Defaqto anticipates a “backlash” from banks in response to consumer and regulator pressure to cut charges as Individual Voluntary Arrangements (IVAs) continue to soar in popularity. “I will be very surprised if free banking is universally available in two years…
James Alexander, co-founder and chief executive of online marketplace Zopa, claims that securing massive profits at the expensive of consumers – an increasing number of who are now turning to Individual Voluntary Arrangements (IVAs) or declaring bankruptcy – has become…
Continue reading the "Consumers encouraged to put pressure on banks" »
According to official figures released by the British Bankers’ Association (BBA), while Brits are paying of their credit card debt quicker than ever before, overall individual borrowing levels continues to increase. During January the total amount of money owed to…
Citing Department for Constitutional Affairs statistics, Preston Today reports that almost one third more people chose the IVA rather than be forced into a bankruptcy situation. And this trend is represents a cultural change in the attitudes towards debt management…
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" »
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