We are constantly reminded of the seriousness of Data Protection in the field of debt management and IVA advice and of the dire consequences that could occur through ‘misplaced’ data and identity fraud so, as you can imagine, I was somewhat shocked to hear that a study of 945 adults who were fired, laid off [...]
February, 2009
Pawnbroker’s profits up as consumers stave off debts
With the credit crunch tightening its grip on available loans, more consumers are having to find alternative ways of raising cash after being rejected by their banks and building societies. As a result, pawnbrokers and high street stores like Cash Converters are seeing higher numbers of customers entering their shops, in a desperate attempt to [...]
Business Bargain Basement
One effect of the recession does appear to be the offloading of poor performing businesses that are heavily in debt for a very low nominal price. Here are a few examples of what is, or was, available in the Business Bargain Basement sponsored by The Credit Crunch. The Mallorca based airline, SpanAir, was reputedly sold [...]
Recession creates “lost generation”
The current recession may have long-lasting effects for the young according to some local authority leaders, who claim a “lost generation” of young people may not escape the long-term unemployment trap. A Local Government Association (LGA) investigation found that around a quarter (38,000 people) of the total of redundancies made between October and December were [...]
Government deals debt claims companies a blow
The Government has started an official crackdown on misleading adverts by claims management companies offering to wipe out unpaid loans and credit card debts. These companies wrongly entice consumers to try and wriggle-out of loans and credit card debt agreements through a “loophole” that they claim to be able to expose. The Ministry of Justice [...]
Lack of Judgement?
According to a report by BBC News in Madrid the judges in Spain are staging a one day strike because they are not happy with their working conditions. This has led to hundreds of trials shuddering to a grinding halt throughout Spain although ‘important trials’ are apparently not affected. (When I wonder what constitutes an [...]
Mortgages slump to lowest ever level
In 2008 the number of agreed mortgages slumped to its lowest level in 34 years according to the Council of Mortgage Lenders (CML). Just 516,000 mortgages were lent to borrowers in 2008, down by almost 50% on the previous year. This is the lowest figure since the CML started recording levels in 1974. First-time buyers [...]
‘Putin’ the Boot in!
In my article ‘Where’s the D Notice?’ I questioned the advisability of allowing an irresponsible press to damage confidence in a rocky economy and propelling us into a downward financial spin. Guess what? At least the Russians agree! (‘No surprise there!’ did I hear you mutter?) The Head of the Federal Financial Markets Service, Vladimir [...]
Debt worries forcing expats home
It seems that it isn’t just here that the economic climate is causing Brits to worry about their debts. For many expatriate workers in Dubai they are abandoning their cars at the airport and returning home, rather than risk facing a jail sentence for defaulting on loans. In Dubai under their prevailing Sharia law, the [...]
Interest rate hits historic low
As expected, the Bank of England cut the base rate of interest by 0.5% today, to an all-time low of 1%. Whilst this is expected to relieve the finances of people with tracker or standard variable rate mortgages, many more will still not reap the benefits of a historically low base rate. As I mentioned [...]
Zombies Ahead?
It would appear that computer hackers in the US, bored of hacking into the FBI, the Pentagon, the CIA etc, have come up with a new way of amusing themselves – changing the messages on roadside hazard warning signs! In a spate of such pranks over several states messages have been changed to warn people [...]
Are rate cuts helping those in need?
The Bank of England is expected to cut the base rate of interest again tomorrow, potentially shedding another 0.5% from their already historic low level (1.5%). Whilst for some people (with tracker rate or Standard Variable Rate mortgages) they will benefit from the falling rates and the drop will be a good thing, but for [...]
The Spanair Saga
In my article yesterday I mentioned the selling by SAS, the debt ridden Scandinavian airline, of Mallorca airline Spanair to a Spanish Consortium for 1 Euro. Well, after seeing a report in yesterday’s ‘Ultima Hora’, Mallorca’s leading newspaper, it was indeed sold and is causing quite a debate. The problem lies in the fact that [...]
OFT sale-and-rent-back clampdown
The Office of Fair Trading is clamping down on sale-and-rent-back schemes offering false hope to struggling homeowners. 16 sale-and-rent-back schemes have been challenged by the watchdog, to back up claims made in their advertising. Failure to do so could result in prosecution. Vulnerable families in financial trouble are often targeted with these schemes as a [...]
Pssst! Wanna Buy a Cheap Airline?
Well, it would certainly be true to say that the recession has left a number of Airlines up in the air as to what to do next! Whilst some of the budget airlines are saying that they are seeing an increase in business travel, other airlines are tightening their seatbelts as they experience severe turbulence [...]