‘Loans’ News
January most popular month for loans
Posted 2008-02-8
January is the most popular month of the year for British consumers to take out unsecured personal loans, new research has revealed. Nearly twice as many people opt for a personal loan in January as compared with the average month and the proportion of loans being taken out for debt consolidation purposes also rises significantly. ...
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CCCS responds to ’secret loans’ report
Posted 2008-02-6
The Consumer Credit Counselling Service (CCCS) has said it is not surprised about a recent report which found that Brits have taken out secret loans to the value of £7.7 billion. A spokesman for the charity echoed calls from Abbey - the bank that commissioned the research - by advising consumers to be honest and open with their families when talking about financial issues. ...
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Brits have £7.7bn of secret debt
Posted 2008-02-1
Over 1.3 million Brits have taken out loans worth a total of £7.7 billion without telling their partners or family members, new research from Abbey has found. The average size of such a secret loan is £5,720, but incredibly five per cent of surreptitious borrowers have debts in the region of £20,000 and £50,000. ...
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Older Brits ‘forced into secured loans’
Posted 2008-02-1
A growing number of older Brits are turning to secured loans as they find their credit limits steadily falling, Fool.co.uk has suggested. ...
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New IVA code ‘boosts transparency’
Posted 2008-01-31
The governments new code for Individual Voluntary Arrangements (IVAs) has received a warm welcome from financial markets. Concerns had been raised by some debt advisors and high street banks over the allegedly aggressive way in which IVAs were being marketed, possible resulting in some people taking them out unnecessarily. ...
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Banks sending ‘mixed messages’ to the young
Posted 2008-01-30
Major lenders are sending decidedly mixed messages about financial responsibility to young people, it has been suggested. Barely a day goes by without new warnings surfacing about the credit crunch and need to borrow responsibility, but according to Fool.co.u...
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Brits ‘can save £1.24bn’ on loans
Posted 2008-01-25
British consumers could save billions by switching their loans mid-term, according to one expert. Unsurprisingly, price comparison and switching service uSwitch claims that, on average, consumers with an £8,000 loan over five years could save £180 by switching to a best buy deal halfway through. ...
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5m Brits spending beyond their means
Posted 2008-01-23
One in every ten adults in the UK spends more than they earn, price comparison website uSwitch has revealed. That amounts to 4.8 million Brits who are sinking further into the red, even as the credit crunch continues to worsen and experts warn that the number of insolvencies is set to skyrocket in 2008. ...
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EU consumer credit directive ‘good for expats’
Posted 2008-01-18
The EU Consumer Credit Directive (CCD) could have a beneficial impact on Brits living abroad who need to take out a loan, one independent financial advisor has claimed. Marjorie Mansfield of Siddalls, specialists in expatriate finance, said that the new ruling should make it easier for Brits living in foreign countries to shop around for credit products. ...
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Borrowers ’should be aware of debt solutions’
Posted 2008-01-17
People with debt problems need to be more aware of the solutions available to help them overcome their difficulties, it has been claimed. Debt Help UK said that there are numerous ways out of debt - ranging from loan consolidation to taking out an Individual Voluntary Arrangement (IVA) - and that it is "incredibly important" borrowers fully review their options. ...