Archive for the ‘Uncategorized’ Category

TweetShareAccording to CML data, there were 8,140 repossessions in the first half of the year as more people get affected by debt, nearly double the amount of a year ago. Debt is causing problems with repayments too, with 35,320 during this period being in arrears compared to 31,470 in the first half of 2005. Commenting [...]

TweetShareDirector general of the BSA, Adrian Coles, said that despite being surprised by the timing of the increase in the base rate to 4.75 per cent, people should still be able to cope with debt. Mr Coles said that “even with the rate rise we believe that most people will continue to be able to [...]

TweetShareAlthough some financial commentators expected a rise to 4.75 per cent at some point in the year, the TUC said the increase took many by surprise and left them unprepared for the extra repayment debt each month. Assistant general secretary of the TUC, Kay Carberry, said: “This is a double blow for working people with [...]

TweetShareAccording to the Insolvency Service, there has been a two-thirds increase in the amount of insolvencies in England and Wales in June compared to a year ago. Figures reveal that there were 26,021 people who were declared insolvent in the second quarter of 2006, which in itself was a ten per cent increase on the [...]

TweetShareResponding to reports that most major banks had seen bad debt levels rise by about a third, the party’s financial spokesman Vince Cable said this was partly due to irresponsible lending. “The irresponsible behaviour on the part of lenders and consumers over the last few years is now starting to show through in the bad [...]

TweetShareOffice of Fair Trading calls to reduce penalty charges from £22 to £12, a rise to nearly a £1 billion in bad debt at each major bank and other losses are being blamed for the likely charge. “[Banks] are also experiencing the need to tighten lending criteria as a result of burgeoning bad debts,” said [...]