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


Theme by Seobilgi Sponsored Lazerli Epilasyon www.lazerepilasyon.de and Abant Kapadokya pansiyon - Pamukkale pansiyon - şile ağva - ağva rehberi - ağva otel - lazer epilasyon - saç modelleri - antivirüs programı - paris hotels - gitar www.gitaral.com



Credit card loan customers losing out

Customers are paying £500 million more than they need on credit card balances as lenders are leaving expensive debt on their cards and using payments to eat into the interest-free balances, Nationwide has warned.The vast majority of credit card providers take this route - making sure any payments a customer makes are used to pay off the loan with the lowest rate of interest, such as a zero per cent balance transfer, meaning customers continue to be charged interest on more costly debts.

Nationwide has estimated that there are 10 million credit card accounts where this practice means they are paying more than they need. “When you make a payment, they apply it to the cheapest debt first. That makes it more expensive for you and more profitable for them,” explained Nationwide executive director, Stuart Bernau.

“This is a policy that enables the banks to make half a billion pounds of profit every year - or £50 per year for every credit cardholder affected. I don’t believe that consumers really understand how they are charged interest on their credit cards,” he added.

Posted in fast cash loan, loan rate, cash loan online, credit card consolidation loan, fast loan, direct loan, online loan, loan calculator, cash loan, credit check loan, loan | Comments(0) December 2007



Insurance makes loans cost more

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.

Posted in cash loan online, loan rate, cash loan, loan calculator, loan | Comments(0) November 2007



Savings go on loans

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.

Posted in fast cash loan, loan rate, cash loan online, fast loan, cash loan, online loan, loan calculator, loan | Comments(0) November 2007