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Personal Finance News

UK Consumer Confidence Waivers

July 3, 2012

The level of UK consumer confidence is currently reflecting the ongoing struggles of the UK economy. According to data recently published by the Finance & Leasing Association (FLA), the consumer credit industry improved slightly during first quarter 2012. The figures indicate that total consumer finance granted by members of the FLA  was nine percent higher […]

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Yes Loans Is Saying No After Being Stripped Of Its License

March 12, 2012

The Office of Fair Trading (OFT) has stripped one of the largest UK loan brokers of its credit license. Yes Loans is no longer permitted to sell loans following the discovery that it engaged in “deceitful and oppressive” practices. OFT representative David Fisher stated that the agency will continue to take action against businesses that […]

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Savings Takes Backseat With Many In UK

March 1, 2012

In a recent study, MoneySupermarket found that savings habits of UK residents have changed drastically during the past year. One-half of respondents to the survey indicated that they had reduced or stopped saving money. They are doing so for many reasons, most of which pertain to financial burdens placed upon them by the struggling economy. […]

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Good And Bad Economic News In UK

January 23, 2012

On Wednesday, the Office for National Statistics reported that the unemployment rate in the UK reached the highest level in 16 years. For the three months ending in November 2011, the jobless rate in the region was 8.4 percent. The number of unemployed UK citizens increased by 118,000 for a total of 2.68 million unemployed, […]

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Debt relief orders financial crisis reaches younger generation

January 3, 2012

It seems no one in the UK is protected from financial difficulties. Recently revealed data indicates that the younger generation is facing the same miserable financial situation as their older counterparts. According to official figures, more UK residents age 25 to 34 are resorting to Debt Relief Orders (DROs) for insolvency than any other age […]

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Welsh Families Receiving The Gift Of Debt This Christmas

December 27, 2011

An increasing number of Welsh families are using payday loans to fund Christmas spending this year, say experts. Debt charities and politicians are asking the Welsh government to respond before the situation gets worse. They are calling for an end to pushy marketing campaigns used by some payday lenders. These aggressive tactics make expensive payday […]

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Unemployment Jump Affects Young And Older People

October 17, 2011

Between June and the end of August, UK unemployment jumped 114,000. At 2.57 million, it is the highest it has been in 17 years. For the seventh month in a row, the number of jobseeker allowance claims increased, reaching 1.6 million. Fears have resurfaced that the UK may be headed for a double-dip recession but […]

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Westcountry Retirees Finding Themselves In Big Debt

September 27, 2011

The Consumer Credit Counseling Service (CCCS) reported receiving 634 calls in 2010 from desperate Cornwall and Devon retirees. Some people over 55 are facing debts exceeding £28,000 during what are supposed to be their golden years. They contact CCCS seeking financial advice for handling their loans, credit cards, and other forms of unsecured debt. According […]

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Parents Spending Inheritance Of Kids As The Youths Struggle

August 8, 2011

In the past, the retirement years were characterized by financial wariness. Retirees spent time gardening, fixing up their homes, and saving money for their children to inherit. Change is in the wind, with modern-day retirees living a more active lifestyle. It is becoming more common for retired parents to purchase a luxury automobile or jet-set […]

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National Asset Management Agency Holding Hundreds Of UK Properties

August 2, 2011

Nama, the National Asset Management Agency, was created by the Irish government to manage the troubled property loans of banks. The agency recently revealed that it controls billions of pounds of UK property. Included in the holdings are 847 Irish Republic and UK properties linked to developers the agency forced out of business. Nama has […]

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Greek Debt Crisis Is The Exit Strategy For Bridging Loans Clear

June 5, 2011

About a year ago, several heads of state, the IMF, and the Eurozone developed a financial bailout plan for Greece. Through their bridging loan, Greece was able to avoid immediate default. It is one year later and Greece is not able to repay the money, putting the countries that backed the loan in a difficult […]

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Cheap Financing Scams Take Advantage Of People Needing Loans

June 2, 2011

Yet another unfortunate result of the credit crisis has been identified. Disreputable organizations promising cheap financing are conning thousands of people out of money. Within the past year, complaints about such companies have more than doubled. As the restricted lending continues, those who are desperate for money may fall victim to more of these scammers. […]

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Making The Bold Career Change Decision Requires A Task List

May 24, 2011

Some of us dream of new careers but fewer implement this idea. The longer we have to plan for a new career, the better. Taking time to try out different possibilities and do some role-playing allows a person to identify whether this is really the new career of choice. Some people find that after volunteering […]

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Weekend Payday Loans Provide Cash For Urgent Needs

April 26, 2011

Individuals who find themselves in urgent need of cash can take out no paperwork weekend payday loans. These eliminate the need to worry about how to pay unforeseen expenditures or bills when short on cash. The unique feature of this type of funding is that it can only be applied for during the weekend. No […]

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Small Businesses In UK Spend 13 Days Annually Dealing With Expenses

April 22, 2011

A recent survey of more than 400 small and medium sized business (SMB) owners yielded several interesting results. For one, these companies spend 13 business days on average managing their expenses. The majority of those surveyed said they spend more time managing their expenses than performing activities related to new business. The focus on expense […]

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Higher Interest Rates Have Arrived

April 12, 2011

The European Central Bank recently issued the first interest rate increase from 0.25pc to 1.25pc. This may seem like a minor change but for a €300,000 mortgage, it represents €40 per month. This is just the first incremental increase, with analysts expecting the ECB to increase rates by at least 1.5pc during the next 18 […]

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Prime Minister Of Portugal Calls For A Bailout

April 11, 2011

Fellow UK member state Portugal is in quite a pickle. On Wednesday, the country’s Prime Minister announced that a financial bailout is being sought from the European Commission due to skyrocketing debts and trouble raising money within international markets. Portugal now joins Ireland and Greece in requesting assistance from the International Monetary Fund and European […]

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Protecting Yourself Against Financial Effects Of Unemployment

March 20, 2011

UK unemployment is at its highest level since the year 1994. Many workers are concerned about losing their jobs and want to protect themselves financially should they become unemployed. During unemployment, they will likely not qualify for loans bank-issued. A solution is an insurance product that pays money to policyholders on a monthly basis should […]

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Bills Go Unpaid By One In Six UK People

February 19, 2011

Results from a moneysupermarket.com survey revealed that in 2010, one in six residents of the UK did not pay at least one of their bills. Approximately four million people skipped a credit card payment, an action that can inflict serious damage on their credit rating. The survey showed that in all, eight million people admitted […]

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2011 UK Housing And Mortgage Trends

February 19, 2011

According to the Council of Mortgage Lenders (CML), there were 529,300 UK mortgages issued in 2010 with a value of £77.1 billion. This represents a three percent increase from 2009 in terms of numbers and an 11 percent increase based on value. This was the highest figure since the year 2007, during which 1.14 million […]

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Barclays Releases Latest Profit And Salary Figures

February 17, 2011

On Tuesday, the UK was focused on Barclays, which beat expectations with an annual pre-tax profit totaling £6.07 billion. This represents an impressive 32 percent increase from last year and exceeded the £5.5 billion forecast from analysts. In addition, the company reported a 30 percent decrease in bad debts to £5.7 billion. In spite of […]

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Reporting Season Begins UK Banks Bracing Themselves

February 16, 2011

This week, unemployment could reach over 2.5 million in the UK. It comes at the start of the reporting season for financial institutions. Wage growth is less than stellar and inflation is rising. The situation has left many people facing the sharpest drop in living standards that the UK has seen since the 1920s, according […]

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Winds Blowing In Many Directions in the UK Financial Markets

February 9, 2011

Small investors are known for entering the market just before the bubble bursts. During the latest run, they seem to have been wiser. Seeking relief from low savings account interest rates, private investors made £7.5 billion in net investments during 2010. This was the fastest rate of purchase during the last 100 years, edging past […]

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Retirement Delayed By Unpaid Mortgages And Credit Card Debt

February 5, 2011

Most of us hope for a comfortable retirement, with no worries about finances. This is becoming more like a dream for many people, with one in five individuals set to retire this year facing debt that averages £33,100. For males older than 65, things look even worse because one in every ten has debt exceeding […]

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Mortgage Fraud Committed By Past Season Apprentice Star Christopher Farrell

February 3, 2011

Former Royal Marine sniper Christopher Farrell was among the contestants on the last season of the BBC1 show, The Apprentice. The 29-year-old is now in trouble with the law. It turns out this is not the first time but it is the first occasion on which he has been accused of fraud. On Friday, Mr. […]

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Is Now The Time To Get A Fixed Rate Mortgage In The UK

February 2, 2011

Many UK homeowners are panicking about interest rates and high inflation, leading them to look for an inexpensive fixed rate mortgage. London & Country, a UK mortgage broker, is receiving 40 percent more inquires regarding this financing than it did last month. In the past two weeks, fixed interest rates were increased by 35 lenders, […]

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Irish Couple Goes On Property Buying Spree Owe Banks 800 Million Euros

January 24, 2011

With their excellent credit in hand, lawyer Brian O’Donnell and his wife Mary Pat, purchased properties in the UK during the property boom in Ireland. In the process, they bought several trophy buildings in London. It has now come to light that the couple owes over €800 million, or £670 million, to banks throughout the […]

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Personal Finance News – Three Billion Nord Gold Listing In London Planned By Russias Severstal

January 19, 2011

Russian steel company Severstal has announced its plan for a £3.14 billion listing of its Nord Gold unit on the London Stock Exchange. This initial public offering will have the highest value of that undertaken by any gold company. In 2013, Nord Gold plans to produce one million ounces of gold, a substantial increase from […]

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Unemployment On The Rise Again

January 19, 2011

The latest UK unemployment figures have just been announced and yes, you guessed it, they are on the rise yet again. With local councils up and down the country also announcing, on a seemingly weekly basis, that they are also laying people off this could well be one heck of a tricky year. With so […]

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Personal Finance News – Personal Finance Update For 2011

January 16, 2011

On the personal finance front, things are becoming very restricted for many Brits. Trying to save while at the same time paying the bills and attempting to enjoy one’s life are not easily done. Consumers are faced with some difficult choices when it comes to prioritizing the expenses on which they must spend their take-home […]

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Ways To Combat Rising Commuting Costs

January 14, 2011

The new year has brought with it a six to 13 percent increase in train fares across England. Popular commuting routes have been most heavily affected, with a Canterbury to London trip experiencing a 12.7 percent increase in season prices. There are several things that affected commuters can do to deal with the rising costs […]

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Pre Nuptial Agreements Pre Nups In The UK

January 13, 2011

To date, the pre-nuptial agreement has been shunned by the UK due to thoughts it goes against public policy. In addition, it was thought that many women could sign away important benefits because they believe their husbands-to-be were rich but didn’t know how rich. It seems the tides are now changing. Pre-nups have long been […]

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Personal Finance News – British Home Prices To Drop By One Quarter

January 12, 2011

Halifax, the largest mortgage lender in Britain, reported that average home prices fell to £162,435 during November 2010. This is a 1.3 percent decrease from October 2010 and a 1.6 percent decline from November 2009. Before 2011 is over, the typical price of a British home may drop by one-quarter, to £150,000. To blame for […]

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Personal Finance News – Credit Cards Used By Two Million Brits For Rent Or Mortgage Payments

January 8, 2011

The charity Shelter recently conducted a survey that found that two million people in Britain have used a credit card to make a mortgage or rent payment. This figure represents an astounding 50 percent increase from that of just one year ago. It clearly shows how many households must go to the extreme to stay […]

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Personal Finance News – Get The Finances In Order For The New Year

January 8, 2011

With the new year comes the resolution to become more financially sound. Holiday overspending leads to renewed determination and a plan regarding financial stability. The government warns of a rocky road in 2011, with food, gas, and energy prices increasing and a real reduction in take-home wages. Consumers must make extra effort to shore up […]

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Personal Finance News – 2011 Personal Finance Predictions UK

January 7, 2011

The year 2010 was not an easy one for Brits, as government measures to reduce the budget deficit placed pressure on them. Due to this and the increasing cost of living, many people were faced with some difficult financial decisions. As 2011 begins, it is helpful to know what experts think will happen with personal […]

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UK Homeowners Stay In Their Properties Longer Than In Past

January 5, 2011

The UK home is once again being viewed as a residence rather than an investment. Research shows that homeowners now remain in their properties longer than they have in the past. Compared to statistics from the start of the credit crisis, UK homeowners are spending double the length of time in their current homes before […]

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Are We Set For A Bumper Financial Year?

January 5, 2011

I am not sure if the readers of this popular UK loans site and blog have noticed about the recent positive financial news that has emerged – yes we have some good news people! To start with the stock markets from around the world are flying away. Here in London the FTSE 100 finished at […]

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Personal Finance News – The First Five Months Of Year Is Spent Paying Taxes

January 4, 2011

A leading think-tank determined that during the first five months of 2011, Britons will spend each penny earned to pay taxes. Tax Freedom Day is the celebrated date when those in the country begin working to fund themselves rather than the tax man. In 2011, this day will be May 30, an extension from May […]

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Weekly Budget For The Average British Family Is £174

December 31, 2010

Compared to one short year ago, the average British family has £6 less per week to spend. Research indicates that wage increases have not kept pace with rising living costs. This can make it difficult for large families to make ends meet and there is often nowhere from which to cut the expenses, leaving them […]

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