2010 turned out to be a difficult year for many households in Nottingham, with the city featuring highly in the league for personal insolvencies for the 2nd year running.
Official records show that, whilst 10% down on 2009 figures, 3000 people in Nottingham took out some form of insolvency solution, either with an Individual Voluntary Arrangement (IVA), Bankruptcy or Debt Relief Order. Only Birmingham, Newcastle and Sheffield faired worse in the year.
Nottingham continues to suffer from the continuing money problems being faced by families in the city as a result of the tough economic times we still endure, despite all the official comments in the Press that the recession is officially at an end.
National Money has helped thousands of people deal with their money problems over the years, and continues to see that the principle causes of difficulty are:
· Redundancy
· Reduced working hours, or loss of overtime opportunities
· Divorce or family break up
· Loss of a partner’s contribution
· Sickness
A rise in redundancy was a consistent reason for money problems last year, but also featured was the reduction in opportunities to boost income from overtime and extra shifts, with many people reliant upon such opportunities to balance their household budget.
There has been much focus in the Press upon individuals who have over stretched their finances as if this was their fault, but National Money has found that most people have only taken on debts when they felt comfortable that they could afford the repayments. Whilst of course there are some who set out with the intention of avoiding repayments, the vast majority have only missed payments or made lower payments than originally agreed because of the changes in their financial circumstances which were outside their own control.
Unfortunately the stress and family tensions stemming from redundancy and so on are exacerbated by the pressures on finances and the need to change lifestyle, and we have seen many family break ups as a result of money problems.
Commenting on the insolvency figures, Clare Stott, director of National Money says: ‘Redundancy and divorce have a huge psychological impact upon individuals which is hard to handle at such a stressful time. There often seems to be an overpowering sense of failure linked to these events and the resulting effect on household finances simply adds to the stress. At times like this, people need to seek help from reputable experts and our team at National Money is just a phone call away.
All indications suggest that 2011 will be another difficult year for Nottingham, with further squeezing of family budgets and forecasts of higher unemployment, as businesses struggle with the same financial issues. We have seen already the impact of the VAT increase on fuel costs, and inevitably this will feed through to higher costs throughout as the year progresses. The substantial reductions in Public Spending and tax increase will further reduce household spending power markedly.
In such an environment, now is the time to review your own situation, and plan ahead to tackle money problems early. Our team of experts at National Money is ready to assist you to find the right solution for your circumstances, whatever these may be, from help with budgeting, assistance with finding the right utility provider for electricity, gas and phones, or putting arrangements in place to deal with debts.
Check out the views of our clients on our testimonials page.
Call us now on: 08448 247 260 for Nottingham Debt Solutions
