Consumer group Which? has warned homeowners with SVR mortgages that they will be financially squeezed once interest rates are lifted. A Standard Variable Rate (SVR) is a mortgage in which the rate of interest is varied from time to time by the lender but it is usually set at about 2% above the Bank of [...]
A report by insolvency specialist Begbies Traynor has revealed 2011 could see a 10% hike in insolvencies. According to the report, 147,836 firms are facing serious difficulties than at any time since the beginning of 2009. The report suggests firms are still feeling the effects of the recession and the Government spending cuts will only [...]
British consumers should expect to face more financial difficulty this year than during 2009, a financial expert has claimed. Richard Perks, director of retail research at Mintel, said it is “obvious” that living costs are going to rise while income is squeezed. The tough times are “really still to come,” Perks said. “That doesn’t necessarily [...]
Championship side Crystal Palace has gone into administration as a result of financial difficulties. In November, cash flow problems were highlighted after players were paid late on several occasions. The news comes just a month after Watford Football Club saw its shares suspended after its parent company, Watford Leisure, was on the verge of administration. [...]
It has emerged today that Coventry Airport is to close immediately with the loss of 70 jobs, as a result of financial difficulties. West Midlands International Airport, which owns Coventry, were due to appear in the High Court tomorrow to face a winding-up order. A spokeswoman for Coventry Airport issued a short statement: “The board [...]
A new government website launched to help people facing repossession was welcomed this week by an industry expert. Chris Jenkins, co-owner of the Homeowner’s Advice Centre, said the new site is a “positive step”. The “easily accessible format” of the site helps people find the advice they need with minimum effort, he added. The website [...]
Barclaycard’s claim to be lending a helping hand to customers in financial difficulties are little more than a sham to boost the company’s coffers, a financial expert has claimed. The credit card provider has launched a new advice line targeting customers who are close to their credit limit or who are failing to clear their [...]
The Council of Mortgage Lenders (CML) has written to the Chancellor of the Exchequer, Alistair Darling, outlining the ways in which lenders are acting to minimise the financial problems of borrowers, particularly those coming off low-rate deals. The Council expects the number of mortgage arrears cases and repossessions to remain low during 2008 and points [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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