Although the Citizens Advice Bureau (CAB) is welcoming the news that the government is to offer extra protection to credit card customers, it may come too late for some indebted consumers who could turn to an individual voluntary arrangement (IVA) to solve their debt problems.
The government announced this week that it is to impose regulations on credit card companies regarding their ability to raise borrowing limits and interest rates.
But Teresa Perchard, director of public policy at the CAB, said: “We see far too many people on low incomes who have drifted into very high levels of borrowing as a result of unsolicited increased access to credit.”
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Posted in: IVA.
Tagged: individual voluntary arrangement · IVA
While UK mortgage lending is now at its highest for over 18 months it is still significantly short of the average for the last three or four years. Figures from the British Bankers Association showed that just over 42,000 mortgages were approved in September against around 40,800 the previous month. Net mortgage lending also increased from £3 billion to £3.1 billion which is an impressive 4.6% rise although when you consider the wider picture it is still relatively low.
The British Bankers Association, like many experts in the property sector, has highlighted a lack of quality property coming to the market as a reason for prices being squeezed higher in some areas of the country. As we have covered, property prices in some areas of London are back to 2007 highs which against the current economic background is nothing short of suicide. To see property buyers pushing prices to these levels against a background of rising unemployment, relatively low mortgage liquidity and an economy which is still in recession is surprising to say the least.
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Posted in: Mortgage.
Tagged: cheap mortgage · Mortgage · mortgage news · UK finance news · UK mortgage lending
Specialist debt companies in the UK are set to slash debt problems in many areas of the country. With personal debt running at an all time high, most people feel they have nowhere to turn, and are finding debt relief in the arms of regulated debt management companies who have previously been derided in the press.Debt help in the UK has become much more accessible over the past 12 months, and there are numerous options open to people who are struggling with their finances. The rise in unregulated debt management companies has become a problem in many areas, and people are being advised to only use specialist companies who are regulated in the UK.
Financial options for people struggling with credit card debt, mortgage arrears and unpaid bills are wide and varied, depending on the severity of the debt, and include:
Consolidation loans, which can result in you borrowing more money, but making reduced payments
Debt management plans where you make an affordable monthly payment to your creditors without borrowing more money
Individual Voluntary Arrangements (IVAs), which are legal procedures to help people clear serious debts within 5 years
Bankruptcy which is a serious legal procedure, providing help for people with massive debts, which can be cleared within 12 months.
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Posted in: Debt Consolidation.
Tagged: debt · Debt Consolidation · debt problems
