Archives for July 2007
‘Proactive approach to saving’ may provide debt help
Consumers seeking debt help could benefit from taking a “proactive” approach to their savings, it has been claimed.
According to Investec Private Bank, savings accounts which feature in best-buy tables frequently do so on the grounds of unsustainable headline rates.
The financial services provider encourages consumers to check their account is still generating the maximum amount […]
‘Pottermania’ could present debt problem
Parents could face a debt problem due to their children’s ‘Pottermania’, it has been claimed.
The cost of providing a child with a complete set of Harry Potter memorabilia totals £1,425, according to insurance provider Liverpool Victoria Friendly Society (LVFS).
Products contributing to the total include a cape, wand and broom, as well as hardback, paperback […]
IVAs ‘increasing in debt elimination usage’
Individual voluntary arrangements (IVAs) are an increasingly popular mode of debt elimination, it has been claimed.
The ease with which IVAs may be obtained means many people are arranging the debt elimination method over the phone, according to an expert.
Paul White of Belgravia Insurance Consultants suggests that IVAs and bankruptcy are increasingly acceptable ways of […]
Rate rises ‘adding to personal debt’
The personal debt crisis in the UK means consumers have “never had it so bad” following recent interest rate rises, it has been claimed.
Research conducted by Alliance Trust shows rapidly increasing consumer spending, with real earnings growth at its lowest point for ten years.
On the 50th anniversary of Harold McMillan’s infamous “most of our […]
Credit debt management ‘can help with future borrowing’
Effective credit debt management may allow consumers to borrow more easily in the future, it has been claimed.
The Co-operative Bank states that a poor credit score may prevent Britons from being approved for personal loans.
Spokesperson Andy Hammerton advises that products such as career development loans - which could carry an expectation of higher earnings […]
High LTV mortgages ‘may aid debt recovery
Mortgages with a high loan-to-value (LTV) ratio may aid debt recovery, it has been suggested.
For house buyers with no funds to put towards a deposit, mortgages with an LTV of 100 per cent cover the entire purchase price of the property.
Paul Davies of independent advisory service Mortgage Financial suggests the products may offer a […]
Lost wallet ‘could lead to personal debt’
A lost wallet could result in a personal debt of more than just loose change, it has been claimed.
Credit card provider Capital One suggests that identifying documents could allow a thief to apply for loans using the wallet’s owner as a pseudonym.
The firm advises vigilance among Britons and urges that care be taken not […]
IVAs ‘could triple by 2010′ for debt problem Brits
The number of Britons seeking individual voluntary arrangements (IVA) to tackle their debt problem could triple by 2010, it has been claimed.
Research conducted by the Manchester Business School found 13,000 couples applied for IVAs in England and Wales in 2006.
This represents a 165 per cent increase since 2004, the study found, while the researchers […]
Text banking ‘could offer debt management solution’
Banking by text message could offer a debt management solution, according to first direct.
The online financial services provider suggests that alerts for incidents such as going overdrawn or when a cheque is about to be paid could help accountholders to avoid incurring penalty charges.
And a spokesperson for the internet bank noted the immediacy with […]
Debt problem ‘at 40-year peak’
The disparity between affluent Britons and those with a debt problem is at its greatest for 40 years, research shows.
A study conducted by the Joseph Rowntree Foundation reveals the total number of households below the poverty line has increased in recent years.
There is some consolation for those facing bad debt, as the level of […]