Senior economist at the Centre for Economics and Business Research (Cebr) Jonathan Said expects to see price inflation and rising mortgage payments across the country put significant pressures on British incomes. As a result, debt levels look likely to rise,…
Continue reading the "“Upward trend” forecast for IVA applications" »
Training and regulation will be offered by the DRF to its members, which will promise to give suitable advice to their clients, make charges transparent and keep a watchful eye over the content of advertisements, reports Accountancy Age. Chris Holmes,…
According to a spokesman for the FOS, in cases where an account closure is in retaliation for a customer recovering their bank charges, then the FOS will rule in favour of the consumer, reports the Daily Mail. The comments came…
Continue reading the "Money watchdog declares support for ill-treated Brits" »
Stephen Gerlis echoed the much-held view that the rise in insolvencies and repossessions is due to the fact credit is too readily available and that the rising cost of living is not being reflected in real income growth. The result…
Continue reading the "Ignore mounting debt at your peril, warns judge" »
According to Stuart Glendinning, managing director of Moneysupermarket, the number of personal loan applications has gone down in recent weeks as the higher cost of borrowing diminishes consumer appetite for unsecured credit. He also said that the availability of very…
Continue reading the "‘Personal loan applications falling as rates rise’" »
The bank said it has had to divert £900 million of funds to offset a glut of unpaid personal loans, causing company shares to slump to a nine-month low. HSBC said its bad debt charge for 2006 would be £5.4…
Continue reading the "Big bank suffers as consumers struggle with debts" »
John Fingleton, OFT chief executive, said that consumers are being placed at a disadvantage by the lack of competition in the industry. The decision follows complaints from consumer groups that expensive and poor-value PPI products are being mis-sold, thereby increasing…
Continue reading the "OFT refers PPI to competition watchdog" »
According to experts at Eversheds, acceleration in the number of individual voluntary arrangements and bankruptcies could put undue pressure on the credit industry. The firm said that many borrowers have been “cushioned” by low interest rates in recent times, but…
Continue reading the "Credit firms urged to prepare for insolvency growth" »
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