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" »
Melanie Giles, a leading insolvency practitioner, who has worked in the industry for over two decades, said that IVAs are something which consumers have become more aware of thanks to the media. “The reason why there are so many IVAs…
Continue reading the "IVAs a practical solution to debt, says expert" »
Mark Hoban, MP for Fareham, who was appointed shadow financial secretary to the Treasury in 2005, said that lenders need to actively refer struggling customers to organisations such as Citizens Advice and the Consumer Credit Counselling Service. These organisations offer…
Continue reading the "Banks need to “actively refer” struggling clients" »
Lord Baker of Dorking said that one of the government’s greatest achievements was to make it easier for people to go bankrupt. His comments came as the government disclosed there had been almost 63,000 bankruptcies in England and Wales last…
Continue reading the "Government accused of encouraging insolvencies" »
MoneyFacts has said that some of the most affordable unsecured loans on the market some of which are still below six per cent APR could reach ten per cent or more before the end of the year. According to the…
Continue reading the "PPI crackdown ‘signals the end of cheap loans’" »
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