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06th of September 2010
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News Tag: repayments

July 21, 2010

Error raises mortgage payments for Clydesdale and Yorkshire customers

by Gill Montia
”Error
Some Clydesdale and Yorkshire Bank customers are facing increased mortgage costs because of a systems error. According to reports, around 18,000 variable rate borrowers can expect their repayments to rise by between just few pounds and hundreds of pounds a month. However, for half of those affected the monthly penalty should be below £25. Clydesdale's retail director, Steve Reid, has apologised ...



June 29, 2010

European shares down on banking concerns

by Kay Murchie
European shares down on banking concerns
There are fresh concerns over the European banking sector after banks are scheduled to repay €442 billion (£362 billion) worth of loans to the European Central Bank (ECB) later this week. Shares in Europe hit a three-week closing low today as a result. Furthermore, shares were hit by a sharp fall in US consumer confidence and a fall in Japanese industrial ...



May 21, 2010

PPI rarely provides adequate cover

by David Masters
PPI rarely provides adequate cover
"Onerous clauses" on payment protection insurance (PPI) mean that borrowers unable to pay back their loans rarely receive an insurance payout, a finance expert has claimed. David Kuo, director of Motley Fool, said consumers are being duped into believing PPI will cover them if they have legitimate reasons for failing to make loan repayments. "Borrowers think, 'Oh, I'm getting protection in case I lose ...



January 28, 2010

Positive shift in mortgage affordability

by Gill Montia
”Positive
Homeowners in England and Wales saw a 20% drop in the proportion of their take-home pay spent on monthly mortgage repayments in 2009. The latest mortgage affordability research from Barclays' Woolwich lending arm reveals that in December 2008, mortgage borrowers spent an average £196 of every £1,000 of their monthly take-home pay on their home loans. However, a year later the proportion has ...



August 12, 2009

Barclaycard ‘the only winner’ from helping-hand scheme

by David Masters
Barclaycard 'the only winner' from helping-hand scheme
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 debts each month. Customers will be sent ...



April 9, 2009

Brits axe insurance payments to save money

by David Masters
”Brits
Millions of people in the UK have cancelled or reduced their insurance policies in a bid to save money as the recession bites. Research from Sainsbury's Finance found that nearly 950,000 Brits have either given up or cut down their home contents insurance, whilst an additional 700,000 have reduced or stopped payments for their buildings protection. Life insurance policies have also been ...



January 7, 2009

Debt worries plague the nation

by David Masters
Debt worries plague the nation
Nearly one in three people in the UK are struggling with debt, new research has discovered. A poll by MoneyExpert.com found that 30% of people are worried about their ability to stay on top of loan, credit card, and mortgage repayments. The study also found that more than one in eight people have asked for advice on managing debt because they are struggling to ...



December 3, 2008

Northern Rock holds back on repossession for six months

by Gill Montia
Northern Rock holds back on repossession for six months
Northern Rock is to follow the lead established earlier this week by Royal Bank of Scotland and not begin repossession proceedings until mortgage borrowers are six months or more in arrears with repayments. The nationalised lender has come in for criticism over its repossession policy. In October, debt charity Credit Action claimed that the bank's level of repossessions was twice ...



November 7, 2008

Hope for homeowners as Libor falls 1%

by Gill Montia
Hope for homeowners as Libor falls 1%
Mortgage lenders have been ordered to pass on to customers yesterday's 1.5% cut in the Bank of England's base rate, to 3%. Chancellor of the Exchequer, Alistair Darling, called leading lenders to a meeting early today and Prime Minister Gordon Brown is backing up the Treasury's actions by stating that the Government is determined to get banks to resume lending. The UK's ...




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