Almost two million payment protection insurance (PPI) policies have been mis-sold according to consumer organisation Which. Their report found that up to two million borrowers who took out loan protection insurance may have been mis-sold the policies, representing almost a third of all policies sold before the end of 2006, much higher than previously thought. [...]
May, 2009
Plans to cut US credit card debts
New laws in the US that will make it deliberately harder for people to develop too much credit card debt, will be agreed today by President Barack Obama. The new restrictions, that are to be introduced next February, will put an end to some of the practices currently employed by credit card companies which have [...]
Debt problems for major card shop
If you’re relying on a birthday card with money in it to solve your debt problems, you may have some wait ahead. Card specialist Birthdays, has been placed into administration by parent company Clinton Cards, threatening the jobs of 2,000 of its staff. The firm, based in Bury – Lancashire, announced that all 223 stores [...]
World’s most expensive car is sold amidst sea of debt problems
Despite thousands of people experiencing debt problems, it seems someone still has ¬¨¬£8m to spend on a car. It wasn’t even a new one! As many of us are struggling to juggle our finances and get out of debt, elsewhere the sale of a vintage car has set a new record for the most expensive [...]
Debt Management Company to write off £6.6 million
Accuma Group Plc, the AIM quoted debt solution provider, announced today that it will take a £6.58 million write down on its debt management arm, Byrom Keeley. Accuma acquired Byrom Keeley in 2006 in a transaction worth up to £15 million. In a deal that was announced a couple of weeks ago, Accuma will sell [...]
Men worrying about recession and debt problems
Men are failing to cope with worries about the recession and debt problems according to the mental health charity, Mind. The survey showed that almost 40 per cent of men admit to feeling low because of pressure from work, regarding job security and money troubles, playing on their minds. Their results also suggested that women [...]
Credit card debt claims frozen by Judge
A County Court Judge has frozen over 100,000 claims by indebted consumers who are trying to have their loans and credit card debts written-off. He ruled that borrowers who were overwhelmed with debts are unlikely to be able to write-off credit agreements due to unenforceability. The loophole in the law, which could make credit agreements [...]
Withdrawal symptoms: higher credit card debts
People using their credit card to take cash out will be charged more, as banks increase their transaction fees. The already expensive process of using a credit card for a cash advance is about to get even more expensive, as Egg is increasing its minimum cash withdrawal fee, meaning credit card debts could worsen. The [...]