Archive for February, 2007

OFT outlines ‘fair banking’ proposals

by News Team on February 20th, 2007

TweetShareA new banking code should stipulate that consumers are notified two weeks in advance before any charges are taken from an account and banking groups should end their “reliance” on so-called hidden charges, the independent organisation makes clear. The calls from the OFT have been submitted to the British Banking Association as part of its [...]

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Charging on current accounts ‘would be crazy’

by News Team on February 20th, 2007

TweetShareMs Melville’s suggestion comes in the wake of the revelation that banks in the UK have accumulated their highest ever profits, despite receiving more complaints about their services than ever before. The very idea of charging current account customers is “crazy” and would mean more debt management problems for those people in Britain who already [...]

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‘Banks to blame’ for UK debt levels

by News Team on February 20th, 2007

TweetShareChairman of Debt Free Direct Mike Blackburn told the Telegraph that the continuing rise in Individual Voluntary Arrangements (IVAs) being entered into nationwide has been fuelled by excessive and inappropriate bank lending. And with the same banks expected to announce record profit figures, Mr Blackburn’s organisation suggests that there are between one million and two [...]

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Banks’ record balances “completely unjustifiable”

by News Team on February 20th, 2007

TweetShareIn the face of the country’s deepening debt crisis and increasing cases of bankruptcy, the profits being amassed by banks are “excessive”, Mr Cable asserts. “Gordon Brown should stop worrying about his reputation with the haves and instead start thinking about the have-nots,” he said. “Banks are still enjoying excessive profits, based all too often [...]

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Avoiding bankruptcy “matter of pride” for older generations

by News Team on February 18th, 2007

TweetShareChris Tapp, associate director at national money education charity Credit Action, suggests that for those in their 20s or 30s the fear of suffering a damaged reputation is less significant when it comes to debt management. “It [avoiding bankruptcy] is more of a matter of pride than for younger people,” Mr Tapp explained in response [...]

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Banks likely to ‘tighten lending criteria’

by News Team on February 18th, 2007

TweetShareTim Moss, head of loans and debt at price comparison service Moneysupermarket, also suggested that rates of interest on personal loans being offered by the country’s major banks will increase over the coming months. Mr Moss’ comments came in the wake of Moneysupermarket’s own research which showed that a full 8.5 million people have now [...]

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