Overview for 1999 - 2000

• Press Releases
• Changes in UK Legislation - The Insolvency Bill
• Looking back on 99
• Money Advice Direct - nominated in awards
• Company Failures
• The UK Insolvency Web Site

Press Releases

Money Advice Direct has captured the attention of nationally-recognised financial reporters, educators and trade groups.

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Changes in UK Legislation - The Insolvency Bill

There will soon be a brand new set of laws that will radically reform the present insolvency legislation. They are designed to Review Company Rescue and Business Reorganisation.

The changes will assist the rescue of viable businesses in short term difficulties and to improve the procedure for disqualifying unfit company directors. 

The staff at the Helpline are under the opinion that these laws are too radical, and it could be some time before they are passed through parliament. 

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Looking back on 2000

2000 has been a very busy year at Money Advice Direct.  We have had our first annual conference which explored the themes of how to spot the signs of insolvency at all levels, from the early warning signs through to funding and finance dilemmas.

We have also been awarded much needed sponsorship in order to redesign the web site in order to accommodate all the new features, including a brand new section on student debt prevention.

And of course The UK Insolvency Helpline has been working as hard as ever on their campaigns. The impact of the coverage of their campaigns on TV, radio and in the press on the reach of their messages have been immeasurable. 

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Money Advice Direct - nominated in awards

Money Advice Direct is nominated for the best SME web site in the prestigious Yell UK Web Awards.

Money Advice Direct is particularly enthusiastic about providing an informative site that explores the full spectrum of techniques and solutions available for businesses and individuals to eliminate adverse debt situations, where to find them, how to use them wisely, even how to improve your credit rating. 

Being included in these awards is an outstanding achievement for Money Advice Direct in the face of demanding competition. Thank you for your support. A big thank you to all our supporters. 

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Company Failures

Money Advice Direct recent survey predicts there to be a significant surge in company failures in the coming months, especially the north of England.

The problem is that companies who took out loans and large overdrafts are now getting in trouble. The number of troubled loans with British banks has jumped to a six-year high in the first quarter of 1999. 

In 1999 there was a major upturn in the number of CVAs and Administrations in England.

An Administration is an effort by the company to buy some time from creditors to reorganize its business in order to avoid formal liquidation. Starting in early March 2000, we started getting new cases in the double-digits, and that trend has continued.

New start up Companies have burnt through money at lighting speed. This coupled with a recent rise in interest rates have prevented many 2-3 year old companies from achieving medium term finance.

There are an increasing number of companies failing, but there's a lot more economic activity in general.

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The UK Insolvency Web Site

An online consultation is the first step for many people with debt or financial problems. It may  be the way into traditional professional advice for someone who would not consider walking into a lawyer or insolvency practitioners office. With the growing trend of unregulated debt advisers people should be careful when choosing a debt-advice  professional online. You want someone who is trained and who has his or her resume available.

For some people it is easier to write thoughts down than to express them verbally. Those who frequently travel or are simply too busy find Money Advice Direct very convenient. They do not have to leave their home and they can send and receive e-mails on the road. In some cases Money Advice Direct has built long term relationships that are analogous to relationships in traditional professional firms.

The reason why Money Advice Direct is at the cutting edge of on-line debt advice because  its advisers are highly trained and skilled therefore do not miss the visual and auditory skills that one gets in person. In the room with someone, you know if something has struck a cord. You can see tears in someone's eyes. Other sites offering advice are limited in that respect.

When people go to Money Advice Direct and fill out an-line form they also have the option to call our crisis centre or get them, more immediate help.