May, 2010 news
5 million Britons `taking on debt to pay bills`
Almost 5 million British cardholders use credit cards to pay their bills on a regular basis, research from Moneysupermarket.com has found.... Read more »
Home loan lending `relatively unchanged`
According to figures from the British Bankers` Association (BBA), home loan lending remained `relatively unchanged` in April, the BBC reports.... Read more »
Household debt `passed 120% of disposable income`
Household debt had reached more than 120% of disposable income in Britain, Canada, the US and Japan by the time the economic crisis began in 2008, according to the OECD (Organisation for Economic Co-operation and Development).... Read more »
BBA: households concentrate on paying off debts
According to figures from the British Bankers` Association, mortgage approvals remained relatively unchanged in April, as households concentrated on paying off debts, the BBC reports.... Read more »
Mortgage lending `subdued` in April
According to figures from the British Bankers` Association (BBA), mortgage lending `remained subdued` in April, the BBC reports.... Read more »
Government `must take action on mortgage debt`
Shelter and the Council of Mortgage Lenders (CML) have urged the government to help thousands of people currently at risk of losing their homes due to problems keeping on top of their mortgage debt. ... Read more »
Mortgage lending from main banks up 4.3%
Net mortgage lending by the main high street banks increased by 4.3% in the year to April, according to the latest figures from the British Bankers` Association (BBA). ... Read more »
1.5 million homes could be risking debt without insurance
Research from Moneysupermarket.com has found that almost 1.5 million homes do not have adequate insurance - potentially putting their owners at risk of debt problems. ... Read more »
High inflation `eroding` savings pots
Savings pots are effectively shrinking due to the highest inflation in 18 months, according to a report from Moneyfacts.co.uk.... Read more »
New `10` plates boost forecourt car finance
More than 95,000 new cars were sold to consumers on car finance through dealerships in March, according to new figures from the Finance & Leasing Association (FLA) -46% higher than the number sold a year earlier.... Read more »
£40,000 student loans ahead?
Looking ahead a few years, students could be taking out student loans worth £40,000, the Independent reports. ... Read more »
Energy bill changes part of consumer protection plans
Energy companies will be required to provide more information on household energy bills to help customers find the cheapest tariffs, as part of the government`s new plans for greater consumer protection.... Read more »
CML calls for mortgage support to continue
The unexpectedly low numbers of mortgage arrears and repossessions might not stay so low if the Government doesn`t extend the support it`s been giving to homeowners, the Council of Mortgage Lenders (CML) has said.... Read more »
Energy price cuts could help ease pressure of debt
Energy companies may make further price cuts in the near future, according to uSwitch.com.... Read more »
Spending on cards up in April
UK retailers recorded an 8.9% increase in spending on debit and credit cards in April, compared with a year earlier, according to Barclaycard Global Payment Acceptance.... Read more »
March sees 25% increase in home loans
There were around 45,000 loans for house purchase advanced in March this year, up 25% on the previous month, according to the Council of Mortgage Lenders (CML).... Read more »
Travel insurance often cheaper elsewhere
Holidaymakers could save a significant amount of money on travel insurance by not buying it through their airline, tour operator or travel agent, research by Moneysupermarket.com has found. ... Read more »
Consumer credit recovery `delayed by borrowers repaying debt`
The consumer credit market will return to growth in 2011, but will shrink slightly this year as borrowers focus on paying down debt rather than borrowing more, according to research from Datamonitor.... Read more »
Mortgages up 25% in March
The number of mortgages advanced for house purchase increased by 25% in March this year, compared with the previous month, according to the Council of Mortgage Lenders (CML).... Read more »
Increase in debtor`s petitions for bankruptcy
The number of borrowers petitioning for their own bankruptcy has increased significantly over the last decade, according to Ministry of Justice figures.... Read more »
Cost of student loans `should rise`
Graduates should pay a higher rate of interest on their student loans to avoid leaving the UK`s top universities heavily in debt, according to a leading research group.... Read more »
VAT rise could put pressure on people in debt
The majority of economists interviewed for a study by the BBC believe VAT will rise in the near future.... Read more »
New car registrations up 11.5% in April
The number of new car registrations increased by 11.5% in April, compared with the same time last year, according to the Society of Motor Manufacturers and Traders (SMMT).... Read more »
Mortgage and arrears figures out
The number of mortgages in arrears fell in the first three months of the year, the Council of Mortgage Lenders (CML) has just announced, and so did the number of repossessions. ... Read more »
Debt worries `force ill workers back to work early`
Fears about things like meeting mortgage payments are forcing people on sick leave back to work before they have fully recovered, according to Aviva.... Read more »
Overdraft rates increasing, despite low Bank rate
The average authorised overdraft rate has hit its highest level in a decade, despite the Bank of England base rate falling to an all-time low, according to research from Moneyfacts.... Read more »
Quarter of home loans `restricted to existing customers`
The number of available mortgage deals has increased significantly over the last 10 months, but over a quarter of these deals are only available to the lenders` existing customers, according to Defaqto.... Read more »
Car insurance customers `may not be covered for misfuelling`
Almost a third (30%) of insurance policies from major UK insurers do not cover their customers for misfuelling (putting the wrong type of fuel in their car), according to the British Insurance Brokers` Association (BIBA).... Read more »
Debt: insolvencies at all-time high
The number of people being declared insolvent reached another highpoint in the first three months of 2010, the Insolvency Service has confirmed.... Read more »
Tax Freedom Day 2010 `will be 30th May`
On 30th May, the average Briton will have earned enough to cover their annual taxes and will finally start earning for themselves - according to the Adam Smith Institute, a leading economic think tank.... Read more »
Unchanged base rate good news for mortgage holders
The Bank of England has decided to keep its base rate at 0.5% once again, in the midst of speculation as to when the base rate will rise.... Read more »
Debt Relief Orders increased in first quarter
The number of Debt Relief Orders (DROs) increased once again in the first quarter of 2010, according to the latest insolvency statistics.... Read more »
Average interest rate on personal loans rising
According to financial research company Defaqto, the average interest rate on an unsecured loan has increased over the past three years - despite the Bank of England`s base rate falling to an all-time low, headlinemoney.co.uk reports.... Read more »
Two thirds in debt after using store cards
According to research by website MyVoucherCodes.co.uk, two thirds of people with a store card said they were in debt after using their card while shopping, the Telegraph reports.... Read more »
Average shelf life of mortgages longest in over 2 years
According to Moneyfacts.co.uk, the average `shelf life` of a current mortgage `now stands at 30 working days` - which is the longest period since August 2007, when there were 9,549 mortgage deals available on the market.... Read more »
SMMT increases car registration forecast
The SMMT (Society of Motor Manufacturers and Traders) has predicted a steady rise in the number of new car registrations over the next few years.... Read more »
Card holders `should move debt before 0% deal ends`
Credit card holders who moved their debts onto a 0% balance transfer deal at the beginning of last year should make sure they know when their deal is due to expire, Moneysupermarket.com has warned.... Read more »
Bank of England`s lending figures for March
The latest figures from the Bank of England show that total net lending to individuals grew by £0.6bn in March.... Read more »
Consumers took on more debt in March
Lending statistics for March from the Bank of England have shown an increase in net lending.... Read more »
Growth in new loans slowed in March
Net lending to individuals increased in March, but at a much slower rate than in previous months, according to the latest lending figures from the Bank of England.... Read more »
Don`t invalidate insurance policies with `dodgy DIY`
LV= has warned homeowners to avoid taking on overly complicated DIY jobs and risking invalidating their home insurance policy.... Read more »