Archive for May, 2008
Interest rate cuts do not stop lenders from hiking up borrowing rates
A recent report has shown that the recent base rate cuts applied by the Bank of England have done nothing to stop some lenders from hiking up their borrowing costs and interest rates, which means that many consumers are still having to pay through the nose for their borrowing despite the three base rate cuts since December. In the last few months the Bank of England has cut the base rate from 5.75% to 5% with three 0.25% rate cuts.
Popularity: 3% [?]
Expert comments on Halifax All-in-One card
The Halifax has recently announced the launch of its All-in-One card, where consumers can enjoy ten months interest free credit on both balance transfer and purchases made on the card. Sean Gardner from MoneyExpert.com said that whilst the card may prove attractive to many consumers looking for 0% on both purchases and balance transfers, some people with good credit may be able to get a better deal.
Popularity: 2% [?]
Customer details lost by high street bank
One of the UK’s leading high street banks, HSBC, recently admitted that it had lost the personal details of around 370,000 customers, after a disc went missing. The bank faced an investigation by the Financial Services Authority after it admitted to losing the information. The disc was being sent to reinsurance offices via an external courier in March when it went missing. The bank admitted the loss to the Financial Services Authority.
Popularity: 2% [?]
A&L takes popular mortgage off the shelves
The Alliance and Leicester has recently announced the withdrawal of one of its most popular mortgage products from the market, stating that it can no longer keep up with demand for the mortgage product. The two year fixed rate mortgage from the Alliance and Leicester has enjoyed huge popularity in the past, but officials from the bank have stated that demand is now outstripping the ability to supply, and with this in mind the lender has decided to take the deal off the market altogether for the foreseeable future.
Popularity: 8% [?]
Online bankruptcy solution could cause havoc
At present the process of filing for bankruptcy is a long and arduous one, which makes people think twice before they decide to go down this road. However, from next April the government plans to introduce Debt Relief Orders, which will enable consumers to wipe out their debts through bankruptcy online without the need to go through bankruptcy courts. However, industry officials are concerned that this method could be open to abuse and could result in havoc.
Popularity: 8% [?]