New insolvency figures released
New figures prove that personal insolvencies are highest in the North East
The North-South divide in England is still continuing.
Data from the Insolvency Service shows that in 2009, the North East of England had the highest number of bankruptcies and individual voluntary arrangements (IVAs), whereas London had the lowest level. This was also the case in 2008.
Cases of insolvency are at their highest as a result of unemployment levels and an increase in unsecured personal debts.
Even though there is a clear north-south split, the South West of England was the region with the second highest number of personal insolvencies in 2009.
Although these figures show the outcome of personal insolvencies for 2009, it is clear that people will face the same problem in 2010 from the data that has already been published. This year has seen a rise of nearly 18% of the number of people being declared insolvent in England and Wales compared with the first three months of 2009.
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Living costs have reached £14,400 for a single person
Increased living costs – It now costs £29,200 a year to keep a family research shows
The Joseph Rowntree Foundation (JRF) publishes its annual update on ‘minimum income standard’.
They review what people think is an essential living cost.
Key Points
- A single person in the UK needs to earn at least £14,400 a year before tax to afford a basic standard of living
- A couple with two children needs £29,200
- The minimum household budget has risen by 4%
- Since 2000, living standards have fallen by over 10%
- People do not just need physical essentials now, but also things that allow them to participate in society
- A computer and internet connection are considered essential
- With tax allowances and credits not being increased under the new budget, it means people need to earn substantially more to afford the increased cost of living
Changes
- The cost of a minimum household budget for a single person has risen by 38% in the last decade
- Bus fares have risen by 60% since 2000
- People on low incomes are facing much higher inflation rates
- With a society change, the minimum standard of living also changes; for example, a basic budget for going out is expected, it is a necessity to buy birthday presents, and it is essential to have a week’s holiday each year, although not abroad
- Items such as fridge-freezers, DVD players and mobile phones should be affordable
- Owning a computer and having access to internet at home is essential for all working-age households
- Computers and internet are now included in the 2010 budgets for working-age people
The salary required to reach the minimum income standard remains well above the National Minimum Wage (presently £5.80 per hour). Minimum Income Standard budgets suggests that the recession may have resulted in reductions in standards of living, but not a change in the view of what is acceptable.
Payplan
If you’re struggling to pay your bills and are behind with debts due to increased living costs, then contact Payplan for debt advice online or telephone 0800 280 2816.
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5 Free Things To Do This Summer
Things to do for free this summer holiday
If you are on a tight budget and are struggling for things to do for free this summer, why not try one of the many free days out being offered throughout the UK?
1. Visit a museum
Free day out in London
Many of the museums throughout London offer free admission. Admission into the Victoria and Albert Museum is free and a new free exhibition of ‘Peter Rabbit: the tale of The Tale’ is about to launch. The exhibition opens on the 3rd July and ends next January.
2. Find a free music festival near you
Free day out in Birmingham
Birmingham’s annual International Jazz Festival is back in ‘full swing’ from the 16th to 25th July. Starting at lunchtime every day, there are plenty of free shows to choose from.
3. Find a free literature festival near you
Free day out in Hull
Another year and the city of Hull sees the return of its Humber Mouth Literature Festival. The festival is the culmination of year round literature activities and there a number of free shows available. The festival is taking place between the 26th June and 11th July.
4. Make a trip to an open air cinema
Free day out in Manchester
Spinningfields holds Manchester’s first outdoor cinema and the screenings are completely free. A wide variety means everyone can enjoy a show or two! Films are shown weekly on Thursday evenings and Saturday mornings.
5. Visit an art gallery
Free day out in Sheffield
Sheffield has a number of galleries with free admission and the Yorkshire Sculpture Park (YSP) offers indoor galleries as well as outdoor sculptures situated in the tranquil grounds. There are many free events taking place throughout the summer. Booking is necessary!
Payplan
If you are struggling with meeting your monthly credit card payments and need advice on debt, please contact Payplan for free on 0800 280 2816.
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