Even though borrowing rates are at historically low levels, some credit card firms have hiked interest rates on cards aimed at their poorer consumers.
Less than a month ago the Bank of England reduced base rate interest to its lowest recorded level. Despite this, one of the UK’s largest credit card providers, Capital One, has revealed [...]
-
DEMSA/OFT Approval
We are a member of DEMSA and subscribe to the DEMSA Code of Conduct.
DEMSA is an organisation founded to monitor and maintain high standards in the Debt Management industry. All members of DEMSA are bound by the terms of the Code of Conduct established by DEMSA. Read more...
Monthly Archives: January 2009
Poorest credit card holders penalised
Pre-paid energy meters under attack
Pre-paid gas and electricity meters have been slammed after reports of bills exceeding £60 per week resulting in Dickensian-type living conditions.
The study by Transact (a consortium of debt advice agencies, credit unions and housing associations) claimed that its members had reported high levels of financial hardship brought about by the unreasonable energy charges.
The consortium found [...]
Clearing the Air?
Hmmmm, just when I thought things were just about as bad as they are going to get I hear that we’re in trouble because of unacceptable levels of air pollution!
The European Commission has warned the UK that it has failed to meet the required standards as far as their clean air policy is concerned although, [...]
Above the Law
I have mentioned in previous articles my concern regarding the Government apparently placing itself above the law (the Lloyds TSB/HBOS merger, the pushing through of the approval for Runway 3 etc), now it appears that one of our greatest icons is also considered to be above the law.
I am talking about none other than David [...]
Minister slams debt collectors
Consumer Minister Gareth Thomas is to meet debt collection industry representatives, amid concerns of practices employed by collection agencies and that a growing number of people are being wrongly pursued.
Minister Mr Thomas said:””I am increasingly concerned about some of the practices that we are hearing about used by debt collection agencies. There is often psychological [...]
Baroness admits balls-up
It’s learned that the medical condition called “cello scrotum” has been declared a hoax.
A top doctor has owned-up to her part in fooling a leading medical journal after inventing the condition in the 1970’s.
Fortunately for Elaine Murphy – now Baroness Murphy – no one faces the sack for failing to spot the implausibility of the [...]
Debt to deal with debt?
Many families may be wrongly encouraged to take on more debt as a way of handling the recession, according to debt advice organisations.
Debt advice charities have reported record numbers of calls from families and older people needing debt help, and who are struggling to maintain their loan repayments due to unaffordable credit commitments and rising [...]
Uplift in the economy? It’s just cosmetic
Despite the recession and credit crunch, it’s not just the economy where it’s going t**’s up.
More people are having cosmetic surgery according to figures from the British Association of Aesthetic Plastic Surgeons.
Over 34,000 procedures were performed in 2008 – an uplift of over five per cent on the previous year.
The number of breast augmentation operations [...]
Demographic Debt
I have just received the National Debtline Statistics for 2008 and it makes for some interesting reading. I often see reports talking about ‘vulnerable’ sectors of the population, the aged, the disabled, the unemployed and so on but, judging by this report, the sort of person most likely to seek debt help or debt advice [...]
Dangerous cheques push users unknowingly into debt
Many credit card companies are targeting existing customers with blank “cheques” for their accounts that could be potentially financially harmful, according to consumer group Which? and moneysupermarket.com.
Increasing numbers of these credit card cheques are being sent to existing customers as lenders try to exploit the lack of available credit in the marketplace, as they try [...]
Happy 4076!
Today is the first day of the year 4076 in the Chinese calendar and this year is Ji Chou, the Year of the Ox. Curiously enough the Year of the Ox represents calm, fortitude and success through hard work … quite fitting really. We need calm to weather the storm, take stock of the situation [...]
It’s official – we’re in a recession
According to government figures, the UK is now officially in recession for the first time since 1991.
Official government figures have confirmed that gross domestic product (GDP) fell by 1.5% in the final quarter of 2008 following a 0.6% drop in the previous three months.
Two consecutive quarters of falling economic growth is the generally accepted definition [...]
Car production down in the UK
According to figures released by SMMT (the Society of Motor Manufacturers and Traders) the number of new cars built in the UK, last month, has fallen dramatically. New car production was down by nearly 50% from the same period in December 2007, as factories were closed over the Christmas period.
Average car production over 2008 [...]
Possession orders virtually doubled
The number of people losing their homes after failing to keep up with mortgage payments has nearly doubled, according to the Financial Services Authority.
In the third quarter of 2008, the number of possession orders that were granted by courts stood at 13,161 – up 92% from the same period in 2007.
The FSA also reported a [...]
A Strong, Independent Bank (2)
When, in my article of 31st October 2008, I spoke about Barclays Bank’s move to raise capital of £7.3 billion from the Middle East rather than follow the debt ridden crowd seeking government handouts, I don’t think many people (me included!) realised that, by taking that Middle Eastern capital, it would effectively prevent them from [...]