Archive for January, 2011
UK economy suffers 0.5% contraction official statistics show
The UK’s economy suffered a shock contraction of 0.5% in the last three months of 2010 official statistics show. The severe weather hit activity in the quarter, but the Office for National Statistics (ONS) said even if the weather impact had been excluded, activity would have been “flattish”. The figures are set to raise concerns [...]
January 31, 2011
Tags: borrowing, Credit Crunch, finances, new home sales, uk recession Posted in: Credit Crunch, Loans Calculators, Uncategorized 
2 Comments
Banks challenge PPI compensation rules in High Court
The Financial Services Authority (FSA) is being challenged in the High Court over compensation for the mis-selling of payment protection insurance (PPI). The UK’s banks say new FSA rules are “wrong in law” because they are retrospective. They require firms to review past sales, which could lead to compensation worth £2.7bn being paid to 2.75 [...]
January 28, 2011
Tags: banks, borrowing, credit cards, Credit Crunch, Loan calculator, loans, UK loans rates Posted in: Borrowing Costs, Credit Cards, Credit Crunch, Debt Management, Interest Rates, Lenders, Loans Calculators, Uncategorized 3 Comments
Banks reform needed says Deputy Prime Minister Nick Clegg
Deputy Prime Minister Nick Clegg has said that the UK banking sector must be reformed so taxpayers are never again liable for bankers’ mistakes. He said he was “attracted” to the idea of splitting up banks into separate retail and investment businesses. Mr Clegg’s comments come the day after the head of the coalition government’s [...]
January 27, 2011
Tags: Bank of England, Bankrupcy, banks, borrowing, Credit Crunch, nationalisation, Nick Clegg Posted in: Bankrupcy, Borrowing Costs, Debt Consolidation, Debt Management, Lenders, Loans Calculators, Uncategorized, nationalisation 4 Comments
Goldman Sachs profits halve but bankers’ bonuses only down by 5%
Goldman Sachs bank has reported net income of £1.49bn for the fourth quarter of 2010, down 53% from a year ago. Total profits for the year as a whole were £5.26 billion down 38% on 2009. Yet total pay was down by a mere 5%. The Wall Street firm paid out a massive £9.6 billion [...]
January 26, 2011
Tags: banks, borrowing, Credit Crunch, sub prime loans, US loans rates, US mortgage rates Posted in: Credit Crunch, Lenders, Loans Calculators, Uncategorized 2 Comments
Debts- women are better at asking for money help than men
Men are less likely to seek help for spiralling debts than women – which is why they face a greater risk of bankruptcy. Women contacted two debt charities for advice in greater numbers than men last year, figures have shown. But single men have built up greater debts than women on their own, the data [...]
January 25, 2011
Tags: bad debts, Bankrupcy, borrowing, credit cards, Credit Crunch, debt management plans, finances, Loan calculator Posted in: Bankrupcy, Credit Cards, Credit Crunch, Debt Management, Loans Calculators, Uncategorized 5 Comments
Banks must be allowed to fail says Bank of England’s Paul Tucker
Capitalism cannot work unless banks are allowed to go bust, Bank of England deputy governor Paul Tucker has said. Mr Tucker told BBC Two’s Britain’s Banks: Too Big to Save? programme that despite changes to the banking system since the 2008 financial crisis, more still needs to be done. Banks still do not hold high [...]
January 24, 2011
Tags: Bank of England, Bankrupcy, Credit Crunch, nationalisation, recession, sub prime loans Posted in: Bank of England, Bankrupcy, Borrowing Costs, Credit Crunch, Debt Management, Lenders, Loans Calculators, Uncategorized, nationalisation 2 Comments
Many bankers overpaid, says RBS’s Sir Philip Hampton
Large numbers of bankers are paid more than they are worth, the chairman of Royal Bank of Scotland has said. Sir Philip Hampton said that too many average investment bankers were getting above average pay. “The star quality, as it were, seems to filter down to people who don’t seem so star quality,” he said. [...]
January 21, 2011
Tags: bankers, Bankrupcy, banks, borrowing, consolidate debt loans, Credit Crunch, nationalisation Posted in: Bankrupcy, Borrowing Costs, Credit Crunch, Debt Management, Interest Rates, Loans Calculators, Uncategorized, nationalisation 3 Comments
Cost of credit cards and loans to rise soon according to accountants
UK borrowers may soon have to pay hundreds of pounds more to cover the cost of credit card bills and loans an accountancy firm has predicted. Interest rates on unsecured debt will rise by 2%-3% in the coming three years, PricewaterhouseCoopers (PwC) believes. This would add £1,800 a year by 2015 to the typical household’s [...]
January 20, 2011
Tags: banks, borrowing, credit cards, Credit Crunch, Debt Consolidation, debt management plans, Interest Rates Posted in: Borrowing Costs, Credit Cards, Credit Crunch, Debt Management, Interest Rates, Lenders, Loans Calculators, Uncategorized 2 Comments
Barclays’ boss says banks should not be bailed out after failures
Barclays bank ceo Bob Diamond has said that taxpayers should not bail out banks, and that those banks that get into trouble should be allowed to fail. “It is not OK for taxpayers to bail out banks,” Mr Diamond told a Treasury Committee hearing. On bonuses, he said that Barclays “paid for performance, not for [...]
January 19, 2011
Tags: Bankrupcy, banks, Credit Crunch, Interest Rates, Loan calculator, nationalisation, uk recession Posted in: Bankrupcy, Credit Crunch, Interest Rates, Lenders, Loans Calculators, Uncategorized, nationalisation 2 Comments
Bankers bonuses to total up to seven billions in 2011
UK banks will pay out up to seven billion pounds in bonuses this year, despite its calls to curb the payments. The best the coalition can hope for is a declaration from the banks that they will pay out less than they would have without government intervention. Business Secretary Vince Cable has been vocal in [...]
January 18, 2011
Tags: Bankrupcy, banks, Credit Crunch, Lenders, Loan calculator, nationalisation Posted in: Bankrupcy, Credit Crunch, Debt Management, Lenders, Loans Calculators, Uncategorized, nationalisation 3 Comments
