Northern Rock sale investigated by National Audit Office
The £747 million sale of Northern Rock to Virgin Money is to be investigated by the National Audit Office (NAO).NAO head Amyas Morse confirmed the audit in a letter to shadow financial secretary Chris Leslie, but added that he had no power to intervene. The sale of the state-owned bank is likely to mean a [...]
February 1, 2012
Tags: Bankrupcy, banks, borrowing, Credit Crunch, debt management plans, Loan calculator, nationalisation, refinancing rates, sub prime loans, uk recession Posted in: Bankers, Bankrupcy, Credit Crunch, Debt Consolidation, Finance, Financial Services, Lenders, Loans Calculators, Uncategorized, nationalisation 
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Bank of Dad and Mum keeps subsidising youngsters
Bank of Dad and Mum keeps lending to children.Tradition has it that the keys to the family home are handed over to a young man or woman when they reach the age of 21. But the tradition has become obsolete. Nowadays, it may be more appropriate for sons and daughters to give the keys to [...]
January 30, 2012
Tags: bank lending, banks, borrowing, Credit Crunch, Loan calculator, personal loans, refinancing rates, sub prime loans, uk recession Posted in: Bankers, Borrowing Costs, Credit Crunch, Finance, Home Loans, Lenders, Sub Prime Loans, Uncategorized No Comments
Cooperative Bank named as preferred buyer of Lloyds branches
Lloyds says its preferred option for the sale of 632 bank branches is to sell them to the Co-operative Group.The mutually-owned Co-operative Bank had been in competition with new bank venture NBNK for the assets. Lloyds will now enter exclusive talks with the Co-op, which runs a financial services division along with a supermarket retail [...]
January 27, 2012
Tags: bad debts, bankers, Bankrupcy, banks, borrowing, Loan calculator, nationalisation, recession, refinancing rates Posted in: Bank Lending, Bankers, Bankrupcy, Banks, Credit Crunch, Financial Services, Lenders, Loans Calculators, Uncategorized, nationalisation No Comments
Credit union reforms introduced to help borrowers
New rules have come into force which will free up credit unions to compete more effectively with banks.The changes, under a Legislative Reform Order (LRO), mean the financial co-operatives can now pay interest on savings for the first time and expand beyond their traditional customer base. Credit unions are not-for-profit organisations owned by their members. [...]
January 25, 2012
Tags: borrowing, Credit Crunch, home loans, Lenders, UK loans rates Posted in: Borrowing Costs, Credit Crunch, Finance, Interest Rates, Lenders, Uncategorized No Comments
The financial cost of divorce
January is commonly acknowledged as the busiest month for those starting divorce proceedings- but as well as emotional there are financial costs of a divorce.Following an the festive period with extended family and in-laws, it is the time of year when couples with marriage difficulties decide to make a fresh start. It may also be [...]
January 20, 2012
Tags: Bankrupcy, borrowing, Credit Crunch, Loan calculator, personal loans Posted in: Bankrupcy, Borrowing Costs, Credit Crunch, Finance, Home Loans, Loans Calculators, Uncategorized No Comments
Payday loans lenders face OFT penalties
Action is being taken against payday lenders who flouted rules on online advertising in the run up to Christmas.The Office of Fair Trading (OFT) found some were not checking whether customers could afford to borrow or outlining charges for going into arrears. A number were unclear about the loan terms and failed to explain the [...]
January 16, 2012
Tags: bad debts, bank lending, borrowing, consolidate debt loans, Credit Crunch, Debt Consolidation, debt management plans, sub prime loans, UK loans rates Posted in: Borrowing Costs, Credit Crunch, Debt Consolidation, Debt Management, Finance, Interest Rates, Lenders, Online Banking, Payday Loans, Sub Prime Loans, UK Loans Rates, Uncategorized No Comments
Christmas will push third of UK into debt warns YouGov
Almost one in three people in the UK will go into debt over the Christmas period according to a YouGov survey.The survey of 2,015 adults suggests 11% of Britons will lose track of spending, with 31% going into some form of debt to fund Christmas related costs. Of these, it suggests 58% will rely more [...]
January 11, 2012
Tags: bad debts, banks, borrowing, Credit Crunch, Debt Consolidation, debt management plans, Loan calculator, sub prime loans, UK loans rates Posted in: Bank Lending, Borrowing Costs, Credit Crunch, Debt Management, Lenders, Loans Calculators, Sub Prime Loans, UK Loans Rates, Uncategorized No Comments
Millions turn to payday loans claim insolvency experts
Millions of Britons are likely to take out a high interest loans in the next six months to last them until payday a group of insolvency experts claims.R3, which represents “professionals working with financially troubled individuals and businesses”, bases its claim on interviews with 2,000 people. Some 60% of those surveyed worried about their level [...]
December 29, 2011
Tags: bankers, borrowing, Credit Crunch, debt management plans, refinancing rates, sub prime loans, uk recession Posted in: Bankers, Borrowing Costs, Credit Crunch, Debt Management, Finance, Interest Rates, Loans Calculators, Payday Loans, Sub Prime Loans, Uncategorized No Comments
One in four households face fuel poverty warns Consumer Focus
The proportion of homes in fuel poverty in England and Wales has risen from 18% to 24% in two years estimates suggest.Consumer Focus calculated that nearly 5.7 million households are in fuel poverty – when more than 10% of their disposable income is spent on fuel. The watchdog said the issue was particularly acute in [...]
December 22, 2011
Tags: bad debts, borrowing, finances, Loan calculator, recession, uk recession Posted in: Credit Crunch, Debt Management, Finance, Loans Calculators, Uncategorized No Comments
UK banks charging as much as 800,000% on overdrafts
Some High Street banks are charging “eye watering” rates of interest when their customers go over their overdraft limit.A customer borrowing £100 for 28 days without the consent of Santander would repay £200, for example. That is the equivalent annualised percentage rate, or APR, of 819,100%. Comparisons between banks and so-called payday lenders showed that [...]
December 20, 2011
Tags: bank lending, bankers, borrowing, Credit Crunch, Interest Rates, payday loans, UK loans rates Posted in: Bank Lending, Banks, Borrowing Costs, Finance, Lenders, Loans Calculators, Loans Rates, Payday Loans, Sub Prime Loans, UK Loans Rates, Uncategorized No Comments
