Possible house price crash causes increased fears
May 15, 2008
A number of officials have expressed concern over the possibility of a house price crash in the UK similar to that seen in the 1990s. Officials have said that if something is not done to ease the problems in the mortgage market the likelihood of a house price crash is set to increase, and this is causing increased fears amongst consumers and industry officials. Read more
Many people could be paying over the odds on bills due to errors
May 15, 2008
Over recent months consumers in the UK have had to face real financial struggles in order to cope with increased mortgage repayments, rising living costs such as petrol and food, and higher bills. However, a recent report has suggested that many consumers may actually be paying too much on their bills as a result of an error by the provider rather than as a result of simple inflation. Read more
New bank code brought in
May 15, 2008
A new banking code has recently come into force, which could result in banks having to do more to help consumers that are in financial difficulties, and could make it the banks’ responsibility to ensure that consumers do not overload themselves with debt. The huge personal debt mountain in the UK has been at the centre of concern for years, and with the ongoing credit crunch making the situation even worse authorities are asking banks to do their bit to try and reduce increasing levels of consumer debt. Read more
Checking your bills could save you money
May 14, 2008
Many households are currently struggling to keep on top of repayments as a result of rising living costs, high mortgage and rent payments, and other rising financial commitments that are placing a real strain on household finances. However, according to industry officials many of us may be paying out more than we need to on our bills simply because of an error by the provider, which could be easily sorted out if we are more vigilant about the amounts that we are being charged on various bills. Read more
Mortgage costs add to housing slump problems
May 14, 2008
A recent report has shown that the huge chink of income that many homeowners are having to pay out on their mortgages has added to the risk of a major housing slump in the UK. A study was recently carried out by Capital Economics, and showed that the amount that homeowners are forking out on their mortgages could be higher than the previous record seen in the 1980s, with many now thought to be shelling out up to one third of their income on their mortgage. Read more
More people now requesting their credit reports
May 14, 2008
Most people are now aware of the way in which lending conditions have been affected in the UK as the result of the global credit crunch. Lenders are now operating far tighter lending conditions, and are being far more careful about who they lend to and how much business they take on. Whilst those with bad credit have found that the situation is worse then ever when it comes to getting credit, people with decent credit have found that they still have a variety of choice when it comes to getting finance. Read more
Banks lose High Court test case
May 14, 2008
Justice Andrew Smith, the judge presiding over the High Court test case into bank charges earlier this year, has now delivered his verdict, and has ruled in favour of the Office of Fair Trading when it comes to the fairness of bank charges. The case was brought by the OFT, which claimed that the charges were unfair, as they were much higher than the costs incurred by the banks. These charges were applied for unauthorised overdraft borrowing, bounced cheques, and returned direct debits. Read more
Review carried out into FOS
May 12, 2008
An influential report has recently been released following a six month review of the Financial Ombudsman Service in the UK, with a number of changes recommended as a result of the review. The report was released by Lord Hunt of Wirral, and highlights a number of recommended changes picked up as part of the review into the FOS. Over seventy recommendations were made, all aimed at making the service more accessible and more transparent. Read more
Internet bank withdraws mortgages for non-customers
May 12, 2008
The Internet banking arm of HSBC, First Direct, has recently announced the withdrawal of mortgage products to consumers that are not customers of the bank. The mortgages came off sale to non-customers of the bank at the beginning of this month, and the range that is being taken off sale includes its two year fixed rate offset mortgage. Customers that are with First Direct will still be able to access mortgage products even if they do not currently have a mortgage with the bank. Read more
Bank charge decision to be brought forward
May 12, 2008
The decision relating to bank charges following the high court test case in January has been long awaited. However, many people were disappointed following the case after the presiding judge said that he needed some time to consider the facts before coming to a decision. Earlier this month it was reported that a verdict had still not been reached, and that the judge needed a further three months to consider the evidence, which meant that the verdict would not be made available until July. Read more