Debt - it has it's Problems

Many individuals and businesses face financial problems, especially in this continuing recession.

The worry of debt can lead to extreme reactions, illness, stress, suicide!! At these times unscrupulous debt management companies can take advantage.

Mark Gardner, Partner at Latimer Hinks advises on the issues of bankruptcy, debt recovery and insolvency.

The office of fair trading recently highlighted the problems of bad debt companies. Read Mark's comments on this report.

If you find youself in a desperate situation, please speak to someone...citizens advice, legal advisers etc. By speaking you are sharing and by sharing you are "lightening the load."

How to Tackle Debt Head On

In this current recession debt can be a problem for many businesses as well as individuals. Mark Gardner, Partner at Latimer Hinks Solicitors provides ten top tips on how to tackle debt head on.

It seems to me, if we talk to people and take advice early on, debt problems won't spiral out of control. Sharing a problem, halves a problem.

Social networks/forums could be used initially to find advice/research the problem - probably free of charge. How you use the advice is then up to the individual.

Oniomania - Shopping Addiction and the Recession

Oniomanía $3.00
Originally uploaded by mezyar

Apparently 25% of Britons are addicted to shopping! Couple that with the current recession and we may find that the 25% addicted to shopping also have mounting debt issues - and from there, without help it's a downward spiral. Take a look at Latimer Hinks press release - Help at Hand When the Shopping Habit Costs Too Much.

I must admit i'm quite restrained when it comes to spending money. If i haven't got the money/cash/wherewithall I will not spend. I hate the thought of owing money or paying on plastic. I never seem to have much spare cash BUT I don't have much debt and I believe that in the current economic climate this is the safest way to survive the recession.

Shopping addiction - oniomania is a hot topic at the moment. See my previous blog post Confessions of a Shopaholic for more information and advice on how to handle your debts.

Businesses - How to Get Paid Faster

Money Money Money Mucho Money
Originally uploaded by Pyogenes Gruffer.

Following the government’s recent pledge to settle suppliers’ invoices within 10 working days of receipt, Mark Gardner of Latimer Hinks Solicitors provides advice on "how to get paid faster"

You'll also find a useful Debt Recovery Ten Point Plan here.

Great advice for the current economic climate!

Debt - It's Got to be Faced!

Social Networking Guineapig has returned from a very sunny holiday to the wet, miserable, soggy weather here in the UK. She's not a happy guineapig!

Whilst on holiday there was a constant reminder of the UK's Credit Crunch, the Debt Disaster. It was everywhere, news, newspapers, conversation - doom and gloom abound.

A holiday break is the last place you want to be informed of credit disasters. We holiday to relax and unwind - all pressures of credit and debt left safely at home. BUT, your head cannot stay buried in the sand (or the snow as the photograph portrays!). These problems must be faced - by businesses as well as individuals!

Business debt problems can be compounded by late payers. Mark Gardner, Partner at Latimer Hinks Solicitors provides a Debt Recovery Ten Point Plan to help protect and prepare businesses for late payers.

More information can be found here - Local Businesses Must Face Up To Debt and Tackle Late Payers Head on

For quite a few young folk, this recession is probably the first that they have faced whilst in control of their own finances - a frightening prospect. Mark again advises on these issues and what to do to protect yourself before your debt spirals out of control.

Too Many People Turning a Blind Eye to Debt