Loans
M&S Money reduces personal loan rate
M&S Money is reducing the rate on its personal loans from 7.5% APR to 6.9% APR (representative). The offer applies to personal loans between £7,500 and £15,000.
Rate cuts make Sainsbury's Loans best buys in most brackets
Sainsbury's Loans' recent move - reducing the rate on £7.5K - £14,999 loans, from 7.4% to 7.2% - has secured the supermarket bank the best buy top spot. Indeed, this position is felt across most borrowing brackets with the bank offering a five star rated Moneyfacts product for small, medium and larger loan amounts.
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.
Sainsbury's Finance cuts personal loan rates
Sainsbury's Finance has reduced its best buy personal loan rate to 7.2% APR Typical for loans between £7,500 and £14,999.
Personal loans taken out for debt consolidation
During the first quarter of this year, Sainsbury's Finance estimates that up to 139,000 personal loans worth as much as £1.55 billion could be taken to consolidate debt. This is equivalent to around 35% of the value of personal loans taken out during this period.
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.
Loan suppliers go to war
High street banks Nationwide and Santander have started a price war on loan rates, with the winners set to be consumers, says uSwitch.com, the independent price comparison and switching service.
£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.
Nationwide cuts its personal loan rate
With effect from today, Tuesday 11 January 2011, Nationwide is cutting its personal loan rate for its main current account customers to 7.2% APR typical. This new rate, for loans of up to five years between £7,500 and £14,999, means that Nationwide is once again offering the UK's lowest personal loan rate.
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.