CCJs hit high
Between April and June lenders brought 165,000 CCJs against people who had not paid their debt off, a rise of nearly a fifth on the same period a year before. According to the Registry Trust figures, this increase in CCJs…
Overdraft oversights prove costly
According to Moneysupermarket, going into overdraft debt can cost £125 even before interest payments are made, leading to a UK total of £40 million. “When it comes to personal banking, apathy is expensive,” said Stuart Glendinning, managing director at Moneysupermarket.…
PPI continues to divide opinion
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…
Financial advisers falling short
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…
Mortgage costs taking a bigger cut
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…
Brits forced to borrow for summer spending
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,…
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Which? questions clarity of credit card changes
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.…
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Barclaycard student offer under fire
The limit has been raised from £300 to £600 but consumer groups are saying that students should not be able to get credit, especially as some cards charge interest rates of 21.47 per cent. Frances Walker, of the Consumer Credit…
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