November, 2010 news
Debt Relief Orders `largely explain drop in bankruptcies`
The uptake of Debt Relief Orders `largely explains the drop in bankruptcy numbers`. This was the first point raised by Charles Turner, Conference Chairman of the Insolvency Practitioners Association`s inaugural Personal Insolvency Conference in Manchester on 16th November. ... Read more »
What is insurance?
What is home contents insurance? This is just one of the questions addressed in an easy-to-understand way by the Association of British Insurers (ABI) website. ... Read more »
BoE records a fall in credit card write-offs
According to figures from the Bank of England (BoE), there was a significant fall in the amount of money written off by banks on credit cards in the third quarter of the year, the BBC reports. ... Read more »
Britons take on £200 of credit card debt online per month
According to a study by Sainsbury`s Finance, Britons typically take on almost £200 a month in credit card debt by making purchases online, The Telegraph reports.... Read more »
Credit card lending rose in October
In October, people in the UK collectively used their credit cards to borrow £302m more than they repaid.... Read more »
First-time buyers `could struggle to get a mortgage until 2020`
It will take until 2020 for banks to start lending mortgages to first-time buyers at `pre-crunch` levels, a report by the Joseph Rowntree Foundation has predicted.... Read more »
Third of consumers `want more choice in bank accounts`
A survey by Deloitte has found that just under a third of consumers want to see greater competition in the banking sector, with many stating that they would be happy to open a bank account with a completely new provider. ... Read more »
Britons `using savings to avoid Christmas debt`
The average Brit plans on spending 10% less on Christmas than last year in order to avoid getting into debt, with many people also turning to savings to cover their costs, financial group ING Direct has found. ... Read more »
55% of Brits will use credit cards this Christmas
Over half of Brits (55%) plan on using their credit cards to help cover the cost of Christmas this year, according to research by Consumer Intelligence.... Read more »
Unpaid loans between family or friends stand at £44.6bn
Research conducted by MORE THN Legal Services has found that the total amount of unpaid loans between family members or friends now stands at £44.6bn - with one in three people admitting borrowing in this manner has `caused rifts that may never be repaired`.... Read more »
Mortgage market in Scotland - latest figures
The latest figures from the Council of Mortgage Lenders show that the Scottish mortgage market `broadly mirrored` the mortgage market throughout the UK in the third quarter of the year. ... Read more »
Debt causing strain between friends and families
Lending between friends and families often causes strained relationships because many of the loans are never paid back, according to a study by MORE THN.... Read more »
90% of home insurance policies offer extra Christmas cover
Nine out of ten home insurance policies provide temporary increases in cover for special events, including Christmas, research by Defaqto has found.... Read more »
Britons fail to compare loan providers to get best deal
Figures released by Sainsbury`s Finance show that over the last five years, more than half of all people taking out personal loans have failed to compare loan providers to find the best possible deal - often settling for a loan straight from their current account provider.... Read more »
93% of bank account holders `could be wasting money by not switching`
93% of current account holders are potentially `throwing away` money by not switching bank account provider, a study by Datamonitor has found.... Read more »
Homeowners could lose properties over small debts
According to the findings of an investigation by the Office of Fair Trading (OFT), homeowners could, in some cases, lose their properties because of debts as small as £600, The Telegraph reports.... Read more »
Online credit cards: a few more tips
You may have seen a news piece on this site two weeks ago, when we reported on the UK Cards Association`s Be Card Smart Online campaign, which aims to help credit card users stay safe and protect their details when they`re using their cards online.... Read more »
A new year - with old debts
Before Christmas even begins, almost 20 million people are already in debt - and that figure isn`t about to shrink as we cope with the cost of celebrating against a backdrop of financial difficulties.... Read more »
Cutbacks: don`t target insurance
In tough times, people are looking to cut back where they can, whether they`re short of cash right now or just worried about what the future may bring. When it comes to insurance, though, saving money in the short term could cost much more in the end.... Read more »
Millions to use credit cards this Christmas
According to new research by moneysupermarket.com, almost half of Britons will enter the New Year in debt, with many choosing to borrow on credit cards, The Telegraph reports.... Read more »
Credit cards at Christmas - plan ahead
This Christmas, a lot of us will turn to our credit cards to make sure we have the funds we need for the celebrations we want. But what will that mean for our finances in the New Year and beyond? The Telegraph looks back to previous Christmases.... Read more »
One in seven took on debt to fund last Christmas
New research by Consumer Intelligence has revealed that one in seven (6.9 million) Britons took on debt on a credit card to cover the cost of last Christmas, and 2.3 million still haven`t repaid it all, The Telegraph reports.... Read more »
Banks don`t expect `significant recovery` in mortgage lending soon
Banks and building societies have told the BBC they don`t expect to see much recovery in mortgage lending next year. ... Read more »
Home loan lending remains subdued
According to the Council of Mortgage Lenders (CML), home loan lending remained subdued in October, the BBC reports. ... Read more »
New energy statements `don`t highlight online savings`
New annual statements issued with customers` energy bills do not make it clear enough that some customers could be saving hundreds of pounds a year by switching to an online tariff, industry regulator Ofgem has warned. ... Read more »
21% of all spending `goes on credit cards`
Over a fifth (21.2%) of the average Brit`s monthly outgoings are paid for by credit card, according to research by Sainsbury`s Finance. ... Read more »
Competition causes loan rates to fall
According to moneysupermarket.com, personal loan rates are continuing to fall `as competition returns to the loans market`, the Daily Mail reports. ... Read more »
HMRC to write off tax debt
HM Revenue & Customs (HMRC) will write off much of what it was expected to collect in income tax debts. ... Read more »
Cornwall floods are a reminder of insurance priority
The major floods in Cornwall have put hundreds of families out of their homes, at least until the water has subsided and the damage has been repaired. ... Read more »
Rents `10% more expensive than mortgages`
Paying rent is still more expensive than repaying a mortgage - but now the difference has grown to a typical 9.9%. ... Read more »
Americans relying less on credit cards this Christmas
In the USA, `budget-focused` shoppers are expected to rely less on their credit cards this Christmas, according to NRF, the National Retail Federation, an organisation which describes itself as `the world`s largest retail trade association and the voice of retail worldwide`.... Read more »
UK promises £7bn to help with Ireland`s record debt
The Chancellor, George Osborne, has vowed to provide up to £7bn for an `EU bail-out` of Ireland and its banking sector, The Telegraph reports.... Read more »
Beware of bank charges this Christmas
At such an expensive time of year, most people will forgive themselves for going overdrawn this Christmas - even those who rarely get into debt. ... Read more »
Cuts threaten debt advice services
The funding cuts could have a serious impact on the provision of debt advice services, Citizens Advice has warned.... Read more »
Illness: insurance for peace of mind
These days, serious illnesses don`t have to end in death - but they can still lead to long periods of incapacity, with the individual stuck at home and unable to work. It`s another reason for people to think carefully about the kinds of insurance they might need, as an article in the Independent points out.... Read more »
New Google phone could replace credit cards
At this year`s Web 2.0 Summit in San Francisco, Eric Schmidt, the chief executive of Google, revealed the company`s next `Android-powered phone`, which will contain a small chip that allows users to make payments via their handsets, The Telegraph reports. ... Read more »
Banking Commission asks for views
Between now and Christmas, members of the public will have a chance to put their views to the Independent Commission on Banking.... Read more »
Million+ pensioners with mortgage debts within five years
Within the next five years, according to figures from the Saga Group, more than a million pensioners will still be repaying a mortgage debt, The Telegraph reports.... Read more »
Low mortgage repayments help drive down household costs
The overall average cost of running a home has dropped by almost 14% in the last two years, according to Sainsbury`s Home Insurance.... Read more »
Double up on rewards with supermarkets` reward credit cards
Most people who do their weekly shop at a supermarket will be aware of the various rewards schemes on offer, such as Tesco`s Clubcard and Sainsbury`s Nectar. ... Read more »
CML: Mortgage debt problems down in third quarter
The Council of Mortgage Lenders (CML) has released figures for the third quarter of 2010 showing a fall in both the number of people in mortgage arrears and the number of repossessions, compared with a year earlier.... Read more »
Cashback credit cards `can be more charitable than charity cards`
Research by Confused.com has found that some charity credit cards may not be as `giving` as customers think - and a standard cashback credit card may provide a better means of contributing to good causes. ... Read more »
Third-quarter fall in possessions and home loan arrears
According to the latest set of figures from the Council of Mortgage Lenders (CML), possessions and home loan arrears continued to fall in the third quarter of the year.... Read more »
The UK: a `good place to do business`
Despite the nation`s debt problems and all the economic issues we`ve run into in the last couple of years, the UK is seen as a good place to do business.... Read more »
Mortgage market `flat` in September
After reviewing the events of September, the Council of Mortgage Lenders (CML) reports that the mortgage market was `flat` throughout the month, since some groups experienced a slight fall in mortgage lending - while others saw `comparable` rises. ... Read more »
3 million Britons `struggling to repay mortgage debt`
18% of mortgage holders (3 million) are currently struggling to maintain their mortgage payments, research by housing charity Shelter has found. ... Read more »
Daily coffee `more important` than life insurance to many
Six in ten British adults choose to go without life insurance, despite many spending much more on things like coffee, new clothes and entertainment, according to research by Confused.com.... Read more »
20% of homeowners struggling with home loans
According to housing charity Shelter, the number of people struggling to make payments towards their home loans has almost doubled in the past year, the Daily Mail reports.... Read more »
Credit cards - be smart and stay safe
Compared with last December, this year`s shoppers are expected to spend 16% more online, using credit cards and debit cards. So online security is more important than ever, as an article in the Express explains.... Read more »
Fee-free bank accounts
Bank charges have been a hot topic in recent years, not least because of the debate over the fairness of overdraft fees.... Read more »
Graduates could face debt for 30 years
According to a `Money Mail` investigation, graduates on modest incomes could be repaying their student debts for 30 years, the Daily Mail reports.... Read more »
FSA defends Mortgage Market Review
The Financial Services Authority (FSA) has defended its review of the mortgage market, which has been criticised by a number of experts.... Read more »
Planning could make finding the right credit card deal easier
It`s easier than ever to apply for a credit card these days - but applying for too many could actually harm your ability to get credit in the future, says an expert at Think Money. ... Read more »
Debt in Scotland: insolvencies fell in Q3
The number of people entering personal insolvency in Scotland has fallen slightly, according to the latest figures from the Insolvency Service.... Read more »
Home insurance vital for the storms ahead
As we prepare for winter, a press release from M&S Money warns people to make sure they`re adequately prepared for the bad weather that no doubt lies ahead.... Read more »
US: lenders offering `green rewards` for credit card customers
A Fox Business report has revealed that some credit card lenders in the US are rolling out schemes that will turn reward points which customers accumulate with their credit cards into donations to environmental organisations, creditnet.com reports.... Read more »
New rules will create home loan `prisoners`
Research published by the Council of Mortgage Lenders (CML) has revealed that one in two homeowners with a home loan could be affected by changes put forward by Britain`s financial regulator, the Daily Mail reports.... Read more »
Bankruptcies fall to lowest level in five years
According to the latest official figures from the Insolvency Service, the number of people declared bankrupt in England and Wales because of their debts fell by 25% during the third quarter of the year - to its lowest level in five years, the Guardian reports.... Read more »
MP tackling loan sharks
MP Stella Creasy, according to an article in the Independent, is planning to introduce a bill in Parliament next week designed to help everyone - regardless of their credit ratings - get access to affordable credit and protect them from loan sharks.... Read more »
Credit card lending up in September
Throughout September, people in the UK took on more debt using their credit cards than they repaid.... Read more »
Third of adults are happy to talk about their debt
According to research by comparison website uSwitch.com, Britain is now a nation where one third of adults aren`t embarrassed to talk about their debt, The Telegraph reports.... Read more »
Bank of England `should buy bad mortgages`
The Bank of England should extend its quantitative easing scheme and buy up `bad` mortgages in order to boost house prices and keep the UK economy from suffering a similar fate to Japan`s `lost decade`, consultants have suggested.... Read more »
Bad mortgage debt: what`s the solution?
By creating a `bad bank` to buy `bad mortgages`, the Treasury and the Bank of England could support the economy by helping to increase lending - at the same time as strengthening the banks` balance sheets.... Read more »
7 million have no life insurance to cover mortgage
Over 7.1 million people with a mortgage don`t have any life insurance to cover their mortgage contributions, according to research on behalf of Sainsbury`s Life Insurance.... Read more »
Millions approaching retirement still repaying debts
According to research by Saga, millions of Britons approaching retirement are facing poverty - with one in four still repaying debts, The Telegraph reports. ... Read more »
Mortgage lending by mutuals up 10% in September
Gross mortgage lending by mutuals reached £2.2bn in September - 10% higher than the £2.0bn seen a month earlier, according to the Building Societies Association (BSA). ... Read more »
Virgin adopts contactless credit card technology
Virgin Money will include `tap and go` contactless technology in all its credit cards, which will enable customers to make payments simply by swiping their card over a scanner. ... Read more »
Bank unlikely to `print money`
This Thursday, we`re not likely to see the Bank of England announce more quantitative easing (often called `printing money`) when it makes its next decision about base rates.... Read more »
Credit card spending: just too tempting?
According to a study by the Journal of Consumer Research, people who pay for their shopping using a credit card are more likely to purchase `unhealthy` and non-essential items than those who pay using cash, bupipedream.com reports.... Read more »
Debt up in September
During September, people in the UK took on more debt than they repaid, in terms of both secured debt and unsecured debt. ... Read more »
First-time buyers being `shut out` of the market
According to a report published by the Home Builders Federation, first-time buyers are having `the door shut on them` when it comes to getting onto the property ladder, uk.reuters.com reports. ... Read more »