Banks’ total net lending to individuals increased by £10.9 billion, higher than the increase in September and the six-month average of £10 billion. Similarly, the increase in consumer credit grew by £1.1 billion last month, including a £0.2 billion increase…
Continue reading the "BoE: Lending above average in October" »
Commenting on its latest savings index, Standard Life said that only 58 per cent of people regularly saved and merely a third were happy with their provision for retirement. “The UK has the highest level of personal debt in Europe…
Continue reading the "Standard Life: Make saving easier to tackle debt" »
Speaking to Reuters, Mike Norris, director of policy at the Insolvency Service, said that the move should help consumers avoid bankruptcy. “By keeping people out of bankruptcy and, where appropriate, getting them into Simplified IVAs, we would expect to see…
Richard Lander, director at Citwire.co.uk, reports that the latest monthly update from Seven Investment Management warns about the UK’s poor debt management. “Britons are a nation of debtors. According to Bank of England data, lending to UK individuals stands at…
According to the Financial Services Authority (FSA), advertising affects people’s debt management decisions, which is why misleading literature can be dangerous. Vernon Everitt, FSA retail themes director, remarked: “Financial advertising has a massive influence on the decisions people make. “So…
According to the accountants and business advisers BDO Stoy Hayward, a poll has revealed that consumers want to see usurers taxed, partly due to the debt woes they can bring. Stephen Herring, a tax partner at the firm, stated that…
Continue reading the "Chancellor ‘should tax loan sharks’" »
According to Scottish Widows, over five million people may need to start a debt management plan that accommodates the death of a relative due to rising house prices. “The six per cent rise in property prices means that thousands more…
The BBC has discovered that many former customers are turning to doorstep lenders who charge high interest rates, with reports that loan sharks are targeting some Farepak victims. One consumer, Lisa Tuckwell, told investigators that she has been approached by…
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