October, 2009 news
Homeowners take on lodgers to help with debt
The number of lodgers in the UK has increased significantly in recent years, according to Halifax Home Insurance, as households look to increase their earnings and avoid debt.... Read more »
People in debt could stay in and save
Increasing numbers of people are turning to home entertainment in order to save money, according to research from Abbey Savings.... Read more »
Banks could limit credit card lending if new rules come into force
Credit card companies have warned that lower-income applicants would be denied credit cards while special introductory offers would disappear if new regulations about the credit card industry come into force, according to The Times.... Read more »
Car loans - first rise in 13 months
Sales of new cars purchased with dealer finance grew by 4% in August, the Finance & Leasing Association (FLA) reports, marking the first increase in 13 months.... Read more »
More people repaying debts
According to the ABI`s (Association of British Insurers`) latest Savings and Protection survey, `despite the continuing recession`, more people are paying off their debts - and many are doing it more rapidly.... Read more »
Mortgage approvals up
According to figures from the Bank of England, the number of mortgages approved for house purchase (but not yet lent) increased by 3,000 during the month of September to 56,215.... Read more »
Debt news: coastal towns have most bankruptcies
According to research by accountancy group Wilkins Kennedy, the UK`s coastal towns have the highest level of personal bankruptcies of the UK`s 50 largest towns and cities.... Read more »
Average loan rates continue to rise
Half of all lenders offering personal loans have upped their rates to customers since the Bank of England dropped its base rate to 0.5% in March, according to new research.... Read more »
Halifax: insurance important as nights draw in
Halifax home insurance has warned of the increased risk of burglary as the nights draw in over the winter months, according to fairinvestment.co.uk.... Read more »
September home loan figures show `steady rise`
According to figures from the British Bankers` Association (BBA), the number of loans approved for home purchase has returned to levels last seen at the beginning of 2008, the Independent reports.... Read more »
Britain still in recession: worries remain for people in debt
Official figures confirmed on Friday that the UK economy is still in recession, suggesting that consumers - particularly those in debt - could remain under financial pressure for some time yet.... Read more »
Tax and VAT increases may be needed to pay off debt
Income tax may have to increase and VAT may have to be paid on more products if the government`s budget is to be balanced, according to Britain`s leading independent economic institution.... Read more »
Number of households without bank accounts `more than halved`
UK banks have surpassed their target of halving the number of households without a bank account, according to the British Bankers` Association.... Read more »
Car finance deals could help offset rising insurance costs
Car insurance premiums have risen at the fastest quarterly rate on record, according to the AA - highlighting the need for people to minimise the other costs of running a vehicle, such as the cost of car finance.... Read more »
Debt in Scotland: number of insolvencies falls
Insolvency statistics published by the Accountant in Bankruptcy (AiB) show that the number of Scottish residents declared insolvent in the second quarter of 2009/10 was 8% lower than in the previous quarter and 4% lower than it was in the same period last year.... Read more »
September mortgage figures show `stabilisation` in housing market
The latest figures from the Council of Mortgage Lenders (CML) show that gross mortgage lending increased in September, the BBC reports.... Read more »
Homebuyers to face strict checks for loans
Home loan applicants will face stricter checks on their financial circumstances under new rules laid out by the Financial Services Authority (FSA) on Monday.... Read more »
Insurance important for half-term holidaymakers
Thousands of Britons will be travelling abroad this half-term - but according to new research, a large percentage of travellers to second homes will go on holiday without insurance.... Read more »
Students facing `an avalanche of debt`
An article published in the Guardian has highlighted the effect that debt is having on students.... Read more »
Drivers with no insurance `must face stiffer penalties`
An article published on money-marketuk.com discusses the need for `stiffer penalties` for people who drive with no car insurance.... Read more »
Pensioners repay their debts with `unlocked` equity
According to research by equity release group Key Retirement Solutions, around one in three retired people who `unlocked` equity from their home during the third quarter of 2009 used the money to repay their unsecured debts, The Press Association reports.... Read more »
Mortgage rates to remain low for 5 years
According to a new report by the Centre for Economics and Business Research (CEBR), mortgage rates will remain low for five years, along with the Bank of England`s base rate, the Telegraph reports.... Read more »
Report suggests mental health and debt are linked
A report, published by The Royal College of Psychiatrists and mental health charity Rethink, suggests that `one in two people who are in debt may have a mental health problem`, The Press Association reports.... Read more »
Women prevented from saving for future by debt
Research has shown that less than half of women are putting enough money away for their retirement, with `debts and children` preventing them from saving more, the Telegraph reports.... Read more »
Number of home loans up 29% in August
According to figures from the Council of Mortgage Lenders (CML), the number of loans taken out for home purchase in August was 5% lower than in July, but 29% higher than it was in the same month last year.... Read more »
Ex-partner`s debts could affect credit rating
A press release from Experian has warned that someone`s credit rating could be affected by the manner in which their ex-partner handles their finances and their debts.... Read more »
Base rate stays at 0.5%
Today at midday, the Bank of England`s Monetary Policy Committee (MPC) confirmed that it would maintain the official base rate at 0.5% for at least one more month.... Read more »
Conservatives: 10% discount on student loan overpayments
The Conservative Party has announced plans to give graduates a 10% discount on student loan overpayments, should it be elected.... Read more »
Over-50s `could save on insurance`
The over-50s are one of the groups most likely to be overpaying on home contents and buildings insurance, and could benefit from falling prices as they get older, according to the Guardian.... Read more »
Child Trust Fund `will save young adults from sea of debt`
A leading Child Trust Fund provider has disagreed with Shadow Chancellor George Osborne`s plan to limit the Fund to the poorest third of families if the Conservatives are elected at next year`s General Election.... Read more »
Bank to hold base rate at 0.5%
The Bank of England is expected to hold the base rate at 0.5% when it announces its decision this Thursday.... Read more »
New website to help people struggling with mortgage debt
A new Government website has been launched to help people struggling with their mortgage debts.... Read more »
Half of over-50s `carry non-mortgage debt`
Research has suggested that more than half of over-50s are carrying non-mortgage debts.... Read more »
Mortgages: house prices reach 2008 levels
The latest figures from Nationwide have shown that house prices are now back at the level they were at in September 2008.... Read more »
Lending criteria on loans to be tightened
A report by the Bank of England has suggested that banks are to tighten their lending criteria on loans and credit cards, the Telegraph reports.... Read more »
Energy customers should shop around to avoid debt
Price comparison site Confused.com has advised customers who are coming to the end of a fixed-rate energy tariff to make the most of falling wholesale prices and shop around for the best deal.... Read more »
Car loans: scrappage scheme extension confirmed
Business minister Peter Mandelson has announced an extension to the Government`s car scrappage scheme, in a move that should help drivers and car manufacturers alike.... Read more »
Britain`s recovery to be stronger than expected
According to the IMF (International Monetary Fund), Britain`s emergence from the recession next year will be stronger than it originally thought.... Read more »
Mortgage lending down in August
According to figures from the Building Societies Association (BSA), gross mortgage lending by UK building societies `remained subdued` in August, ftadviser.com reports.... Read more »