Whilst they have now, due to pressure imparted by their website hosts after complaints were made, removed our company details from their website. Unfortunately, there is still significant false use of those details elsewhere. We believe it prudent to place this warning on our website and to continue to point out false use where appropriate.

Please rest assured that there is absolutely no link between www.moneyplus.biz and MoneyPlus Group Ltd. We do not have any FSA regulation as we do not deal in FSA regulated products, this includes investments of any type.

www.moneyplus.biz now reports to be MONEY PLUS WORLDWIDE FINANCIAL SERVICES LTD, company number 07015259, whilst we do not know for certain that these are the correct details, it is a new company which has been around only a few months in the same way as the website.

We can not give any financial or investment advice, however, please do not let any claimed involvement with our group persuade you in one way or another. www.moneyplus.biz, is not and never has been part of or associated with MoneyPlus Group Ltd.

For clarification of any point or any further information, please contact Gareth Chidgey on the number at the top of this website.

MoneyPlus.biz is not associated with MoneyPlus Group is a post from: MoneyPlus Group

New Website is a post from: MoneyPlus Group

Findings from the Resolution Foundation have shown that almost one in four of the 14.3 million households receiving low pay are in danger of being sucked into poverty.

Their findings revealed that around a quarter (24%) of households with an average income of £15,800, spend more than 25 per cent of their monthly income on servicing debts; double the figure from three years ago.

In a survey commissioned by the then Department of Trade and Industry, four objective indicators of over-indebtedness were identified – one being where individuals spend more than 25% of their gross monthly income on repaying unsecured debts.

A third of low-income households were also found to have mortgages with high loan-to-values, or were in negative equity, making them more susceptible to having their home repossessed if they were to lose their job.

Sue Regan, chief executive of Resolution Foundation, said: What is important is it’s not so much about when we get out of recession. It’s how sustainable the economy will be going forward if we increasingly see low-income households default on loans or lose their house. If we don’t address this, it has got big economic ramifications for UK plc.

Ivan Cooper, Chairman at debt advice experts Chiltern, said: Increasingly, with unemployment steadily rising, we are seeing more people who are finding it difficult to maintain credit commitments following a job loss.

For those households on already overstretched budgets, the loss of an income can be even more significant, as it then means that they run the risk of developing serious debt problems or worse, losing their home.

Fortunately this can usually be avoided if they seek impartial debt help quickly, as debts can often be rescheduled ñ enabling them to be repaid at a more affordable level.

Low paid increased risk of homelessness is a post from: MoneyPlus Group

PricewaterhouseCoopers (PWC) published a report that predicts that “bad debts” will make up as much as 9 per cent of all outstanding credit card debts by the end of next year.

The number of bad debts already stand at historic high levels (around 6 per cent), despite credit card borrowing falling  to £64bn – down by 3 per cent.

Credit card companies have also seen a drop by 8 per cent in the number of cards in circulation, causing card companies to consider alternative ways to generate revenues.

Experts predict that the re-introduction of annual fees are likely, along with higher interest rates charged, as firms try to recoup lost money from falling incomes and tighter legislation.

PWC claim that this could result in firms targetting wealthier customers, as they return to the days when borrowers were required to have a high income to secure a credit card.

Richard Thompson, a partner at PWC, said: “Lenders will focus on [customers] that are the most profitable, rather than those that are in the most need of credit.

“At the higher end of the market customers will pay for access to premium benefits and at the lower end more marginal customers will be expected to pay for even a standard credit card.”

Ivan Cooper, Chairman at leading debt advice organisation Chiltern, said: “According to the report by PWC, the average household will need to spend approximately 15% of its income after costs and taxes just to service the interest payments on their credit card debts.

“This places a huge pressure on already fragile finances, and could see many households developing debt problems as they struggle to maintain their payments.”

Credit card debts set to soar is a post from: MoneyPlus Group

According to figures released by the Insolvency Service, personal insolvencies in England and Wales were up by 28.3 per cent over the last twelve months.

During the months of July to September this year, the number of people becoming insolvent leapt to 35,242, a 28.2 per cent increase on the same period of last year and an increase of 6.6% on the previous three months.

This figure is made up of 18,347 bankruptcies, 12,390 people entering individual voluntary arrangements (IVAs), and 4,505 people taking out the government’s new debt solution, debt relief orders (DROs) – aimed at consumers with fewer assets and minimum incomes.

The number of IVAs & where borrowers arrange to pay off a proportion of their debt over a set period of time & leapt by 20.9% over the year, despite indications that creditors were becoming less willing to agree to them.

Ivan Cooper, Chairman at debt advice experts Chiltern, said: “The number of IVAs has risen by over 20% in the past year, despite indications that creditors are less willing to agree to them, which suggests that many more people are suffering with their finances.

“In all cases, we would recommend seeking impartial advice from a reputable organisation, like Chiltern, as expert debt help can usually prevent problems from worsening and can often help to avoid bankruptcy.”

Insolvencies hit record high is a post from: MoneyPlus Group

Consumer optimism leaped to its highest level since January 2008 in a European Commission consumer confidence index.

The report produced by GfK NOP showed that consumers thought this was the best time to make a “major purchase” since November 2007 and that confidence had been boosted by news that America had finally risen out of recession.

At the same time, enquiries for debt advice had risen too by almost 40 per cent over a similar period, as the fallout from the credit crunch and recession claim more victims.

The research by debt management company Chiltern found that over two years since November 2007, the number of customers entering debt management programmes had risen by 38 per cent when compared month on month.

Ivan Cooper, Chairman at debt advice specialists Chiltern, said: “Yes, for many people there does seem to be a light on the horizon, however for many people the current climate has placed finances under undue strain.

“As a result of this, the number of people who have developed debt problems and who are now seeking advice regarding their debt management has risen dramatically.”

Whilst consumer confidence may be up, according to the Institute of International Finance, the current world rebound could easily start losing momentum next year.

A report by this association of global banks, said: “Up until now, the massive support from monetary, fiscal and quasi-fiscal policies has been critical to turning the global economy.”

The interest will be in how the consumer confidence and the economy is affected as the government switches off its funding assistance.

Consumer confidence up despite rise in debt enquiries is a post from: MoneyPlus Group

This week, consumer affairs minister Kevin Brennan is due to announce the results from his research into credit and store card practices, and it is anticipated that featured prominently in his findings will be the minimum monthly amount to be repayed.

Minimum repayments on store card and credit card debts have fallen over the years from around 5% of the outstanding balance to an average of between 2 and 3% of the outstanding debt. whilst seemingly small, this difference can quadruple the amount that is repaid, along with the length of time taken to clear the outstanding balance, by those who only pay the minimum amount.

The government doesn’t believe that enough is currently being done by lenders to prevent consumers developing debt problems, and intends to introduce new legislation to help the consumers currently struggling with finances.

Other areas subject to changes include the adverse order of repayments, which is currently applied many card issuers.

This affects people who have developed outstanding balances on their credit cards, as they are frequently hit with hundreds of pounds of extra interest costs due to lenders forcing them to pay off their cheapest debts first.

“Adverse order” is the way that lenders force consumers to pay off cheapest debts first, thus ensuring more expensive ones last longer and earn them more interest revenues.

According to figures from Nationwide building society, this practice means that consumers are overpaying an estimated £500m each year.

A spokesperson for Nationwide said: “This is an issue that affects people in different ways but it has the biggest impact on the most vulnerable.

“It would not be good financial advice to tell someone who was trying to manage their unsecured debts to repay their cheapest debt first ñ but this is what most credit card providers do.”

Ivan Cooper, Chairman at debt advice specialists Chiltern, said: “These steps proposed by the government should help prevent people developing debt problems in future, but more needs to be done to help those who already need help with outstanding balances.

“People need to understand that there is free debt advice available and that dealing with debt problems sooner usually results in a more positive outcome.”

Other measures proposed by the government include preventing firms from raising the interest rates on existing credit card debts and preventing them from raising someone’s available credit limit without first receiving their authority.

Government attempts to stop spiralling credit card debts is a post from: MoneyPlus Group

The steps mean that only companies that meet DEMSA’s OFT approved code will be allowed to appear on moneysupermarket.com.

The comparison site has given reassurance to its users by only listing companies who adhere to DEMSA’s strict code. The code has recently been sanctioned by the Office of Fair Trading – through their code approval scheme – for delivering a service above the requirements of the law.

In what is a largely unregulated industry, Moneysupermarket have also protected their own reputation by refusing to deal with unscrupulous or unproven operators. The government recently announced a consultation on the debt management industry, but regulation is unlikely to occur soon.

DEMSA is the only debt management association whose code of practice has been approved by the Office of Fair Trading’s Consumer Codes Approval Scheme (CCAS). CCAS aims to approve and promote business-to-consumer codes of practice which provide benefits to consumers that go beyond those currently provided by law. DEMSA regularly reviews member compliance with the code and reports the findings in its annual report.

Tim Moss, head of loans and debt at moneysupermarket.com, said: “For many people in financial difficulty the service provided by one of the free debt advice charities is ideal. However, some consumers prefer to use the services of a paid-for debt management company, who are able to offer a speedy and tailored service which meets their individual needs. Unfortunately, some companies in this field exploit the vulnerable. As a result we have been looking at ways to protect our users from the deeply unethical practices followed by some firms in the debt management industry. With the site only listing DEMSA members, our visitors can be ensured that the debt management company abides by a strict code of ethics, to ensure they are dealt with fairly.

“We have heard many horror stories of debt management companies on our forums, including some taking up to six payments from a customer before even contacting the customer’s creditors. But there are some debt management companies who provide a genuinely positive service to those struggling with debt, and we intend to highlight only these to our customers.

“It really is a scandal that there is no regulation of the industry whatsoever. The government’s recently announced consultation must reach a strong and quick conclusion that full regulation is needed. Enforcing OFT approved code standards may be a way forward.”

Michael Land, Chairman of DEMSA comments: “Moneysupermarket.com is to be applauded for its concern to ensure that the highest standards of consumer protection are available through its website. By allowing only debt managers which are DEMSA approved on its site they are taking the right steps needed to clean up the industry and raise standards beyond those required by law “.

Moneysupermarket announces DEMSA backing is a post from: MoneyPlus Group

DEMSA is one of only eight trade associations in the UK to have received this type of approval from the OFT. In order to achieve the high standards, required by the OFT, DEMSA has had to undertake an ongoing monitoring programme which will include customer satisfaction surveys and mystery shopping exercises as well as carrying out regular visits to the members.

The news has been welcomed by many creditors including banks, credit card companies and debt collection agencies. The code approval will allow these organisations to distinguish between companies that stick to a strict code of conduct and those that do not.

DEMSA achieves OFT approval is a post from: MoneyPlus Group