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Total consumer credit lending to individuals at the end of Feb 09 was £231bn. This has continued to slow to 3.4% in the
last 12 months.
- Government backed Insolvency Service increase fees by 25 per cent
- Value of debts written off by UK banks up by over 25 per cent
- The Limit on contactless card payments increases to £15
- UK credit card debts left to pile up
- Ex Government Advisor says credit card interest rates are excessive
- ?Missing? credit report information could affect your ability to get credit
- Highest Credit Card Interest Rates since 1998
- Mortgage applications up 14% in January
Debt Management industry UK news
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- Government backed Insolvency Service increase fees by 25 per cent
Going Bankrupt will cost almost double from 6th April 2010...Bankruptcy petition fees from the Government backed Insolvency Service will increase from £360 to £450 from 6th April 2010. This basic fee increase equates to 25 per cent and there will also be an additional court fee of £150. The new total fee is £600, just £60 short of double the current fee.The reason given by the Insolvencey service was because of the economic downturn which means that money recovered from... - Value of debts written off by UK banks up by over 25 per cent
The value of debts written off by UK banks shot up in 2009 from a total of £6.9 billion in 2008 to £9.3 billion in 2009.The debts written off include £4.12 billion in credit card debt, up from £3.2 billion in 2008. The total of 'other loans' written off was up from £3.2 billion to £4.2 billion in 2009. The biggest jump was seen with mortgage debts written off more than doubling from £408 million in 2008 to £984 million... - The Limit on contactless card payments increases to £15
The payment limit was raised on contactless cards yesterday to £15 per total purchase. This includes credit cards and debit cards using the new 'contactless' technology which allows customers to swipe their card to pay for purchases of £15 or less without entering a PIN or providing a signature.It is estimated that 1 in 7 people in the UK will have a contactless card by the end of this year and the hope is that more UK retailers will offer... - UK credit card debts left to pile up
The credit report and credit checking web site Equifax says that more than 1 in 3 of us let credit card debts pile up; a situation that could lead to serious debt problems in the future.Equifax say this dependence on credit could have serious cost implications on family budgets as 22 per cent of people only make the minimum repayment, while 35 per cent of people are paying off up to 25 per cent of their credit card debts every... - Ex Government Advisor says credit card interest rates are excessive
Following on from our news story last week – highest credit card interest rates since 1998 – A former advisor to the Government has said that credit card rates ‘cannot be justified.’Ros Altmann is calling for an enquiry into how the credit card industry sets interest rates. He says that credit card interest rates of around 18 per cent, the highest for over a decade, are excessive and he thinks there could be the need for a regulatory body to... - ?Missing? credit report information could affect your ability to get credit
A report from The Times says that ‘There are estimated to be between 40 million and 50 million active financial accounts of all types, including mortgages and credit cards, classed as “missing” because they do not appear on the credit files held about borrowers by credit reference agencies.’These ‘missing’ financial accounts are the details of bank accounts, mortgages and credit cards opened before 2000. They are referred to as ‘missing’ because they do not show on borrower’s credit files held... - Highest Credit Card Interest Rates since 1998
Credit card interest rates now stand at an average of 18.8 per cent, which is the highest since 1998. Rather alarmingly some customers are reportedly facing interest payments of more than 40 per cent on their credit card borrowing.This recent hike in credit card interest rates may be seen as unfair by many UK consumers especially considering the fact that the Bank of England Base rate remains at a record low level.Research from the financial product comparison web site Moneyfacts.co.uk... - Mortgage applications up 14% in January
The monthly rental market report shows mortgage applications rose sharply in January 2010, up 14% on December 2009 and a 12% increase on January 2009.More competition between lenders for the returning first-time buyer market has also resulted in a new wave of high LTV products dominating its the Top 10 mortgage applications for January.The results are based on the activities of nearly 800 Countrywide mortgage consultants operating throughout the UK. They found that eight products in the Top 10 mortgage...
- Government backed Insolvency Service increase fees by 25 per cent
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