Loan News
Lower loan rates on the horizon
New figures from moneysupermarket.com suggest competition is returning to the loan market. They reveal loan rates have dropped for the first time since August 2008.
83 days of salary needed just to clear interest on debt mountain
As a nation, we have worked the first 83 days of this year just to earn enough money to service the interest on our debts, according to figures from Unbiased.co.uk. This means that so far the nation has not even started re-paying the actual debt itself and thus Wednesday, the 25th March is this year's Debt Freedom Day.
Claiming back PPI just got easier
Which? is once again leading the way in consumer redress by launching a new online PPI complaints tool, making it quicker and easier for people to claim back mis-sold PPI.
BIBA: Single premium Payment Protection Insurance
Commenting on the Financial Services Authority's request to all firms still selling single premium Payment Protection Insurance with unsecured personal loans to withdraw the product, BIBA Chief Executive Eric Galbraith, said:
FSA wants all firms to stop selling single premium PPI
The Financial Services Authority (FSA) has written to all firms still selling single premium Payment Protection Insurance with unsecured personal loans (SP PPI UPL) asking them to withdraw the product as soon as possible, and by no later than 29 May.
BORRO expands its lending capacity
Borro.com, has reported a sharp increase in the numbers of both prime and subprime borrowers using its services. Borro.com, which launched in July 2008, has been doubling its loan-book every 4 to 6 week over the last six months, and recently expanded its lending capacity to keep pace with accelerating demand.
OFT consults on second charge lending guidance
Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
Brits feel the pinch as recession takes hold
The UK is now officially battling a recession, causing job losses and forcing Brits to cutback on spending. New research from Fairinvestment.co.uk has found that 62 per cent of Brits have noticed their finances being stretched since the beginning of the credit crunch.
Ban of single premium good for PPI Industry
The Competition Commission's decision to ban the sale of single premium policies will ultimately be better for the PPI industry as whole, says Defaqto's Head of Insight, Brian Brown.
uSwitch.com: Competition Commission's final PPI report
Louise Bond, Personal Finance Manager at uSwitch.com, comments on the Competition Commission's final PPI report: "Today's final report from the Competition Commission strongly indicates that the PPI market will be changing for the better giving people time to shop around for the best deal.
FLA: Competition Commission's final ruling on PPI
Responding to the Competition Commission, FLA Director General Stephen Sklaroff said: "The Commission has thrown the baby out with the bath water.
CC has ignored worsening economic conditions
Commenting on the publication of the Competition Commission's final remedies on Payment Protection Insurance (PPI), Nick Starling, the ABI's Director of General Insurance and Health, said: "The ABI supports any measures that help people make an informed choice - for example, the remedies for clearer,
Dumping of single premium PPI welcomed by Paymentcare.co.uk
The decision by several major lenders to pull out of selling single premium payment protection (PPI) insurance with unsecured personal loans by the end of this month (Jan ’09) has been welcomed by the UK’s leading independent PPI provider Paymentcare.co.uk.
The party is over for single premium PPI, says Which?
As the Financial Services Authority (FSA) announces that five leading firms are pulling out of the single premium PPI market for unsecured personal loans, Louise Hanson, head of campaigns at Which?, says: "These firms have recognised that the party is over for single premium PPI and the rest should follow suit.
Update on FSA work on the sale of PPI
The Financial Services Authority (FSA) has welcomed the move by Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group (including Lloyds TSB, Halifax, and Bank of Scotland), and RBS/Natwest to stop selling single premium Payment Protection Insurance (PPI) with unsecured personal loans by the end of January 2009.