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Slow Down In IVA Sector Hitting Profits Hard
2008-01-04 11:29:00
Debtmatter's is only one of several IVA firms who are hit hard by the drop in IVA borrowing. Debtmatters's pre-tax profits for the first half of 2007 were low due to poor performance. They fell from £4.32m to only £346,045, a big drop from the previous year.
More About: Hard , Profits , Slow

Unemployment Increases As Economy 'Balances'
2008-01-04 11:13:00
Many analysts expect an increase in unemployment as the economy balances itself out after 10 years of unprecedented growth. Unemployment is expected to rise to its highest level since 1997 as the credit crunch continues to effect the economy, according to a report by The Chartered Institute of Personnel and Development.
More About: Economy

UK Interest Payments Hit New High
2008-01-04 10:45:00
Interest payments by UK consumers has jumped by £12.7bn to a massive £93bn a year - a record - once again stirring fears for the finances of UK families.
More About: Interest , High , Eres

Mortgage Lending Slump Continues
2008-01-03 14:42:00
UK mortgage approvals dropped 44 percent in November from the previous year as higher borrowing costs and falling house prices deterred potential buyers, according to a report by The British Bankers' Association.
More About: Mortgage , Lending , Slump , Mort , Lump

Lower Interest Rates Will Not Help House Prices
2008-01-03 14:32:00
House prices fell for the second month in December, a sign that the market is cooling off, Nationwide Building Society said recently.
More About: House , House Prices , Interest Rates , Interest , Lower

Lenders Are Not Passing On Base Rate Cut
2008-01-03 14:23:00
A total of 78% of lenders are not passing on the Bank of England's base rate cut to their SVR, according to a report by Moneysupermarket.com. Only 37% of lenders have announced that they will make an interest rate cut, but this will not take effect until the New Year.
More About: Rate , Base , Lenders , Passing

House Values To Lose £20,000 In 2008
2008-01-03 14:06:00
In the next 12 months houses will lose on average 10% of their current values. That will equate to knocking almost £20,000 off the value of every home in the UK. In total, this will add up to an incredible £400bn being wiped off the value of property in the country.
More About: House , Mortgages , Values , 2008

The Best Places For House Price Gains In 2008
2008-01-03 13:47:00
Everywhere you look there appears to be bad news for the housing market for 2008 , with forecasts for market stagnation seemingly the best news to be found.
More About: House , Places , Price , Mortgages

Interest Rate Predictions For 2008
2008-01-02 11:00:00
The Bank of England has a pessimistic outlook on where the economy is headed in 2008 and how to make borrowing cheaper, according to statements made Dec 2007.
More About: Predictions , Interest , Rate , Interest Rate

House Prices Drop In 2008
2008-01-02 10:51:00
House prices fell by 0.5 percent in December, following an 0.8 percent drop in November, according to the Nationwide Building Society, one of the largest mortgage lending firms.
More About: House , House Prices , Drop , 2008 , Prices

Gloom Fails To Dampen Shoppers? Enthusiasm
2008-01-02 10:34:00
All predictions were for a poor festive season for retailers, with shoppers, apparently unable to get credit and with mortgage repayments having ballooned, staying firmly at home.
More About: Loans , Enthusiasm , Shoppers

Debt Problems Will Double In 2008
2008-01-01 13:03:00
The TDX Group interacts across a broad range of the market, gaining a depth in knowledge and data that is unsurpassed by any other organisation. Their insights allow them to follow trends within the debt industry, and publish an informed prediction of the coming year. Their report makes several predictions for 2008 , not all of them are surprises.
More About: Double , Problems , Debt

Debt Advisors Dealing With Christmas Credit Crunch
2008-01-01 12:51:00
As shoppers head to the post-Christmas sales in record numbers, an estimated £34 billion has already been spent on credit cards this month, a £3bn increase on last year. A Consumer Credit Counselling Service spokesman said the organisation expects more calls this year from people concerned they have over stretched this Christmas.
More About: Debt , Crunch

Where Will Property Prices Go in 2008?
2008-01-01 12:23:00
How will property prices fare in 2008 ? The second half of 2007 saw a slow down in the housing market, and most experts are forecasting stagnation or even a fall in 2008.
More About: Property , Mortgages , Prices , Pert

More Rate Cuts To Come, Suggests Bank
2008-01-01 12:10:00
The Bank of England has admitted that it has been surprised by the scale of the downturn in the housing market, and it is also wary of the reduction in credit that is available to families. These were two key reasons why the Bank's Monetary Policy Committee (MPC) decided to knock a quarter of a percent of the base rate at the beginning of December.
More About: Mortgages , Rate , Cuts

More Cash Injected As Banks Tread With Fear
2007-12-28 10:11:00
Bank of England Governor Mervyn King has admitted that the financial system is in a 'palpable sense of fear', which could send the global economy into a downward spiral. He also warned that the freeze on wholesale money markets is likely to last as long as the UK winter with the thaw not coming until March at the soonest, while banks try to sort out the mess they have got themselves into with their investments in US mortgages.
More About: Banks , Fear , Cash

Family Debt To Get Worse
2007-12-28 09:51:00
It looks set to be a bleak New Year for householders trying to get their finances under control. The credit squeeze shows little sign of abating, even with the £11bn cash injection by the Bank of England.
More About: Family , Debt

Understanding The Current Mortgage Turmoil
2007-12-28 09:40:00
Banks normally handle a financial crisis by simply foreclosing on loans and repossessing properties. This works in a strong economy, but with an industry-wide crisis, it will make the problem worse. It's the classic example of how the right micro-policy explodes on a macro level.
More About: Current , Mortgage , Understanding , Mort

Mortgage Holders Can Relax
2007-12-21 14:04:00
Homeowners have sweated it out over the last months as financial reports paint a dark picture for those who are coming off affordable fixed rate mortgage and loan products in 2008. However, the UK took action quicker than in the USA, making it easier for the UK to avoid a hard recession. A 'soft landing' is the buzzword circling financial circles. Now economists are speaking out, making optimistic predictions for homeowners.
More About: Mortgage , Relax , Mort

Politicians And City Analysts Battle For 4% Interest Rate
2007-12-21 13:50:00
There is evidence that the next two years will be harder for Alistair Darling, who is currently facing the worst economic period since Labour took power in 1997, than it will be for the average UK homeowner. However, manufacturers will enjoy lower interest rates on their debt, as well as a weaker sterling pound, which could bring back some of the million jobs lost in the last decade. Leading City pundit Roger Bootle, economic adviser to Deloitte, expects rates to fall to 4.5% by the end of 2008.
More About: Politicians , Interest , Battle , Rate

Norwich Union Life Get FSA Fine
2007-12-21 13:34:00
The Financial Services Authority (FSA) has fined Norwich Union Life almost £1.3m for failing to protect its customers properly from financial fraud.
More About: Fine

Interest Rate Cuts 'Too Little - Too Late'?
2007-12-20 10:23:00
Many mortgage holders are not holding out much hope that the Bank of England's recent interest rate reduction will help them. Abbey announced today that they will only reduce their standard variable rate (SVR) by 0.25% to 7.59% effective January 1, 2008. This is leading policy makers to look at other venues to help cash strapped homeowners meet their monthly mortgage payments.
More About: Interest , Late , Rate , Cuts , Interest Rate

Interest Rate Cut Will Not Improve Christmas
2007-12-20 10:15:00
Retailers called for action from the Bank of England. They claim that the small reduction will make little difference to consumer spending this Christmas . "With customers under severe pressure, it is only a first step to reviving consumer confidence and will make only a marginal difference to spending this side of Christmas," said Kevin Hawkins, director general off the British Retail Consortium. "To soften the downturn that is clearly on the way for 2008 and avoid a full-blown recession, this must be the first of a series of cuts."
More About: Interest , Improve , Rate , Interest Rate

Impact Of Rate Decrease Yet To Be Felt
2007-12-20 10:03:00
Economists caution that the impact of the recent decrease in the interest rate has not been felt. Increasing numbers of homeowners are finding themselves in a negative equity situation, as the housing market cools, which will increase the number of repossessions and insolvencies. The Bank's quarter point decrease will reduce the monthly payments on a £100,000 mortgage loan by £15 a month, according to Ashley Seager of The Guardian.
More About: Felt , Rate

Inflation Holds Steady At 2.1%
2007-12-20 09:49:00
A collective sigh of relief was heaved across economic Britain as the inflation rate was announced on Tuesday at an annual rate of 2.1% for November, the same rate as for October.
More About: Inflation , Holds

FSA Attempt To Protect Sub-Prime Mortgage Holders
2007-12-19 10:35:00
Stephen Bland, director of small firms division at the Financial Services Authority, stated that the FSA may consider including mortgages and protection insurance in their Retail Distribution Review at the recent Mort gage Masters conference which was hosted by Mortgage Strategy.
More About: Prime , Temp

Fixed Rate Products Losing Their Appeal
2007-12-19 10:25:00
Customer anticipation of lower interest rates, problems with some fixed-rate products, and tightened lending criteria have decreased the number of fixed-rate mortgages sold in the last couple of months. Levels of fixed-rate loans fell from 72% in September to 68% in October, according to the Council of Mortgage Lenders.
More About: Products , Rate , Fixed , Appeal

CML Says Homeowners Need Government?s Help
2007-12-19 10:15:00
The Council of Mortgage Lenders (CML) held a meeting with Tory leader David Cameron and shadow chancellor George Osborne to discuss how lenders can deal with the increasing number of borrowers facing difficulties making repayments on their mortgages. The CML says public policymakers need to act to help those who face trouble when they come off affordable mortgage deals by offering state support.
More About: Government , Homeowners , Homeowner

Bank Survey Shows How Householders Are Struggling
2007-12-19 10:10:00
A disturbing survey for the Bank of England has revealed that nearly a million families are struggling to pay off their mortgages, with another 1.8 million saying that they have had repayment problems 'at least occasionally'.
More About: Survey

Christmas Misers Hold Back On Rate Cut
2007-12-19 10:00:00
Not all lenders have bothered to pass on the latest interest rate cut from the Bank of England. The result is that homebuyers are paying around £10 million a month more than they would do if the quarter percent cut had been passed on across the board.
More About: Christmas , Back , Hold , Rate