Speaking on the debt-repayment insurance, Mike Naylor from Which? said that there are few benefits in taking out PPI. “It is of little benefit. It is very costly. It adds significantly to the cost of the loan. It is not…

Worst performing were the ones working for banks and building societies, where only one in every six reached the required standard in the Which? poll. Neil Fowler, editor of Which? magazine, said: “Our latest investigation leads us to believe that…

According to the Woolwich, mortgage debt accounted for 19 per cent of take home pay in August, up from 18.8 per cent in July, with some areas of London – Holborn and St Pancras – reaching a staggering 31.2 per…

One in six Britons borrow money for their holidays according to the CreditExpert poll, with credit card debt the most common means for doing so. “Getting carried away and overspending a little on holiday is something nearly everyone has experienced,…

Which? states that the warnings need to appear on the cheques themselves rather than on a separate leaflet in order to properly warn users of the risk of debt. “We are concerned that people using them won’t realise the drawbacks.…

Invites are being sent to the big debt firms to look at creating a code of conduct for the sector. “We have been trying to talk to the banks about the issues but we’ve had difficulty getting together with them,”…

Regency Mortgages did not treat customers fairly, the FSA said, meaning that many could have taken on debt they did not need due to poor information. Managing director for the FSA’s retail markets, Clive Briault, said: “Regency exposed its customers…

Most are taking points over interest-free debt, as cashback or loyalty points account for 37 per cent of cards in the Morgan Stanley Credit Card survey and zero interest for only 17 per cent. Patrick Muir, marketing director for the…