Royal Sun Alliance has announced that it plans to cut 1,200 jobs, in the UK, by next summer. Royal Sun Alliance is Britain’s largest insurance company, employing nearly 9,000 people in Manchester, Liverpool, Halifax, Sunderland and Horsham.
News of the proposed job cuts has come as a surprise since RSA declared a pre-tax profit of £759m [...]
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Monthly Archives: February 2009
RSA To Axe 1,200 Jobs
Data Theft USA
We are constantly reminded of the seriousness of Data Protection in the field of debt management and IVA advice and of the dire consequences that could occur through ‘misplaced’ data and identity fraud so, as you can imagine, I was somewhat shocked to hear that a study of 945 adults who were fired, laid off [...]
Train Companies Denied
The government has turned down a request, for increasing fares, from UK train companies. At the moment, fare increases are linked to a formula that was introduced by the conservatives some time ago, that allows fare increases of 1% above inflation. The train companies are worried that, should deflation occur, they would actually [...]
Jack Straw’s castle breached
As if to demonstrate the effects of identity theft, UK Justice Secretary unknowingly had his computer hacked into by Nigerian fraudsters who sent messages to his friends asking for money.
The computer’s security was breached by Nigerian hackers, who managed to send out hundreds of emails in Mr Straw’s name requesting cash to help him get [...]
Pawnbroker’s profits up as consumers stave off debts
With the credit crunch tightening its grip on available loans, more consumers are having to find alternative ways of raising cash after being rejected by their banks and building societies.
As a result, pawnbrokers and high street stores like Cash Converters are seeing higher numbers of customers entering their shops, in a desperate attempt to stave [...]
Debt advisers urge mortgage charges review
Debt advice organisations have criticised mortgage lenders for the administration fees charged to home owners who fall behind with their repayments.
Many customers receive charges of between £20 and £50 each month that they are in arrears, which lenders say reflect the additional work involved and costs they incur as a result.
Experts have warned that these [...]
Business Bargain Basement
One effect of the recession does appear to be the offloading of poor performing businesses that are heavily in debt for a very low nominal price. Here are a few examples of what is, or was, available in the Business Bargain Basement sponsored by The Credit Crunch.
The Mallorca based airline, SpanAir, was reputedly sold to [...]
Recession creates “lost generation”
The current recession may have long-lasting effects for the young according to some local authority leaders, who claim a “lost generation” of young people may not escape the long-term unemployment trap.
A Local Government Association (LGA) investigation found that around a quarter (38,000 people) of the total of redundancies made between October and December were people [...]
Government deals debt claims companies a blow
The Government has started an official crackdown on misleading adverts by claims management companies offering to wipe out unpaid loans and credit card debts.
These companies wrongly entice consumers to try and wriggle-out of loans and credit card debt agreements through a “loophole” that they claim to be able to expose.
The Ministry of Justice is set [...]
Lack of Judgement?
According to a report by BBC News in Madrid the judges in Spain are staging a one day strike because they are not happy with their working conditions. This has led to hundreds of trials shuddering to a grinding halt throughout Spain although ‘important trials’ are apparently not affected. (When I wonder what constitutes an [...]
IVA Advice Required?
As a result of the current financial climate and global credit crunch, the number of consumers facing severe hardship has spiraled. The prospects for the future don’t look much better. Many experts are predicting that unemployment could soon top three million, and that the economy could soon enter a sustained period of deflation.
The [...]
Huge increases in unsecured debt spending
Almost ten per cent of all UK adults now spend over half of their monthly income to pay off unsecured debts.
According to a survey from credit reference agency Callcredit, the number of individuals paying 50 per cent of their earnings or more each month towards unsecured credit balances has soared over the last 16 months.
Eight [...]
Debt Consolidation
In the current financial climate many people are finding it difficult to keep up monthly repayments on their credit cards, loans and other forms of finance. More and more consumers are looking at different debt consolidation options as a way of getting out of trouble.
There are several debt consolidation options available, the most common [...]
Debt advice charity warns of banks’ underhand tactics
Debt advice charity, the Citizen’s Advice, has reported that some banks are leaving customers unable to meet mortgage and other repayments, as they have unknowingly taken money from their current accounts to cover debts held with them.
Debt help organisations have called for the underhand practice to be stopped, which allows banks to take money stealthily [...]
Mortgages slump to lowest ever level
In 2008 the number of agreed mortgages slumped to its lowest level in 34 years according to the Council of Mortgage Lenders (CML).
Just 516,000 mortgages were lent to borrowers in 2008, down by almost 50% on the previous year. This is the lowest figure since the CML started recording levels in 1974.
First-time buyers found they [...]