First Plus ad receives criticism

A recent advertisement run by secured lender First Plus advertising a new secured loan offer has been slated by campaigners and officials, and has been accused of acting as a debt trap that could find vulnerable homeowners falling into high levels of unmanageable debt.
The advertisement, which stars television star Carol Vorderman, is for a new [...]

Billions of pounds worth of loans being handed out without proper checks

According to a recent report billions of pounds worth of loans have been handed out to borrowers by lenders that have failed to carry out adequate checks into the circumstances and financial status of the applicant.
It is claimed that many lenders have failed to ask applicants for proof of income before granting the loan, and [...]

Darling states may take time for interest rate cut to be passed on to borrowers

Following the latest base rate cut by the bank of England earlier this month, the Chancellor of the Exchequer, Alistair Darling, has stated that it could take time for the rate cut to be passed on to borrowers, which means that many homeowners will not see the benefits of the rate cut for some time.
Whilst [...]

Northern Rock to be scaled down over next few years

According to a recent report the government appointed chief executive of Northern Rock, Ron Sandler, is planning to cut the size of the business over the next few years, and could end up scaling the bank down to half of its current size in terms of assets and employment.
The bank has already been turning custom [...]

Credit unions offer affordable alternative for loan seekers

Many of the consumers that are seeking loans from banks and larger lenders may have been disappointed recently, as the credit crunch as resulted in many lenders hiking up the cost of borrowing considerably, and many others tightening their lending criteria and making it far more difficult for the average person to get the finance [...]

FSA failed to properly supervise Northern Rock

The Financial Services Authority has finally admitted that there were some serious failing on behalf of the regulator with regards to the way that it dealt with the recent Northern Rock crisis in the summer of last year.
FSA officials admitted that it had failed the bank on a number of levels, mainly relating to supervision [...]

Restricted lending from smaller building societies

Restrictions on lending have been put into place by many smaller building societies, who have found that difficulties in obtaining funds on the wholesale markets have made it impossible for them to meet the demand for loans and finance. As a result these smaller lenders have had to make a number of cutbacks.
An official from [...]

Personal loan interest rates much higher

According to recent figures the interest rates on personal loans are significantly higher than they were one year ago, even though the base rate was the same one year ago as it is now.
Those hit hardest are borrowers looking to fake out smaller loans of around £1000 to £3000, as these smaller loans have seen [...]

Credit crunch still affecting loans sector

A recent report has shown that the global credit crunch has continued to take its toll on the loans market, with the number of sub-prime mortgages on the market dwindling, and the interest rates on personal loans continuing to rise.
Consumers have having real difficulties when it comes to securing affordable finance, with those that have [...]

Northern Rock may still struggle to get customers

Despite its recent nationalisation Northern Rock, which found itself at the centre of a crisis sparked by the credit crunch last year, may still struggle to find customers confident enough to deposit their money in the bank.
Customers withdrew over £2 billion in savings within the space of a few days last year after it was [...]

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