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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



Finance lesson wouldn’t cut need for bad credit loans

A new qualification in financial services is unlikely to improve financial literacy, an industry expert has claimed, meaning consumers would still need bad credit loans.
The Government is introducing the new AS level as it attempts to boost the level of financial education in the UK, the MoneyMarketing website reports.

But Chelsea Financial Services managing director Darius McDermott claims the exam will have little impact on financial knowledge unless it is backed up by a place on the national curriculum. A study by the Institute of Fiscal Studies found eight out of 10 people do not understand what is meant by an annual percentage rate while four in 10 do not know how mortgages or ISAs work.

Mr McDermott believes it is imperative that tax-free savings vehicles and mortgages are properly understood by consumers. He said: “It is nice to see that the Government has taken some action towards the ever worsening pension black hole.

Posted in bad credit mortgage second, bad credit home loan mortgage, bad credit student loan, bad credit loan mortgage, bad credit loan, loan | Comments(0) November 2007



Avoid bad credit loans and pay off card balance

The chief executive of Capital One has said young people could avoid bad credit, or indeed improve on existing bad credit, by making sure that they pay off their credit card each month - rather than simply handing over the minimum payment. He said young people should pay off the whole of the balance on their credit cards each month, going against his own bank’s marketing.

Fergus Brownlee was appearing before the Treasury Select Committee investigating credit card companies. Mr Brownlee stated that by following advice on promotional leaflets, the amount borrowers’ owe would increase, due to the interest being paid on the outstanding debt.Mr Brownlee went on to say: “A young person, 18 to 21 years old, should not even be getting into the product unless perfectly capable of repaying in full every month.”

Posted in bad credit loan, loan | Comments(0) November 2007



UK gambling culture could boost bad credit loans

As the government unveiled its Gambling Bill aimed at increasing gambling in casinos across the UK, there were voices of concern over the possibility of worsening the already large amounts of personal debt and the need for bad credit loans.It was left up to the Church of England to most vehemently make the connection with the likely proliferation of gambling and credit card debt.The Salvation Army has pointed out that when the government itself is well aware of the high levels of indebtedness, it “would actually allow the spread of credit card usage in the gambling industry”.There has also been concern from the Evangelical Alliance and the Methodist Church.More widely, there is upset at the possibility of an increase in gambling addiction.Dr Emanuel Moran, an adviser to the Royal College of Psychiatrists, was quoted by The Scotsman newspaper as saying: “The government is totally misled.”In their view, the vulnerable will be protected and no harm will come. That is a total misunderstanding of gambling.”

Posted in bad credit loan, loan | Comments(0) November 2007