August a grim month for household finances

Financial information services firm Markit has released its monthly Household Finance Index, which shows that British households are seeing their finances decline more rapidly now than when the recession was at its peak. Markit surveys over 2,000 households each month, gathering data on things like spending, savings, debt, job security, availability of and requirement for […]

New Hope for First Time Property Buyers

For many people, the chances of getting a foot on the property ladder any time soon appear to be slim to none. However, there is a glimmer of hope for first time buyers, as ‘Rent to Buy’ schemes emerge. One building society in particular that has launched just such a scheme is the Saffron Building […]

Credit Handed Out Left, Right and Centre…At What Cost?

In this economic climate, many of us are faced with debts, far greater than we’ve ever experienced. The total UK personal debt currently stands at around the £1.5bn mark. The average household debt is approximately £16,500 (excluding mortgages) and it is estimated that 346,000 loan accounts are in arrears. However, even with these grim figures, […]

How does an IVA work when you have a mortgage agreement or other secured loans?

An Individual Voluntary Arrangement (IVA) is a government-endorsed solution for people whose monthly debt repayments and living costs exceed their income, allowing them to pay a manageable amount. IVAs are normally chosen by people who are unable to cope with unsecured debts they have taken out, such as personal loans or credit cards. If you […]

£21billion of student debt may never be repaid

The Public Accounts Committee (PAC) has published a new report which forecasts that student debt will treble over the next four years. Due to the number of universities that have decided to charge the maximum possible tuition fees, total student debt could rise from its current level of £24billion to £70billion by 2015-16. Contrary to […]

UK personal debt statistics

At the end of April 2011, personal debt in the UK amounted to £1,452 billion – the current sum total of personal debt is almost equal to the country’s entire GDP for 2010. The average household debt stands at £55,854 (or £8,121 if mortgages are excluded) – a property is repossessed every 14 minutes in […]

Consumer credit advances fell in March

During March, consumer credit advances fell by 7% compared to the previous year, according to the Finance & Leasing Association (FLA). The figure reflects how the UK public remain wary of increasing their levels of debt in the current financial climate. As the cost of living has increased, consumers have been spending less, which has […]

Consumers warned against pursuing PPI claims through claims management companies

Recently, we posted an overview of the PPI mis-selling scandal, and looked at how the banks are putting millions of pounds aside to compensate customers who were mis-sold these products. Since the FSA and High Court rulings against the banks, there has been a huge surge in the number of companies offering to secure the […]

PPI mis-selling: The battered reputation of the banking sector suffers yet another blow

Earlier this week, British banks abandoned an appeal against measures introduced by the Financial Services Authority (FSA) in 2009 banning the sale of single-premium PPI with loans. PPI (payment protection insurance) is a product that was sold by lenders alongside various forms of credit. It is designed to protect consumers in the event that they […]

Doorstep loans ‘gaining popularity’

An increasing proportion of consumers across the country are turning to doorstep loans as their money problems worsen, it has been suggested. Credit has become more difficult to access in recent months and as a result the offers made by short-term loans are gaining in popularity, according to a report from Equifax on behalf of […]

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