When interest rates increased again it was another blow to families holding mortgages and loans. Families with a £100,000 homeowner loan will have experienced a 20% increase in the amount they must repay on their mortgage within the last 12 months.
The current repayments are now between £655 and £660 a month, according to the Principality […]
20% Mortgage Repayment Increase
Thursday, October 4th, 2007Tax Scandal
Monday, August 13th, 2007The Tories urged the government to take action on the “totally unacceptable scandal” of error and fraud in the tax credits system.
George Osborne, the shadow chancellor said that in 2005-06 the Inland Revenue overpaid £1.7bn to claimants and underpaid £549m.
“That’s well over £2bn in mistaken payments that bring hardship to many hundreds of thousands of […]
Interest Rates Rise
Thursday, July 26th, 2007The Bank of England is in a bind, as it needs to raise interest rates high enough to clamp down on inflation yet manage to do it without tipping the debt-laden consumers over the edge. Its decision to raise the interest rates yet again for the fifth time in a just under a year was […]
Bad Debts Increasing
Wednesday, July 18th, 2007Despite charity and government’s best efforts, bad debts are on the rise in the UK. Reports from one third of UK banks and seventy five percent of buildings societies show that 2007 will be a benchmark year, according to statements from PricewaterhouseCoopers (PWC).
The report stated: “We know there has been a problem with bad loans […]
Pay Raises That Make You Poorer
Wednesday, June 20th, 2007The Prudential reported recently that many people spend their pay bonuses in advance or borrow money against promised pay raises, but it now turns out the problem is worse than the public thought. The Pru now report that consumers are so ignorant about tax that they overestimate the amount of pay increase or bonus they […]
Debt Denial is a Bigger Problem Than Expected
Friday, May 25th, 2007The UK economy is currently enjoying a strong growth period. The inflation rate is risking, but that is because people are spending more, and because of the housing market. Analysts have agreed that the crash in the US sub-prime market will not hit the UK housing market.
However, economists and debt charities are pointing to a […]
Basic Bank Accounts
Tuesday, March 27th, 2007If you have a poor credit history, bad credit rating, or have very little income, you may want to consider a basic bank account. Often if you have poor credit rating, you may find it hard to get a current account. Basic bank accounts are not only available to almost everyone, but it is an […]