March, 2010 news
Quarter of car buyers `will get into debt to buy`
Just under a quarter (24%) of the people planning to buy a car in the next six months will get into debt to do so, according to research by Sainsbury`s Finance.... Read more »
Bank of England reveals net lending increase
Net lending to individuals rose by £2.1bn in February, compared with £1.9bn in the previous month, according to new Bank of England figures.... Read more »
Multiple-car households highlight need for right insurance
Households with more than one car could save money by choosing a car insurance deal that caters for multiple-car households, according to Admiral.... Read more »
`400% increase in home loan applications` at building society
Yorkshire Building Society reports that it has experienced a 400% increase in home loan applications during the first quarter of 2010, compared with the previous quarter.... Read more »
Debt: teenagers `optimistic` about their financial future
According to research by NatWest, teenagers have an `optimistic` outlook on their financial future, despite the troubled economic climate, the Guardian reports.... Read more »
Bundle broadband deals to help with debt
Broadband customers could save as much as £210 a year by bundling their broadband package with their digital TV and home phone, according to Consumer Choices.... Read more »
New mortgage lending fell in February
Mortgage lending for house purchases fell in February, compared with the previous month, according to the latest official statistics.... Read more »
`Loyalty doesn`t pay` on home insurance
Moneysupermarket.com has warned householders that `loyalty doesn`t pay` when it comes to home insurance.... Read more »
Debt Relief Orders to be introduced in Northern Ireland
Northern Ireland`s Enterprise Minister Arlene Foster has introduced a Bill which should lead to the introduction of a Debt Relief Scheme for the country`s most vulnerable borrowers.... Read more »
Rise in motoring costs highlights importance of good car finance deals
Chancellor Alistair Darling has announced a staged increase in fuel duty over the next year, as part of this year`s Budget - highlighting the importance of bringing down motoring costs in other ways, such as finding a competitive car loan deal.... Read more »
Increase in living costs `will drive even more students into debt`
Jenny Willot, Cardiff Central`s Liberal Democrat MP, has warned about the dangers of student debt after a report by the NUS (National Union of Students) highlighted a dramatic rise in the cost of student accommodation in Wales, politics.co.uk reports.... Read more »
Mortgage lending `remained subdued` in February
Figures from the British Bankers` Association (BBA) have revealed that mortgage lending from the high street banks `remained subdued` in February, ftadviser.com reports.... Read more »
Extra support could help families in debt
Child maintenance payments will no longer be considered when calculating entitlement to other benefits, the Department for Work and Pensions has announced. ... Read more »
Chancellor set to announce basic bank accounts for all
Chancellor Alistair Darling is set to announce basic bank accounts for all in Wednesday`s Budget, the BBC reports. ... Read more »
Banks `set to change loan targets`
Royal Bank of Scotland (RBS) and Lloyds TSB will be told to change their loan targets in Wednesday`s Budget announcement, according to the BBC.... Read more »
Businesses double amount of debt written off
According to the 2009/10 Barclays Business Late Payments survey, local businesses have doubled the amount of debt they are writing off. ... Read more »
Debt: fall in the number of mortgage arrears cases
Figures from the Financial Services Authority (FSA) have shown that the total number of mortgage debts in arrears during 2009 fell below the predicted level, the Guardian reports. ... Read more »
Fixed or variable? A note about mortgages...
Fixed-rate mortgage or variable? It`s a question which chartered financial planner Tim Twiddy looks at, writing in The Press and Journal today. ... Read more »
Car output increases for fourth consecutive month
New car production rose by 62.7% in February, compared with the same time last year, according to new statistics from the Society of Motor Manufacturers and Traders (SMMT).... Read more »
`Substantial risk` of student loan delays reoccurring
A Government watchdog has warned that England`s student loans and grants system is at `substantial risk` of being hit by delays again this year, the BBC reports.... Read more »
More mortgage debt taken on in February
Figures from the Council of Mortgage Lenders (CML) have shown that the amount of mortgage debt taken on increased during February after `diving` by a third during January, the Telegraph reports.... Read more »
Students expect to graduate with more than £15,000 of debt
According to the latest Sodexo University Lifestyle Survey, half of all university students in the UK expect to graduate with debts in excess of £15,000, the Guardian reports.... Read more »
Repossessions rise as borrowers struggle with mortgages
According to figures from the Financial Services Authority (FSA), the number of people who had their homes repossessed because they fell behind on their mortgage payments increased by 15% during 2009, the Telegraph reports.... Read more »
Experts emphasise importance of correct insurance details
Many car drivers are giving their insurance providers incorrect information to bring down the cost of their premium, according to a survey by Moneysupermarket.com.... Read more »
5 million `going into debt by spending more than they earn`
11% of UK adults currently spend `beyond their means`, according to new research from price comparison website uSwitch.com.... Read more »
New bank accounts `to offer overdraft opt-out`
The OFT (Office of Fair Trading) is calling on banks to make it easier for customers to opt out of access to unauthorised overdrafts, according to the BBC.... Read more »
1 in 5 pensioners releasing equity have credit card debt
According to research from equity release specialists Key Retirement Solutions, one in five pensioners releasing equity from their home is carrying credit card debt, averaging £9,000, the Telegraph reports.... Read more »
Home loan availability `jumps`
The number of different home loans available has increased by 70% since April 1st last year, according to Moneyfacts.co.uk.... Read more »
Government announces new `commitments` on credit card debt
The Government has announced the implementation of a new set of `commitments` to help borrowers with credit card debt.... Read more »
Lloyds doubles mortgage overpayment allowance
Lloyds Banking Group is to launch a new scheme allowing its variable-rate mortgage customers to `overpay` by up to 20% without incurring any financial penalty.... Read more »
Universities push for change in student loans system
According to an article in the Daily Mail, `top universities` are calling for middle-class student loans to be scrapped - a move that could add more than £1,000 to the annual cost of a degree course.... Read more »
Women `less likely to build up debt` than men
According to research by lovemoney.com, women `are better at budgeting and keeping track of their spending and are less likely to build up debt on a credit card or a loan` than men, the Daily Mail reports.... Read more »
Cost of mortgage debt falls to six-year low
According to figures from the Bank of England (BoE), the average interest rate charged on two-year fixed-rate mortgages fell to its lowest level in six and a half years, The Independent reports.... Read more »
Cost of mortgage debt at six-year low
The average interest rate on a two-year fixed-rate mortgage fell to its lowest level in six-and-a-half years in February, according to the Bank of England.... Read more »
Millions `could benefit from switching bank account`
7 out of 10 Britons have not changed their main bank account since 2000, according to research from Santander, meaning they are potentially missing out on higher levels of interest.... Read more »
Number of savers `on the rise`
The number of people regularly or occasionally putting money into savings has risen again, according to Nationwide.... Read more »
Only one in three `confident about pension income`
Only one in three (34%) of working people believe their pension will give them a big enough income in retirement, according to new research from the National Association of Pension Funds (NAPF).... Read more »
Homeowners urged to consider mortgage options
Homeowners could end up paying more than necessary if they rush for fixed-rate deals when the base rate begins to rise, mortgage brokers have warned.... Read more »
Second `big six` supplier cuts gas prices
Scottish and Southern Energy has announced it will cut its gas prices by 7% at the end of this month, in a move that will shave £56 off the average annual bill.... Read more »
`Green loan` energy plan unveiled for homes
Government ministers have announced plans to encourage homeowners to make their homes warmer and cheaper to run, through the use of a `green loan`, the BBC reports.... Read more »
Young adults seeking parents` help with debts
Over a third (35%) of young adults are forced to borrow money from their parents to get by, according to Scottish Widows, with 38% of these using the money to pay off debt.... Read more »
Over 3 million don`t know interest rate on their mortgage
According to research by Post Office Mortgages, despite the Bank of England`s base rate staying at 0.5% for a year, over three million (28% of) UK borrowers don`t know the interest rate they are being charged on their mortgage, headlinemoney.co.uk reports.... Read more »
New car registrations up again in February
New car registrations were up by 26.4% in February, compared with the same month in 2009, according to the Society of Motor Manufacturers and Traders (SMMT).... Read more »
Base rate at 0.5% for 12th month
The Bank of England has decided to keep its base rate unchanged, meaning it has now been at 0.5% for a year.... Read more »
Economists await Bank of England base rate decision
The Bank of England`s Monetary Policy Committee (MPC) is set to announce its next base rate decision at midday today (Thursday 4th March).... Read more »
Consumers risk debt as savings levels drop over winter
According to NS&I`s Savings Survey, the amount of money people in the UK are saving has dropped to its lowest level for over two years, headlinemoney.co.uk reports, potentially putting people at risk of debt.... Read more »
Bad debt write-offs at `record high`
The latest figures from the Bank of England (BoE) suggest that businesses and individuals defaulted on £6.1bn worth of mortgages and loans during the final three-month period of 2009 - the highest level since 1993, when the figures were first collected in this format, the Telegraph reports.... Read more »
Loans: consumer credit increased in January
Lending figures for January from the Bank of England show a net increase in consumer credit.... Read more »
Personal choices could affect insurance costs
Moneysupermarket.com has found that the average smoker could significantly cut the cost of insurance by quitting the habit.... Read more »
One in ten `living on their overdraft`
One in ten (five million) British adults are permanently in debt on their overdraft, according to new research from Moneysupermarket.com.... Read more »
10% of British adults `always overdrawn on their bank account`
One in ten British adults are permanently overdrawn, new research from price comparison site Moneysupermarket.com has indicated.... Read more »
Consumers took on more debt in January
Consumers took on more unsecured debt than they paid back for the second consecutive month in January.... Read more »
Mortgage lending fell in January
The number of mortgage approvals for house purchase fell in January, despite a net rise in secured lending, according to the latest lending statistics from the Bank of England.... Read more »