Our Offices will be closed from and including Friday the 23rd of December 2011 to Monday the 2nd of January 2012. we will reopen on Tuesday the 3rd of January 2012

We hope you have a Merry Christmas and a Happy New Year!

Fresh Start UK

There are concerns that the economy might be facing a double- dip recession as the monthly Markit index reflects many more households relying on their savings and taking out more debt to meet financial demands. Households hit the hardest are those who are unable to obtain traditional finance such as Credit Cards, high street loans or bank overdrafts; with many having no choice but to take out Payday Loans at the costs of occurring Payday Loan Debts with extremely high interest rates. A survey conducted by the Markit index suggested that the boost to spending in May was short lived as most household reported their finances for this month had worsened. Many tenants and homeowners would be better off shopping around for existing services and trying to save money wherever possible, a good place to start is with your Content Insurance.

The official figures for retail sales show a 1.4% drop in high street spending this trimester. There are fears that the situation will only deteriorate with many anticipate their household income to decrease in the next year as country faces its longest recession since the 1930’s.

Senior economist at Markit, Tim Moore said

“It may be summertime but the living is far from easy. The decline in the index pours cold water on the tentative signs of improvement seen in the previous month. The grim figures show household finances deteriorating at the fastest pace since early 2009, with people eroding their savings and taking on more debt to finance strong rises in living costs, as income from employment continued to fall in June.”

The National Statistics report indicated the average wage rising at 1.8% a year in April, failing to keep up with inflation at 4.5% according to the consumer price index. Surprisingly unemployment recorded its fastest decline since 2000 falling by 88,000 in the three months to April.

Story by Tom

Fresh Start UK

Offering Debt Management Solutions, Debt Management Plans as well as Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244

Whether you want a Payday Loan, a cheque cashing… or a PIZZA! Mini Credit can oblige. After our two previous stories on Mini credit titled:

Mini Credit Complaints, and;

Mini Credit Complaint update

We have been receiving hundreds of calls and emails from people wanting to complaint about Mini Credit and the ‘service’ they have received. We have raised complaints about Mini Credit to the Office of Fair Trading (OFT), the Financial Ombudsman Service (FOS) and Mini Credit themselves.

We have never received a single response to our emails or letters. The letters were all sent to their company’s registered address of 30, BOROUGH HIGH STREET, LONDON, SE1 1XU AKA Alma’s Restaurant and Pizzeria! That’s correct, the head office of Mini Credit is an Italian Cafe.

Whilst this is not illegal it does say something about the company and mirrors the dodge nature of its dealings.

Story by Tom

Fresh Start UK

Offering Debt Management Solutions, Debt Management Plans as well as Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244

Food inflation jumped to its highest last month as retailers passed on the cost of basic commodities such as corn and sugar. The British Retail Consortium predicted rising cereal and utility bills were likely to keep pushing food prices up; however food inflation is expected to be slow as recent gains in commodity prices will be factored out of the annual comparison.

Stephen Roberts, director general of the British Retail Consortium observed that overall shop price inflation fell to 2.3%, almost half the Consumer Price Index, showing rising utility bills and insurance costs are hitting households much harder than shop prices.

A leading energy company has confirmed they will be raising their costs by 19% percent within the year; most households in Britain will be affected by this as a number of large energy providers including Scottish Power, British Gas and Npower are expected to follow the same path due to a 30% increase in wholesale energy costs since November 2010.

Scottish Power’s chief executive Raymond Jack warned:

“Wholesale prices for gas and electricity have increased significantly since the end of last year and continuing unrest in global energy markets means future prices are volatile.”

A spokesperson for Npower added:

“Since last May, wholesale gas prices have increased by 55%, whereas retail prices have only increased by 7%, meaning we cannot rule out future changes to our prices.”

Ed Cox, a gas expert and energy consultant on the other hand does not seem overwhelmed that energy providers have decided to increase their costs, he said:  “History shows that one supplier announces price increases and the others tend to follow in quick succession.”

Story by Tom

Fresh Start UK

Offering Debt Management Solutions, Debt Management Plans as well as Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244

Millions of Britain’s are giving up the 9-5 to work from their spare bedrooms, living rooms and even sheds and garages. These small companies range from computer consultancies, accountants and even Debt Management and Debt Collections Businesses.

Stuart Curtis, the head of commercial lines at Lloyds TSB Business Insurance had this to say

“The number of enterprising people opting to turn their home into their business hub is set to increase over the next year as the recession continues to bite.”

Many people make the move out of necessity, such a childcare problems or inability to get jobs, whilst others prefer the flexibility and the change.

Being self employed can be very rewarding, but little estimate the amount of work you truly have to do to make it a success. Many people report that it is harder than they had initially estimated and find themselves worrying about money security.

Fresh Start Debt Management Training and Debt Collection Training is provided with the explicit aim of helping people wanting to start up their own Debt Management Companies and Debt Collections Companies. We know how little information is out there if you want to start you own Debt Management Company as with lots of other business types. Our Debt Management Training is very comprehensive and can be tailored to the existing knowledge and the needs of the clients.

If you want to open or start your own Debt Management Company or Debt Collection Company then we would like to hear from you, either call, email or follow one of the following links on our website.

Info on starting your own Debt Management Company

• Debt Management Training – Main Page
• Debt Management Training – What we can offer
• Debt Management Training – What do I need to succeed
• Debt Management Training – How is the Training Provided
• Debt Management Training – What is already available
• Debt Management Training – Contact us

Story by Tom

Fresh Start UK

Offering Debt Management Training as well as personal and business Debt Management Solutions, Debt Management Plans, Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244. If you are interested in Debt Management Training Call 07533 924 610.

This is a follow up to the story ‘Mini credit Complaints’ posted on the 10th June 2011 about Mini Credit, the Payday Loan Company that we have had difficulties with.

We have received lots of emails and calls from people who have accounts with Mini Credit and have had a very bad experience! The most common Mini Credit Complaint on the list is ‘they refuse to help me’. The other Mini credit Complaint list includes the company making incorrect payment amounts to customers, refusing to deal with Debt Management Companies, not answering the phone and charging ridiculous amounts in interest and fees.

We have provided a link to the Financial Ombudsman Service (FOS), who are the official complaints handling service for companies such as these. Any Mini Credit Complaintraised will be dealt with officially. Their helpline is open 8am till 6pm Monday to Friday and their phone number is 0800 023 4567 or 0300 123 9 123

You can register your Mini Credit Complaint by phone and the advisers will list what you have done and let you know what their processes are or alternatively you can download a Complaint form – Complaint Form

PLEASE BE AWARE:

In order for the Financial Ombudsman Service (FOS) to take on a complaint, you must have made a complaint to Mini Credit in writing first and given them 8 weeks to reply. We understand that this is not idea and Mini credit have not replied to any complaint we have sent. We would advice when calling the FOS that you make them aware you have already complained to Mini Credit and they have not responded, they will then take the case on immediately.

As always I will be happy to answer any emails or calls about Mini credit Complaints or problems with Mini Credit, as well as any other account types.

Thank you to all of the people who have already contacted me amount the poor service they have received from Mini Credit, the more complaints we bring to the FOS the more likely they are to change their methods.

Story by Tom

Fresh Start UK

Offering Debt Management Solutions, Debt Management Plans as well as Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244

The firm looked at around 4,500 of their customers who had applied for some kind of equity release in 2010. They discovered that an alarming 33% of those over 65 were still in debt with Mortgages, Loans and Credit Cards and Payday Loans.

Of the 1,500 65 year olds in debt, the research discovered that some of the customers had Credit Card debts of £90,000, Loans of £250,000 and Mortgages of over £350,000. The average however was still a very high £25,000 with of debt.

Key Retirement Solutions suggested the reason for such high levels of debt may be contributed to more stringent lending protocols during the credit crunch. They believe that many pensioners who found themselves in financial trouble were unable to borrow new amounts and may have had to rely on existing credit cards, with much higher rates.

The firm say than many of the customers that were granted equity releases used these funds to clear their debts, transferring one debt of Loans and Credit Cards, to Mortgage payments.

The Office of National Statistics show that the average pensioner is currently receiving only £17,500 a year, before tax. With average payments to cover debts being close to £400 per month, many older people are finding times increasingly difficult.

Many Debt Management Companies offer assistance to pensioners, Fresh Start UK offers Debt Management and Debt Management Plans regardless of your age or financial situation.

Story by Tom

Fresh Start UK

Offering Debt Management Solutions, Debt Management Plans as well as Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244

Over the last few months we have been contacted by an alarming number of people wanting help and advice regarding Mini Credit.

“We have found that Mini Credit are completely unwilling to assist their clients in any way “… “By refusing to assist their customers Mini Credit are breaking the law”

We have listed some common Mini Credit Complaints below

• Mini Credit told me I would get £100, but actually only put £80 into my account;
• Mini Credit refused to help me when I fell behind with my payments;
• Mini Credit refused to stop interest and charges on my account when I fell behind with payments;
• Mini Credit never returned my emails or calls;
• Mini Credit’s phone number, Skype number and email don’t work;
• Mini Credit swore at me when I finally did speak to a person;
• Mini Credit ignored my letters and refuse to deal with my complaint;
• Mini Credit refuse to deal with my appointed Debt Management Company.

Read more Mini Credit Complaint, writen by actual customers by CLICKING HERE.

We believe that it is disgusting that a company behaving in the manner that Mini Credit have appeared to, are still legally able to trade and nothing has been done about their business methods and tactics.

What next

Fresh Start UK has raised a formal complaint with the OFT about Mini Credit and forwarded details of specific complaint raised by our customers through us. The more complaints we are able to raise the greater the likelihood something will be done about them sooner.

We would urge anyone who has experienced the dreadful service that many have brought to our attention as a customer of Mini Credit or any other company, should raise a formal complaint with the Financial Ombudsman Service (FOS). The FOS is an independent complaints handeling service that were setup to assist consumers with complaints and dealing with companies that are not treating consumers fairly.

Unable to Pay Mini Credit

We would suggest that if you are struggling to pay Mini Credit that you do not feel bullied or threatened into further borrowing to pay them off. Regardless of the contract you have with Mini Credit there are certain rights that you are unable to sign away and as a consumer you are entitled to be treated fairly and receive help from a company you are a customer of.

We can help!

For more information about Mini Credit or making a complaint about Mini Credit then please call us or send us an email Mini Credit Complaints.

For help with an overdue Mini Credit account as well as other Debts, you may want further information about Debt Management. 

Contact me personally on 07533 924 610 (call or text) or email tom@freshstartltd.co.uk

More info about Mini Credit

Mini Credit is actually a trading name and the London Based company is called MicroCredit Limited. Mini Credit offers small short-term loans, typically around £100 for 1 month, with a typical APR of 4144%.

Many of the enquiries we have been receiving, from clients and non clients are about how Mini Credit is dealing with people unable to keep to the agreed repayments. We see lots people using Payday Loan Companies as a last resort, spending the money they get on essentials to get them from month to month. Often this creates a vicious cycle that is hard to break and many people end up defaulting on the agreement simply because they have no other choice.

As a Debt Management Company we are used to dealing with a very wide range of account types and increasing numbers of Payday Loan Companies. We very rarely have any issues with these Companies or any others, however, Mini Credit is an exception. We have found that Mini Credit are completely unwilling to assist their clients in any way when they are unable to repay under their original agreement. By refusing to assist their customers Mini Credit are breaking the law.

Mini Credit is regulated by the Office of Fair Trading (OFT) and hold a Consumer Credit Licence, Number: 0621701. The OFT set out guidelines on how companies should treat customers and set rules and laws that have to be kept to in order to hold that licence and it is required by law that Bank, Payday Loan Companies and Debt Management Companies hold this licence.

Story by Tom

Fresh Start UK

Offering Debt Management Solutions, Debt Management Plans as well as Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244

The study is based on interviews with 5200 adults and is Scottish Widows seventh annual report of this kind. The average level of pension has dropped from £27,900 to just £24,300 since the recession. Of those 5200 people interviewed 75% understood the need to long-term savings and pensions, which makes the fact so few are prepared sufficiently so alarming.

There have been recent attempts to get rid of the default retirement age, allowing people that chose to have the option to work longer. The average age that people said they would like to retire remains at 61, with only 20% saying they wanted to work until they were 70.

Ian Naismith of Scottish Widows had this to say

“Put simply, people need to save an extra £58 per month on average to prepare adequately for retirement and make up the shortfall we are seeing currently. That is roughly the cost of a cup of coffee every day.

“Even though for many this is realistic, and is in under the average £97.10 per month people say they can afford, we appreciate the difficulty in setting aside extra money. It’s about breaking through that inertia. And for some the amount that needs to be saved will be higher but it’s about taking small steps, getting on to the savings ladder and, more importantly, staying on it. Much higher saving levels are needed to get towards the average £24,300 a year people aspire to. The message is that everyone should be putting aside as much as they can afford for their retirement.”

Tom McPhail, pension expert with independent financial adviser Hargreaves Lansdown had this to say

“According to Office for National Statistics figures, the average pension savings of people retiring between the ages of 50 to 64 last year was £91,900, enough to produce an annual income of about £3,500 to £4,000 depending on your sex and the type of annuity you buy.”

“To produce an income of about £24,000, you would need a pension pot of about £400,000 once the state pension has been taken into account,”

“People today face a very simple choice: to save more, retire later, or live on less in retirement.”

Story by Tom

Fresh Start UK

Offering Debt Management Solutions, Debt Management Plans as well as Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244

With court fees the total cost of going Bankrupt is £700 excluding and administration fees from third party companies, such as Debt Management Companies. 

Debt experts warn that this may cause problems for many people who need to go Bankrupt due to severe debt problems, but are unable to raise the £700 needed.

Graham Horne, head of the Insolvency Service had this to say

“The fee is staying the same but we are increasing the proportion of that fee which we get on day one,”

He then went on to say

“The Insolvency Service has seen its income squeezed because of the falling value of homes and other assets which are recovered from bankrupts.”…”Currently, the £1,715 fee is never fully paid in half of bankruptcies.”

The Full administration fee of £1715 minus the deposit of £700 will remain unaffected. The fee is recovered by the Insolvency Service through the surplus income or via the Bankruptcy assets.

Forms of Insolvency

• Bankruptcy: This is possibly the best known form of insolvency, with the biggest stigma. However, Bankruptcy is a very viable option for anyone really struggling with debts. There is a lot to consider before filling, but with the right guidance and advice the process is quick and very beneficial. Bankruptcy lasts typically one year and only claims non essential items and assets with equity.

To find out more about Bankruptcy click here

• Individual voluntary arrangement (IVA): A formal legal agreement between you and your creditors, setup by an Insolvency Practitioner enables payments to be made for typically 5 years, with a discount over 50% on the back end. People struggling with debts over £15,000 and steady incomes are potentially best suited. Homeowners are often allowed to keep their homes depending on the equity stake.

To find out more about IVAs click here

• Debt Relief Orders: Introduced in April 2009, these allow consumers with debts of less than £15,000 and minimal assets (under £300) or surplus income to write off debts without a full-blown bankruptcy. The fee for a DRO is only £90.

Non-Insolvent Debt Solution

• Debt Management Plan (DMP): Allows individually not wanting the formal proceedings of the long term commitment of going insolvent. Debt Management is a more flexible option and there is little risk of losing your home. Homeowners with a plus equity and people with valuable assets do not need to enter them into the agreement. Offers are based purely on monthly disposable cash.

To find out more about Debt Management Plans click here

Story by Tom

Fresh Start UK

Offering Debt Management Solutions, Debt Management Plans as well as Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244