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News Archive From May 2007
- Increase in County Court judgements in the UK [30.05.07]
The UK has seen a dramatic rise in the number of county court judgements, reflecting the level of bad debt amongst consumers.
- Consumer often unaware that they are buying loan insurance cover [29.05.07]
According to a recent survey and report by consumer group Which? consumers in the UK are still being duped into buying payment protection insurance cover when taking out a loan, despite the recent controversy with regards to the mis-selling and the effectiveness of this type of cover.
- Consumer comfortable with their borrowing [28.05.07]
According to one industry professional consumers in the UK are quite happy with their borrowing, and are keen to utilize financial tools such as consolidation and homeowner loans in order to better manage their finances and to help maintain their lifestyles.
- Loans At Under 6%? [26.05.07]
With interest rates continuing to creep ever upward, the search for cheap personal loans intensifies as they become more scarce. In 2006 it was possible to find many loans at less than 6%, but the rise in interest rates has meant that lenders have pulled these off the market as they would struggle to make any money from such deals.
- Homeowner loan levels double [26.05.07]
According to a leading UK building society the level of homeowner loans and mortgages being taken out in the UK has almost doubled in the space of a year.
- Bad debts continue to rise [25.05.06]
Bad debts in the UK are continuing to rise according to recent reports, with sharp increases so far this year compared to the same periods last year.
- Debt management companies target struggling borrowers [24.05.07]
According to recent reports a number of debt management companies are targeting consumers in the UK who are struggling to repay their loans and other debts by obtaining their details from lenders with the offer of a large commission.
- Another interest rate rise from the Bank of England [23.05.07]
Last week the predictions of many experts and analysts were proven correct, as the Bank of England raised interest rates for the fourth time in nine months, pushing up the rate by a further 0.25%.
- Consolidation loans can lead to increased debt levels [22.05.07]
According to a recent survey by Fool UK, many people that take out consolidation loans in a bid to try and reduce or control their debt levels actually end up owing even more money.
- Those looking to remortgage need to shop around for best deals [21.05.07]
Experts are warning that consumers looking to remortgage need to make sure that they are shopping around for the best deal, taking all factors into the equation rather than being duped by glossy advertisements, seemingly low rates, and sales pressure.
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Mortgages are too high a commitment to make online applications [18.05.07]
Since the Internet burst onto our scenes consumers in the UK have used this resource for a wide range of purchases and services, from booking holidays to making loan applications and even to do the shopping.
- Smaller mortgage deposit means higher fees [14.05.07]
With property prices in the UK soaring, many first time buyers that do not have the equity from a previous property to fall back on are really struggling to raise a decent deposit for a home, with some unable to raise any deposit at all and having to rely on a 100% mortgage.
- Consumer Credit Act extended [12.05.07]
As part of an extension to the Consumer Credit Act in the UK, the regulatory body, the Financial Ombudsman Service, will now be able to deal with a wider range of financial complaints from consumers.
- Nationwide's 25 year fixed rate mortgage scrapped [11.05.07]
Just five weeks after announcing the availability of a 25 year fixed rate mortgage, the Nationwide Building Society has announced that the mortgage deal has now been scrapped and will no longer be available.
- Rising inflation could see interest rates hit 7.5% [10.05.07]
According to some economists the interest rate in the UK may have to hit 7.5% in order to try and bring inflation under control.
- HSBC offers best bank mortgage [09.05.07]
According to What Mortgage Magazine, the HSBC – one of the UK's leading banks – offers the best bank mortgage available nationally.
- 20% of mortgage holders are paying over the odds [06.05.07]
According to recent data around 20% – or one in five – mortgage holders in the UK are paying way over the odds on their mortgage loan.
- Many UK consumers switching account and loan providers [04.05.07]
According to recent figures there are as many as thirteen thousands consumers each day in the UK that are switching providers when it comes to their bank accounts, with many angered over the extortionate fees that banks have been charging for exceeding overdraft limits, bounced cheques, and returned direct debits.
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