Avoid getting into too much debt if you are a student
January 30, 2008
Experts are warning today’s students to make sure that they do not get themselves into too much debt, and to keep the long term effects of debt in mind when taking on finance whilst at college or university. Being a full time student can be difficult in terms of finances, and many students end up getting into high levels of debt whilst at college or university, which can make life difficult when they leave education and go out into the ‘real’ world. Experts are therefore urging students to be careful about getting into debt for frivolous reasons. Read more
Turmoil in financial markets to affect the UK
January 29, 2008
The current turmoil in the financial markets, which was sparked in the sub-prime sector in the United States, is already having and will continue to have an adverse effect throughout the UK according to one industry professional. Professor Willem Buiter, who is a Former adviser to the Bank of England and former member of the Monetary Policy Committee, said that the UK mortgage and lending markets were already feeling the effects of the credit crunch that has been sparked by record levels of defaults in the United States’ sub-prime sector. Read more
Lenders may be able to flag up struggling borrowers more easily
January 27, 2008
Bad debt levels in the UK have caused huge problems for lenders and finance companies over recent years, and lenders have been increasing stringency and looking for new and inventive ways to not only recoup the losses from these bad debts but also to avoid taking too high a risk when it comes to offering finance. In the past this has proven difficult for many lenders, and they have fallen victim to bad debt despite running credit checks and credit scoring on potential borrowers. Read more
Personal loan rate cuts from Barclays
January 25, 2008
Over recent weeks a number of high street lenders have hiked up the interest rates on their unsecured personal loans, some by a whopping 4%, which has made borrowing far more expensive for consumers looking to take out a personal loan. Around nine lenders are thought to have upped the interest rates on their unsecured borrowing, many blaming the effects of the global credit crunch and the turmoil in the financial markets, coupled with increased bad debts. Read more
Credit crunch sends personal loan rates sky high
January 24, 2008
Borrowers in the UK could find themselves hit with extortionate interest rates on unsecured personal loans, as the credit crunch has resulted in a number of lenders raising interest rates by a significant amount, making unsecured borrowing far more costly for many people. Turmoil hit the UK’s financial markets over recent months, and was sparked by the credit crunch in the sub-prime sector of the United States. Read more
Consumers turning to secured loans for home improvements
January 22, 2008
Recent data has shown that many homeowners in the UK are taking advantage of soaring property prices, and are turning to secured loans in order to fund home improvements that could potentially further raise the value of their homes. Many homeowners have seen their property value rise by thousands of pounds in the last year – it is reported that the average property in the UK is rising in value by around £50 per day. With soaring equity levels homeowners are able to enjoy increased borrowing power in the form of secured loans. Read more
Is the insolvency road about to get busier?
January 19, 2008
Over recent years more and more people have been turning to insolvency in order to escape mounting debt that they can never hope to repay. The past couple of years has seen an increase in the number of glossy advertisements relating to IVAs (Individual Voluntary Arrangements) and this has raised awareness amongst consumers with regards to this possible course of action. Read more
Avoid insolvency in 2008
January 18, 2008
It is at this time of year that many people suddenly realise just what a mess their finances are in, having spent far more than they could actually afford to over the Christmas and New Year period, and having suddenly realised that they are in huge levels of debt that they cannot possible hope to pay back. Read more
Bankruptcies could be fuelled by Christmas spending
January 17, 2008
Many consumers in the UK are still taking stock of the amount of money that they have spent over the Christmas period, and industry officials are now concerned that the level of overspending by some consumers could now lead to a rise in bankruptcies. Many officials have expressed concern that the first part of this year will see bankruptcy levels rocket, and many people are expected to declare themselves insolvent as a direct result of overspending over the Christmas period. Read more
Bankruptcy hell during first few months of the year
January 15, 2008
Some experts have stated that the frivolous spending that many consumers indulged in over the Christmas months will now result in bankruptcy hell over the first few months of this year, with the first three months seeing the level of bankruptcies fuelled by over the top Christmas spending. Read more