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Housing slump could result in increase in DIY disasters

Over recent weeks predictions of a housing slump in the UK have been coming to fruition, with fewer properties coming onto the market, a fall in property values, and decreased consumers interest in purchasing property due to high house prices and rising interest rates. Some experts have expressed concern that this situation could lead to many homeowners deciding to stay put rather than move home, and instead carry out improvements on their existing properties. Read more

£20 billion worth of unsecured loans handed out without adequate checks

According to a recent report £20 billion worth of unsecured loans has been handed out over the past year without adequate checks being carried out with regards to the income of the borrower. The report indicates that many lenders have not been asking for proof of income from the borrower before agreeing these loans, despite the tighter credit conditions that are supposed to have come into play as a result of the ongoing global credit crunch. Read more

More people now requesting their credit reports

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

Spending levels to be slashed by many

According to a recent report many consumers across the UK are set to slash their spending levels, as many struggle to try and cope with higher outgoings and the associated financial strains that have become so commonplace over recent months. The difficult financial conditions that have resulted from the ongoing global credit crunch have impacted on many households, and has resulted in millions of us deciding to try and cut back on spending wherever possible. Read more

Online bankruptcy solution could cause havoc

At present the process of filing for bankruptcy is a long and arduous one, which makes people think twice before they decide to go down this road. However, from next April the government plans to introduce Debt Relief Orders, which will enable consumers to wipe out their debts through bankruptcy online without the need to go through bankruptcy courts. However, industry officials are concerned that this method could be open to abuse and could result in havoc. Read more

Long way to retirement for today’s older generation

A recent report has shown that many of today’s older generation could end up being unable to retire at the traditional retirement age, and may have to work well into their seventies in order to be able to afford to live and repay their debts. Around one in every four people aged between 55 and 64 have been identified as credit users, and the average debt per person in this age group is estimated at £2500. Read more

Many consumers wanted to become insolvent last year

A recent report has shown that many consumers in the UK wanted to declare themselves bankrupt or become insolvent last year in order to get away from rising debts. According to the report thousands of people wanted to become insolvent last year, with many suffering financial problems due to rising living costs and mortgage repayments. The figures come from government reports and reflect the rising number of people trying to escape their debts through insolvency. Read more

Cab received increased debt related enquiries

As more and more people struggle to cope with their finances in light of the current financial woes facing many households, there as been a significant increase in the number of people that have been contacting the Citizen’s Advice Bureau for advice about debt, according to a recent report. The information comes following a survey on three hundred CAB branches across the UK, and employees from the bureau have stated that the high level of enquiries has resulted in debt related problems becoming the single most common problem dealt with by the CAB. Read more

Bailiffs could come under stricter regulations

According to a recent report bailiffs could be facing stricter regulations in the future, as the Ministry of Justice has announced plans to bring in standards and regulations to govern this profession in order to protect consumers from unscrupulous and unprofessional bailiffs. Many people that are struggling with debt and have missed repayments have found themselves falling victim to bailiff action, and the experience has sometimes been a terrifying one. Read more

Loans and mortgages still inaccessible due to credit crunch

Industry professionals have recently stated that consumers are continuing to find many loan and mortgage deals inaccessible in the UK due to the damaging effects of the credit crunch in the finance sector. The credit crunch has had a profound impact on the financial markets, and due to its effects many lenders have had to look at taking some loans and mortgage deals off the market, as well as raising rates on some finance deals, and even restricting lending by making lending criteria more stringent.

There are some groups that are likely to suffer far more than others as a result of this situation. Those with good credit, and those with a substantial amount of money to put down on a mortgage, are likely to find things easier than those with damaged credit and first time buyers with little or no savings to put down on a property. A number of lenders have taken some or all of their sub-prime deals off the market recently, and are minimising on risk by refusing to lend to higher risk customers. Read more

Bank and debt agency amnesty could ease IVA issues

Individual Voluntary Arrangements, also known as IVAs, could become more transparent and more easily accepted by creditors following an amnesty that has been called between banks and IVA agencies. The Insolvency Service has drawn up a new protocol that has been drawn up with the input of debt agencies, consumer groups, and creditors, and could see a higher level of IVAs being accepted in the future following a period where many creditors were refusing an increasing level of IVAs. Read more

IVA customers could get additional protection

Over recent years Individual Voluntary Arrangements, also known simply as IVAs, have become more widely known across the UK, with a number of firms that deal with setting up IVAs placing glossy advertisements in magazines and on television to raise awareness of this method of debt reduction. The IVA is a legally binding agreement where those eligible pay back a fixed amount each month for a set period, which is usually five years, after which any remaining balance owing to creditors is written off. Read more

Many people could benefit from switching their loan provider

According to a recent report many people in the UK could see the benefits of switching their loan provider whilst still repaying their loan. Many of those with loans are nervous about switching to a more competitive deal because they believe that they will be financial penalised, and some consumers with loans are not even aware that they can switch their provider mid-term if they wish to do so. Read more

Amnesty between banks and debt agencies to be announced

According to a recent report next week will see the announcement of an amnesty between firms that sell debt plans for those in high levels of debt and the banks, who often fight to try and recoup the money that they have loaned out to consumers. More and more people have been finding themselves in high levels of unmanageable debt, and for many the only option has been bankruptcy. Read more

Many people will have cleared their cards by end of Jan

According to a recent survey carried out by Sainsbury’s Bank the majority of consumers that used their credit cards to put Christmas spending on the plastic will actually repay their balance in full by the end of January, which could save many of these people a fortune in interest. Of those surveyed around 61% stated that they planned to clear their balance in full at the end of the month. Read more

Debt advice campaign launched by Church of England

The Church of England is launching a campaign aimed at educating people to stay out of debt, and offering advice to those in debt. The campaign is called ‘A Matter of Life and Debt’ and aims to teach people not to buy what they cannot afford, or to offer practical and even biblical advice to those already in debt, with a view to increasing focus and understanding for those trying to get themselves out of the debt trap. Read more

Banks announce fewer loans will be available in first quarter of this year

Banks and lenders across the UK have announced that during at least the first three months of this year there will be fewer loans made available to both businesses and consumers in the UK, with the effects of the global credit crunch coupled with fears over bad debt levels driving lenders to increase stringency and cut back on lending. The Bank of England has stated that whilst there has already been a crackdown in lending, with lending conditions tight during the last quarter of 2007, this is a situation that is set to get worse in the coming months. Read more

Woman owes thousands after becoming victim of scam letters

A woman from the Derbyshire area has found herself in £30,000 worth of debt after falling victim to scam mail over a period of ten years. The elderly woman stated that she wanted to remain anonymous, and she has recently had to approach her son for help after realising just how much debt she was in. Read more

Thinking of booking your annual holiday?

With Christmas and the New Year now over many people will be thinking about getting their annual holiday booked up, whether it is a spring vacation to help shake off the cobwebs of winter or a fantastic summer holiday in some far flung destination. One problem that many of us encounter at this time of year however is finding the cash to pay for a holiday. Having shelled out for the expenses of Christmas and the New Year most of us are struggling to find money to pay the bills never mind book a holiday. Read more

Getting the right bad credit loan

Having bad credit can create many problems when it comes to getting credit in the future, but this does not mean that you will never be able to get a loan again if you have a damaged credit rating. Actually getting credit as a bad credit customer can be very difficult, so don’t expect loans and credit to just fall into your lap. However, with some research and the help of the Internet you should be able to find finance to suit your needs even if you do have damaged credit. Read more

Positive outlook from lenders for coming year

As 2008 gets off to a financially turbulent start many lenders have expressed optimism for the coming year. According to the Intermediary Mortgage Lenders Association many of its members are remaining positive with regards to their outlook for the coming year, despite predictions that the credit squeeze is set to get worse and despite the already destructive effects of the credit crunch that swept across the UK in the summer of last year. Read more

Debt charities get ready for enquiries

With Christmas well and truly over for another year debt charities and agencies such as the Citizen’s Advice Bureau are now preparing themselves for the mass influx of debt related enquiries that is expected across the UK. The Christmas season will have seen many consumers overspend on credit cards and through other forms of finance, and as a result many will now face severe financial difficulties as the New Year kicks off, with many being forced to seek advice in order to try and sort out their financial woes. Read more

Nationwide commercial streamlines lending

In light of the damaging and chaotic effects of the ongoing credit crunch Nationwide Commercial has announced that it will no longer be considering loans to new borrowers, and will only consider business with existing borrowers. The lender has also stated that it will no longer be accepting referrals from brokers for its commercial lending division. This comes after the lender was flooded with requests for commercial loans in light of the borrowing difficulties that many were experiencing because of the global credit crunch. Read more

Reduction in IVA approvals hits firm’s profits

Over the past couple of years many glossy advertisements have come out in relation to IVAs, and this has led to many struggling consumers with debts deciding to try the IVA route in a bid to rid themselves of debt more quickly and reduce monthly outgoings in the interim. However, although at one point IVA approvals were coming through thick and fast this has now dropped off and is hitting some firms hard in terms of profits. Read more

Personal loan availability on the decrease

A recent report has indicated that the number of personal unsecured loans now available to consumers in the UK has decreased, with many lenders too worried to offer loans that are not secured against any form of asset. The rising levels of bad debt in the UK coupled with the widespread effects of the credit crunch, which has impacted on most financial sectors leaving a path of destruction, have resulted in many lenders decreasing the number of financial services and products on offer and increasing stringency with regards to their lending criteria. Read more

Borrowers should ask banks for help if struggling

Over the past couple of years banks in the UK have been in the financial headlines many times, usually linked with bad news for consumers, such as bank charges or breaches of security. However, despite what seems to be an ever widening gap between banks and banking customers consumers are being urged to get in touch with their bank for advice and assistance if they are struggling with repayments on their borrowing rather than just trying to ignore the problem. Read more

2008 could see personal insolvency levels rise

According to some industry experts this coming year could see the level of personal insolvencies in the UK rocket, with around 130,000 already heading towards bankruptcy based on recent figures. Officials from the global accountancy group KPMG state that over the course of 2008 around 130,000 may either declare themselves bankrupt or may decide to enter into an IVA, which is an individual voluntary arrangement. Read more

Debt charities prepare themselves for debt related calls

With Christmas well and truly out of the way for yet another year many debt charities and consumer charities such as the Citizen’s Advice Bureau are now gearing themselves up to cope with the massive flood of debt related queries and calls expected from consumers that have spent far more than they could afford and are now left to face the consequences. As always many of us turned to credit to fund our Christmas spending this year, but now is the time when those credit card bills start winging their way to us. Read more

Woman charged APR of 2.6 million percent

A woman from York recently took out a short term loan, on which she was asked to pay an astounding APR of 2.6 million. The woman, who asked to remain anonymous, took out a small loan of £320 for a period of just seven days in the run up to Christmas. She took the loan through Early pay Day Loans, and when she was due to repay just seven days later a whopping £80 charge had been added to the amount borrowed. Read more

Consumers afraid to open post

Following the rush of mad spending over the Christmas period many consumers in Britain are now shying away from opening their post, nervous about what they will find in terms of bills and statements. A survey was carried out by the Financial Services Authority in the post Christmas calm, and unsurprising many consumers who may have gone overboard on the Christmas spending are now dreading the post arriving on their doorsteps in the New Year. Read more

Bankruptcies could be set to rise in 2008

Over recent years bankruptcy and insolvency levels have caused concern in the UK given the high levels of consumer debt. However, it seems that the problem with bankruptcies may be set to get worse, with some experts predicting that up to 130,000 borrowers could end up declaring themselves insolvent in 2008 either through entering into an Individual Voluntary Arrangement (IVA) or by declaring themselves bankrupt. Read more

Would you pay 2.6 million percent APR?

A woman that borrowed a small amount of money for a short period of time has been charged an astounding 2.6 million percent APR by a lender. The woman from York took out the small £320 loan for the period of one week from loan company Early Pay Day Loans, and was charged an astonishing 2.6 million percent APR with interest of £80 being added to what she owed just for borrowing the money for seven days. According to reports the APR when worked out over the twelve month period came to 2,639,385.9%. Read more

CAB launches attack on sub-prime lenders

The Citizen’s Advice Bureau has launched an attack on sub-prime lenders in the UK, claiming that these lenders often offer loans to consumers that cannot afford the repayments and then use aggressive tactics when the consumer falls behind on repayments.

Sub-prime loans are those offered to people with poor credit, self employed, or no proof of income. However, in response to the attack the Council of Mortgage Lenders has accused the Citizen’s Advice Bureau of being ’simplistic’ and ’sensationalist’. Read more

Fewer personal loans available from unsecured lenders

According to a recent report there are now fewer personal loans available from unsecured lenders in the UK. The information comes from financial experts Moneyfacts, which has described the situation as a ‘worrying trend’.

According to figures there was a 10% fall in the number of unsecured personal loan providers throughout the month of November. Increased cash flow problems and financial turmoil in the money markets has really taken its toll on many lenders. Read more

Costly home loans being pushed through by some brokers

A recent report has shown how many financial brokers in the UK are pushing through home loans that are simply unaffordable.

The report was released by the UK’s financial regulator, the Financial Services Authority, and shows that despite the credit crunch that has wreaked havoc in the financial markets, and despite bad debt levels in the UK, a number of brokers continue to try and push home loans that consumers cannot actually afford repayments on. Read more

Darling ‘incompetent’ over Northern Rock loan

In a recent showdown in the Commons the Chancellor of the Exchequer, Alistair Darling, was branded ‘incompetent’ by the Tory shadow chancellor, George Osborne.

The harsh speech from the shadow chancellor was over the loan that Darling authorised to stricken bank Northern Rock from the Bank of England. Osborne accused Darling of acting in secrecy and keeping this vital information from both the unsuspecting taxpayer and from parliament. Read more

Secured Loan And IVA Companies Come Closer

Players in the secured loan market are considering the benefits of having closer links with dedicated IVA companies. In the last year or so there has been a rise in the number of secured loan master brokers having a relationship with a specialist IVA business, and some have even started their own IVA operations to go with their secured loan models.

The number of borrowers who have ended up in financial trouble has increased in the wake of the five interest rate rises we have seen in the last twelve months. Brokers are considering their positions, the markets the are in, and the possibility of money to be made from the IVA market. Read more

Many Brits get into debt to go on holiday

According to recent figures many Brits get themselves into debt in order to go on holiday each year, with many relying on loans and credit cards to pay for both their holiday and their spending money.

The rest of the year is then spent trying to repay the debt, and in some cases the debt rolls over into the following year and is even added to when the consumer takes out yet more credit to pay for another holiday. Consumers groups are advising travellers to keep an eye on their holiday spending, and to face facts if they cannot afford a holiday rather than getting themselves into debt for years for the sake of a week or two away. Read more

New personal loan package marketed by Barclays for vehicle purchase

Barclay’s, one of the UK’s leading high street banks, has announced the launch of a new loan package geared specifically for those looking to purchase a vehicle.

The loan package will offer prospective car purchasers the chance to enjoy a competitive rate of interest coupled with a range of discounts on various vehicle related products and services, which could make the purchase of a new vehicle far more affordable for many consumers.

The loan offers a typical APR of 7.4%, and also enables borrowers to enjoy various other benefits. This includes 10% off vehicle insurance that is purchased online, a free HPI check, which can benefit those buying a second hand car, and an annual discount of 25% on any RAC breakdown package purchased by the borrower. For those wishing to purchase vehicle insurance direct from Barclay’s over the telephone, a 5% discount is available. Read more

Avoid loaning money to family and friends

According to a debt advice agency in the UK it could be detrimental to both the borrower and the lender in cases where people are lending money to friends and family members in order to get them out of financial hot water.

Officials from the Debt Advice Bureau claim that it is far better for consumers to offer sound advice to their friends and family with regards to their financial situation than to actually bail them out financially, as this could result in financial losses for the person lending the money and fails to teach the borrower any lessons with regards to staying out of debt and managing their finances. Read more

Barclays offers loan package for vehicle purchase

Last week Barclay’s Bank announced a new loan packaged geared towards consumers looking to purchase a new vehicle, which will offer competitive interest rates in addition to a number of other relevant benefits.

The bank states that the loan could help many consumers enjoy affordable vehicle purchasing, and that with the new number plates about to come out this could be the ideal time for those thinking about purchasing a new car to enjoy an affordable loan package to help them to buy their new vehicle. Read more

Many using secured loans for home improvements

Secured loans have become increasingly popular over recent years, and according to recent figures a large number of consumers that take out secured loans do so to carry out home improvements.

Secured finance has become more and more popular throughout the UK amongst homeowners that wish to improve the look, practicality, and value of their property. Read more

Secured loans could be more suitable for those with credit cards

A recent report has suggested that those with credit cards in the UK may be better off with a secured loan in many cases. There is a huge debt mountain in the UK, and a large chunk of this is made up of credit card debt, with many cardholders losing control of their spending on credit cards. Many have ended up with high levels of bad debt on credit cards, which has added to the concern over consumer debt levels in the UK.

According to the results of the recent research an increasing number of consumers are unhappy with the service that they receive from their credit card companies, and taking other factors into considering such as high interest rates, fluctuating repayments, and ease of losing control of spending on the card, it could be that many consumers that own their own homes could actually be better off with a secured loan rather than sticking with their credit cards. Read more

Significant increase in student loans

Most students and former students know what a financial struggle it can be to be in full time education, and this is reflected in the rising level of student loans and finance being taken out in the UK.

Recent figures have indicated that there has been a significant increase in the level of student loans over the last year across England, Scotland, Wales, and Northern Ireland. These finding were reported by the Students Loan Company, with officials confirming the rise in student borrowing over the past year. Read more

Student loan interest rates to rise

It has been a bad week for students in terms of finances this week. Earlier in the week HSBC announced that it would be scrapping its facility for students that leave university this year to pay off their overdraft over a three year period without interest.

Instead the bank plans to charge nearly ten percent on the overdraft when students graduate unless they open an upgraded account that will set them back nearly ten pounds a month, in which case the three year interest free period will still be offered. Read more

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