Archive for January, 2008
Many people will have cleared their cards by end of Jan
According to a recent survey carried out by Sainsbury’s Bank the majority of consumers that used their credit cards to put Christmas spending on the plastic will actually repay their balance in full by the end of January, which could save many of these people a fortune in interest. Of those surveyed around 61% stated that they planned to clear their balance in full at the end of the month.
Popularity: 65% [?]
100% mortgage getting increasingly difficult to find
A recent report has indicated that finding a 100% mortgage deal has become increasingly difficult over recent months, as credit conditions have become tighter and tighter in the UK, and this situation is set to get worse over the course of the year according to some industry officials. The credit crunch that swept across the UK last year has had a number of repercussions, and many lenders have had to tighten their belts when it comes to lending in light of factors such as bad debt levels and difficulties with inter-bank lending.
Popularity: 50% [?]
What does the bank charge High Court test case mean for consumers?
Earlier this week the eagerly awaited High Court test case relating to bank charges in the UK began. Bank charges have been at the centre of controversy for a couple of years now, ever since campaigners and regulators pointed out that banks were charging consumers far more than it was actually costing the banks for exceeding overdraft limits, for bounced cheques, and for returned direct debits. Some banks were charging consumers close to £40 per fee, whereas the actual cost to the bank is thought to be between £2 and £5.
Popularity: 63% [?]
Nearly 90% of consumers feel ripped off by energy providers
According to a recent report nearly 90% of consumers with the nation’s largest energy suppliers in the UK feel ripped off as a result of energy prices. However, despite the complaints about energy suppliers the UK’s energy regulator Ofgem has stated that it will not be taking the big six energy suppliers to competition authorities over their pricing. Some of the major energy suppliers have already hiked up prices on gas and electricity usage, including British Gas, EDF Energy, and Npower.
Popularity: 34% [?]
Making use of price comparison sites
Price comparison websites have become extremely popular across the UK over the past couple of years, and these sites have made it easier and more convenience for consumers all across the nation to save a huge amount of money on a variety of services. These price comparison sites are one of the many services that have been made hugely popular as a result of the booming popularity of the Internet, and millions of people now access these sites in order to save money and increase convenience.
Popularity: 47% [?]
Stockbroker fined by financial regulator
A stockbroker in the UK has been fined by the Financial Services Authority after being found guilty of selling risk shares to elderly and inexperienced investors. The fine that the FSA was going to impose on the stockbroker was £1.5 million, but an offer of early settlement and the poor state of finances has seen this fine reduced to £250,000. The FSA has stated that the case is one of the worse that it has come across, and the broker was using hard sell and pressurised tactics to get vulnerable investors to purchase the risk shares.
Popularity: 30% [?]
Debt advice campaign launched by Church of England
The Church of England is launching a campaign aimed at educating people to stay out of debt, and offering advice to those in debt. The campaign is called ‘A Matter of Life and Debt’ and aims to teach people not to buy what they cannot afford, or to offer practical and even biblical advice to those already in debt, with a view to increasing focus and understanding for those trying to get themselves out of the debt trap.
Popularity: 53% [?]
Chancellor to look into energy price hikes
Homeowners across the UK received another blow recently, after finding out that no sooner had the interest rate been cut from 5.75% to 5.5%, easing financial difficulties for those with sky high mortgage repayments, the UK’s energy suppliers announced that they would be raising the cost of gas and electricity usage.
Popularity: 34% [?]
Mortgage broker makes predictions for house prices and interest rates in 2008
Industry officials from the mortgage broker John Charcol have been making predictions with regards to house price movement and interest rate movement for the coming year. Many industry professionals have been speculating over how house prices will perform and what the Bank of England will do with interest rates over the course of the year, with the general consensus being that house prices will stagnate or fall slightly and the Bank of England will cut interest rates two or three times over the course of the year, taking both economic slowdown and rising inflation into account.
Popularity: 100% [?]
LMS pleased over rollout of HIPs
The conveyance group LMS has recently stated that it is pleased that Home Information Packs have now been rolled out to all residential properties being marketed for sale across England and Wales, adding that the rollout should prove to be a positive move for those planning to purchase a property.
Popularity: 37% [?]