Loan News
OFT debt management enforcement action
The OFT has announced that 35 debt management firms have surrendered their consumer credit licences and at least 15 are facing licensing action as a result of an OFT compliance review.
New advice model would improve debt management process
New proposals to help people in financial difficulties would streamline the process of debt management and deliver a better and fairer deal for customers, said the British Bankers' Association and Accenture in a report published today.
UK borrowers face tougher lending criteria
Anyone looking to take out a new credit card or personal loan should do so before 1 February to avoid new regulations which mean fewer borrowers will receive the advertised rate, according to UK comparison site, moneysupermarket.com.
Consumers in the dark about new credit directive
With the Consumer Credit Directive looking to shake up the lending market, new research from uSwitch.com, the independent price comparison and switching service, reveals that initially it could cause more harm than good, leaving consumers confused and potentially put off applying for credit.
£15,837 worth of debt is the new normal
Britons only see themselves in serious financial difficulty once they are in over £15,837 of debt, according to Scottish Provident's Financial Safety Net report.
Debt charity launches new service for vulnerable people
Leading debt charity Consumer Credit Counselling Service (CCCS) has launched a new service providing additional assistance to vulnerable people who are struggling with debt.
Knowledge is power when it comes to getting credit
With many people looking to consolidate their debts or take out new loans or credit cards moneysupermarket.com urges borrowers to take time to understand their credit file in order to make it work in their favour.
Loan shark warning
Housing and Communities Minister Alex Neil has slammed loan sharks for preying on Scotland's poorest communities and offering loans at astronomical rates of interest.
Number of personal insolvencies start to decline
Levels of personal insolvency are starting to decline following a steady upward trend over the last ten years says The Insolvency Service.
Debt and pensions were Brits biggest financial regrets in 2010
A survey of 1000 UK adults by direct bank first direct has revealed that a large proportion of the population regret not taking a longer term view of their finances.
1 in 4 of debt charity’s clients receiving benefit or tax credit
Just over a quarter (26 percent) of a leading debt charity's clients claim one of the five main income replacement benefits.
Resolve to give your finances a boost in 2011
Brits could be saving over £3,600 in 2011 by taking time to review their finances and switching to more competitive deals. Despite over a third of Brits feeling they cannot make any savings in areas such as credit cards, home insurance and mortgages, research from moneysupermarket.com has found on average, people could save thousands of pounds over the next 12 months by switching to a better deal which suits their individual needs.
OFT works to raise doorstep lending standards
The OFT has announced it has taken targeted enforcement action and sent over 50 warning letters as part of its work to improve standards in the home collected credit (doorstep lending) industry.
Students overcharged by £15m, finds Which?
The Student Loans Company (SLC) has taken more than £15m in overpayments from ex-students, shows new research from Which?.
Online treatment to help debt and depression
Free online treatment for hundreds of thousands of Britons battered by debt starts this week. The new service has been created by the Consumer Credit Counselling Service (CCCS), working closely with the Centre for Mental Health Research at the Australian National University (ANU).