Tax credit blunder slammed

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• Training scheme launched to help young adults avoid debt - 13th October, 2005
  

  A British charity has said many young people across the UK could stop racking up huge levels of debt if a new training programme is implemented.
  Citizens Advice, working with the Financial Services Authority (FSA), developed the programme, which offers training in financial skills to train staff, such as social workers, who work with vulnerable 16 to 25 year olds...

• Savings are on the increase - 27th September, 2005
  

  Britons are saving a lot more than last year, a new report has revealed.
  The Independent Financial Adviser (IFA) Promotion's quarterly savings brake report, shows that for every pound saved we are borrowing only 27p, as opposed to 69p at the same stage last year.
  The report, which shows how much we are borrowing, excluding mortgage debt, compared to how much we are saving, indicates a big fall in borrowing from even its last report.
  The 27p figure is from the second quarter of 2005 and the borrowing figure for the first quarter of this year was 52p...

• Brits unconcerned by mounting debts - 27th April, 2005
  

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• Liberal Democrats call for "safety nets" for borrowers - 16th February, 2005
  

  The Liberal Democrat party has today outlined its plans to guard against problems with personal debt.
  Liberal Democrat shadow chancellor, Dr Vince Cable, is concerned that not enough provision is being made in case personal debt becomes a problem.
  He has called for "safety nets" to be put in place should borrowers run into difficulties...

• HSBC invoice financing to aid small firms - 27th April, 2005
  

  HSBC is to offer small and medium-sized (SME) businesses the opportunity to outsource the problem of chasing later payers.
  HSBC plans to offer a range of guidance and services to help companies collect invoice payments via the internet, telephone and its branch network, in a bid to reduce the financial side-effects of not receiving payment.
  "Just one late payment can have a domino effect on the rest of a business," said Steve Bottomley, HSBC's head of raising finance.
  "But many small business owners worry about upsetting their major clients by chasing them, or imposing interest charges."
  HSBC estimate that ten per cent of companies whose bills go unpaid are often unable to pay their workforce if a payment is a week late. Around 38 per cent of businesses with late payment difficulties struggle to pay their own bills on time, whilst in some cases consist late payments can lead to business failures due to interrupted cash flow...

• Borrowers to enjoy more protection - 21st March, 2005
  

  A new report into Britain's personal debt could lead to even more protection for borrowers.
  The report, to be released today, was compiled by Tory peer Lord Griffiths who was a head of government policy during the Thatcher era...

• Centre for Economics and Business Research comments on interest rate - 27th June, 2005
  

  The London-based Centre for Economics and Business Research (cebr) has forecast that the next move in UK interest rates is likely to be down.
  In a new report, the cebr suggests that the cost of borrowing will fall from 4.75 per cent to 4.5 per cent this winter and slip further to 4.25 per cent during 2006. If the economy continues to weaken, the organisation suggests that interest rates may move down to hit a low of four per cent in 2007...

• Personal debt increasing - 20th April, 2005
  

  Personal debt is on the rise according to the Credit Services Association (CSA), which also claims that starting to find it harder to meet their repayments.
  Average debt now stands around £100 higher than is was a two years ago, at £1,300 and nearly half of CSA members reported that it is becoming harder to collect repayment from both businesses and individuals. In addition to this the number of debts being chased up by collection firms is increasing...

• Teach children to save, says NatWest - 22nd June, 2005
  

  Helping children out of financial hardships can do more harm than good, NatWest Primeline has found.
  According to new research, children who are brought up to rely on their parent's financial safety net are more likely to come into debt and 25 per cent more likely to overdraw on their accounts than those who are financially independent...

• Initiative to improve the situation for debtors - 3rd October, 2005
  

  A new scheme to help people struggling with personal debt on credit and store cards as is being trialled by the department for Constitutional Affairs (DCA).
  The national initiative to help people deal with their debt problems will be trialled over the next year...