Loans
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.
Economy still hurting but households start to cope
Applications for payday loans are at last starting to plateau, indicating that plummeting inflation and falling mortgage rates are finally having a positive impact on households.
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.
Black Horse deal brings greater choice
The secured lending arm of Lloyds Banking Group, Black Horse, is offering an exclusive rate through price comparison site moneysupermarket.com.
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 improving not moving
The state of the housing market is causing people to spend increasing amounts on home improvements, according to Sainsbury's Finance, which offers one of the most competitive personal loan rates of 8.1% APR typical for balances of over £7,000.
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.
Loan rates jump 3.4% in just 18 months
The cost of an unsecured personal loan continues to increase with loan rates up in some cases by 3.4% in just 18 months.
£2.93 billion of personal loans for debt consolidation
The early half of the year and January in particular is the busiest time for taking out personal loans for debt consolidation purposes.