Recent News
07/12/2008 - upto 3000 customs jobs could go.
07/12/2008 - Woolworth job cuts
21/11/2008 - 11,300 Homes Repossessed
17/11/2008 - Withdrawal of Plans to Introduce Simplified IVAs
11/02/2009 1 in 60 Brits faces unmanageable debts
7/12/2008 - HM Revenue and Customs cut jobs LONDON: HM Revenue & Customs, which is responsible for collecting bulk of revenue, paying tax credits and child benefits, has said it will close more than 90 offices across the country.
The move, public and commercial services union said, will result in over 3,000 job losses.
In a statement issued on Tuesday, public and commercial services union (PCS) condemned the "announcement by Her Majesty's Revenue and Customs (HMRC) to go ahead with the closure of 93 offices across the UK and the loss of over 3,400 jobs by 2011."
The PCS statement said office closures would include 800 jobs losses in the eastern region, 835 in the south west. Yorkshire and Humber region would lose 400 jobs, among other places.
"In these uncertain economic times, these closures and job losses will hit businesses, the public and the communities they serve," PCS general secretary, Mark Serwotka said.
Closures include 18 offices in Eastern region with 800 layoffs, 19 offices in South West region costing 835 jobs, while in Scotland 20 offices to be closed cutting 400 jobs.
Further, in Wales region 11 offices would be shut down leading to 470 people losing their jobs, Norther Ireland (5 offices and 190 layoffs) and North West (11 closures).
"As the recession worsens this will come as a bitter blow to a dedicated workforce and will lead to a loss of valuable knowledge and expertise," Serwotka added.
As per its website, HMRC was formed in April 2005, after merger of Inland Revenue and HM Customs & Excise Departments.
"As the recession deepens and people become more reliant on public services, the department and the government should stop adding to the growing number of unemployed and call a halt to the office closure and job cuts programme," Serwotka pointed out.
7/12/2008 - Job losses at Woolworths
450 staff at Woolworths have been made redundant as administrators from Deloitte take drastic steps to put the ailing retail giant into decent shape for a sell-off. Last week, the troubled high street chain had a massive clearance sale which generated its biggest ever day's trading, but insolvency practitioners at Deloitte have still had to make major cuts to its workforce.
The staff affected work at Woolworths' London HQ and another office in Rochdale. The Independent reported that some staff will receive redundancy cheques of just £385 for each year of service. Neville Kahn, the joint administrator at Deloitte, said that he expects that stores will remain open beyond Christmas and that staff will be paid in full. He added: 'We have today launched Woolworths' biggest ever sale, which is complementary to and will not adversely impact upon our efforts to sell the business.'
11300 homes repossessed
More than 11,000 homes were repossessed during the third quarter of the year, 12% higher than in the second quarter, figures showed. The Council of Mortgage Lenders' data released showed 11,300 homes were repossessed in the third quarter of the year. Despite the increase, the CML said it still expected about 45,000 repossessions this year. However, the CML said the number of households in mortgage arrears by the end of the year was likely to exceed forecasts as its figures showed 168,000 households were in arrears at the end of September 2009, 8% higher than the 155,600 at the end of June. According to Ministry of Justice figures also out on Friday, 29,516 mortgage possession orders have been made in courts in England and Wales by all lenders in the third quarter, 24% higher than in the same period in 2007. However, 47% of orders were suspended and not all of them will lead to a home being repossessed. Housing Minister Margaret Beckett said: "We are determined that households should have access to as much help as possible to cope in the tougher times ahead, and we will do everything we can to ensure repossession is always a last resort. "The Government is taking action to protect the most vulnerable families from repossession, including a new court protocol to make sure lenders are exploring all avenues before making a claim in the courts, a £200 million mortgage rescue scheme, more free legal representation in county courts, and more free debt advice. "Lenders need to be doing everything they can to help families facing difficulties. We are continuing to work closely with them to look at what more we can do and plan to make further announcements shortly."
17/11/2008 - Withdrawal of Plans to Introduce Simplified IVAs The Insolvency Service has withdrawn the legislative reform order which had been presented to Parliament to amend sections of the Insolvency Act 1986 aimed at simplifying IVAs (individual voluntary arrangements) and enabling authorised persons specialising in one form of voluntary arrangement i.e. individual or company. Simplified Individual Voluntary Arrangements The successful operation of the IVA Protocol has resulted in many of the desired improvements in the IVA marketplace being implemented without the need for further legislation, a position which has become clear within the past few months. Those in the industry have worked hard to streamline the process for IVA approval with far fewer modifications now being proposed. It is now felt that the operation of the Protocol should continue to be monitored by the IVA Standing Committee, and that legislative change in this area should not be necessary as long as policy objectives are being met by non-statutory means. Authorised Persons We are still planning to take forward the proposal to amend the section in the Insolvency Act which provides for ‘authorised persons’, but it will not be possible to implement this change via a LRO, due to the particular requirements of this form of legislating. We will therefore be looking to make this amendment via a Bill when a suitable opportunity arises. Non Interim Order IVA The proposal for reducing the requirements on Insolvency practitioners to file papers at court remains valid for introduction via a LRO. This will now be added to an LRO we are planning to bring forward in the new year, rather than being taken forward as a single provision.
11/02/2009 - 1 in 60 Brits facing unmanageable debt
A trade body for IVA (Individual Voluntary Arrangement) and debt resolution firms has said that as many as one in 60 people in England and Wales could be facing unmanageable debt.
David Mond, chairman of the Debt Resolution Forum, claimed that “there are an estimated 110,000 people currently in individual voluntary arrangements”, as well as “…probably more than 700,000 people in informal debt management plans”.
He added: “This means that 1 in 60 adults in England and Wales are dealing with unmanageable debt – nearly seven times the government’s figure.”
The latest government figures showed that 1 in 400 people became personally insolvent in 2008 – a statistic that Mr Mond described as “the tip of the iceberg".
Mark Law, Director of Whittaker Bell Ltd, a licensed Debt Management Company added, "Unmanageable Debt is something that is happening more and more and not just for the working classes. We are finding more and more professionals and self employed people, struggling to find work due to recent redundancies, seeking help and guidance for their debts. We suggest that people in debt seek help and advice from companies such as ourselves".
Useful Links
Financial Services Directory- UK directory of financial services and independent financial advisors.
Debt Advice from debtbuddy. Helping you deal with your debts
Debt Help UK helping people resolve personal debt problems.
Citizens Advice Bureau service helps people resolve their legal, money and other problems by providing free, independent and confidential advice, and by influencing policymakers
Directgov is a government website offering help and advice for Public Services all in one place
Financial Ombudsman is the official independent expert in settling complaints between consumers and businesses providing financial services
For a no obligation telephone consultation, call us FREE on 0800 622 6480
| 
