VFMLoans
Home Mortgage Home Loans Credit Cards College Finance Insurance News & Articles Debt Consolidator Loans News Calculators About Us Contact Us


Search



Categories

Latest News

Blogroll





Bad credit loan merchants targeted

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.

Posted in bad credit mortgage refinance, bad credit mortgage, bad credit mortgage second, bad credit home loan mortgage, bad credit mortgage refinancing, loan rate, bad credit auto loan, loan calculator, bad credit loan, bad credit home loan, bad credit car loan, bad credit loan mortgage, loan | Comments(0) November 2007



Cover for personal/auto loans — SBI Life ties up with finance cos

SBI Life Insurance Company has tied up with GE Countrywide and Maruti Countrywide to provide life insurance cover against personal loans, two-wheeler loans and auto loans.SBI Life already has creditor protection schemes in place for outstanding payments against credit cards (for SBI card holders) and housing loans (SBI housing loans and Sundaram Home Finance customers). Under the scheme christened `Credit Shield’, SBI Life will provide life insurance protection to customers of GE Countrywide against their personal loans of up to Rs one lakh. In the event of death or total permanent disability of the customer, SBI Life will pay GE Countrywide the outstanding amount of loan that the customer has availed of (subject to a maximum of Rs one lakh). In case of two-wheeler and auto loans, the company will provide life insurance cover to customers of GE Countrywide subject to a maximum of Rs 60,000 in case of two wheelers and Rs 7.5 lakh in case of auto loans. The tie-up with Maruti Countrywide provides for financial protection for customers of Maruti Countrywide on their auto loans subject to a maximum of Rs 7.5 lakh. Company officials said, that in all cases, SBI Life would pay GE Countrywide and Maruti Countrywide, the outstanding amount of loan that the customer had availed of (Subject to the maximum amount specified) in case of death or total permanent disability of the loan-holder. The premium for the `Credit Shield’ cover has been pegged at `affordable rates’ and the customer does not have to provide for premium separately, according to Mr S. Muralidharan, Chief Marketing Officer, SBI Life. Once the customer opts for `Credit Shield’, his EMIs will automatically include the insurance charges for each month and the finance company will automatically debit the premiums on the post-dated cheques for the EMI. SBI Life was exploring more such tie-ups in the future and was currently in talks with another housing loan agency for a similar endeavour, Mr Krishnamurthy said. The company is also in discussions with the Government to get into the Employees Deposit Life Insurance business (EDLI), he said. SBI Life has through its policies, covered 4.3 lakh people so far, with a sum assured of Rs 3,600 crore and earned a premium income of Rs 70 crore.

Posted in loan rate, car loan calculator, new car loan, bank loan, auto loan calculator, bad credit car loan, loan, personal loan, loan calculator, auto loan | Comments(0) July 2007