What is Bankruptcy?

The official definition of bankruptcy is “a legally declared inability or impairment of ability, of an
individual or organization to pay its creditors” – in other words being unable to pay your debts.
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What is debt management?

Debt management or a debt management plan is a voluntary agreement between you and your
creditors, against most unsecured debts, such as credit cards and unsecured loans.
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PPI claims

Have you ever taken out loans, credit cards, a mortgage or any other financial loans product? If the answer is YES then you could have been wrongly sold Payment Protection Insurance or PPI,without even knowing it.
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Triple-dip recession would lose UK AAA rating, says Moody’s

Written by admin. Posted in Uncategorized

The ratings agency Moody’s has served notice to chancellor George Osborne, informing him that it would be carefully monitoring how he managed the difficult balancing act between growth and deficit reduction over the coming months.

Moody’s, one of the world’s three biggest rating agencies, warned Mr Osborne on Wednesday night that the UK stands to lose its prized AAA credit status if the UK further sinks into a triple-dip recession this winter.

The ratings firm went on to say that it had not yet decided whether to cut Britain’s credit rating, but that it could act in the new year either if growth prospects worsened or if Osborne failed to stick to a demanding timetable for reducing national debt. A spokesman for Moody’s said: “The UK government’s most significant policy challenge is balancing the need for fiscal consolidation against the need for economic stimulus.”

The bleak forecast came on the same day that the Bank of England claimed that the boost that accompanied the Olympics during the summer looked set to be a one-off, halving its growth forecast for 2013 to 1%.

The rating agency added that it will consider whether the UK should lose its AAA status in the new year once it had assessed Mr Osborne’s strategies for the growth-deficit reduction dilemma in the Autumn Statement.

It also said the coalition’s attempts to reduce Britain’s record peacetime budget deficit were being hampered by “weaker economic prospects as well as by the risks posed by the ongoing euro area sovereign debt crisis.”

Three factors will govern its assessment: the likely speed of deficit reduction, the growth outlook and the likelihood that debt as a share of national income would not stabilise and start to come down over the next 3-4 years.

Meanwhile speculation is growing that Osborne can no longer meet his original aim of bringing down the debt to GDP ratio by 2015-16 without further austerity measures that would cut the economy’s already sluggish growth rate.