Loan News
Sharp rise in online debt counselling
National debt charity Consumer Credit Counselling Service (CCCS) has seen a sharp rise in the number of people counselled online for their debt problems.
15 February marks this year's Debt Freedom Day
Brits will spend the first 45 days of this year working just to pay off the interest on their debts according to new research from the professional advice website unbiased.co.uk. This means consumers have only earned enough simply to cover the interest they have built up and have still yet to start re-paying the actual debt itself.
Fears that debt problems will spiral as advisors’ funding cut
Funding for 500 specialist advisors who give free advice to people in debt is to be stopped next month. The announcement comes on top of local authority budget cuts and escalating redundancies and at a time of year when the country is still getting back on its feet after the Christmas and New Year spend.
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.