the bills on a customer’s behalf, they negotiate better deals and benefits on their behalf too, reducing payments and overheads to save the customer money,” he said.
Moneyway could potentially save OneBill customers up to £500 a year. Owen said: “Not everyone will benefit from that kind of saving of course; but in the present climate, people can ill afford to spend money unnecessarily and any savings we can make will help.
“The recession is bringing home to some people that they spend too recklessly. OneBill from Moneyway allows those who struggle with making their money last all month, ensure that the essentials are managed and that they know what they have left to last for the rest of the month.
“But it also brings home to those who pay out unnecessarily for policies, have too high insurance premiums or expensive energy bills just how much money they have been wasting because their time is too precious to spend shopping for cost effective alternatives,” he said.
“Everyone knows that there are savings to be made if you have the time to compare providers, but it can be a minefield. It is our team’s job to treat each customer as an individual and to seek out the best solutions to suit them. If they can save every customer a few hundred pounds, then that is a little help in a bleak economy,” said Owen.
Filed under: debt consolidation, financial advice | Tags: financial advice
Financial expert Owen Woodley has started a new blog in a bid to offer advice and reassurance to people concerned about how the current economic climate is effecting them.
Mr Woodley, who is Deputy Chief Executive of Moneyway, decided to draw on his experience within the banking world to benefit people who were worried, but reluctant to seek advice from their own bank manager.
www.Askowen.co.uk offers free, impartial advice & support, and will allow it’s readers to submit questions about their own personal circumstances situations, plus they will be able to share money-saving tips with the site’s other readers.
Owen said: “To say that people are worried about the future is a bit of an understatement. Everyday we hear about falling house prices and [negative equity], about redundancies and spiralling bills.
“People are worried about the implications, but they don’t want to ask for a meeting with their bank manager to ask his or her opinion and advice on what provisions and improvements they can make, a face-to-face discussion can be a daunting prospect, especially if you are struggling.
“The point of this [blog] is that people can ask for advice directly from me, or discuss their own tips.
“This isn’t a service aimed at Moneyway customers, and it’s not a way to push Moneyway’s services. It is about trying to offer reassurance and advice in a time of difficulty, which everyone has some need of at some point,” he said.
Owen started his career in corporate banking in London, followed by a number of years running parts of the Barclays businesses in Africa.
More recently, Owen was Regional Director for the 450 Barclays and Woolwich branches in the Midlands and in London.
He joined Secure Trust Bank in 2006, as it was re-branded Moneyway.
Owen added: “If the site does nothing more than prompt people to switch to a more economic fuel provider, then it has still helped people to think about where they can make savings and to take action.
“Banks are all over the news at the moment, and one of the reasons I came to Moneyway was because it prides itself on having the human touch, being simple and transparent, and being experts in its field – and those principles are more important now than ever before,” he said.
