According to a report in the Guardian, 93-year-old Clifford Taylor has seen his initial amount to repay grow by £99,000 to £116,000, a consequence of soaring house prices and how Sams were designed to work. Sams were introduced to allow…
Continue reading the "Pensioner’s debt grows by seven times thanks to Sam" »
Martyn Saville, senior researcher at Which?, said that the organisation “would expect” companies to only issue store cards to consumers with credit limits that are within their repayment capabilities, following a thorough credit check. “Which? believes that financial institutions should…
Continue reading the "Consumer credit risk should be assessed in “realistic way”" »
Michael Coogan, director general of the CML, told BBC Radio 4’s PM programme that some customers have problems repaying their mortgages as they have debt management issues. The CML director general recognised that “for some customers, particularly if they’ve overstretched…
Continue reading the "Debt from credit cards ‘making mortgage repayments difficult’" »
David Kuo, head of personal finance at website Fool.co.uk, said that for consumers who borrow money, a flexible loan that allows bigger repayments when the borrower is in the position to do so could prevent the need for a debt…
Continue reading the "Extra loan repayments ‘could be debt solution’" »
Between the beginning of April and the end of June 2007, more than 16,000 people in England and Wales opted to declare bankruptcy by way of a debt solution, according to data released by the Insolvency Service. However, on a…
Although there were less people entered into an Individual Voluntary Arrangement in the second quarter of this year than the first, on a yearly basis insolvency figures show a trend of increasing debt management struggles in the UK. And the…
Continue reading the "More calls for finance lessons in schools" »
The charity has criticised what it perceives as a growing tendency among lenders to initiate court action over unpaid mortgage demands, rather than taking such steps only when other options have been exhausted. In response to the latest repossession figures…
Continue reading the "Citizens Advice slams ‘routine repossessions’" »
Mr Mond insists that the falling number of consumers opting to enter Individual Voluntary Arrangements (IVAs) reflects the efforts of banks and other creditors to deter people from taking this action. The scale of the debt management burden among consumers…
Continue reading the "Creditors ‘blocking consumer debt solutions’" »
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