Archive for September, 2015

One Advice Group Win DRF and DEMSA Accolade

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Awards

The One Advice Group has won the ‘2015 Investing in the Community Award’ at the DRF and DEMSA Awards Dinner.

The Group have engaged in a number of projects which have featured local charities and schools for the benefit of their aims and causes.

The nomination was based on our extensive CSR endeavours which have included:

  • Our Financial Education for Future Generations work. This helped 250 pupils (including 10 job seekers) understand the value of money, consequences of lending and spending, and ensures they are better equipped to avoid financial problems in later life.
  • Raising over £6,000 for our Charity of the Year, Forever Manchester – who help distribute this to community projects and schemes.
  • Giving over £500 worth of food and clothes, donated by colleagues, to the Tree of Life Centre, Wythenshawe.
  • Contributing 15 computers to local community groups to help residents of all ages get online.
  • Donating 350 gifts to Key 103 Manchester’s Mission Christmas worth over £2,500.
  • Running our first ever Volunteer and Mentor scheme with Business in the Community – and are now a proud Corporate Supporter and Member.

To add to the above roster of activity the Group has also developed partnerships with a number of Chambers of Commerce in the region and their affiliated businesses. In addition we have also engaged in careers events and master classes at Trafford and Manchester College with six mentors from the Group also helping students with choices about their future.

In total our colleagues have provided in excess of £8,000 in time, skills and experience through mentoring and volunteering projects.

“We are proud of the activity which the Group has embarked on over the last year as our main aims are to support the local communities, businesses and schools. This is something which goes hand in hand with being a responsible business that has empathy with its colleagues and customers who come to us for support and guidance. Recognition of this from our industry partners is embraced as it highlights the work we continue to do.”

Jodi Hamilton, Head of Marketing, The One Advice Group

TUC And UNISON Research Show Increase In Problem Debt

Britain in the red report

Debt problems in the UK have risen nearly 30% over the last three years according to research commissioned by UNISON and the TUC.

The report shows that issues with problem debt have risen with 3.2 million households suffering from over-indebtedness. This is an increase of 700,000 compared to 2012. Those that are hardest hit include young people, the self-employed and low-income families.

Problem debt is defined as having to spend 25% or more of monthly gross income on unsecured debt repayments such as credit cards, loans and overdrafts.

The ‘Britain in the Red’ report also finds that 1.6 million of those with problem debt spend 40% of their gross income on debt repayments. This excludes rent or mortgage costs. Lower-income households account for the great majority (1.1 million) of this number.

UNISON and the TUC also highlight the future concerns around benefit cuts and an interest rate rise respectively.

“Wages might finally be picking up for those in the private sector, but anyone working in health, education, local government and our other public services still has many more years of pay restraint to survive. And soon to be introduced cuts to tax credits will push many low-income families yet deeper into debt.”

UNISON General Secretary Dave Prentis

“Rising household debt is not the sign of a healthy economy. People raiding their piggy banks and borrowing more than they can afford is what helped drive the last financial crash.

The fact that more and more are getting into problem debt is particularly worrying given the prospect of interest rates going up.”

TUC General Secretary Frances O’Grady

 

Indications from the Bank of England have led many in to speculating that a rise could be take place as early as this year.

A report from Citizens Advice earlier this year referenced that of an estimated 87,000 households affected by the lower cap around 35,000, or two in every five households, will be in rent arrears a year after the cap is introduced. It also predicted that 30,000 households will struggle with essential living costs such as food, fuel bills and other priority debts.

Figures in the UNISON/ TUC report from the Centre for Responsible Credit show the estimates of over indebtedness among a range of household variants in the UK between 2012 and 2014.

2012 2014
All households 9.50% 11.70%
Households with unsecured debts: 18% 25%
Sub groups of households with unsecured debts1
Working households 3% 10%
Low income households (under £30k) 9% 16%
Young workers (18 – 34) 2% 10%
Older workers (55 – 64) 6% 9%
Self employed 6% 17%
Long-term sick/ disabled 13% 19%
Private renters 4% 12%
Buying with a mortgage 3% 10%

1. These are the percentages found within the NMG survey and are likely to be conservative. However, they are likely to be an accurate indication of the extent of the increase in over-indebtedness amongst these groups over the period.

To see the report visit the TUC website.