Archive for August, 2007
Payment Protection Insurance sales halted by Nationwide
Officials from the largest building society in Britain, the Nationwide, have admitted that the staff are not performing properly when it comes to the sale of Payment Protection Insurance, also known simply as PPI.
As a result they have announced that the sale of this type of cover is to be temporarily halted until training issues have been sorted out. PPI has been at the centre of controversy for some months after it was found by regulators that many policies were being mis-sold to consumers that could never benefit from them.
Popularity: 25% [?]
Mortgage fees from HSBC to be halted until end of September
HSBC is trying a new tactic to try and tempt consumers to take out a mortgage with them. One of the leading UK High Street banks, the HSBC has recently announced that it will be offering fee free mortgages until the end of September, enabling those looking to take out a mortgage to do so without having to pay any fees.
However, although there will be fee free mortgages available from the bank, those wishing to opt for the best rates with HSBC, which are known as mortgage specials, will still have to fork out for the arrangement fee.
Popularity: 20% [?]
IVA governing body thinking of suing banks
A governing body for a number of IVA companies is thinking of suing banks in the UK for hindering IVA cases and forcing an increase in bankruptcies as a result of this.
The Debt Resolution Forum represents a number of firms that deal with Individual Voluntary Arrangements, and officials from the body state that the action being taken by bank representatives is leading to an increase in bankruptcies, hindering the chances of those in debt to benefit from IVAs, and could even result in driving some advisers out of business altogether.
Popularity: 23% [?]
Is your pet insured for accidents, injuries, and illness?
To most pet owners in the UK their cats, dogs, and other pets are part and parcel of the family unit, and most want to ensure that their beloved pets are protected against illness, injury, and harm.
Although many people get their pets vaccinated against various health problems that could strike, most animals are still at risk of injury or unexpected illness, and when this strikes the vet’s bills can quickly mount up and can prove extremely costly.
Popularity: 25% [?]
Increase in repossessions due to interest rate rises
For some months analysts and economists have been predicting that the series of interest rates rises that have been applied by the Bank of England over the past year will tip many households over the edge financially, leaving many struggling to repay their mortgages as a result of being unable to keep up with repayments.
After the fifth interest rate rise of 0.25% in the space of a year, which was applied in July, predictions grew stronger, and recent reports indicate that interest rate rises are indeed starting to take their toll on homeowners.
Popularity: 22% [?]
House Price Inflation Eases
It’s been rumoured for some time and forecasts have been getting more frequent. Now Government figures make it official – house price growth did slowdown during May; the property market is losing momentum at last.
A home in the UK coats an average of £211,056 in the year to the end of May – up 10.9% - according to the Department for Communities and Local Government (DCLG). To the end of April the figure was 11.3% so the latest figure is down from that, continuing the downward trend from the 23-month high of 11.8% in February 2007. Nevertheless, the latest figure is still nearly twice as high as it was in May 2006.
Popularity: 23% [?]
Can Long-term Fixes Be Attractive Enough?
Prime Minister Gordon Brown and Chancellor Alistair Darling have called for more 25-year fixed rate mortgages to be available for borrowers. The Chancellor said he would make long-term fixed-rate mortgages easier to finance to assist lenders, who wonder exactly what changes he can make to make them attractive enough.
Long-term fixed rate mortgages give borrowers peace of mind as they know exactly what their monthly repayments will be for the whole term, no matter how much the Bank of England’s base rate is fluctuating, and if variable mortgage rates change around them, they won’t care.
Popularity: 20% [?]
First Direct offers good customer service
The Internet banking arm of HSBC, one of the UK’s leading banks, has been under fire for a number of reasons recently. Like all other banks, First Direct has had to deal with thousands of claims from customers trying to reclaim their bank charges.
In addition to this the popular online bank has also hit the headlines after losing thousands of customers following the introduction of a £10 monthly charge on bank accounts where a certain level of income was not received.
Popularity: 26% [?]
Charity confirms continued rise in debt enquiries
A debt charity in the UK has confirmed that debt related enquiries have continued to rise over the first half of this year, reflecting the problems that consumers are facing with regards to their debts, and also reflecting the impact that rising interest rates and repayments have had on households that are now struggling to keep up with repayments. The information comes from the Consumer Credit Counselling Service, and shows a steep increase in the level of bad debt enquiries.
Popularity: 20% [?]
Insurance premiums to be affected by flood costs
This June in the UK was one of the wettest on record, with torrential rain and bad weather causing severe flooding and vast amounts of damage in some areas of the country, leaving many without a food over their heads and even resulting in fatalities.
As a result of the high level of damage caused by the rain insurance companies have been flooded by claims from homeowners that have incurred thousands of pounds worth of damage, and insurers have had to pay out millions of pounds in these claims.
Popularity: 22% [?]