More people are deceiving lenders by lying on credit card and loan application forms, to try and cover up poor credit histories, according to UK fraud prevention service CIFAS.
Lies on application forms are up by 13% to 21,780 in the first three months of 2008 – from 19,239 in the quarter of 2007.
The most common [...]
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DEMSA/OFT Approval
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Monthly Archives: April 2008
Credit crunch fuels loan lies
42 per cent rise in secured loan court orders
The number of lenders trying to secure loans and credit card debts against borrower’s properties has increased dramatically according to provisional Ministry of Justice figures.
Their findings show that the number of banks seeking court orders to secure personal debt against property has risen by 42 per cent year on year, reaching 131,644 in 2007.
This figure [...]
Banks lose OFT charges test case
Seven of the biggest UK banks lost a landmark test case today at the High Court regarding their unauthorised overdraft charges.
Mr Justice Andrew Smith agreed with the OFT that charges were covered under the Unfair Terms in Consumer Contracts Regulation 1999 and that their bank fees could be challenged by the Office of Fair Trading [...]
Chiltern Debt Monitor April 08
The average level of debt of someone on an informal debt management plan has fallen below the £26,000 mark for the first time and is now at its lowest amount since the Chiltern Debt Monitor started.
Chiltern Debt Monitor April 08
Average level of debt: £25,945
Average age of debtor: 44
Yearly gross income: £23,444
Male: 42%
Female: 58% Average number [...]
Workers going overdrawn sooner
Workers are having to use their overdraft earlier than previously each month, in order to tide them over until payday, according to a study by Opinion Research.
Their research showed that an increasing number of workers are having to resort to their overdraft each month, only 20 days after being paid.
These results showed that people were [...]
Over half a million credit card rejections a month
There have been more than half a million credit card rejections each month for the last six months, according to figures released by financial website moneyexpert.com.
Credit card companies have denied on average over 3.24 million applications over the past six months, as credit continues to be harder to obtain.
Its figures show that around one in [...]
Over half a million credit card rejections a month
There have been more than half a million credit card rejections each month for the last six months, according to figures released by financial website moneyexpert.com.
Credit card companies have denied on average over 3.24 million applications over the past six months, as credit continues to be harder to obtain.
Its figures show that around one in [...]
Saving Money with Remortgages Deals in UK
Remortgages means changing your existing mortgage from one lender to another to get yourself a better deal.
Out of five home loans were actually mortgages as millions of canny borrowers took advantage of the UK’s hugely competitive mortgage market.
Why Remortgaging? There may be many reasons for remortgage, like bargaining with existing lender to review the current [...]
Abolished 10p tax rate hits low-paid
New tax changes launched this week are set to punish the low-paid, MP’s have said.
New tax changes launched this week are set to punish the low-paid, MP’s have said.
The decision to scrap the lowest 10p rate income tax band means that childless people in low-paid jobs will be penalised and could lose out by as [...]