Its not just the banks and individuals that are getting hit by the recession but I was reading the News of the World the other day and it claimed that the Glazer family, the guys who own Manchester United have the realistic possibility of financial free-fall because of the outstanding £1.1BILLION of loans that they have to repay in the next 9 years.

This is how the repayments are structured:

£75m in 2013,

£150m in 2014,

£150m in 2015,

£150m in 2016

and a final payment of £600m in 2017.
£600 million of savings needed in 9 years, I’m sure Manchester United could generate that amount of cash but I’m also sure that the United fans will not be happy if they cant have the cash for free spending to bring in new players.
The owners of Manchester United can re-finance the debt, although this may be difficult in the current economic climate or they may be forced to sell players.

The only other option is to sell the giant club to someone who can pay off the debts early saving millions. In the past there has been interest form a Chinese quarter and strangely a selection of individuals in Qatar.

Des Kelly the gent who regularly posts in the Sunday Mail released stats which confirm figures along the same lines but has bigger concerns about United’s long term. The problem is if United have 1 or 2 bad seasons then they could end up being the football world of Northern Rocks or the Lehman Brothers. Watch this space.

Could you imagine the likes of all the top players being sold to pay off debts.

The government are supossidly looking to help not just major banks but individuals out of debt and financial worries. One of  my recent clients searched far and wide for any government schemes that she could find and sign up to hoping that the government might pay off part of her debt if she made relevant payments to clear the majority of it off. She struggled so much and eventually she contacted myself  to simply find out whether or not there were any schemes that she could sign up to? I quote the first thing she asked was “hi, I was wondering if you could help me find a government scheme that will help me clear my debt” now I’m use to solving people debt problems but not referring them to government schemes as I think a personal touch can be a better solution, so out of interest I went and had a look. Obviously I know of the most popular schemes that come through Iva’s for debt over £15000 but what is out there for everyone else, and even worse, I struggled to find a reputable company that could help. Don’t waste your time searching for these as I can help you if you need it.

Lots of people are hanging on to see if the debt they have will simply disappear or the recession will suddenly take a u-turn and the whole of the country will suddenly get a cash injection from the government directly into there personal accounts and there debt problems will be instantly solved, well I can tell you, that is not going to happen, the government will be only investing in major corporations and banks to stem the financial downfall of the major players in the UK.

If you are having financial worries don’t let the stress and pressures of being in debt get you down as it will only get worse if you don’t do something about it.

Lots of organisations are saying that we are now on the up and I think it was nationwide that said house prices have gone up this month, but in the same week Halifax claimed the house price situation was doing completely the opposite and continuing to fall.

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