Your Guide To Loans
Abbey study reveals, over bloated personal finances.
Posted 2007-12-11
Latest studies from the Abbey have revealed that a mere 1% of Britons have maintained and kept control over their personal finances. The other majority of people, display signs of irresponsible behavior through their use of credit cards and other...
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No change in loan’s discrimination by banks
Posted 2007-12-10
The BBC reported that, high street banks still have the right to practice age discrimination in their provision of credit. The current situation is such that, older people find it rather difficult to obtain credit from banks. This is because...
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Pressure to cut Interest Rates
Posted 2007-12-6
The Bank of England is seeing pressure to bring down the current loan interest rates. Since August 2006, interest rates have increased five times and this caused credit crunch in the summer in spite of this rise bring controlled in June. With the Monetary Policy Committee’s (MPC) current meeting, there is an expected drop in interest rates from 5.75% to 5.5%. This drop is caused by sharp growth in the Libor rate. Analysts like Reuters feel that the MPC is forced to balance a “sharp economic slowdown against rising price pressures”. Global Insight’s Howard Archer states that this month’s rate decision is one of the biggest calls to cut down interest rates. ...
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New Individual Voluntary Arrangements (IVA) standards from British Bankers’ Association (BBA)
Posted 2007-12-5
With about 26,956 people in England and Wales declared as insolvent, by the Government insolvency service, the British Bankers’ Association (BBA) announced a new set of standards, in the second quarter of 2007 to help people in debt better manage their financial problems through Individual Voluntary Arrangements (IVAs). These standards, to be implemented in February 2008, aim at making the process of applying for an IVA more “streamlined”. The industry standards for advertising, advice, information and documentation connected to IVAs have been decided by the banks and other service providers. The BBA executive knight stated that those in debt and their creditors should be aware that when an IVA is proposed it is the most appropriate solution. It will give people win debt necessary reassurances that will enable them to make the right choice for their financial futures”. ...
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Brits cautioned on Christmas Overspending and avoid New Year Debt
Posted 2007-12-3
Brits are cautioned on Christmas spending as high prices and interest rates, coupled with slow rise in wages are putting more people into debt. In 2007, most queries that Citizens Advice received were enquires on mail order debts, loan and...
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Take loans before Christmas, Brits urged
Posted 2007-11-30
Britons seeking loans or mortgages are advised to get them before Christmas time because with the coming credit crunch, they will be a lot harder to secure. The effect of the credit crisis is felt more in the personal loan...
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Christmas Expenditure – Affected due to Credit Changes
Posted 2007-11-26
Accountants at PricewaterhouseCoopers (PwC) have provided proof that consumer credit has tightened in the UK. Furthermore in its Precious Plastic 2008 report, the company claims that due to an increase in the number of consumers unable to repay their credit...
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Ongoing financial crisis sees a cut in credit limits
Posted 2007-11-20
It is said that due to the current ongoing financial crisis around the world, consumers are allowed to put only up to a certain amount on their credit card. The Daily Telegraph reported that credit providers are cutting down the...
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Brits predicted to lead in credit card spending
Posted 2007-11-18
Due to the ongoing credit crises, debt consultancy Thomas Charles has claimed that in all probability, this Christmas will see consumers avoiding using their credit card. The downfall of the US sub-prime loan market has led to a global financial...
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Trackers Mortgages give better value for Money!
Posted 2007-11-17
The Bank of England has recently made a cut in interest rates. However, in spite of this cut, John Charcol, who works as a mortgage broker states that Tracker mortgages are better value than fixed-rate mortgages. His opinion is seconded...