Official figures that have been recently released have shown that new borrowing on credit cards, loans, and overdrafts has been increasing, with the level of new borrowing outweighing the amount that has been repaid by consumers for the first time since June of last year. (more…)
Archive for the ‘Loan News’ Category
New borrowing on credit cards and loans on the rise
Saturday, February 20th, 2010
Interest rates to be curbed on pay day loans
Friday, February 12th, 2010Over recent years pay day loans have become increasingly popular amongst certain consumers such as those that are on low incomes and those with poor credit ratings. (more…)
Reductions being seen in personal loan rates
Tuesday, February 9th, 2010It has been reported that finally the rates charged on personal loans rates may be starting to fall. For many this will have been a long time in coming, given that the base interest rate in the UK has been at an all time low of just 0.5 percent since last March. (more…)
Landlord and tenants worried about tenant deposit scheme
Saturday, January 30th, 2010It has emerged that both tenants and landlords are becoming concerned about the effectiveness of one of the three tenant deposit schemes that were set up to protect the deposits of tenants, with concerns that measures that have been put into place to cut costs could actually end up affecting the quality and effectiveness of the scheme. (more…)
Fall in lending to businesses according to central bank
Sunday, January 17th, 2010The Bank of England has recently reported that the level of lending to businesses in the UK has been falling. The figures were released in the central bank’s recently released Trends in Lending report, and showed that in October there had been a slightly bigger fall in lending to businesses than in the previous month. (more…)
Cost Of Personal Loans Increased By Banks
Monday, January 11th, 2010Recent figures have shown that since the start of this year the cost of personal loans has been increased by banks, and this is despite the fact that the base interest rate has been at an all time low of just 0.5 percent for the past nine months. Since the start of this year the cost of a best buy loan for £5000 is said to have increased by around 1.54 percent to 10.78 percent according to reports. (more…)
FSA voices concerns over recklessness of some lenders
Monday, November 30th, 2009The UK’s financial regulator, the Financial Services Authority, has commented on the extent of the recklessness of some of the UK’s lenders. (more…)
Consumer felt duped by Yes Loans
Friday, November 27th, 2009A borrower in the UK, Louise Cowan, has recently detailed in a report how she felt duped by Yes Loans after being given the impression that she was being accepted for a loan only to find that she had then been passed on to some debt management firm. (more…)
Loan and credit card customers being penalised unfairly
Friday, November 20th, 2009It has been reported that many customers in the UK that are looking for loans and credit cards may be getting unfairly penalized as a result of the searches that are carried out when they make an application for a credit card or a loan. (more…)
RBS bonuses fly in the face of government promises
Friday, November 13th, 2009Since the onset of the global credit crunch, which has seen a number of banks become at least part government owned as a result of huge bailouts using taxpayers’ money, the government has been promising to clamp down on the extraordinary bonuses that banking executives were picking up. (more…)
Banks may have to pay billions back in overdraft charges
Friday, November 6th, 2009As the Office of Fair Trading waits to hear from the Supreme Court with regards to whether it can set fair overdraft charge levels for banks a report has been released that indicates banks could end up paying billions of pounds back to consumers in returned overdraft charges, which would come as a huge blow given their current financial status. In fact, banks could be forced to pay back up to £20 billion in returned overdraft charges if the Office of Fair Trading wins the case. (more…)
Unfair charges result in fine for GMAC-RFC
Wednesday, November 4th, 2009Unfair mortgage charges have resulted in a fine for a UK mortgage lender according to a recent report. GMAC-RFC has been fined nearly three million pounds by the UK’s financial regulator, the Financial Services Authority. (more…)
Tesco to start offering loans and current accounts in 2011
Wednesday, October 28th, 2009Some time ago the supermarket giant Tesco announced that it was launching its own bank, which would offer, amongst other things, mortgages and current accounts, improving the choice for consumers in what has become a very turbulent and difficult market. (more…)
Existing customers can get competitive loan rate from Nationwide
Wednesday, September 23rd, 2009According to a recent report the leading building society Nationwide is offering a highly competitive loan rate to consumers to compete with personal loan rates being offered by some major supermarkets, but the low rate is only being made available to existing customers of the building society. The rate being offered by Nationwide on loans for between £5500 and £15000 taken over five years is 7.7 percent. (more…)
Darling concerned over rates charged to small firms
Tuesday, August 11th, 2009The Chancellor of the Exchequer, Alistair Darling, has recently expressed concern over the amount of interest that is being charged on loans that are taken out by small firms. (more…)
Yes Loans criticised by OFT
Saturday, August 8th, 2009The Office of Fair Trading has criticised a loan broker after receiving a series of complaints from unhappy customers. The complaints were made about Yes Loans, and the complaints related to the fact that many consumers were given the impression that YES was a lender and not a broker. (more…)
Mortgage and loan rate continue to rise
Saturday, August 1st, 2009It has been claimed recently that despite the fact that the base interest rate is at an all time low of 0.5 percent the rates being charged on many mortgage loans and general loans are continuing to increase, meaning that consumers are unable to benefit from the cut in base rate in many cases. (more…)
Banks increase profits through increasing loan rates
Wednesday, July 29th, 2009A recent report has suggested that banks in the UK are slyly trying to make more money from customers by increasing their personal loan rates, which some campaigners have described as being underhand. (more…)
Credit card drought could spell good news for loan sharks
Sunday, July 26th, 2009It has been revealed recently that the lack of credit card availability for many consumers could spell good news for unscrupulous loans sharks out there, as an increasing number of consumers may find themselves having to turn to loan sharks when they are struggling financially simply because they cannot see any other option. (more…)
No income check with 80 percent of HBOS loans
Wednesday, July 8th, 2009It has been alleged in a recent report that around 80 percent of loans that were approved by the Halifax Royal Bank of Scotland before the financial crisis hit were actually given approval without any income checks being carried out. (more…)
Loan terms relaxed by lenders
Saturday, June 20th, 2009Whilst credit conditions have been particularly difficult over the past couple of years, since the onset of the global credit crunch, it has been reported recently that some lenders have been relaxing their loan terms, enabling consumers to enjoy easier access to loans and greater affordability. (more…)
Equity firm warns pensioners could be paying over the odds
Wednesday, June 17th, 2009In a recent report an equity firm in the UK has warned that many pensioners may actually be paying over the odds when they release cash from their homes. (more…)
Problems arise in secured loans market
Sunday, June 14th, 2009It has been reported recently that the secured loans market in the UK is somewhat doomed, with the availability of secured loans becoming more and more rare as a result of falling house prices. (more…)
Deals still available even though loan rates have risen
Saturday, June 13th, 2009According to a recent report whilst loan rates in the UK may have increased recently there are still some decent deals available for a number of consumers. (more…)
Consumers with low credit are suffering through the recession
Wednesday, June 10th, 2009Whilst it is clear that the ongoing recession is affecting most people in one way or another, particularly in terms of their financial situations and job security, a recent report has said that people that have damaged credit histories and low credit ratings are amongst the groups that will be hardest hit by the recession. (more…)
More money to be ploughed into the economy
Friday, May 22nd, 2009After the recent Monetary Policy Committee meeting earlier this month the Bank of England announced that the base interest rate was to be left on hold at 0.5 percent. (more…)
Watchdog to keep close eye on loan adverts and comparison sites
Thursday, May 21st, 2009It has been revealed recently that an industry watchdog is going to be keeping a closer than usual eye on loan advertisements and financial comparison sites in order to try and provide consumers with increased protection during the recession. (more…)
Overdrafts being cut by banks to cut credit
Monday, May 18th, 2009It has been revealed that many banks are cracking down on overdraft facilities and limits in a bid to try and reign in credit. Some banks are now conducting regular reviews on overdraft limits, and are giving consumes just one month in which to repay the money after slashing their overdraft limit. (more…)
PPI ban sees spike in loan rates
Friday, May 15th, 2009According to recent reports the PPI ban that has recently been announced by authorities will result in further spikes to loan rates, which many industry officials have said are already spiralling despite the all time low base interest rates, which stands at just 0.5 percent. (more…)
House price decline slowest in a year in March
Tuesday, May 12th, 2009According to industry official the decline of house prices across England and Wales continued in March, but was at its slowest level in the space of a year. In addition to this there was also an increase in sales levels, which picked up from record lows. (more…)
Quantitative easing will prove successful
Wednesday, May 6th, 2009A number of economists have predicted that the governments plan to try quantitative easing in order to boost the economy will prove successful. (more…)
Credit to become more readily available over coming months
Friday, May 1st, 2009According to a recent report lenders have said that there is a good chance that credit will become more readily available for businesses and consumers over the coming months, although demand for credit is likely to remain subdued for some time to come. (more…)
Banks could be named and shamed over PPI complaints
Tuesday, April 28th, 2009Later this year the Financial Ombudsman Service is set to announce individual figures for banks and financial institutions with regards to the level of complaints each ash received about PPI or Payment Protection Insurance. (more…)
Increase in complaints about loan insurance
Tuesday, April 14th, 2009Official figures that have been released by the Financial Ombudsman Service have shown that the level of complaints relating to loan insurance in the UK have been shooting up. (more…)
Rates on personal loans continue to increase
Wednesday, April 8th, 2009According to recently released reports the interest rates being charged on personal loans in the UK are continuing to rise despite the fact that the base interest rate has plummeted. (more…)
Loan and mortgage fees could increase due to reforms
Monday, April 6th, 2009Industry experts have predicted that the fees and charges associated with loans and mortgages from banks could soar in the future as a result of sweeping reforms planned by the government to stop a future financial crisis similar to the one that the nation has been plunged into now. (more…)
Single premium PPI to be stopped soon
Friday, April 3rd, 2009Lenders and PPI providers have been told by regulators that they will have to stop selling the highly controversial single premium PPI, or payment protection insurance, over the coming months, and providers have now been given a deadline by which they must have ceased selling this type of insurance cover. (more…)
PPI with loans to be banned
Friday, March 13th, 2009Officials from the Competition Commission have recently confirmed that the sale of the controversial insurance cover known as Payment Protection Insurance or PPI is to be banned in 2010. (more…)
Redrow sees revenues fall by nearly 60 percent
Tuesday, March 10th, 2009A leading house builder in the UK has revealed that revenues have fallen by almost 60 percent as the mortgage crisis in the UK continues. In the last twelve months house builder Redrow has seen revenues plunge by more than half with a drop of 58 percent. (more…)
Can Zopa help consumers to get better deals on loans?
Wednesday, February 11th, 2009According to a recent report some consumers are finding that in the current difficult financial climate they are able to access loans at better rates from a loans website, Zopa.com, which is aimed at matching borrowers up with appropriate lenders based on their needs and circumstances. (more…)
Payday loan rates are sky high
Tuesday, January 27th, 2009The shadow housing minister, Grant Schapps, has recently expressed concern over the interest rates that are being charged on some payday loans, describing the rates as ‘obscene’. (more…)
Many borrowers could sue over loans
Thursday, January 15th, 2009A recent report claims that millions of borrowers could be entitled to sue lenders and claim back a percentage of their loans, and this is because of alleged mistakes that some lenders have made with their loan contracts. Banks could be left facing whopping bills at a time when their financial situation is already facing massive problems, and some experts reckon that some consumers could end up being able to wipe out all of their debt as a result of the errors. (more…)
Cash strapped consumers paying higher rates on loans
Wednesday, January 14th, 2009According to recent reports many cash strapped consumers are paying higher than average rates of interest on personal loans, and amongst those being stung by these higher rates are pensioners and those that have a damaged credit rating – groups who are often struggling financially and can therefore ill afford to be paying higher rates of interest than most others. It is thought that some poorer consumers could be facing interest rates of close to 20 percent on personal loans with some lenders. (more…)
Brown and Purnell described as being loan sharks
Monday, January 12th, 2009The Prime Minister, Gordon Brown, and the Work and Pensions Secretary, James Purnell, have been accused of acting like a couple of loan sharks after proposing the introduction of crippling interest rates on vital loans that are designed to help the poor to cope with unforeseen emergencies. (more…)
NCC cuts ties with doorstep lending site
Wednesday, December 31st, 2008The National Consumer Council, which was recently renamed Consumer Focus following a merger, has reported that it is not part of a relatively new website that was set up to help consumers find the cheapest doorstep lenders. The reports indicate that the consumer watchdog is trying to distance itself from the website, which was set up earlier this year by the Competition Commission to help people to find the most competitive doorstep lender in a climate where an increasing number of consumers have had to turn to these lenders. (more…)
Loan rates have rocketed
Monday, December 22nd, 2008Consumers are being warned that over the past few months the interest rates charges on personal loans have rocketed, and rates are now well over double the official base rate of 2 percent, with more than a 5 percent margin between the base rate and the average rate of interest charged on these loans. In just a couple of months the gap between the rates charges on loans and the base rate has widened considerably, leaving consumers paying way over the odds on some personal loans. (more…)
Brits being hit with rocketing loan interest rates
Wednesday, November 12th, 2008Since the onset of the global credit crunch consumers in the UK have been affected in many ways, with the cost of borrowing rocketing and with availability of finance in all sectors becoming more restricted and difficult. Many consumers have found that whilst they were able to get finance with relative ease a year or so ago, these days getting a loan or other form of finance is not so easy. Also, many have found that the cost of taking out a loan or other form of finance has gone up. (more…)
Lending from banks becomes even tighter
Friday, November 7th, 2008According to a recent report lending amongst UK banks is getting even more difficult, and many of the banks and building societies in the UK are set to cut their lending level even more than they have over the past year, since the onset of the global credit crunch. This data comes from a report from the Bank of England. The report also claims that the fall in new mortgages over the past three months had been bigger than expected. (more…)
PPI has very little competition says Competition Commission
Wednesday, November 5th, 2008PPI or Payment Protection Insurance has been at the centre of controversy for some time, with investigations revealing that in many cases this costly insurance cover was being mis-sold to consumers who did not want it, did not need it, and could not even benefit from it in some cases. PPI is a type of insurance cover that is sold alongside finance such as loan or credit cards, but it was revealed that many lenders were using persuasion tactics to sell it, making consumers believe that they had to take it, or were even adding it onto agreements without the consumers’ knowledge. (more…)
FOS still cracking down on loan insurance
Wednesday, October 15th, 2008Although the subject of loan insurance, otherwise known as Payment Protection Insurance or PPI, has been at the centre of heated controversy for some time, this product still continues to attract complaints from customers and concerns from a variety of industry professionals. In fact, the UK’s financial regulator, the Financial Services Authority, and the Financial Ombudsman Service are continuing to crack down when it comes to PPI, having already imposed sky high fines on some lenders and companies that have been found to have been mis-selling this form of cover. (more…)
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