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Payday loans described as legalised robbery

Tuesday, July 19th, 2011

Payday loans have been around for a long time but they seem to have become more popular over recent years. With many people struggling to get finance in the post-credit crunch years, more and more people have become aware of the existence of payday loans, not least because many payday lenders are taking advantage of the difficult financial climate and advertising their services more to what has become a desperate audience.

For many people in the current climate it has become impossible to stretch the income far enough, and a huge number of people are left facing a shortfall in their finances when it comes to meeting all of their financial commitments. For this reason more and more people end up turning to payday loans, which are short term loans that are designed to tide the borrower over until payday comes along.

However, the interest charges on these short term loans can be phenomenal and many people have ended up paying a fortune because they have let the loan rollover into the next month, which results in the fees being applied again. One industry expert said that people had become so desperate for money to tide them over until the end of the month that they had started turning a blind eye to the problems and costs involved in this sort of loan.

He said that the costs of borrowing in this way were potentially horrific but that people were still going ahead and using these loans to get them out of a financial pickle.

He stated: “Typical payday loans charge interest of around 2,000 per cent or more. This is nothing short of legalised robbery.”

The comments came after separate research revealed that a rising number of people were finding that they were running out of cash part way through the month.

Tags: business, robbery, payday, expert, number, Interest, advertising

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Don’t waste money on unnecessary two for one deals

Saturday, April 23rd, 2011

For many people that have debts and money worries one way to try and reduce outgoings is to look for bargains in supermarkets when doing the shopping. Many supermarkets are riding out the stiff competition that they face from their rivals by offering a huge number of buy one get one free or even buy one get two free deals on their products.

However, whilst these deals may sound really great, and in some cases can benefit people such as when buying frozen produce and items with a long shelf life, there are also many people that fall for the offer and purchase something that they did not want and did not need simply because they realised it was on offer. Often these offers are on items with relatively short shelf lives, and the people that spend their money on them end up not only wasting money on items that they would ordinarily not have purchased but also end up creating a mountain of wasted food because they are unable to consume the free products within the time that they have before they go off.

A recent report has claimed that Brits are creating a mountain of wasted fresh produce that is worth £13.7 billion a year as a result of these promotions. The average household is said to be wasting around £520 a year by taking up these offers and then throwing away the produce because they do not get around to eating it.

The Local Government Association has released the figures and said that the problem is being fuelled by these special two for one or three for one deals that the supermarkets are always promoting. Officials now want supermarkets to look more carefully at the way in which they promote perishable products in order to help reduce the wasted food mountain.

One official said: ‘With more than five million tonnes of edible food thrown out each year, way too much food is being brought into homes in the first place. Retailers need to take a large slice of responsibility for that. Buy one, get one free deals which give consumers a few days to munch through 16 clementines are not about providing value for money. They are about transferring waste out of retail operations and into the family home. Retailers should scrap multi-buy deals which encourage people to take more than they need and replace them with discounts on individual products which will help reduce excess consumption and increase customer choice.’

Tags: bargains, tonnes, something, result, fall

Posted in Debt News, Featured Articles | No Comments »

Avoid becoming a debt statistic this year

Friday, February 18th, 2011

There have been some very gloomy predictions when it comes to personal debt levels and problems for 2011 recently. Many industry experts are predicting that the number of people becoming insolvent will increase sharply this year, with a number of factors being blamed for the ongoing financial issues that consumers and households are set to face.

With money already tight in many households consumers have had to cope with soaring living costs, and hike in VAT, which came into force at the start of this year, government cutbacks affecting benefits and other costs, and continued uncertainty about jobs. On top of all this many people are still struggling to cope with the debt that they accrued over the Christmas and New Year period, which has placed even greater strain on their finances.

With many people expected to be tipped over the financial edge this year consumers should take whatever action they can to avoid becoming a debt statistic in this challenging climate. Consumers who are struggling with debt are being advised to seek advice now, particularly given the fact that over the coming months interest rates may increased, resulting in many households having to cope with increased mortgage payments.

Several weeks ago there were dire concerns over whether enough debt advice resources would be available to consumers due to government cutbacks. However, the government has now found the money to fund these services for an additional year, buying consumers more time within which to try and sort out their debt problems and issues. Anyone that is experiencing problems, or is likely to do so in the near future, should take advantage of these services whilst they are available, as the ongoing cutbacks could mean that resources could be pulled at any time.

The CCCS recently announced that its online debt counselling tool was proving very popular, and that there had been a surge in use of this online resource since the start of this year. Consumers have a number of ways in which they can get the help that they need in terms of debt advice, but they should take action as soon as possible in order to avoid spiralling debt problems that quickly go out of control.

The Citizen’s Advice Bureau and various debt charities can help to point those with debt issues in the right direction, and can look at a number of different options to address the issue as quickly as possible.

Tags: control, use, debt counselling, buying, issue

Posted in Debt News, Featured Articles | No Comments »

Home repossessions fell last year

Thursday, February 17th, 2011

The number of home repossession seen in the UK last year is said to have fallen according to figures from the Council of Mortgage Lenders, which were released recently. Over recent years repossession numbers have been rocketing, with many unable to keep up with their mortgage repayments and finding themselves at the receiving end of repossession action taken by banks and lenders.

In 2008 the former Labour government slashed the base interest rate to just 0.5 percent, which is the lowest it has ever been in the history of the Bank of England. It has now been at this rock bottom level for nearly two years, and there is no doubt that many homeowners have been spared repossession as a result of the increased affordability that the reduced base rate has brought with it.

This has been reflected in the figures released by the CML, which showed that home repossessions fell by around 24 percent last year, and there was also a 13 percent drop in the number of homeowners that had arrears of 2.5 percent or more. For many, the drop in the base rate was their saving grace, and enabled them to keep up with repayments on their mortgages and keep a hold of their homes.

However, despite the encouraging figures there are fears that repossession numbers could rise again as a result of interest rate increases, which are expected over the course of this year.

Michael Coogan from the CML said: “As we go through 2011, the number of people facing payment pressures may increase if interest rates rise, and as a result of the spending cuts that have resulted in reductions in the level of public support available. We will be monitoring developments closely, but at present we continue to expect the number of arrears and repossessions to be in line with our forecasts of 40,000 repossessions and 180,000 arrears cases as at the end of 2011.”

Tags: grace, rise, year, number, council of mortgage lenders, Mortgage Lenders, support

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Low mortgage approvals could lead to falling property prices

Wednesday, December 1st, 2010

Industry experts have said that property prices in the UK could be set to fall again amidst low mortgage approvals. The news comes after figures were released showing that October saw the lowest level of mortgage loan approvals since February. The figures were released by the Bank of England, and showed that mortgage approvals had fallen for the sixth month in a row.

During the month the total number of mortgage approvals came to 47,185. In a consistent market the expected level of mortgage approvals for the month would be around 70,000. Industry experts have said that the mortgage market is still ’severely depressed’. They have also warned that property prices do not show any signs of improvement.

One economist said that six months of mortgage approval falls reflected the severe difficulties that the mortgage market was still experiencing, and added that things were unlikely to change for the better over the course of next year. Banks are becoming increasingly strict with regards to mortgage lending in light of fears relating to job losses stemming from public sector cuts.

Further reports have shown that those with smaller deposits are likely to continue facing much higher rates of interest on mortgages even though there are now more mortgage products available that there were when the country was in the midst of the recession.

One economist said: “The sixth consecutive monthly fall in mortgage approvals for house purchase underlines the message that the mortgage market is severely depressed. We expect it to remain that way throughout 2011. The troubles in the mortgage market are still with us. With little chance of a meaningful recovery in mortgage approvals for the foreseeable future, we expect that credit conditions will continue to weigh on house prices for some time to come.”

Tags: time, mortgage, way, light, number, Public sector, credit