Taxman to make money from Payment Protection Insurance (PPI)
Millions of people are facing an unexpected tax bill on their Payment Protection Insurance (PPI) claims payouts.The banking industry has set aside £6 billion to pay for the mis-selling of PPI. Customers were awarded compensation plus interest of 8% by the Financial Services Authority on the money they originally spent on PPI. This interest will [...]
November 29, 2011
Tags: bankers, banks, borrowing, Credit Crunch, Interest Rates, refinancing rates Posted in: Bankers, Banks, Credit Crunch, Financial Services, Lenders, Uncategorized 
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Lloyds makes a £3.9 billion loss after PPI settlements
Lloyds Banking Group has reported a £3.9 billion loss for the first nine months of 2011, mainly due to the cost of settling claims for mis-selling payment protection insurance (PPI).The pre-tax loss for the period ending 30 September compares with a profit of £2 billion a year earlier. Lloyds said that during the nine months [...]
November 22, 2011
Tags: bad debts, bank lending, bankers, Bankrupcy, banks, borrowing, debt management plans, Loan calculator, nationalisation Posted in: Bank Lending, Bankers, Banks, Business Finance, Credit Crunch, Uncategorized, nationalisation No Comments
Private bank Coutts fined £6.3 million by the FSA
Private bank Coutts has been fined £6.3 million by City watchdog the FSA for the way it sold investments to clients.The fine surrounds the sale of bonds issued by US insurance company AIG and described as low-risk to 427 well-off customers, who invested £1.45 billion. However, the investments were caught up in the uncertainty of [...]
November 17, 2011
Tags: bank lending, bankers, banks, Credit Crunch, debt management plans, Loan calculator Posted in: Bank Lending, Bankers, Banks, Credit Crunch, Financial Services, Uncategorized No Comments
Co-op confirms second round bid for Lloyds’ branches
The Co-operative Group has confirmed it will submit a second round bid next week for the hundreds of branches being sold by Lloyds Banking Group.Lloyds is selling 632 branches and £36 billion of deposits, after being ordered to by the European Commission following the bank’s rescue by the UK government. The government currently still holds [...]
November 14, 2011
Tags: bad debts, bank lending, bankers, banks, Credit Crunch, Loan calculator, nationalisation Posted in: Bank Lending, Bankers, Banks, Financial Services, Lenders, Loans Calculators, Uncategorized, nationalisation No Comments
Business forced to look for finance away from banks
Businesses are having to become more creative with finance raising as the banks are limiting funding.Even existing business are met with tight lending conditions when trying to secure loans or overdrafts – in spite of the government’s efforts to help. Project Merlin is one of the government’s magic wands designed to make banks lend more [...]
November 11, 2011
Tags: bank lending, banks, business finance, business loans, Credit Crunch, finances, sub prime loans Posted in: Bank Lending, Business Finance, Credit Crunch, Finance, Financial Services, Lenders, Loans Calculators, Uncategorized No Comments
Office of Fair Trading may shut Yes Loans
The Office of Fair Trading (OFT) is taking steps to close down a company which claims to process thousands of loan applications a week.The OFT will not say why it is “minded to revoke” its licence. An independent OFT adjudicator will make the final decision, which is subject to appeal. The company says it is [...]
November 9, 2011
Tags: bank lending, bankers, banks, borrowing, Credit Crunch, Loan calculator, personal loans, sub prime loans Posted in: Bank Lending, Bankers, Borrowing Costs, Credit Crunch, Lenders, Loans Calculators, Loans Rates, Sub Prime Loans, UK Loans Rates, Uncategorized No Comments
Barclays profits rise thanks to cost cutting
Barclays has reported a 5% rise in third quarter profits helped by a continuing cost cutting process.It made a pre-tax profit for the three months to 30 September of £1.34 billion ($2.1 billion), compared with £1.27 billion for the same period last year. Its quarterly revenues were 3% lower at £7 billion in the face [...]
November 7, 2011
Tags: bank lending, bankers, banks, debt management plans, Loan calculator Posted in: Bank Lending, Bankers, Banks, Business Finance, Credit Crunch, Finance, Financial Services, Lenders, Loans Calculators, Uncategorized No Comments
Packaged bank accounts face FSA sanctions
Packaged accounts usually charge a monthly fee for added benefits such as insurance or ticket discounts bundled with a standard current account.Customers will now be assessed to see if they are eligible for the insurance element of packaged bank accounts before any sale, under planned rules. The Financial Services Authority (FSA) says one in five [...]
November 2, 2011
Tags: bank lending, bankers, banks, borrowing, finances, Loan calculator Posted in: Bankers, Banks, Credit Crunch, Finance, Financial Services, Lenders, Loans Calculators, Uncategorized No Comments
UK financial firms downgraded by Moody’s credit rating agency
Moody’s has downgraded the credit rating of 12 UK financial firms including Lloyds TSB, RBS, Nationwide and Santander UK.Moody’s said it now believed the UK government was less likely to support some firms if they got into trouble. However, the firm emphasised that the downgrades did not “reflect a deterioration in the financial strength of [...]
October 14, 2011
Tags: bank lending, bankers, banks, borrowing, Credit Crunch, Loan calculator, loans Posted in: Bank Lending, Bankers, Borrowing Costs, Business Finance, Credit Crunch, Debt Consolidation, Finance, Independent Finance, Lenders, Loans Calculators, Online Banking, UK Loans Rates, Uncategorized No Comments
Bank of England member calls for credit boost
Adam Posen, a member of the Bank of England’s interest rate-setting committee, has said the UK economy needs an instant credit boost.In a speech, he said the Bank should help the government to set up and fund a new bank to boost lending to small and medium-sized businesses. Mr Posen is the only Monetary Policy [...]
September 30, 2011
Tags: bank lending, Bank of England, bankers, banks, Credit Crunch, debt management plans, Quantitative Easing, recession, refinancing rates, UK loans rates, uk recession Posted in: Bank of England, Bankers, Banks, Business Finance, Credit Crunch, Debt Management, Finance, Interest Rates, Loans Calculators, Sovereign Debt, UK Loans Rates, Uncategorized, Unemployment No Comments
