November 2010

Christmas on credit

A recent poll conducted by Comparison site Money Supermarket has revealed that 69% of people are planning to pay for Christmas using credit cards.  The poll, which surveyed 2,700 adults, also revealed 23% will eat in to their overdraftto fund Christmasand 8% will take out a loan.  Perhaps most alarmingly, 7% said they are actually planning to go into the red just to pay for Christmas.

Credit Happy Times To Pay For Christmas?

A recent poll conducted by Comparison site Money Supermarket has revealed that 69% of people are planning to pay for Christmas using credit cards.  The poll, which surveyed 2,700 adults, also revealed 23% will eat in to their overdraftto fund Christmasand 8% will take out a loan.  Perhaps most alarmingly, 7% said they are actually planning to go into the red just to pay for Christmas.

Lenders Criticised For Bullyboy Tactics

The Office of Fair Trading has warned a number of lenders for inappropriately seeking Charging Orders for unsecured debts as low as £600.  The OFT also criticised a the lenders for distributing “oppressive and misleading” information to borrowers.

Mortgage Lending Remains Stagnant

Mortgage lending in October remained unchanged from September at £12.4bn and was the lowest October figure for ten years according to the Council of Mortgage Lenders. Continued tough lending criteria and economic uncertainty in light of the recent spending review are believed to be the main factors.

DAF Couple Shares Story With The Nation

We were very pleased to see one of the many thousands of couples we’ve helped this year sharing their experience of what it’s like to be in debt with The Sun readers. Hopefully Kate and Barry Pritchard’s story will inspire more people that are struggling with debt to come forward and seek help.

Customers Successfully Quash Mortgage Arrears

A number of customers with the Yorkshire and Clydesdale banks, who were not charged enough for their mortgages, have successfully blocked their creditor’s demands to pay the arrears. The banks, who are owned by Australia Bank, stated the capital payments had been incorrectly calculated for the previous 2 years as interest rates dropped. The customers, who took their complaints to Financial Ombudsman Service, argued that they were now being asked to pay higher amounts of interest on the unpaid capital than they would previously have needed to had the bank not miscalculated.

CAB Report Sees Youth Problems Dramatically Escalate

Citizens Advice Bureau (CAB) figures released today showed that between April 2009 and March 2010, the charity dealt with 729,825 problems from the under 25 age group, which was an increase of 21% from the previous year. Nearly 250,000 of these enquiries where debt advice related, with benefits following closely behind. There are concerns within the sector that the number of young people seeking debt help will increase substantially again once the tuition fee cap abolition comes in to force.

Declining Trend In Repossessions

According to a recent figures from the Council of Mortgage Lenders (CML), repossessions fell for the fourth consecutive quarter. The 8,900 repossessions recorded in the third quarter of 2010 was 5% down on the previous quarter and 27% lower than the peak recorded in the 2nd quarter of 2009. The encouraging trend has been attributed to low Bank of England interest rates and the Government's mortgage protection scheme, which has sought to protect those most at risk of losing the family home.

Mortgage Finance Supply Low As Consumers Steer Away From Borrowing

A Bank of England report has revealed consumer demand for borrowing remains fragile, with the number of new mortgages in September remaining almost unchanged on the previous month at 47,474. This equilibrium suggests consumers are cautious about the short-term economic outlook, although the figures did reveal a small rise in personal loan and credit card borrowing, indicating that consumers may be starting their Christmas shopping early.

Half Of The Population Concerned About Winter Energy Costs

As the nights draw in and the bitter winter weather approaches, many UK families are worrying about their New Year fuel bill.

Energy price comparison site – uSwitch, has found that 60 per cent of households are concerned, with one in five already struggling to pay their energy bills.