Archives for 11 April 2007
BBA “delighted” with new IVA regulation
The British Bankers’ Association (BBA) has expressed its enthusiasm for self-regulatory activity with respect to the policing of individual voluntary arrangements (IVAs).
According to this self-imposed regulation, IVA providers will have to drop advertisements that are potentially misleading and promote inappropriate levels of debt write-off.
The association states that it has been involved with insolvency practitioners, […]
320 people refused credit per hour
About 320 people are being refused credit by lenders each hour, according to latest research.
Data from MoneyExpert.com has found that 1.39 million people had loan applications rejected in the last six months, suggesting that providers are “getting tough” with applicants.
Sean Gardner, chief executive of MoneyExpert.com, said that consumers should be wary when seeking loans […]
Britons to be charged ‘millions’ for credit cards abroad
Britons are to face a collective total of £355 million in credit card charges when they use their cards overseas this year, according to new research.
Data from uSwitch reveals that UK travellers will be levvied £204 million on credit card purchases and £151 million on withdrawing money from machines when overseas.
Fees charged include exchange-rate […]
Consumer Credit Act to protect debt-ridden
Parts of the new Consumer Credit Act came into effect over the weekend, which will allow borrowers to take complaints about licensed lenders to the Financial Ombudsman Service.
In what has been described as the “biggest shake-up” in consumer protection law in 30 years, the new regulation will allow consumers to challenge unfair credit arrangements […]