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• LOANS ARE AVAILABLE’: Avante offers incentives at Denali

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Payment protection insurance is costing consumes £1 billion a year and can double the cost of a loan, Which? has found.Many companies automatically include this cover in quotes for loans, with a significant number failing to tell borrowers this, the consumer watchdog has said.This is despite the fact payment protection insurance is “expensive, gives limited cover, and can be useless for the self-employed or those on contracts” Which? added.Insuring a three-year £5,000 loan can cost more than £1,000 from major high street lenders the watchdog found - almost exactly equal to the amount of interest being charged.

The proliferation of cheap loan rates has seen lenders seek other ways to make money, Which? explains, and payment protection insurance is one of these ways.”Personal loan companies are over-reliant on payment protection insurance because of low margins, and this is due to low interest rates,” Richard Thompson from PriceWaterhouseCoopers told Which?The British Bankers’ Association today told my finances that there are discernable benefits to payment protection insurance, but that it is not obligatory and that standalone policies are available.

Figures released today by the British Bankers Association (BBA) show that personal loans and consumer credit fell during October. The BBA found that consumer borrowing was down across a wide range of financial products, including mortgages, credit cards and personal loans.

Although total credit card borrowing totalled just over £7 billion in October, this figure was actually down by 8.6 per cent when compared to the previous six month average. It is also the lowest credit figure since February 2004. It also looks as though borrowers are trying to avoid getting bad credit, as repayments were well up on recent averages. The trend continues, with October’s borrowing on personal loans down by £207 million, with a recorded figure of £262 million.

David Dooks, director of statistics at BBA, stated that reduced borrowing was to continue in the short-term, with competition between lenders increasing because if it. “The weakening demand for both mortgage lending and consumer credit seen over the last few months continued in October and weak approvals data suggest that this pattern will be maintained in the short-term,” said Mr Dooks.

An auto venture by two young people aged 19 and 20 has received a loan from the Prince’s Trust fund, reports the Lincolnshire Echo.Two brothers, Josh and Charlie Willis, have been awarded £5,000 to help set up a motor industry venture, named Spray Tech.
The money will go towards equipment and tools for their business, which is based in Skegness.

The pair both grew up in the car body repair and spray painting business and expect to attract work from the motor trade.The Prince’s Trust fund offers loans of up to £5,000 for young people aged 18-30 to start their own businesses.To qualify for funding young people must be unemployed and have a good business idea that they have been unable to receive support for elsewhere.

People are spending their savings on loans.The average Britton saves nearly £600 every quarter but then spends over a third of it to solve cashflow problems, new research has found.Building society Birmingham Midshires made the discovery as part of ongoing research into the nation’s savings habits.

It shows that the savings gap is more than a case of people not saving. Since August over 60 per cent of the population have put money away, but are unable to leave it alone.Overspending is top of the list of reasons for raiding savings, with people on average taking over £50 from their savings to solve cashflow problems.Household emergencies and loans also hinder saving, while on a lighter note last minute holidays and retail therapy also feature.

Tim Hague, head of savings and investments marketing at Birmingham Midshires commented: “It is encouraging to see that savings levels have reached an average of £587.38 per person in the UK over the course of the last three months.

Christmas credit card loans can lead to serious debt if shoppers fall into the minimum repayment trap, the Consumer Credit Counselling Service (CCCS) has said.Research carried out by CCCS has found that the average Christmas spend of £813 is significantly increased if credit card holders only pay the minimum amount.After six months of just paying the minimum there will still be £748.77 to pay on the credit card.

Consumers will have paid out £117.88, only £64.23 of which will have gone towards the cost of the presents themselves. Malcolm Hurlston, chairman of CCCS, advises: “Only paying off the minimum amount on your credit cards can lead to financial misery later on.”CCCS would like credit card companies to make it clear on statements that making minimum repayments does have cost implications.”

In the wake of yesterday’s base rate freeze by the Bank of England, economists banks and mortgage brokers have said they now expect interest rates to fall. In the ten months leading up to this August the Bank of England tried to bring inflation under control by raising interest rates five times.This saw home loan repayments increase by as much as ten per cent, HBoS has said, but a brighter future could now be in store for mortgage lenders.After four successive meetings of the Monetary Policy Committee where no rate change has occurred, many people now believe the period of rising interest rates is at an end.

Ray Boulger of Charcol, the UK’s leading independent mortgage broker, said: “There is little remaining doubt that [Bank of England] base rate has now peaked.He pointed to falling inflation, the weak dollar and poor retail sales all as “increasing the likelihood of a base rate cut earlier than is generally expected”.KPMG chief economist, Andrew Smith, noted: “Looking further into 2005, two major uncertainties are the impact of the dollar on the global economy, and the housing market at home.

If both continue to weaken, the odds are on the next move in rates being down, but that is by no means guaranteed. Rates could now stay on hold for an extended period”Jonathan Said, economist for the think tank cebr, added: “If Christmas spending does not strengthen, the Bank might be enticed not to raise rates one more time this cycle, with the risk of encouraging a return to higher consumer borrowing and higher-than-forecast inflation.”David Bitner, head of product operations at Bradford & Bingley, added that his organisation believed base rate has peaked and “also thinks there is potential for Base Rate to fall in the second quarter of next year”.Charcol’s Mr Boulger adds that at this point in the economic cycle fixed rate mortgages are looking less attractive and consumers should be looking to move to base rate trackers.

Lloyds TSB has introduced a new service to help people buying property in Spain.Own Overseas provides the mortgage finance for Spanish property as well as providing support for the buyer in dealing with local bureaucracy.”Buying a home overseas is a very real and modern aspiration and Spain is certainly a favourite choice for Britons.

Although exciting, it is a big commitment and, for many, a step into the unknown in dealing with local customs and laws,” said Annette Hawes, head of Lloyds TSB’s Own Overseas service.Own Overseas will offer mortgages on Spanish properties while based in the UK. Mortgages can be taken out in either pounds or euros, on a repayment or interest only basis, over a period of five to 25 years. Mortgage payments will be taken from the customer’s UK bank, avoiding the need for overseas money transfers.

Stamp duty land tax is costing property buyers nine times more than it did ten years ago, Halifax has found.The Treasury is expected to take over £4 billion in stamp duty this financial year, according to the Halifax, who claims that revenue from stamp duty has risen from £465 million in 1993-4.A new survey by the mortgage lender shows that 81 per cent of people think the current stamp duty regime is unfair on first-time buyers.

Seventy per cent of those questioned said that the Government should increase the threshold at which stamp duty is payable in order to account for rising property prices.Halifax says that in 1993, buyers paid an average of around £45,000 for their first homes, well below the stamp duty threshold of £60,000.But the lender claims that the average price of a first home is now £131,000, with first-time buyers paying property prices above the threshold in 98 per cent of the towns surveyed.

Halifax claims that if the Government had increased the £60,000 threshold in line with house price inflation since 1993, it would stand at around £157,000 and thus prevent many first-time buyers having to pay stamp duty.

Britons are expected to spend approximately £27 billion on debit and credit cards over Christmas this year, according to the card issuers association. APACS has released advice for consumers on managing annual Christmas spending, including tips such as working out a budget, making sure you know how much you can afford to borrow, shopping online, and keeping track of what is spent.

The association also advises customers to remember their PIN code, as this is the first Christmas that the new chip and PIN system will be in operationAPACS warns shoppers to be careful with their cards as some details can still be valuable to criminals, though overall the system is far safer. Consumers should check all their receipts against statements and contact their bank immediately if they notice anything unfamiliar.

Sandra Quinn, director of communications at APACS, said: “This Christmas we expect more people to be handing over plastic than cash than ever before. We’ve moved away from cash and cheques because our cards are accepted in more places than ever before and because we know our cards are safer - particularly now that we are regularly using chip and PIN the world-leading anti-fraud measure. “It’s generally assumed that we pile on the pounds on our credit cards at Christmas but actually this season debit cards are likely to steal the show, with cardholders expected to spend approximately £15 billion on debit cards in December, compared to £12.3 billion on credit cards,” she added.

The Government is to target loan sharks that prey on low-income consumers with tough new laws designed to clampdown on rogue practices.The proposals, announced in the Queen’s Speech on Tuesday, form part of Bill that will radically shake-up consumer credit laws in the UK as concern mounts about personal debt levels.Under the planned legislation, the Office of Fair Trading will be given new powers to fine rogue lenders. The only sanction open to the OFT under the current licensing regime is the removal of a lender’s credit license.

However, the Financial Times warns today that as loan sharks face greater curbs there is growing evidence that mainstream banks and credit card issuers are targeting poorer consumers.Citing a study by the business information group, Datamonitor, the FT argues that the number of adults being refused credit has fallen by 600,000 since 1999 to around 9.4 million people.