All The Latest Financial News
Long Lines at the ATM?
Posted 2007-12-13
Did you see the long line at the ATM yesterday? Besides the typical Christmas spending, which APACS predicted would approximate £53 billion this year (a rise of 4% over 2006), there is another reason for the influx at the bank....
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Travelling for the Holidays? Expect an Extra Credit Charge
Posted 2007-12-12
This year, approximately 2.4 million Britons are planning to travel over the holiday season. The three most popular destinations are Spain (17% of planned travel), the US (8% of planned travel), and France (6% of planned travel). According to the...
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Abbey Studies Health of Britons’ Personal Finances
Posted 2007-12-11
If an unbiased person were to rate your personal finance habits, how do you think you would score? If you’re like the majority of Britons, your finances aren’t all that healthy. Abbey has recently released findings from their survey, which...
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Age Discrimination in Credit Applications Remains Unchanged
Posted 2007-12-10
A representative of the British Banking Association (BBA), recently told broadcaster BBC that the Banking Code will remain unchanged regarding age discrimination. A month earlier, Banking Consultant and former Bank of England executive Mike Young conducted a review of potential...
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Consumers Loose Confidence in Credit Card Companies
Posted 2007-12-8
Have consumers lost confidence in credit card companies? According to research performed by YouGov, they have, with one in four Britons saying they plan to avoid spending money on their credit cards for the Christmas season. What is the reason...
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Will The Bank of England Cut Interest Rates?
Posted 2007-12-6
In what Global Insight’s Howard Archer considers “one of the tightest calls ever,” speculations abound as to whether or not the Bank of England will decide to cut interest rates today during the Monetary Policy Committee’s monthly meeting. Those who claim the Bank of England will cut rates point towards the credit crisis as their main reasoning. The chain of effects resulting from the sub-prime mortgage collapse, with banks increasing their lending rates and consumers suffering, has prompted the Bank of England to hold rates steady since July 2007 after increasing it five times since August 2006. These analysts claim that the Bank of England will cut rates to 5.5%, from its current 5.75%. Explaining the debate the Monetary Policy Committee must have, Reuters states that the committee must balance a “sharp economic slowdown against rising price pressures”. ...
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A Makeover for IVAs
Posted 2007-12-5
With the Government’s Insolvency Service reporting that 26,956 people in Wales and England declared insolvency in the second quarter of 2007 alone, the British Bankers’ Association (BBA) has recently taken steps to address the issue. The BBA has developed new industry standards regarding various aspects of Individual Voluntary Arrangements (IVA) to streamline the process of applying for an IVA. The BBA states that the new process is designed to assist people who carry debt rectify their financial situation. Angela Knight, BBA Chief Executive, stated: “People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution,” BBA. Ms Knight went on to explain that the new development would also help to give people carrying debt “the reassurances they need in order to make the right choice for their financial futures”. These new industry standards have evolved only through the cooperation of many banks and providers. ...
Citizens Advice Releases Tips to Avoid Holiday Debt
Posted 2007-12-3
Heading out for last minute Christmas shopping? Saved the bulk of your required purchases for the final few hours? Citizens’ Advice warns you to think carefully about your purchases. Teresa Perchard, director of policy at Citizens Advice, explains, “It is...
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Looking for a Loan or Mortgage? Act now
Posted 2007-11-30
If you are looking to do anything at all with a current mortgage, or secure a new mortgage, you are advised to act as soon as possible. As a result of the current credit crisis, loans and mortgages are more difficult to obtain. In addition, long wait times for updates and new application reviews are impacting customers. Also impacting the situation is the fact that one in ten lenders has removed itself from the market; Hanley Economic Building Society and Eskimo Loans are the two most recent to pull their personal loans. Moneyfacts.co.uk personal finance analyst, Esther James explained that the combination of increasing rates, more cautious lenders, an impending payment protection insurance decision, and reduction in lender choices is creating an unsettled market. “The credit crunch is showing its strength in the personal loan market,” Ms. James stated. Ms. James agreed that consumers looking for a loan should act quickly, as “the 2008 loan market could look very different.” ...
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Banks and Credit Card Companies React to Consumer Debt
Posted 2007-11-26
As increasing numbers of consumers fail to pay their credit card bill, banks and credit card companies are taking action to protect themselves and reduce future damage, which they are already experiencing. PricewaterhouseCoopers (PWC) estimates that on average, British adults owe £33,000 each in unsecured loans. Startlingly, this amount has doubled since only 2000. The inability of consumers to pay their credit card bills has resulted in credit companies losing £4 billion, estimated PWC in its Precious Plastics 2008 report. In response, credit card companies are rejecting credit applications right and left, and “banks are tightening their credit acceptance policies,” says Richard Thompson, of PWC. Thompson goes on to explain that “Many consumers will find it increasingly difficult to obtain credit in the run-up to Christmas.” ...