Personal Over-indebtedness in Northern Ireland February M. Woods OFMDFM Equality Directorate Research Branch

Size: px
Start display at page:

Download "Personal Over-indebtedness in Northern Ireland February 2006. M. Woods OFMDFM Equality Directorate Research Branch"

Transcription

1 Personal Over-indebtedness in Northern Ireland February 2006 M. Woods OFMDFM Equality Directorate Research Branch

2 Table of Contents 1.0. Introduction Consumer Credit in the UK Extent of Credit Facilities and Consumer Borrowing The Socio-Economic Characteristics of Respondents with Consumer Credit Unused Credit Facilities and Amounts Owed Amounts Owed on Consumer Credit and Income Levels The Composition of Those Individual s that Were Over-indebted Domestic Bills Subjective Views on Credit and Debt Sources of Financial Advice Comparative Data Summary and Conclusions Appendix A1. Methodology for Computing Classification of Over- Indebtedness Appendix A2 Technical Survey Notes Bibliography OFMDFM Research Branch 1

3 1.0. Introduction 1.1. The Office of the First Minister and Deputy First Minister (OFMDFM) are currently developing an Anti-Poverty Strategy for Northern Ireland. A priority area of the developing strategy is financial exclusion. In support of this theme OFMDFM Research Branch commissioned a module of questions in the Northern Ireland Statistics and Research Agency s (NISRA) Omnibus survey. This module of questions examined individual s level of borrowing and attitudes to borrowing. The data also allows definitions of over-indebtedness used by GB departments to be modelled for NI for the first time 1. In addition the research examines arrears with domestic bills In recent times much has been made of the levels of consumer borrowing in Great Britain and Northern Ireland (NI). Concerns have been raised that the levels of borrowing are unsustainable. There has been a lack of primary data on the amount and types of borrowing in NI, with the notable exception of the General Consumer Council (GCC) report Taking the Credit (GCC 2004) While groups such as the Citizens Advice Bureau (CAB) have analysed the position of their clients who seek advice on debt this does not present the picture for the whole of the NI population. 1 See Appendix 1 for full methodology OFMDFM Research Branch 2

4 2.0. Consumer Credit in the UK 2.1. The Office for National Statistics and the Bank of England produce estimates of consumer credit for the UK as a whole, there is no disaggregation to the individual countries within the UK Figure 1 below shows the increase in quarterly consumer credit gross lending. Over the period 1995 quarter 1, to 2005 quarter 1 gross lending rose by 162% in nominal terms. The data provides no indication whether this increase was the result of an increase in the number of people using consumer credit or an increase in the amounts held or a combination of both. Figure 1 Consumer Credit Gross Lending 1995 Quarter1 to 2005 Quarter 1 ( million) m Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Source ONS (VZQN) 2.3. Over the period in question, the total amount of consumer credit accounted for by credit cards has increased from 54% in 1995 quarter 1 to 62% in 2005 quarter 1. Figure 2 shows the actual amounts over the period The increase in credit card gross lending has exceeded that of all consumer credit gross lending. Over the period gross lending on credit cards has increased by approximately 200%. OFMDFM Research Branch 3

5 Figure 2 Consumer Credit Gross Lending 1995 Quarter1 to 2005 Quarter 1 Credit Cards ( million) m Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Source ONS (VZQO) OFMDFM Research Branch 4

6 3.0. Extent of Credit Facilities and Consumer Borrowing Credit appears to be more easily accessible in the UK today than at any other time. The omnipresent adverts for credit cards and loans, the unsolicited increases in credit limits etc. may have created an environment in which the consumer could view credit as a rather more safe option. Advice agencies have pointed to the lack of financial knowledge of consumers and instances of irresponsible lending as creating a precarious situation for some This next section of the report will examine the extent of credit facilities, the type of credit use and amounts, as reported by respondents to the Omnibus Survey in March Figure 3 below shows the number of credit facilities 3 that respondents declared were available to them The vast majority of respondents had access to at least one credit facility (71%), conversely 29% of respondents had no credit facilities. A small percentage of respondents (9%) had access to five of more credit facilities Across all respondents the average number of credit facilities was 1.8, for those with at least one commitment the average number was 2.5. Figure 3 Number of Consumer Credit Facilities % 80% 70% 60% 50% 40% 30% 20% 10% 0% None Any One Two Three Four Five or more 2 See for example Kempson When money is owed on a credit facility it is termed a credit commitment. Due to the limits of the survey questions only total amounts owed across types of facilities were recorded and not for each individual credit facility. OFMDFM Research Branch 5

7 4.0 The Socio-Economic Characteristics of Respondents with Consumer Credit Facilities In terms of gender almost three quarters of female respondents had at least one credit facility compared to 68% of males. Eleven per cent of females had five or more facilities compared to 7% of males. These higher levels for females translate into an average number of credit facilities for females of 2.0 compared to 1.6 for males In terms of age the younger and the older age groups exhibit the lowest levels of credit facilities. Sixty-two per cent of year olds and 40% of those aged 65 and over had at least one credit facility compared to 87% of year olds and 72% of year olds. Fourteen per cent of year olds had five or more facilities as did 10% of year olds, compared to only 4% of year olds and 1% of those aged 65 and over. The highest average number of credit facilities was for those individuals aged years (2.1) and the lowest for those aged 65 years and over (1.1). This pattern is no doubt influenced by the fact that the age range years is likely to be the most financially active period in the Iife-cycle of the individual 4.3. Across marital status groups married persons had the highest level of any credit facilities, (76%) and widowed individuals the lowest, (48%). Eleven per cent of married individuals had access to five or more credit facilities compared to 5% of widowed individuals. Married persons had the highest average number of credit facilities (2.0) and widowed persons the lowest (1.0) Across different tenure groups those individuals that own their home with a mortgage had the highest access to credit facilities. Eighty-one per cent of such individuals had at least one credit facility and 11% had five or more. Approximately half of those individuals living in social rented accommodation had at least one credit facility and 5% had five or more. Those individuals that own their home with a mortgage had on average 2.2 credit facilities compared to 1.0 for those in social rented accommodation For those individuals in paid employment 84% had at least one credit facility and 12% had five or more. For persons not in paid employment levels were lower. Fifty-nine per cent of such individuals had at least one credit facility and 9% had five or more. On average those in paid employment had 2.2 credit facilities compared to 1.3 for those not in paid employment In terms of socio-economic group the general pattern was for the higher groups to have greater access to credit. In this respect 91% of the professional group had at least one credit facility compared to only 38% of those in the unskilled manual group. A similar pattern was apparent when considering the proportion within groups that had five or more credit facilities. Nineteen per cent of the professional group had five or more credit facilities compared to 2% of those individuals in the unskilled manual group. In terms of average number of credit facilities the same pattern is evident. For the OFMDFM Research Branch 6

8 professional group the average number of credit facilities was 2.8 compared to 0.8 for the unskilled manual group In terms of gross income the pattern shows that as income increases access to credit increases. Fifty-seven per cent of individuals with gross annual income of under 5000 have at least one credit facility and 7% had five or more. For individuals with an income over % had at least one credit facility and 28% had five or more. The highest average number of credit facilities was found in the income bracket (2.2). The results above are shown in Table 1 below. Table 1 Level of Credit Facilities by Socio-economic Characteristics. Credit Facilities % of individuals with.. Average number No credit facilities Any Five or more All individuals Gender Male Female Age and over Marital Status Single Married (inc separated) Divorced Widowed Tenure Owns outright Owns with mortgage Social rented Private rented Other Employment Status In paid employment Not in paid employment Socio-economic Group Professional Managerial & technical Skilled non-manual OFMDFM Research Branch 7

9 Skilled manual Partly skilled Unskilled manual Never worked Full-time students Location Urban Rural Religion Protestant Catholic Other Annual Gross Income Under ,000-14, and over Those with no credit facilities are disproportionately drawn from: males; individuals aged 65 years and over; widowed individuals; those living in social rented accommodation; individuals not in paid employment; those in the unskilled manual socio-economic group and individuals with an income under Those with any credit facilities are disproportionately drawn from: females individuals aged years those that own their property with a mortgage; those individuals in paid employment; those in the professional socio-economic group and OFMDFM Research Branch 8

10 individuals with higher incomes Those individuals with access to large numbers of credit facilities i.e. five or more are disproportionately drawn from; individuals aged married / divorced individuals individuals in paid employment higher socio-economic groups and those with higher gross annual incomes. OFMDFM Research Branch 9

11 5.0. Unused Credit Facilities and Amounts Owed. 5.1 As noted above not all individuals with credit facilities have actual commitments on those facilities i.e. owe money. Note, however that due to the limitations of the Omnibus survey it was not possible to investigate amounts owed on each individual commitment but rather on overall amounts The survey questioned respondents on the number of credit cards / store cards / mail order / hire purchase facilities that the individual had and the money owed across all these types of facilities. In total 39% of respondents had at least one credit card /store card / mail order / hire purchase facility. Of these individuals 50% did not currently owe any money These figures imply that there was a high degree of unused facilities. If the individual s circumstances change negatively, for example, a period of unemployment there is the potential that credit facilities such as those referenced above could be used Figure 4 below shows the amounts owed for those individuals that had at least one credit cards etc. Including those who did not owe anything the average amount outstanding was 747. Excluding those not owing anything the average amount owed was A small proportion of individuals owing money on credit cards etc. owed at least 2000 (9%) Figure 4 Amounts Owed on Credit Cards / Store Cards / Mail Order / Hire Purchase 60% 50% 40% 30% 20% 10% 0% over 2000 Note figures exclude small number of don t know / refused 5.5. For those people with a credit commitment on credit cards etc. the survey asked whether the amount they were paying represented the minimum repayment on any of these types of commitments. Approximately 20% of such individuals were paying the minimum on all such commitments, 27% paid the minimum on some and 52% were not paying the minimum. OFMDFM Research Branch 10

12 5.6. Approximately three quarters of individuals did not have a loan of any type. Twenty-one per cent of individuals had one loan with the remaining 4% having two or more Figure 5 below shows the amounts owed for those individuals that had at least one loan. Including those that owed nothing the average amount owed on loans was Excluding those that owed nothing the average amount owed was However it should be noted that 4% of individuals with at least one loan facility owed at least 20,000. Figure 5 Amounts Owed on Loans 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% over 2000 Note figures exclude small number of don t know / refused 5.8. Approximately 10% of individuals had overdraft facilities. Of those with an overdraft facility, a significant proportion (49%) currently did not owe any money on an overdraft(s). A further 31% owed under 500 and only 5% owed over OFMDFM Research Branch 11

13 Figure 6 Amounts Owed on Overdrafts 60% 50% 40% 30% 20% 10% 0% over 2000 Note figures exclude small number of don t know / refused 5.9. The average amount owed on overdrafts, including those individuals that owe nothing was , excluding those that owed nothing the average amount increased to The following analysis combines all the types of credit facilities outlined above to give an insight into the total amounts owed by individuals A significant proportion of the 71% of individuals with at least one credit facility currently did not owe any monies (44%). A further 19% owed 500 or less. At the opposite end of the spectrum 11% of individuals with credit facilities owed over 5000, as shown in Figure 7 below. Figure 7 Amounts Owed on All types of Credit Facilities 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% over 5000 Note figures exclude small number of don t know / refused OFMDFM Research Branch 12

14 5.12. Including those individuals that owed nothing on credit the average amount owed was For those that owe money on credit the average amount was Figure 8 shows the characteristics of those individuals with at least 5000 debt: sixty-two percent are aged between 25 and 49 years; fifty-seven per cent are male; eighty-eight per cent either own their property outright or with a mortgage; eighty-one per cent are in paid employment; forty-four per cent have tertiary level education; forty-two per cent are in managerial & technical professions; seventy-one per cent are married (including separated); fifty-five per cent have dependants and fifty-five per cent have gross annual income from all sources of between and % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Figure 8 The Characteristics of Individuals With Consumer Debt male mortgage.own outright In paid employment tertiary Managerial & technical Married (inc seperated) nts Has dependa OFMDFM Research Branch 13

15 5.14. These characteristics tend to imply that those owing at least 5000 are not drawn in the main from groups more at risk of disadvantage such as those not in employment, and those with low level qualifications etc The above shows that a significant proportion of those owing at least 5000 may well be capable of handling their debt commitments. However it is not the amount owed in and of itself that is important it is the impact the amount owed has on the individual s income and consequently their standard of living. This will be examined in the next section. OFMDFM Research Branch 14

16 6.0. Amounts Owed on Consumer Credit and Income Levels The percentage of an individual s income that an individual spends servicing his/her debt is important. For example an individual in the higher income brackets may well service a large debt without difficulties while an individual with a substantially smaller debt but on a low income may experience extreme hardship. 6.2 The Omnibus survey collected gross annual income and amounts owed on consumer credit and mortgages. This information enables debt servicing ratios to be calculated. The methodology used is based on that supported by the Department of Trade and Investment (DTI), although the DTI states that there is no universally accepted definition of over-indebtedness. For a fuller explanation of the methodology used see Appendix A The figure below shows the banded levels of individual incomes, on an annual basis from all sources Of those individuals responding positively 23% had a gross annual income of between 5000 and A further 18% had a gross annual income of between and At the higher end of the income distribution 14% of individuals had a gross annual income of at least Figure 9 Annual Gross Income From All Sources % Under 2,500 2,500-4,999 5,000-9,999 10,000-14,999 15,000-19,999 20,000-24,999 25,000-29,999 30,000-34,999 35,000-39,999 40,000-44,999 45,000-49,999 50,000 or more Note figures exclude small number of don t know / refused 6.5. As noted above the actual amount owed on consumer credit is not a good indicator of financial stress caused by borrowing, rather the impact on the individuals income is more important The Omnibus survey has the data (after some adjustments outlined in Appendix A1) to investigate the amount of an individual s gross monthly income that is used to service borrowing. OFMDFM Research Branch 15

17 6.7. The chart below shows the percentages of an individual s gross income from all sources that is spent servicing borrowing. Figure 10 Percentage of an Individual's Gross Monthly Income Spent Servicing Consumer Debt 2% 4% 9% 29% 4% 52% Note figures exclude small number of cases with relevant variables missing 6.8. The majority of individual s do not have monthly commitments to consumer credit (52%). This figure includes those with no credit facilities and those that do not owe money on facilities that they have. A further 29% of individuals spend between 1% and 15% of their gross monthly income servicing debt There are two objective measures (outlined in Appendix A1) of overindebtedness. Firstly an individual can be considered over-indebted when he/she is spending more than 25% of their gross monthly income servicing consumer credit commitments. For simplicity this will be referred to as the 25% measure in the remainder of the report On the 25% measure 9% of all individuals surveyed were classified as over-indebted The second objective definition of over-indebtedness is when an individual is spending more than 50% of their gross monthly income on total borrowing repayments (consumer credit and mortgages). Again for simplicity this measure will be referred to as the 50% measure for the remainder of the report Figure 11 shows the percentage of an individuals gross monthly income that is used servicing all borrowing (i.e. credit and mortgages) secured and unsecured Forty-two per cent of individual s do not have monthly commitments to consumer credit or mortgages. This figure includes those with no credit facilities and those that do not owe money on facilities that they have and OFMDFM Research Branch 16

18 similarly for mortgages. A further 22% of individuals spend between 1% and 15% of their gross monthly income servicing debt. Figure 11 Percentage of an Individual's Gross Monthly Income Spent Servicing Consumer Credit and Mortgages 12% 8% 5% 11% 42% % Note figures exclude small number of cases with relevant variables missing Using the 50% measure of over-indebtedness 11% of all individuals surveyed were over-indebted There was a high degree of overlap between the two measures with 62% of those over-indebted on the 25% measure also over-indebted on the 50% measure Given the relatively low level of over-indebtedness among the sample, the following analysis of the circumstances of such individuals should be treated with a degree of caution given the impact of smaller base numbers. OFMDFM Research Branch 17

19 7.0. The Composition of Those Individual s that Were Over-indebted and Risk Characteristics 7.1. The table below shows the composition by various socio-economic characteristics of; all individuals and over-indebted individuals 7.2. Composition refers to the percentage of all individuals, or those overindebted, that have a particular socio-economic characteristic. Table 2 Composition of All Individuals and Those Classified as Over-indebted by Socio-economic Characteristics. Characteristics % of all individuals % of those over-indebted 25% measure % of those over-indebted 50% measure Gender Male Female Age and over Housing Tenure Own outright Mortgagor Social rented Rented privately Other Marital Status Single Married (inc separated) Divorced Widowed Dependants Yes No OFMDFM Research Branch 18

20 Disability Person with a disability Person without a disability Economic Activity Economically active Economically inactive Paid Employment Yes No Socio-economic Group Professional Managerial & technical Skilled non-manual Skilled manual Partly skilled Unskilled manual Never worked Full-time students 3.7 ~ ~ Annual Gross Income Under ,000-14, and over Location Urban Rural Area Belfast East West Religion Protestant Catholic Other OFMDFM Research Branch 19

21 7.3. The bullet points below show particular types of individuals that have the highest percentage composition of individuals that were over-indebted on either measure. The fact that the individuals with a particular characteristic comprise the highest percentage may simply reflect their occurrence across all individuals. Composition figures are best suited to quantifying the types of individuals over-indebted For those individuals over-indebted on the 25% measure the major composition groups are set out below: approximately 60% of all individuals over-indebted were female; approximately 61% of those individuals over-indebted were aged 25-49; 45% owned their home with a mortgage; 68% of those individuals over-indebted were married (inc separated); 65% had dependants; 87% of those individuals over-indebted did not have a disability ; 64% of those individuals over-indebted were economically active; 60% of those individuals over-indebted were in paid employment; 36% of those individuals over-indebted were in managerial and technical professions 35% of those individuals over-indebted had a gross income under 5000; 61% of those individuals over-indebted lived in urban areas 44% of those individuals over-indebted lived in the East of the Province and; 55% of those individuals over-indebted were Protestant For those individuals over-indebted on the 50% measure the major composition groups are set out below: approximately 73% of all individuals over-indebted were female; approximately 77% of those individuals over-indebted were aged 25-49; 74% owned their home with a mortgage; OFMDFM Research Branch 20

22 84% of those individuals over-indebted were married (inc separated); 75% had dependants; 87% of those individuals over-indebted did not have a disability ; 59% of those individuals over-indebted were economically active; 56% of those individuals over-indebted were in paid employment; 30% of those individuals over-indebted were in skilled non-manual occupations; 44% of those individuals over-indebted had a gross income under 5000; 57% of those individuals over-indebted lived in urban areas; 48% of those individuals over-indebted lived in the East of the Province and 53% of those individuals over-indebted were Protestant The above analysis examined the composition of all individuals classified as over-indebted. Composition gives no indication of the likelihood an individual with a particular characteristic has of being over-indebted and may well be a reflection of their occurrence in the total sample. The next section of the report examines the likelihood or risk of an individual being over-indebted The risk is defined as the percentage within the group that are overindebted. For example the table below shows that risk for males of being over-indebted on the 25% measure is 8%, in other words 8% of all males are over-indebted on the 25% measure. Table 3 Risk of Over-indebtedness by Socio-economic Characteristics. Characteristics Risk of being overindebted Risk of being over- 25% measure indebted 50% measure All individuals 9 11 Gender Male 8 6 Female Age OFMDFM Research Branch 21

23 65 and over 2 ~ Housing Tenure Own outright 9 5 Mortgagor 9 18 Social rented 8 5 Rented privately 11 5 Other 7 5 Marital Status Single 8 5 Married (inc separated) Divorced Widowed 3 1 Dependants Yes No 5 4 Disability Person with a disability Person without a disability Economic Activity Economically active Economically inactive 9 11 Paid Employment Yes No 9 11 Socio-economic Group Professional Managerial & technical Skilled non-manual 9 14 Skilled manual 5 5 Partly skilled 8 13 Unskilled manual Never worked 8 9 Full-time students ~ ~ OFMDFM Research Branch 22

24 Annual Gross Income Under ,000-14, and over 10 5 Location Urban Rural 8 10 Area Belfast East 8 11 West 8 10 Religion Protestant Catholic 8 10 Other 8 8 ~ indicates rounded percentage less than Key points on the risk of over-indebtedness include; women have a higher risk of over-indebtedness than men on both measures; individuals in the middle age group (25-49 years) have the highest risk of over-indebtedness on both measures; individuals with dependants have a higher risk of over-indebtedness on both measures than individuals without; individuals in the professional (13%) and managerial & technical (14%) socio-economic groups had the highest risk of over-indebtedness on the 25% measure; individuals in the skilled non-manual (14%) the professional (13%) and partly skilled (13%) socio-economic groups had the highest risk of over-indebtedness on the 50% measure; individuals with gross annual incomes under 5,000 had the highest risk of over-indebtedness on both measures and individuals living in the Belfast area had the highest risk of overindebtedness on both measures. OFMDFM Research Branch 23

25 8.0. Domestic Bills The survey questioned respondents on whether they were at the time of interview behind with any of the following bills; electricity; gas; oil; other fuel bill; rates bill; insurance policies; telephone bill; television, video rental HP; other HP payments; mortgage payments and rent Five per cent of individuals were behind at the time of survey with at least one of the above referenced bills. The actual numbers of individuals in the survey that were behind with bills (n=49) means that any further analysis with regard to their characteristics should not be under taken due to small sample size Fgiure 12 Percentage of Individuals In Arrears With at Least One Domestic Bill 5% yes no 95% Note figures exclude small number of don t know / refused OFMDFM Research Branch 24

26 9.0. Subjective Views on Credit and Debt The survey asked individuals a range of attitudinal questions in relation to borrowing and their financial circumstances Those individuals that had borrowed money were questioned on their views of their current level of borrowing. The results are shown in Table 3 below 9.3. As stated previously not all debt is problematic and indeed could be a pragmatic means of spreading the cost of goods/services especially in a period of historically low interest rates. Therefore it is not surprising that the majority of individuals, (59%) that had borrowing stated that they could afford more credit but prefer to avoid it. A further 28% stated that they have as much credit as I can afford and wouldn t want to take any more. Approximately 8% stated that they could afford more credit and would be happy to take more if I wanted to buy something and 5% stated that they have more credit than I can afford and need to pay some off Table 4 Views on Current Level of Borrowing for Individuals that Had Borrowed Money at the Time of Survey Views on Current level of borrowing Percentages of Individual s that owe monies Could afford more credit and would be 7.6 happy to take more if I wanted to buy something Could afford more credit but prefer to 59.2 avoid it Have as much credit as I can afford and 28.2 wouldn t want to take any more Have more credit than I can afford and 5.1 need to pay some off 9.4. For those individuals that were over-indebted the results of the same question are shown in Table 5 below The majority of those individuals that were classified as over-indebted (56% on the 25% measure and 53% on the 50% measure) stated that they could afford more credit but prefer to avoid it. OFMDFM Research Branch 25

Contents... 2. Executive Summary... 5. Key Findings... 5. Use of Credit... 5. Debt and savings... 6. Financial difficulty... 7. Background...

Contents... 2. Executive Summary... 5. Key Findings... 5. Use of Credit... 5. Debt and savings... 6. Financial difficulty... 7. Background... CREDIT, DEBT AND FINANCIAL DIFFICULTY IN BRITAIN, A report using data from the YouGov DebtTrack survey JUNE 2013 Contents Contents... 2 Executive Summary... 5 Key Findings... 5 Use of Credit... 5 Debt

More information

Chapter 5: Financial Wealth, Wealth in Great Britain 2010-12

Chapter 5: Financial Wealth, Wealth in Great Britain 2010-12 Chapter 5: Financial Wealth, Wealth in Great Britain 201012 Coverage: GB Date: 15 May 2014 Geographical Area: Region Theme: Economy Key points Aggregate net financial wealth for all private households

More information

Chapter 3: Property Wealth, Wealth in Great Britain 2010-12

Chapter 3: Property Wealth, Wealth in Great Britain 2010-12 Chapter 3: Property Wealth, Wealth in Great Britain 2010-12 Coverage: GB Date: 15 May 2014 Geographical Area: GB Theme: Economy Key Points Aggregate net property wealth for all private households in Great

More information

Segmenting the over-indebted population of the UK

Segmenting the over-indebted population of the UK Segmenting the over-indebted population of the UK August 2013 Segmenting the over-indebted population of the UK Introduction In 2012, the Money Advice Service identified a population of approximately 8.8

More information

Study into the Sales of Add-on General Insurance Products

Study into the Sales of Add-on General Insurance Products Study into the Sales of Add-on General Insurance Quantitative Consumer Research Report Prepared For: Financial Conduct Authority (FCA) March, 2014 Authorised Contact Persons Frances Green Research Director

More information

Debt and Older People

Debt and Older People Debt and Older People How age affects attitudes to borrowing P f R C PERSONAL FINANCE RESEARCH CENTRE Your Money Matters The Your Money Matters programme is designed to improve the skills, confidence and

More information

This briefing is divided into themes, where possible 2001 data is provided for comparison.

This briefing is divided into themes, where possible 2001 data is provided for comparison. Information Action 2011 Census Second Release December 2012 Consultation The Office for National Statistics (ONS) has now begun the Second Release of outputs from the 2011 Census at local authority level.

More information

Key Findings ASIC Report 419. Australian Financial Attitudes and Behaviour Tracker Wave 1: March August 2014

Key Findings ASIC Report 419. Australian Financial Attitudes and Behaviour Tracker Wave 1: March August 2014 ASIC Report 419 Wave 1: March August 2014 Australian Securities and Investments Commission December 2014 Contents INTRODUCTION 3 KEY FINDINGS 9 Financial attitudes 10 Keeping track of finances 11 Planning

More information

Characteristics of families in debt and the nature of indebtedness

Characteristics of families in debt and the nature of indebtedness Department for Work and Pensions Research Report No 211 Characteristics of families in debt and the nature of indebtedness Elaine Kempson, Stephen McKay and Maxine Willitts A report of research carried

More information

The relationship between mental wellbeing and financial management among older people

The relationship between mental wellbeing and financial management among older people The relationship between mental wellbeing and financial management among older people An analysis using the third wave of Understanding Society January 2014 www.pfrc.bris.ac.uk www.ilcuk.org.uk A working

More information

Household Energy Expenditure: Measures es off Hardship & Changes in Income

Household Energy Expenditure: Measures es off Hardship & Changes in Income : Measures es off Hardship & Changes in Income By Professor or Sue Richardson Associate Professor or Peter Travers The National Institute of Labour Studies February, 2004 4 Table of Contents HOUSEHOLD

More information

Household Finance and Consumption Survey

Household Finance and Consumption Survey An Phríomh-Oifig Staidrimh Central Statistics Office Household Finance and Consumption Survey 2013 Published by the Stationery Office, Dublin, Ireland. Available from: Central Statistics Office, Information

More information

Over-indebtedness in Britain A report to the Department of Trade and Industry. Elaine Kempson Personal Finance Research Centre September 2002

Over-indebtedness in Britain A report to the Department of Trade and Industry. Elaine Kempson Personal Finance Research Centre September 2002 Over-indebtedness in Britain A report to the Department of Trade and Industry Elaine Kempson Personal Finance Research Centre September 00 Contents Summary and conclusions Page i 1 Introduction 1 Consumer

More information

Consumer Services. The Help to Buy Hopefuls

Consumer Services. The Help to Buy Hopefuls Consumer Services The Help to Buy Hopefuls Experian Insight Report January 2014 1 Introduction 2014 is a year when the Government s home-buying initiative, Help to Buy, will be on the minds of many would-be

More information

Elaine Kempson and Adele Atkinson OVERSTRETCHED: PEOPLE AT RISK OF FINANCIAL DIFFICULTIES UNIVERSITY OF BRISTOL PERSONAL FINANCE RESEARCH CENTRE

Elaine Kempson and Adele Atkinson OVERSTRETCHED: PEOPLE AT RISK OF FINANCIAL DIFFICULTIES UNIVERSITY OF BRISTOL PERSONAL FINANCE RESEARCH CENTRE OVERSTRETCHED: PEOPLE AT RISK OF FINANCIAL DIFFICULTIES UNIVERSITY OF BRISTOL PERSONAL FINANCE RESEARCH CENTRE Supported by Genworth Financial Elaine Kempson and Adele Atkinson November 2006 Overstretched:

More information

Family Net Worth in New Zealand

Family Net Worth in New Zealand Reproduction of material Material in this report may be reproduced and published, provided that it does not purport to be published under government authority and that acknowledgement is made of this source.

More information

Main Report: The Burden of Property Debt in Great Britain, 2006/08 & 2008/10

Main Report: The Burden of Property Debt in Great Britain, 2006/08 & 2008/10 Main Report: The Burden of Property Debt in Great Britain, 2006/08 & 2008/10 Coverage: England and Wales Date: 13 May 2013 Geographical Area: Region Theme: Economy Key Points This release focuses on the

More information

PAYMENT PROTECTION INSURANCE RESEARCH

PAYMENT PROTECTION INSURANCE RESEARCH PAYMENT PROTECTION INSURANCE RESEARCH ANALYTICAL REPORT NOVEMBER 2015 ABOUT COMRES ComRes provides specialist research and insight into reputation, public policy and communications. It is a founding member

More information

Equality Impact Assessment Support for Mortgage Interest

Equality Impact Assessment Support for Mortgage Interest Welfare and Wellbeing Group Equality Impact Assessment Support for Mortgage Interest Clarification to the treatment of Excess Payments of Support for Mortgage Interest April 2010 Equality Impact Assessment

More information

Scotland s Class of 99: the early career paths of graduates who studied in Scottish higher education institutions. Summary report

Scotland s Class of 99: the early career paths of graduates who studied in Scottish higher education institutions. Summary report Scotland s Class of 99: the early career paths of graduates who studied in Scottish higher education institutions Summary report Scotland s Class of 99: the early career paths of graduates who studied

More information

Age, Demographics and Employment

Age, Demographics and Employment Key Facts Age, Demographics and Employment This document summarises key facts about demographic change, age, employment, training, retirement, pensions and savings. 1 Demographic change The population

More information

A survey of public attitudes towards conveyancing services, conducted on behalf of:

A survey of public attitudes towards conveyancing services, conducted on behalf of: A survey of public attitudes towards conveyancing services, conducted on behalf of: February 2009 CONTENTS Methodology 4 Executive summary 6 Part 1: your experience 8 Q1 Have you used a solicitor for conveyancing

More information

Results of a survey of people engaging with self-build

Results of a survey of people engaging with self-build Results of a survey of people engaging with self-build Alison Wallace, Janet Ford and Deborah Quilgars Centre for Housing Policy Spring 2013 Acknowledgements This paper reports the findings of a small

More information

Online Survey of Employees Without Workplace Retirement Plans

Online Survey of Employees Without Workplace Retirement Plans Online Survey of Employees Without Workplace Retirement Plans Report of Findings Conducted for: State of California October 2015 Prepared by Greenwald & Associates 2015 1 Table of Contents Methodology

More information

The question of whether student debt levels are excessive

The question of whether student debt levels are excessive College on Credit: How Borrowers Perceive Their Education Debt By Sandy Baum and Marie O Malley Sandy Baum is professor of economics at Skidmore College in Skidmore, PA. Marie O Malley is vice president

More information

Credit Crunching. a student guide to credit 2010/11

Credit Crunching. a student guide to credit 2010/11 Credit Crunching a student guide to credit 2010/11 Introduction Whether you are a student or a graduate it is important to understand all the different types of credit out there in the market place. Credit

More information

Application for Discretionary Housing Payment/Council Tax Discretionary Relief

Application for Discretionary Housing Payment/Council Tax Discretionary Relief Application for Discretionary Housing Payment/Council Tax Discretionary Relief Name & Address: Date of Issue: Council Tax Account Number: Email Address and Contact Number: Housing Benefit Claim Reference:

More information

Pervasive Area Poverty: a pilot study applying modelled household income in a NILS context

Pervasive Area Poverty: a pilot study applying modelled household income in a NILS context Pervasive Area Poverty: a pilot study applying modelled household income in a NILS context April 2009 Alan McClelland OFMdFM Equality Directorate Research Branch and David Donnelly Northern Ireland Longitudinal

More information

LOAN APPLICATION FORM

LOAN APPLICATION FORM LOAN APPLICATION FORM Please use black ink and complete all sections in BLOCK CAPITALS. (For loans fully covered by savings or guarantee, only Parts 1, 3 and 9 should be completed.) If you need any help,

More information

Equity release consumers: who are they and why do they use the products?

Equity release consumers: who are they and why do they use the products? Briefings No 02 May 2013 Work Stream 3: Equity release consumers BRIEFINGS Equity release consumers: who are they and why do they use the products? Equity release products have been available in the UK

More information

The Money Statistics January 2015

The Money Statistics January 2015 The Money Statistics January 2015 Welcome to the January 2015 edition of The Money Statistics The Money Charity s monthly roundup of statistics about how we use money in the UK. These were previously published

More information

www.hoa.org.uk On the Edge Impact on Homeowners of Changes to Interest-Only Mortgages February 2013

www.hoa.org.uk On the Edge Impact on Homeowners of Changes to Interest-Only Mortgages February 2013 www.hoa.org.uk On the Edge Impact on Homeowners of Changes to Interest-Only Mortgages February 2013 HomeOwners Alliance 2012 About HomeOwners Alliance The HomeOwners Alliance is Britain s only group championing

More information

Changing Work in Later Life: A Study of Job Transitions Stephen McNair, Matt Flynn, Lynda Owen, Clare Humphreys, Steve Woodfield

Changing Work in Later Life: A Study of Job Transitions Stephen McNair, Matt Flynn, Lynda Owen, Clare Humphreys, Steve Woodfield UniS Changing Work in Later Life: A Study of Job Transitions Stephen McNair, Matt Flynn, Lynda Owen, Clare Humphreys, Steve Woodfield Centre for Research into the Older Workforce Funded by Changing Work

More information

SIES - Comparisons between Scotland and England - Summary

SIES - Comparisons between Scotland and England - Summary SIES - Comparisons between Scotland and England - Summary To begin, it is necessary to state the key features of the funding systems in each country at the time of the survey: Key features of the Scottish

More information

A Guide to the Mortgage to Rent Scheme

A Guide to the Mortgage to Rent Scheme a government initiative A Guide to the Mortgage to Rent Scheme A Guide for Applicants Contents 1. What is the Mortgage to Rent Scheme? 3 2. What are the benefits of the Scheme? 3 3. Who provides the Scheme?

More information

A Guide to the Mortgage to Rent Scheme

A Guide to the Mortgage to Rent Scheme a government initiative A Guide to the Mortgage to Rent Scheme The Mortgage to Rent Scheme is a government initiative to help homeowners who are at risk of losing their home. Contents 1. What is the Mortgage

More information

How to Develop a Sporting Habit for Life

How to Develop a Sporting Habit for Life How to Develop a Sporting Habit for Life Final report December 2012 Context Sport England s 2012-17 strategy aims to help people and communities across the country transform our sporting culture, so that

More information

Debt Advice For Older People

Debt Advice For Older People Debt Advice For Older People Debt Advice For Older People Older people are among the hardest hit financially in the current economic climate as savings are eroded and everyday essentials increase in cost.

More information

Attitudes towards Financial Planners. Factuality research

Attitudes towards Financial Planners. Factuality research Attitudes towards Financial Planners Factuality research October 2014 Main findings 2 Main findings v v v v v The image of financial planners remains problematic, with 27% expressing a positive opinion

More information

Can Equity Release Mechanisms fund long term care costs? Desmond Le Grys

Can Equity Release Mechanisms fund long term care costs? Desmond Le Grys 2001 Health Care Conference Can Equity Release Mechanisms fund long term care costs? Desmond Le Grys 1 Introduction 1.1 Scope This paper attempts to explain why equity release products have rarely been

More information

Household Debt in the U.S.: 2000 to 2011

Household Debt in the U.S.: 2000 to 2011 Household Debt in the U.S.: 2000 to 2011 By Marina Vornovytskyy, Alfred Gottschalck, and Adam Smith Debt is an important financial tool used by U.S. households to finance their purchases. Households often

More information

Help to Buy Buyers Guide

Help to Buy Buyers Guide Help to Buy Buyers Guide Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy Page 1 of 27 Key information Buyers using this scheme must provide security in the form of a second

More information

The Money Advice Service Debt Advice Review 2013/14

The Money Advice Service Debt Advice Review 2013/14 The Money Advice Service Debt Advice Review 2013/14 A review of the client experience with debt advice projects funded by the Money Advice Service in England and Wales in 2013/14 Prepared for: The Money

More information

largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904

largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904 largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904 CONTENTS What is equity release?... 3 How much money could I raise through an equity release?... 4 What

More information

A CLAIM FOR DISCRETIONARY HOUSING PAYMENTS (DHP) Claim Ref:

A CLAIM FOR DISCRETIONARY HOUSING PAYMENTS (DHP) Claim Ref: A CLAIM FOR DISCRETIONARY HOUSING PAYMENTS (DHP) Claim Ref: SECTION 1 INFORMATION If you are getting Housing Benefit and Local Council Tax Support but you are still having problems meeting your rent and

More information

The Burden of Financial and Property Debt, Great Britain, 2010 to 2012

The Burden of Financial and Property Debt, Great Britain, 2010 to 2012 The Burden of Financial and Property Debt, Great Britain, 2010 to 2012 Coverage: GB Date: 27 July 2015 Geographical Area: Region Theme: Economy Theme: People and Places Foreword Using the Wealth and Assets

More information

Belief Formation in the Returns to Schooling

Belief Formation in the Returns to Schooling Working paper Belief Formation in the Returns to ing Jim Berry Lucas Coffman March 212 Belief Formation in the Returns to ing March 31, 212 Jim Berry Cornell University Lucas Coffman Ohio State U. & Yale

More information

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Debtfocus Business Recovery & Insolvency Ltd In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Content highlights Before you read this guide in detail, you

More information

Profiles and Data Analysis. 5.1 Introduction

Profiles and Data Analysis. 5.1 Introduction Profiles and Data Analysis PROFILES AND DATA ANALYSIS 5.1 Introduction The survey of consumers numbering 617, spread across the three geographical areas, of the state of Kerala, who have given information

More information

Analysis of questionnaire responses from providers of mainstream credit products

Analysis of questionnaire responses from providers of mainstream credit products Analysis of questionnaire responses from providers of mainstream credit products This report summarizes the questionnaire responses received from providers of mainstream credit products. The objectives

More information

Money Matters: What you need to know about debt. What is debt?

Money Matters: What you need to know about debt. What is debt? What is debt? Debt is a sum of money owed to another person or organization. A debt can be in the form of a: Bank loan Rent arrears Utility bill debts Over draft with bank account Failure to pay council

More information

Debt Solution Overview 2

Debt Solution Overview 2 Contents Debt Solution Overview 2 Debt Management What is a Debt Management Plan? 3 What are the benefits of a Debt Management Plan? 3 How does it work? 3 What debts can be included in a plan? 4 What debts

More information

CP 10/15: Quarterly consultation proposed changes to the Banking Conduct of Business sourcebook

CP 10/15: Quarterly consultation proposed changes to the Banking Conduct of Business sourcebook CP 10/15: Quarterly consultation proposed changes to the Banking Conduct of Business sourcebook Response by Citizens Advice and Citizens Advice Scotland to the Financial Services Authority August 2010

More information

Student Income and Expenditure Survey 2007/08: Welsh-domiciled students

Student Income and Expenditure Survey 2007/08: Welsh-domiciled students SB 23/2009 21 April 2009 Student Income and Expenditure Survey 2007/08: Welsh-domiciled students This Bulletin presents summary results for Welsh domiciled students from the 2007/08 Student Income and

More information

Applicant and Opponent Surveys 2007 Summary of Findings

Applicant and Opponent Surveys 2007 Summary of Findings Scottish Legal Aid Board Applicant and Opponent Surveys 2007 Summary of Findings Introduction 1. This paper provides a summary of findings from the 2007 Applicant and Opponent surveys. The overarching

More information

Money Borrowing money

Money Borrowing money Money Borrowing money Aims: To enable young people to explore ways of borrowing money and the advantages and possible consequences of doing so. Learning Outcomes: By the end of the session the participants

More information

MK Money Lifeline. Self-Help Pack. This pack outlines the steps you will need to take to help you deal with your debt problem.

MK Money Lifeline. Self-Help Pack. This pack outlines the steps you will need to take to help you deal with your debt problem. MK Money Lifeline Self-Help Pack This pack outlines the steps you will need to take to help you deal with your debt problem. Once debts start to mount there is a process that you will need to go through

More information

A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) ndr

A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) ndr A guide to IVAs A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) Contents Part 1 Overview 3 Guide overview Part 2 IVAs 4 What is an IVA? How does an IVA work?

More information

Full report - Women in the labour market

Full report - Women in the labour market Full report - Women in the labour market Coverage: UK Date: 25 September 2013 Geographical Area: UK Theme: Labour Market Key points The key points are: Rising employment for women and falling employment

More information

First-Time Buyers in the Irish Housing Market: A Survey of permanent tsb First-Time Buyers. by David Duffy Amanda Quail

First-Time Buyers in the Irish Housing Market: A Survey of permanent tsb First-Time Buyers. by David Duffy Amanda Quail First-Time Buyers in the Irish Housing Market: A Survey of permanent tsb First-Time Buyers by David Duffy Amanda Quail June 2005 ii permanent tsb First-Time Buyers: Analysis of a Survey by the ESRI The

More information

Scots in debt. An analysis of debt in Scotland 2004-2008. Prepared by Consumer Credit Counselling Service (Scotland)

Scots in debt. An analysis of debt in Scotland 2004-2008. Prepared by Consumer Credit Counselling Service (Scotland) Scots in debt An analysis of debt in Scotland 2004-2008 Prepared by Consumer Credit Counselling Service (Scotland) September 2008 2 Introduction Given the level of anxiety surrounding the credit crunch,

More information

Joe Debtor: The Face of Bankruptcy

Joe Debtor: The Face of Bankruptcy Joe Debtor: The Face of Bankruptcy He may look a lot like you Prepared By: J. Douglas Hoyes, BA, CA, CIRP, CBV, Trustee Ted Michalos, BAS, CA, Trustee Hoyes, Michalos & Associates Inc. Trustees in Bankruptcy

More information

Problem Debt Among Older People. Age UK s summary of research by the International Longevity Centre UK

Problem Debt Among Older People. Age UK s summary of research by the International Longevity Centre UK Problem Debt Among Older People Age UK s summary of research by the International Longevity Centre UK About Age UK Age UK is a charity that aims to improve later life for everyone through our information

More information

House Purchase Loan. Application Form. Laois County Council Aras An Chontae Portlaoise Co Laois Contact Ciara Gowing Tel 057 8664110

House Purchase Loan. Application Form. Laois County Council Aras An Chontae Portlaoise Co Laois Contact Ciara Gowing Tel 057 8664110 House Purchase Loan Application Form Laois County Council Aras An Chontae Portlaoise Co Laois Contact Ciara Gowing Tel 057 8664110 To be eligible for a house purchase loan, the applicant(s) must be: 1.

More information

Distribution of Household Wealth in the U.S.: 2000 to 2011

Distribution of Household Wealth in the U.S.: 2000 to 2011 Distribution of Household Wealth in the U.S.: By Marina Vornovitsky, Alfred Gottschalck, and Adam Smith Household net worth, or wealth, is an important indicar of economic well-being in the United States.

More information

2013 Profile of Home Buyers and Sellers Massachusetts Report

2013 Profile of Home Buyers and Sellers Massachusetts Report Prepared for: Massachusetts Association of REALTORS Prepared by: Research Division December 2013 Table of Contents Introduction... 2 Highlights... 3 Conclusion... 6 Methodology..7 Report Prepared by: Jessica

More information

Affordable Home Ownership YOUR GUIDE

Affordable Home Ownership YOUR GUIDE Areas We Cover as a HomeBuy Agent Affordable Home Ownership YOUR GUIDE Registered Head Office Jubilee House, Stenson Road, Coalville, Leicestershire LE67 4NA Tel: 0844 892 0112 Fax: 01530 276033 For general

More information

Public and Private Sector Earnings - March 2014

Public and Private Sector Earnings - March 2014 Public and Private Sector Earnings - March 2014 Coverage: UK Date: 10 March 2014 Geographical Area: Region Theme: Labour Market Theme: Government Key Points Average pay levels vary between the public and

More information

Poverty among ethnic groups

Poverty among ethnic groups Poverty among ethnic groups how and why does it differ? Peter Kenway and Guy Palmer, New Policy Institute www.jrf.org.uk Contents Introduction and summary 3 1 Poverty rates by ethnic group 9 1 In low income

More information

ON LABOUR AND INCOME. JUNE 2002 Vol. 3, No. 6 HOUSING: AN INCOME ISSUE PENSIONS: IMMIGRANTS AND VISIBLE MINORITIES.

ON LABOUR AND INCOME. JUNE 2002 Vol. 3, No. 6 HOUSING: AN INCOME ISSUE PENSIONS: IMMIGRANTS AND VISIBLE MINORITIES. Catalogue no. 75-001-XIE ON LABOUR AND INCOME JUNE 2002 Vol. 3, No. 6 HOUSING: AN INCOME ISSUE PENSIONS: IMMIGRANTS AND VISIBLE MINORITIES Statistics Canada Statistique Canada Sophie Lefebvre HOUSING IS

More information

The changing finances of students studying in London: Evidence from the 2002/03 Student Income and Expenditure Survey

The changing finances of students studying in London: Evidence from the 2002/03 Student Income and Expenditure Survey The changing finances of students studying in London: Evidence from the 2002/03 Student Income and Expenditure Survey By Prof Claire Callender London South Bank University for the Mayor of London March

More information

MMI Omnibus Survey. Homeownership. Top-Line Results and Suggested Story Lines

MMI Omnibus Survey. Homeownership. Top-Line Results and Suggested Story Lines MMI Omnibus Survey Homeownership Top-Line Results and Suggested Story Lines Methodology: Cynapsus and Money Management International (MMI) developed a series of questions on the topic of homeownership,

More information

Equity Monitoring Report

Equity Monitoring Report The Judiciary in Northern Ireland 2014 Equity Monitoring Report C ontents Page Executive i 1. About the report 1 2. Overall Composition: Gender 2 Community Background 3 Age 4 Declared Disability 5 Ethnicity

More information

House Purchase Loan. Application Form. Housing and Social Support, Kerry County Council, County Buildings, Rathass, Tralee

House Purchase Loan. Application Form. Housing and Social Support, Kerry County Council, County Buildings, Rathass, Tralee House Purchase Loan Application Form Housing and Social Support, Kerry County Council, County Buildings, Rathass, Tralee Local Authority Reference: CHECKLIST FOR APPLICANT/S Applicants are strongly advised

More information

Article. Retiring with debt. by Katherine Marshall. Component of Statistics Canada Catalogue no. 75-001-X Perspectives on Labour and Income

Article. Retiring with debt. by Katherine Marshall. Component of Statistics Canada Catalogue no. 75-001-X Perspectives on Labour and Income Component of Statistics Canada Catalogue no. 75-001-X Perspectives on Labour and Income Article Retiring with debt by Katherine Marshall April 27, 2011 Statistics Canada Statistique Canada Standard symbols

More information

Options for dealing with debt

Options for dealing with debt Options for dealing with debt This factsheet explains what you can do if you cannot afford your debts. It gives an overview of the options that you may have, but is not a suitable alternative to speaking

More information

Giving up homeownership: a qualitative study of voluntary possession and selling because of financial difficulties

Giving up homeownership: a qualitative study of voluntary possession and selling because of financial difficulties Housing Research Summary Giving up homeownership: a qualitative study of voluntary possession and selling because of financial difficulties Number 244 August 2010 Borrowers who cannot pay their mortgages

More information

The Bank of Canada s Senior Loan Officer Survey

The Bank of Canada s Senior Loan Officer Survey The Bank of Canada s Senior Loan Officer Survey Umar Faruqui, Paul Gilbert, and Wendy Kei, Department of Monetary and Financial Analysis Since 1999, the Bank of Canada has been conducting a quarterly survey

More information

Donegal County Council. Housing Loan. Application Form For. Private Purchase. Self-Build/Direct Labour. Local Authority Tenant Purchase

Donegal County Council. Housing Loan. Application Form For. Private Purchase. Self-Build/Direct Labour. Local Authority Tenant Purchase Donegal County Council Housing Loan Application Form For Private Purchase Self-Build/Direct Labour Local Authority Tenant Purchase Affordable Housing When completed, your application should be forwarded

More information

Home Equity as a Source of Retirement Income February 2013

Home Equity as a Source of Retirement Income February 2013 Home Equity as a Source of Retirement Income February 2013 Written by Edwin L. Weinstein, PhD The Brondesbury Group, Toronto, ON 2013 The Brondesbury Group Home Equity as a Source of Retirement Income

More information

Household debt and spending in the United Kingdom

Household debt and spending in the United Kingdom Household debt and spending in the United Kingdom Phil Bunn and May Rostom Bank of England Norges Bank Workshop: 24 March 2015 1 Outline Motivation Literature/theory Data/methodology Econometric results

More information

House Purchase Loan Application Form. Housing and Residential Services

House Purchase Loan Application Form. Housing and Residential Services House Purchase Loan Application Form Housing and Residential Services Dublin City Council, House Purchase Loan Section, Block 2, Floor 2, Civic Offices, Wood Quay, Dublin 8. Opening hours: 9.30am 4pm Tel:

More information

Context for the research. Possible policy responses to overindebtedness. Objectives of this study. Definitions of over-indebtedness Six key elements

Context for the research. Possible policy responses to overindebtedness. Objectives of this study. Definitions of over-indebtedness Six key elements Context for the research If Budgeting is the Answer, what is the Question? Household Over-indebtedness and Poverty in Ireland and the Implications for Policy Own money advice experience/interest Action

More information

Guidance. For use in the United Kingdom. Letter regarding mortgage debt or arrears

Guidance. For use in the United Kingdom. Letter regarding mortgage debt or arrears Guidance For use in the United Kingdom Letter regarding mortgage debt or arrears Contents Purpose of this document What can you do about mortgage arrears? Mortgage rescue schemes Selling your property

More information

Impact of Breast Cancer Genetic Testing on Insurance Issues

Impact of Breast Cancer Genetic Testing on Insurance Issues Impact of Breast Cancer Genetic Testing on Insurance Issues Prepared by the Health Research Unit September 1999 Introduction The discoveries of BRCA1 and BRCA2, two cancer-susceptibility genes, raise serious

More information

House Purchase Loan. Application Form

House Purchase Loan. Application Form House Purchase Loan Application Form TIPPERARY COUNTY COUNCIL, HOUSING SECTION, CIVIC OFFICES, CLONMEL & CIVIC OFFICES, NENAGH, CO. TIPPERARY. PHONE: 0761 065000 Local Authority Reference: CHECKLIST FOR

More information

Transforming Health Care: American Attitudes On Shared Stewardship

Transforming Health Care: American Attitudes On Shared Stewardship Transforming Health Care: American Attitudes On Shared Stewardship An Aspen Institute- Survey Submitted by zogby international may 2008 2008 Report Overview A new Aspen Institute/Zogby interactive survey

More information

House Purchase Loan Application Form

House Purchase Loan Application Form House Purchase Loan Application Form Monaghan County Council Loans & Grants Section The Glen Monaghan Co. Monaghan Tel: 047-30526/30503 Fax: 047-82739 Local Authority Reference: CHECKLIST FOR APPLICANT/S

More information

Assets are items you own that have a monetary value such as property, car, shares, antiques or savings.

Assets are items you own that have a monetary value such as property, car, shares, antiques or savings. Debt Jargon Adverse credit If you fall into arrears or default on a loan or credit agreement, the resulting effect on your credit history is described as having adverse credit. This makes it harder or

More information

Making ends meet. A self-help guide for tenants with debt problems. Housing Services

Making ends meet. A self-help guide for tenants with debt problems. Housing Services Housing Services Making ends meet A self-help guide for tenants with debt problems Produced by Housing Services, with help from the Money Advice Unit at the Citizens Advice Bureau Introduction It is easy

More information

A Report on UNSOLICITED CREDIT CARD LIMIT INCREASE OFFERS

A Report on UNSOLICITED CREDIT CARD LIMIT INCREASE OFFERS A Report on UNSOLICITED CREDIT CARD LIMIT INCREASE OFFERS Reference No. 18372 July 2009 Table of Contents Executive Summary... 2 Background... 5 Methodology... 9 Questionnaire Structure...11 Reading this

More information

Consumer Engagement and Detriment Survey 2014

Consumer Engagement and Detriment Survey 2014 Consumer Engagement and Detriment Survey 2014 JN121550 Contents 1. Executive summary 3 2. Introduction 7 3. Methodology 9 4. Consumer knowledge and capability 11 5. Consumer problems 24 6. Impact of problems

More information

Negative Equity and House Price Risk in Australia

Negative Equity and House Price Risk in Australia Negative Equity and House Price Risk in Australia Wood, G. & Parkinson, S. February 5 th 2009 Gavin Wood & Sharon Parkinson AHURI RMIT Research Centre Bldg 15 Level 4, GPO Box 2476V, Melbourne, Vic 3001

More information

Mortgages Guide. From http://limetreefs.co.uk 1

Mortgages Guide. From http://limetreefs.co.uk 1 Mortgages Guide Mortgages revealed... The explanations below are intended to give you an insight into some of the more common terms associated with the mortgage process. Repaying the Mortgage Whichever

More information

Baines & Ernst Guide to Debt Management Plans

Baines & Ernst Guide to Debt Management Plans Baines & Ernst Guide to Debt Management Plans Contents Introduction 1. Introduction 2. What is a Debt Management Plan? 3. How a Debt Management Plan works 4. Do you qualify for a Debt Management Plan?

More information

House Purchase Loan. Application Form

House Purchase Loan. Application Form House Purchase Loan Application Form Cork City Council Housing Loans and Grants Department, Ground Floor, City Hall, Anglesea Street, Cork www.corkcity.ie 021 4924512 021 4924243 021 4924591 021 4924169

More information

Action on Debt. An introduction

Action on Debt. An introduction Action on Debt An introduction AN INTRODUCTION ACTION ON DEBT Debt is increasing, particularly for low-income groups. The graph below shows how the burden of debt is spread. Unsecured debt as a percentage

More information