With consumers considering launching action against PPI they believe was mis-sold on their loan, “ambulance chasers” targeting people looking for redress could emerge and take large amounts of money from claims, an expert has warned. “PPI has been long talked…
Speaking in an interview, trade and industry minister Jim Fitzpatrick said that easy lending had “stoked the flames” of bad debt. “If we’ve got a rise in indebtedness, if we’ve got a rise in people having difficulty in servicing that…
Continue reading the "Minister: Banks to blame for bad debt" »
Beccy Boden-Wilks, spokeswoman for the National Debtline, said that as debt becomes normalised with students, that does not mean that it should breed complacency. “It is important that young people don’t develop a complacency about [debt] where they accept it…
In its report, the commission said that competition was stifled at the expense of customers, with unclear charges and restrictions, adding to the likelihood of consumers getting into debt. “A lack of clarity on charges and unduly complex charging structures…
Legal & General’s MoneyMood report claims that the UK is now in a “save” mode Claire Stracey, the firm’s director of customer marketing, commented: “Our research shows the MoneyMood of the nation has been in ‘save’ mode since the beginning…
Payments association Apacs claims that the amount of people repaying their credit card debt each month in full has risen while the number of transactions fell to 2.1 billion. Although this is only a one per cent drop on the…
It blames lenders for the rise in the amount of people taking out Individual Voluntary Arrangements (IVAs) because they cannot manage their debt . In its Personal Finance Industry Insight newsletter, the website states that IVAs and the industry are…
Continue reading the "uSwitch calls for more responsible lending" »
Mervyn King, governor of the Bank of England, said that inflation was still too high, prompting fears that the rate could rise to five per cent before the end of the year. “The anticipated fall in inflation for September may…
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