Barclays, with which millions of Brits have credit card debt, reports that compared to 2006 its overall income rose by a quarter to reach more than £21, 595 million. “Conditions in UK cards and consumer loans were difficult but Barclaycard…
A new banking code should stipulate that consumers are notified two weeks in advance before any charges are taken from an account and banking groups should end their “reliance” on so-called hidden charges, the independent organisation makes clear. The calls…
Continue reading the "OFT outlines ‘fair banking’ proposals" »
Ms Melville’s suggestion comes in the wake of the revelation that banks in the UK have accumulated their highest ever profits, despite receiving more complaints about their services than ever before. The very idea of charging current account customers is…
Continue reading the "Charging on current accounts ‘would be crazy’" »
Chairman of Debt Free Direct Mike Blackburn told the Telegraph that the continuing rise in Individual Voluntary Arrangements (IVAs) being entered into nationwide has been fuelled by excessive and inappropriate bank lending. And with the same banks expected to announce…
Continue reading the "‘Banks to blame’ for UK debt levels" »
In the face of the country’s deepening debt crisis and increasing cases of bankruptcy, the profits being amassed by banks are “excessive”, Mr Cable asserts. “Gordon Brown should stop worrying about his reputation with the haves and instead start thinking…
Continue reading the "Banks’ record balances “completely unjustifiable”" »
Chris Tapp, associate director at national money education charity Credit Action, suggests that for those in their 20s or 30s the fear of suffering a damaged reputation is less significant when it comes to debt management. “It [avoiding bankruptcy] is…
Continue reading the "Avoiding bankruptcy “matter of pride” for older generations" »
Tim Moss, head of loans and debt at price comparison service Moneysupermarket, also suggested that rates of interest on personal loans being offered by the country’s major banks will increase over the coming months. Mr Moss’ comments came in the…
Continue reading the "Banks likely to ‘tighten lending criteria’" »
Essential expenditures on council tax bills, fuel and housing costs and maintaining water supplies are causing financial headaches for thousands across the UK, the latest survey by Citizens Advice has established. In all, 83,000 people approached the advice charity in…
Continue reading the "Debt advice seekers up 15% in a year" »
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