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School curriculum to include debt management
It has been revealed that the UK government will push through with plans to teach children as young as five how to manage debt. Whether or not teaching children about money management at the age of five is a little "too far" is open to debate but the truth is there needs to be a wholesale change in the way we hide from debt in the UK. Starting at school would appear to be the perfect strategy!...
Read MoreAlistair Darling announces new banking watchdog
Alistair Darling has today announced more detail regarding his attempt to hand power back to UK businesses that are refused credit through the UK banking system. He has also announced plans to reduce bonuses already agreed at Lloyds bank and Royal Bank of Scotland if executives miss new lending targets. But are these two issues really credible? While there is no doubt that many businesses react...
Read MoreCattles issues profits warning
Doorstep lender Cattles has today issued a substantial profit warning which wiped 75% off the company's value. The company is now a mere shell of its former self with over £2.6 billion of debt, of which £500 million must be refinanced by July this year. While you would have expected doorstep lenders to be in their prime at the moment, with the fall of the economy and less credit via traditional...
Read MorePayday Loan Companies to face new Advertising restrictions
Companies’ which provide consumers with ‘payday loans’ are to face new restrictions on advertising their service, after fears that consumers are being harmed by serious problems in this sector. New rules will also come into effect related the sharing of information and data of applicants, forcing payday loan companies to communicate with each other in order to stop applicants taking out...
Read MoreLenders slammed over misleading advertising
Several lenders who use social networking sites to promote their products are breaking advertising regulations, according to a new report from a debt charity. A study conducted by Credit Action found that the sites are failing to disclose vital information about the loans. This includes the annual percentage rate that customers will be charged, which is a legal requirement when the loan includes i...
Read MorePayday lenders face competition inquiry
The Office of Fair Trading (OFT) has referred payday lenders to the Competition Commission after serious concerns about the integrity of the industry were once again raised. The main concern is that competition between lenders has “deep-rooted problems”, and there are barriers limiting consumer’s ability to switch between lenders. The OFT also found that there were varying levels of comp...
Read MoreIs the Dubai debt crisis now under control?
Far East stock markets have today rebounded on news that Dubai has received a $10 billion cash injection from neighbouring United Arab Emirates state Abu Dhabi which will assist with the repayment of a $4.1 billion Islamic bond which is due today. This is a major step in the right direction and will ensure that the authorities do not default on the first major debt repayment since problems emerged...
Read MoreIs your overdraft at risk of being called in?
While the vast majority of the UK population are likely to have an overdraft facility which is possibly in use at the moment, there are concerns that UK banks are looking to reduce their exposure to risk yet further. We have seen similar action in the credit card industry, with some customers having their credit limits reduced and a portion of their debt requested via the "payment upon demand" sma...
Read MoreHow can we avoid growth in insolvencies?
The news that more than 10,000 UK citizens are being declared insolvent each and every month is a damning indictment of the boom and bust cycle ever present in the UK. Personal debt is now in excess of £1.5 trillion and more and more UK consumers are going to struggle in the months ahead. Indeed, while an average of 10,000 UK citizens were declared insolvent each month in 2009 this could actually...
Read MoreWonga defies critics to post record profits
04/09/2013 Payday lender Wonga, a company which has come under stark criticism about how it operates, has posted record profits, and has become one of the most popular lenders in the UK. Within the last 12 months, Wonga has been repeatedly criticised about the service it provides to customers, particularly the hugely inflated interest rates that are charged on loans when customers are late m...
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