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 [...]

FSA send out warning to banks

The Financial Services Authority has sent out a stark message to banks, warning them that the cost of selling off their loans will never be as low as it used to be, and adding that the cost of borrowing is likely to increase on a permanent basis with more lenders having to keep loans on [...]

Financial burden reduced for consumers on cheap fixed rates

With interest rates having fallen twice in the last three months, and a number of further cuts expected over the course of the year, experts are stating that the financial burden on those with cheap fixed rate deals that are coming to an end has been somewhat reduced.
Between August 2006 and July 2007 interest rates [...]

Northern Rock causes rows to erupt amongst political parties

The Northern Rock situation has resulted in further rows erupting between politicians recently, with verbal attacks on the Prime Minister, Gordon Brown, from the Conservative party leader David Cameron, and verbal attacks on the Conservative party from the Lib Dems.
The government recently announced that the troubled bank may be placed into public ownership – a [...]

Increased powers for FSA

The UK’s financial regulator, the Financial Services Authority, is set to get increased powers in a bid to try and avoid another crisis similar to the Northern Rock one taking place.
The additional powers are to be granted by the Chancellor of the Exchequer, Alistair Darling.
As part of the additional powers the Chancellor plans to enable [...]

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