October, 2010 news
New home loan guide for lenders and advisers
Three leading financial trade bodies have compiled a new `good practice guide` on home loan sales and administration, ftadviser.com reports. ... Read more »
Mortgage providers report house price falls
House prices have fallen recently, according to two of the nation`s largest mortgage providers. ... Read more »
Debt up; quarter of households` finances `have deteriorated`
A survey by Markit has suggested that more than a quarter of UK households have experienced a worsening of their financial circumstances since September. ... Read more »
Cheapest home insurance not always the best option
Insurance customers who buy policies based on the lowest price may not be receiving adequate cover, research by Defaqto has found. ... Read more »
Credit cards: read the small print
Credit cards provide a simple, convenient way of spending money. Repay the balance in time and you won`t even pay any interest: it`s a feature which can make a credit card a particularly appealing - and unusual - way of borrowing money for a short period.... Read more »
Automatic pensions contributions could prevent retirement debt
Pensions Minister Steve Webb is set to announce plans for millions of workers to be automatically enrolled in company pension schemes from 2021.... Read more »
Over a fifth of households `have no home insurance`
5.41 million households in the UK - more than a fifth - have no home insurance in place, according to The Co-operative Insurance and housing and homelessness charity Shelter, putting them at risk of financial difficulty if anything goes wrong. ... Read more »
`MoneyDIYers` preparing for a tough year ahead
Money management tools from money.co.uk have been proving a hit with `savvy consumers`, as more people look to take control of their finances `to prepare for a tough 2011`.... Read more »
Christmas debt and the GRINCHs
A report from the Co-operative Financial Services (CFS) tells us a few things about a group known as GRINCHs - and why they`re particularly likely to end up with debt problems after Christmas. ... Read more »
Home insurance - `unprecedented choice for consumers`
There`s a lot more competition in the home insurance market these days. In fact, since 2004, we`ve seen the number of providers rise by 73%.... Read more »
New credit card tool assesses eligibility for cards
A newly launched credit card tool will allow consumers to check if they are likely to be accepted when applying for cards, mirror.co.uk reports.... Read more »
Mortgage availability `could become tighter next year`
Mortgage lending criteria could become tighter next year, which could subsequently lead to falling house prices, according to a report from the Bank of England.... Read more »
0% credit cards could cut the cost of Christmas
For many people, especially those raising a family, Christmas is one of the most expensive times of year. ... Read more »
Debt levels on the rise for first time in 9 months
According to research by Markit, the plan to return Britain`s economy to growth has been `dealt a severe blow` after figures highlighted a fall in spending in October alongside an increase in debt levels, The Telegraph reports. ... Read more »
Home loan lending down
According to the latest figures from the Council of Mortgage Lenders (CML), home loan lending dropped to its lowest level in 10 years last month, as banks warn there is `no extra money for borrowers in the foreseeable future`, The Telegraph reports.... Read more »
Scottish insolvencies fell in second quarter
Personal insolvencies in Scotland fell by 10% in the second quarter of the financial year, compared with the same period a year earlier. ... Read more »
Low-rate credit cards could be a good alternative to a loan
When it comes to borrowing a large amount of money, many people will be looking to pay it back over a long period of time to spread out the cost. ... Read more »
Mortgage interest scheme extended
Parts of yesterday`s Comprehensive Spending Review announcement were welcomed by many - including the Council of Mortgage Lenders (CML), which was pleased to see that the temporary concession on Support for Mortgage Interest (SMI) was being extended until at least January 2021.... Read more »
Spending review could affect struggling borrowers
Chancellor George Osborne yesterday revealed his four-year Spending Review, which will aim to cut the government`s budget deficit - but which could also have consequences for those already struggling with debt and other financial difficulties. ... Read more »
Insurance important as evenings draw in
As the evenings start to draw in, Halifax Home Insurance has advised homeowners to make sure they are adequately insured against burglaries, which typically start to increase at this time of year. ... Read more »
Cashback credit cards could save money
With so many things putting pressure on our finances these days, getting a little something back every once in a while always feels like a bonus.... Read more »
Student debt `will reduce mortgage availability for FTBs`
Mortgage broker Aaron Strutt has warned that growing student debts will lead to a reduction in the number of mortgages available to first-time buyers (FTBs), or delay them taking their first step onto the property ladder, the BBC reports.... Read more »
Majority of current accounts `no longer pay interest`
More than half of current accounts pay no interest to customers in credit, research by Moneyfacts.co.uk has found.... Read more »
Overpaying credit card balances - a quick look
Just about everyone knows that credit card balances don`t have to be paid off in full every month. As long as the card holder makes the minimum monthly payment, it`s up to them how much - if any - of the remaining balance they want to pay off.... Read more »
Dishonest insurance claims cost £2bn p.a.
Dishonest insurance claims cost around £2bn per year, according to the National Fraud Authority.... Read more »
Personal debt levels `still too high`
The IMF (International Monetary Fund) has `expressed concern` about personal debt levels in Britain.... Read more »
Bank of America reports fall in credit card defaults
According to the Bank of America, its credit card default rate fell significantly in September, businessweek.com reports. The bank said it wrote off 9.98% of credit card balances in September - lower than the 11.72% recorded in August, and down to its lowest rate this year.... Read more »
Women `hit harder` by recession
According to official figures from the Insolvency Service, women are being affected more by the recession, the Daily Mail reports.... Read more »
Two mortgage lenders cutting rates by up to 0.5%
NatWest and Royal Bank of Scotland (RBS) are set to reduce several of their mortgage rates by up to 0.5% from Tuesday (19th October) for both new customers and remortgages.... Read more »
Youngsters making good use of bank accounts
Many of today`s `tweens and teens` are saving a substantial part of their income, a survey from M&S Money has found.... Read more »
Scotland: unemployed face cut in home loan support
Fresh plans are being drawn up to slash the financial support paid by the state to homeowners in Scotland who lose their jobs, business.scotsman.com reports.... Read more »
New debt rules could help borrowers
The Department of Business, Innovation and Skills (BIS) and HM Treasury have asked for views from consumers as part of the Government`s review into how consumer credit and personal insolvency rules could be improved.... Read more »
Government to examine `unfair bank charges` and credit card rates
The Government plans to look into credit card rates and `unfair bank charges` as part of its review into consumer credit and personal insolvency in the UK.... Read more »
One in three adults has less than five days` pay in savings
A survey by HSBC has revealed that almost a third (30%) of UK adults don`t have enough money in savings to last five days while maintaining their normal way of life. ... Read more »
Average car insurance prices `on the rise`
The cost of a typical comprehensive car insurance policy has increased by £177 since this time last year, according to Confused.com. ... Read more »
Banks to be stopped from selling insurance while granting loans
The Competition Commission has confirmed that banks will no longer be allowed to sell payment protection insurance (PPI) polices to customers while granting them loans, the BBC reports.... Read more »
August: only 25% of new mortgages were remortgages
Just 25% of the mortgages granted in August were remortgages, the Council of Mortgage Lenders (CML) has reported, which means we`re seeing the lowest proportion of remortgages in over a decade.... Read more »
Advice for parents of those heading to university
Following news that student tuition fees could rocket to an all-time high, an article published on the Guardian`s website offers advice for parents looking to fund their child`s university education.... Read more »
Three quarters `have never considered switching bank account`
Three quarters of bank account holders have never thought about switching their current account to another bank, research by Consumer Focus has found.... Read more »
University funding reform will leave students deeper in debt
According to an article published in The Telegraph, students will have to pay up to £36,000 for a three-year degree course under plans revealed by Lord Browne in his university funding review.... Read more »
Credit card fraud at lowest level in 10 years
According to the UK Cards Association, total fraud losses on credit cards and debit cards dropped by one fifth year-on-year during the six months to the end of June, The Telegraph reports, taking card fraud down to its lowest level in ten years.... Read more »
Rising car insurance costs hit young men
Young male drivers in particular are being affected by an increase in the cost of car insurance, the BBC reports, quoting AA figures which are due to be published this week.... Read more »
Over 50% of Britons regularly saving
According to research by National Savings & Investments (NS&I), amid unemployment fears and economic uncertainty, more than half of Britons are regularly setting money aside, The Telegraph reports. ... Read more »
Bank bail-out `a good investment`
The bank bail-out was a `good investment`, a director of Lloyds Banking Group has said, on the grounds that the investment is making money, the BBC reports.... Read more »
Checks to ensure homeowners can repay interest-only mortgages
Lloyds Banking Group has written to brokers informing them that it will be randomly selecting mortgages they have arranged and asking them to provide evidence of a `repayment vehicle` - a way of paying off the capital.... Read more »
Over six million `have had credit card debts for a year or more`
41% of credit card users (six million people) have had a balance on their main credit card for a year or more, research by moneysupermarket.com has found.... Read more »
Mortgages: new facts from the Bank of England
The latest Credit Conditions Survey from the Bank of England (BoE) reveals a few up-to-date facts about mortgages. ... Read more »
EU may rule on basic bank accounts for all
The European Union (EU) may force all banks in its constituent countries to offer basic bank accounts to everyone over the age of 18, regardless of their financial background.... Read more »
`Family loans` keeping businesses open
According to research by the insurer More Than Business, hundreds of small businesses have had to take out `family loans`, borrowing money from their friends and relatives after banks refused to lend to them, the Daily Mail reports.... Read more »
Higher cost of repaying debt `could hit pensions savings`
An increase in interest rates would affect many people`s ability to save for a pension because of the increased cost of repaying debt, according to LV=. ... Read more »
Car insurance excess: savings may not justify cost
Increasing the voluntary excess on a car insurance policy doesn`t necessarily lead to equivalent savings on the cost of the premium, according to research by moneysupermarket.com. ... Read more »
Credit card debt - some statistics
According to research by moneysupermarket.com, more than 40% of Britons have had debt outstanding on their credit card for more than 12 months, The Telegraph reports.... Read more »
Credit cards: BoE figures
The latest `Credit Conditions Survey` from the Bank of England (BoE) shows what`s been going on in the world of lending over the last three months - and what we can expect over the next three.... Read more »
CML warns about mortgage debt
The Council of Mortgage Lenders (CML) has commented on the recent change to the ISMI (Income Support for Mortgage Interest) scheme.... Read more »
58% `have no insurance at all`
58% of Britons are `without any form of insurance at all`, Scottish Provident has claimed, after its Financial Safety Net report looked into how well people have prepared themselves for emergencies.... Read more »
Chancellor: Britain must tackle its `credit card economy`
The Chancellor, George Osborne, has warned that Britain faces `a lost decade of debt` unless the country`s `credit card economy` is tackled, The Telegraph reports.... Read more »
New Act protects Scottish homeowners and debtors
On 30th September, the Homeowner and Debtor Protection (Scotland) Act 2010 was enacted, to give - as the name says - greater protection to homeowners and people who are carrying debts.... Read more »
`Smart meters` could help prevent energy debts
Energy companies are planning a nationwide roll-out of `smart meters` that could help customers measure their usage more accurately, according to uSwitch.com. ... Read more »
Credit card availability `could increase this quarter`
Lenders expect the availability of unsecured credit - including credit cards and personal loans - to increase in the final quarter of 2010, according to the Bank of England`s latest Credit Conditions Survey.... Read more »