Archive for May, 2006

TweetShareIt said that the average customer pays £25 too much for a loan, which is equivalent to £9 per £100 borrowed. Home credit lending is carried out by agents who call to a person’s home, offering them unsecured loans at an average of a few hundred pounds in value. Peter Freeman, chairman of the Competition [...]

TweetShareThe news comes as loan arrears and bad debt judgements are increasing, bringing the number of people with a bad credit history to a high. The Council for Mortgage Lenders (CML) also said that the number of people in mortgage arrears is rising, and is expected to continue to rise over the next few years. [...]

TweetShareThe majority of lenders will offer lower rates on larger sums of money, with some tripling rates for those borrowing smaller amounts. Lisa Taylor, an analyst with Moneyfacts, the financial comparison company, said: “Almost all personal loan providers have adopted a tier-based pricing structure, offering lower rates for larger advances.” For example, Marks & Spencer [...]

TweetShareBeccy Boden Wilks of the Money Advice Trust suggested that because lenders adjust interest rates according to the reliability of each borrower those with a recent record of failure will have to pay more to compensate for becoming a greater liability. She also cautioned borrowers who had failed to meet payments that, depending on the [...]

TweetShareStatistics from the Council of Mortgage Lenders (CML) latest mortgage report show that homeowners paying for their property through mortgages have brought their combined total of debt near to the ten-digit figure. But despite the increase the report points out that debt servicing is not under threat because of the rise, explaining that behind the [...]