News Archive From February 2007
- Millions of Brits Use Consolidation Loans to Ease Debt Worries [28.02.07]
New research has revealed that over six million UK consumers have taken out debt consolidation loans over the last three years in order to ease their debt problems. Millions in the UK have taken on more debt in order to clear previous debts which, including credit and store cards, accrue at high rates of interest.
- Debt enquiries continue to rise [27.02.07]
Recent reports from the Citizen's Advice Bureau and the Consumer Credit Counselling Service have confirmed that as 2007 gets underway debt related enquiries from struggling consumers in the UK continue to rise.
- Personal loan interest rates on the rise [26.02.07]
Following a number of interest rate hikes enforced by the Bank of England since August last year, experts are warning that the interest rates on most personal loans could soon run into double figures, with lenders struggling to make profits on this type of unsecured lending.
- Are consumers in London and the North East facing financial disaster? [26.02.07]
The UK has been at the centre of concern over recent years as a result of spiralling consumer debt levels and the rising number of individuals and households that have had to seek financial assistance through IVAs or even bankruptcy.
- Rise in buy to let mortgages driven by consumer demand for housing [24.02.07]
Recent data has indicated that there has been a massive boost in buy to let mortgages, with more and more people in the UK looking to move into rented accommodation.
- Could a secured loan help you to sort your finances this year? [23.02.07]
The UK is at the center of concerns in relation to levels of consumer debt, and with so many of us trying to juggle a wide range of debts and financial commitments it is little wonder that the issue seems to be spiralling out of control.
- UK banks look set to write-off record levels of personal debt [22.02.07]
The UK's leading banks are expected to write-off record levels of consumer debt when they report their end of year financial figures this month.
- 8 out of 10 UK home mortgage products now have terms exceeding 25 years [21.02.07]
As little as two decades ago, the longest repayment term any UK home mortgage lender would give you on your UK home mortgage loan was 25-years. According to a new report published by Moneyfacts.co.uk, one in four UK mortgage lenders will now offer you repayment terms spread over 40 years or more, and as many as 8 out of ten lenders now offer maximum mortgage repayment terms in excess of 25 years
- Citizens Advice sees a "significant" increase in UK debt related problems [20.02.07]
A survey undertaken by Citizens Advice saw a significant increase in debt related problems in England and Wales in January. According to figures complied by the bureau, Citizens Advice dealt with 83,000 new debt related problems in January. The comparable figure for January 2006 was 72,000.
- Consumers Advised to Consider the Suitability of Consolidation Loans [19.02.07]
With UK consumers being constantly bombarded with advertising extolling the virtues of debt consolidation loans, it's no surprise to learn that 28% of UK consumers have consolidated their debt by taking out o personal loan.
- Over 1 Million bills went unpaid last month in the UK [17.02.07]
Feeling the pinch of Christmas and Valentine's Day? If so, you're not the only one. An estimated 1.15 million bills went unpaid in January!
- Woolwich launches UK's first "track and cap" mortgage [16.02.07]
Designed to provide British homeowners with some protection against the current economic uncertainty in the UK home mortgage loan sector following the recently announced increases in base rate by the Bank of England, the Woolwich has recently launched one of the most innovative UK home mortgage packages of recent times – the UK’s first ever "track and cap" mortgage.
- New Right-to-Buy home loan scheme announced for council tenants [14.02.07]
Reviving a "right-to-buy" your home housing scheme first introduced by British Prime Minister Margaret Thatcher more than 15 years ago, Communities Secretary Ruth Kelly recently announced plans that the Government is to give approximately 1.7 million council and housing association tenants in the UK the right-to-buy a stake in the property they live in.
- UK Consumers Are Shunning Unsecured Borrowing [13.02.07]
UK consumers appear to heading warnings regarding personal debt, as their appetite for unsecured borrowing, including personal loans, seems to be diminishing.
- PPI industry referred to watchdog [12.02.07]
Following the recent controversy over the payment protection insurance industry (PPI) the Office of Fair Trading has now announced that it will be referring the investigation into the payment protection insurance industry to the leading watchdog, the Competition Commission
- Lenders being more cautious due to bad debt levels [12.02.07]
According to a recent report from a UK credit and financial group, many banks, credit card companies, and lenders are now exercising far more caution when it comes to lending money in the form of unsecured loans and credit cards, and this is due to the rising levels of bad debt in the UK.
- IVAs being rejected by many UK banks [10.02.07]
A leading debt management company in the UK has admitted that many UK banks are now rejecting IVAs at an early stage, which has resulted in a slow down in the area of IVAs.
- UK homeowners advised to look at 'flexible' mortgages [09.02.07]
With interest rates rising, having a flexible home loan mortgage could mean the difference between being able to meet your repayment obligations and defaulting on your home loan.
- Sub-Six Per Cent Loans Soon to be Extinct [08.02.07]
According to new figures released by Moneyfacts.co.uk, the availability of cheap personal loans in the UK is dwindling.
- Consider one large loan instead of several smaller ones [07.02.07]
A huge number of individuals and households in the UK are struggling to repay a large number of debts, many of which charge extortionate levels of interest.
- GE Capital fined over mis-sales of PPI [06.02.07]
A major UK finance company, which is the driving force behind many stores cards that are used in the UK, has been fined by the Financial Services Authority over the mis-sale of payment protection insurance.
- Debt firms to be undercut by debt charity [06.02.07]
With the levels of consumer debt worrying high in the UK, an increasing number of people are turning to the IVA route, fuelled and encouraged by glossy ads and assurances from a range of debt management firms.
- Ten percent interest rate needed to bring house prices into line with inflation [05.02.07]
According to some experts the property value boom in the UK has become so out of hand that in order to bring it back in line the Bank of England would need to double the current interest rate, despite having hiked up the interest rate by three quarters of a percent over the past six months.
- Alliance & Leicester Could Save Consumers Money On Loans [04.02.07]
According to the Alliance & Leicester Personal Loans, many UK consumers are unnecessarily wasting millions of pound on personal loans due to their lack of knowledge regarding Annual Percentage Rates (APR's). This in turn leads to some consumers not being able to make informed decisions about what personal loan is best for them and means, in some cases, unnecessarily paying over the odds for credit.
- PPI investigation moved forward by Financial Services Authority [04.02.07]
Over recent months the UK has seen payment protection insurance take a great deal of flack from financial experts. This type of insurance cover, sold by companies as part of financial packages such as loans and credit cards, has been at the centre of controversy
- High Interest Rates Leading to Increased Repossessions in UK [03.02.07]
According to the Council of Mortgage Lenders (CML), UK homeowners are beginning to feel the strain due to the increased cost of borrowing in the UK.
- Evaluate your financial situation to see if a secured loan could help [03.02.07]
With house prices having rocketed once again over the past year, many UK homeowners have found themselves sitting on a tidy sum in terms of equity.
- What to bear in mind when looking for your mortgage [02.02.07]
There are many different mortgage deals available in the UK at the moment, and a wide range of sources available for those looking for advice or looking to take out a mortgage.
- Loan shark targeting begins in the UK [02.02.07]
With many people in the UK suffering at the hands of loan sharks that make illegal cash loans and demand extortionate returns on the loan, the government has announced that it has now started its program to deal with this problem.
- UK mortgage lenders set to refund millions in "unfair" mortgage fees [01.02.07]
Following a ruling recently by the Financial Services Authority (FSA), millions of Brits look set to be reimbursed hundreds of millions of pounds in "unfair" mortgage fees.