February, 2010 news
CML: mortgage debt problems `could last for years`
Repossessions and problems with arrears could last for years, according to the Council of Mortgage Lenders (CML). ... Read more »
Home loans at 16-year low in Scotland
Figures from the Council of Mortgage Lenders (CML) have shown that the number of home loans taken out in Scotland last year was the lowest in 16 years, the BBC reports. ... Read more »
New loans increase, but net lending falls
Lending statistics for January from the British Bankers` Association (BBA) have shown a further fall in net consumer credit. ... Read more »
40% of car insurance claims `from three-to-six-year-old cars`
Car owners driving vehicles that are three-to-six years old have been warned that they are statistically the most likely to have to claim on their car insurance. ... Read more »
Rules on Debt Relief Orders `may be eased`
People in England and Wales who have a small pension fund may be able to use Debt Relief Orders (DROs) to clear `modest` debts in a year - if rules on the debt solutions are relaxed, the BBC reports. ... Read more »
Scotland: number of mortgages taken out at 16-year low
According to figures from the Council of Mortgage Lenders (CML), the number of mortgages taken out in Scotland in 2009 was the lowest since records began in 1993, the BBC reports. ... Read more »
Car scrappage scheme `set to enter final phase`
The Government`s car scrappage scheme entered its final phase yesterday, according to Business Secretary Peter Mandelson. ... Read more »
Irish consumers default on 10% of credit card debt
In Ireland, according to figures from banking research firm Lafferty Group, one in every 10 Euros of credit card debt is not being paid back, the Irish Independent reports. ... Read more »
Home loan lending falls to 10-year low
Figures from the Council of Mortgage Lenders (CML) have shown that gross home loan lending fell to a 10-year low in January.... Read more »
Credit card rates at 12-year high
The average interest rate on a credit card has reached a 12-year high, according to new research from Moneyfacts.... Read more »
Amount of mortgage debt taken on fell in January
According to figures from the Council of Mortgage Lenders (CML), the total amount of new mortgage debt fell to an estimated £9.1bn in January - 32% lower than the £13.4bn recorded in December, and 21% lower than the £11.5bn of mortgage debt taken on in January 2009.... Read more »
Mortgage brokers expect increase in business
According to Paragon Mortgages` `Financial Adviser Confidence Tracker (FACT) Index`, financial advisers expect `mortgage business levels` to increase during the first three-month period of 2010, compared with the final three months of 2009, headlinemoney.co.uk reports.... Read more »
Rise in car production could boost car finance
Car production rose by 64.8% in January, compared with a year earlier, as the industry continues to recover.... Read more »
1 in 10 `leave heating on all day`, despite energy debt risk
10% of households heat their homes all day to keep the house warm for when they get home, according to Confused.com, despite the burden on their finances.... Read more »
Bank of England `voted unanimously` on base rate
The minutes from the latest Monetary Policy Committee (MPC) meeting show that rate-setters voted unanimously to keep the base rate at 0.5% for the twelfth consecutive month.... Read more »
Cost of credit card debt reaches 12-year high
According to figures from personal finance researchers Moneyfacts, the cost of credit card debt has reached a 12-year high, the Telegraph reports.... Read more »
`Stamp duty rush` increases home loan numbers
The number of home loans to first-time buyers reached a two-year high in December 2009, according to a report from the Council of Mortgage Lenders (CML).... Read more »
Car insurance costs `up 12.7% in 2009`
The price of an average car insurance policy increased by 12.7% in 2009, according to new research by Confused.com and EMB.... Read more »
Brits `taking on credit card debt for everyday costs`
Over 14 million Britons use their credit cards for day-to-day living costs, according to new research from Moneysupermarket, highlighting a reliance on debt amongst many people.... Read more »
Some fixed-rate mortgage rates falling
Fixed-rate mortgage rates for borrowers with larger deposits are decreasing, according to new statistics from Moneyfacts.... Read more »
Number of 0% credit card deals on the rise
The number of credit card deals charging no interest on balance transfers is on the rise, according to Moneysavingexpert.com.... Read more »
Home loan rates drop to `record low`
Figures from the Bank of England (BoE) have shown that tracker home loan rates fell to a record low during January as competition `continued to return` to the mortgage market, the Telegraph reports.... Read more »
315,000 new cars registered through scrappage scheme
A total of 316,210 new vehicles had been registered through the scrappage scheme by the end of January, according to the Society of Motor Manufacturers and Traders (SMMT).... Read more »
Fall in mortgage debt arrears
Figures released by the Council of Mortgage Lenders (CML) have shown a drop in the number of people falling behind on payments to their mortgage debts.... Read more »
Fall in mortgage arrears and repossessions
According to figures from the Council of Mortgage Lenders (CML), mortgage lenders took a total of 10,200 properties into possession during the final quarter of 2009 - 13% lower than in the third quarter of the year. And as the CML puts it, `this figure reflects the number of possessions taken by first charge lenders on both home-owner and buy-to-let mortgages`.... Read more »
Increasing numbers of over-55s `saddled with debt`
Two fifths (40%) of people aged 55-64 are failing to save for their future, according to a new report, with many people in this group still working to pay off debt.... Read more »
Bank of England base rate `may not rise for a year`
Nearly a third (31%) of independent financial advisers (IFAs) believe the Bank of England won`t raise its base rate for another year, according to research from AXA.... Read more »
One million `struggling with debt without seeking help`
Insolvency experts R3 have claimed that around a million people in the UK are struggling with debt but not seeking help.... Read more »
SVR mortgage borrowers `could benefit from switching`
Moneysupermarket has advised that hundreds of thousands of borrowers currently paying their lenders` SVR (Standard Variable Rate) could benefit from switching to a new deal, according to YourMortgage.co.uk.... Read more »
Calls for Bank of England to extend support for loan providers
The Bank of England is coming under increasing pressure to extend its £300bn of emergency support under the Special Liquidity Scheme, according to Thisismoney.co.uk.... Read more »
Stay insured for `half-term getaway`
Moneysupermarket has advised holidaymakers looking to get away this half-term to make sure they have the right travel insurance in place.... Read more »
Debt: insolvencies up by almost 25%
Individual insolvencies were 24.9% higher in the final quarter of 2009 than they were in the same period a year earlier, according to new statistics from the Insolvency Service.... Read more »
Student loan delay continues as 30,000 left without funds
Statistics released by the Government show that 7% of university students may have been affected by this summer`s delays in the student loans system, the Guardian reports.... Read more »
Bank of England base rate remains at 0.5%
The Bank of England has kept its base rate at 0.5%, amidst continued uncertainty in the economy.... Read more »
Government extends car scrappage scheme by one month
The Government has decided to extend its car scrappage scheme until the end of March, giving motorists one more month to trade in their old vehicles for a discount on a new car.... Read more »
Nearly a third more struggling with debt
The number of borrowers finding their debts difficult to manage has risen by almost one third during the recession, and according to a report by the National Audit Office, some debt advice services are so busy they are having to turn people away, express.co.uk reports.... Read more »
`Glimmer of hope` for first-time buyers
Figures from financial information service Moneyfacts revealed that the availability of mortgages is increasing, which - as the BBC reports - is `providing a glimmer of hope for first-time buyers`.... Read more »
Energy customers cutting back to stay out of debt
A leading energy supplier has reported that many people are using less energy than they used to.... Read more »
Loan rates at 9-year high as debt defaults rise
According to experts, banks are increasing the interest rates on personal loans as they try to recoup the losses arising from defaults on unsecured debts, the Telegraph reports.... Read more »
Loan rates `highest for nine years`
The average interest rate on an unsecured personal loan is the highest for nine years, according to new research.... Read more »
Pet insurance important for big vet`s bills
Three in five (60% of) dog and cat owners are without pet insurance, despite a significant proportion saying they could not afford a large vet`s bill for their pet, according to a recent survey. ... Read more »
Consumers took on more debt in December
Total net lending to individuals increased by £1.2 billion in December, according to new statistics from the Bank of England.... Read more »
Mortgage lending from building societies rises
Gross mortgage lending by building societies increased by 15% in December, compared with the previous month, according to the Building Societies Association (BSA).... Read more »