Posted: Tue Jul 08, 2008 2:35 pm
The Treasury has today launched an online information hub designed to be the UK’s most authoritative source of data on debt and money advice. Kitty Ussher MP, economic secretary to the Treasury, launched the Money Advice Trust Information Hub in Parliament this morning. Ussher says the hub will play a key role in helping to give a clear picture of issues relating to debt, credit, money advice and debt remedies in the UK.
Funded by the Esmée Fairbairn Foundation the hub hosts a growing database of credit/debt information drawn from a wide variety of organisations across England, Northern Ireland, Scotland and Wales. Access to Citizens Advice and a range of government departments are available via the website. The hub includes information on levels of different types of debt. These include the approaches to managing debt that are most widely used, how people in debt seek advice, vulnerability to debt and the advice needs of particular social groups.
The hub includes facts and figures on debt levels in the UK. These include the fact that 74 UK properties will be repossessed today, a figure estimated to rise to 123 a day during 2008 The website also reveals there were 25,264 insolvencies in England and Wales during Q1 2008. The hub also estimates that there are 165,000 households in the UK that are estimated to be using an illegal lender.
The future success of the information hub will depend in large part on the willingness of all stakeholders to share data. Joanna Elson, chief executive of the MAT, says: “We are absolutely delighted that there is already so much useful data and research on the hub about debt, credit and advice in all four parts of the UK, thanks to organisations which have shared their resources with us. “Our vision at the trust is to help to reduce unmanageable debt in the UK and I believe that this resource will enable us to work with others to achieve this.” Ussher says: “We are extremely pleased that MAT is working so hard to enhance people’s understanding of debt and money advice. “The information hub will prove invaluable in filling a large gap in the market and contributing to how we understand and react to debt.” She adds: “As it evolves the hub will be an excellent example of how sharing data among partnerships and stakeholders can make a real difference.”
The Hub may be found at http://www.moneyadvicetrust.org/
Funded by the Esmée Fairbairn Foundation the hub hosts a growing database of credit/debt information drawn from a wide variety of organisations across England, Northern Ireland, Scotland and Wales. Access to Citizens Advice and a range of government departments are available via the website. The hub includes information on levels of different types of debt. These include the approaches to managing debt that are most widely used, how people in debt seek advice, vulnerability to debt and the advice needs of particular social groups.
The hub includes facts and figures on debt levels in the UK. These include the fact that 74 UK properties will be repossessed today, a figure estimated to rise to 123 a day during 2008 The website also reveals there were 25,264 insolvencies in England and Wales during Q1 2008. The hub also estimates that there are 165,000 households in the UK that are estimated to be using an illegal lender.
The future success of the information hub will depend in large part on the willingness of all stakeholders to share data. Joanna Elson, chief executive of the MAT, says: “We are absolutely delighted that there is already so much useful data and research on the hub about debt, credit and advice in all four parts of the UK, thanks to organisations which have shared their resources with us. “Our vision at the trust is to help to reduce unmanageable debt in the UK and I believe that this resource will enable us to work with others to achieve this.” Ussher says: “We are extremely pleased that MAT is working so hard to enhance people’s understanding of debt and money advice. “The information hub will prove invaluable in filling a large gap in the market and contributing to how we understand and react to debt.” She adds: “As it evolves the hub will be an excellent example of how sharing data among partnerships and stakeholders can make a real difference.”
The Hub may be found at http://www.moneyadvicetrust.org/