August, 2008

Sub-prime consumer lender Cattles said arrears had increased in the first half of this year as pressure mounts on household budgets. The specialist lender said its share of customer balances with some proportion of arrears had risen from 29.2 per cent to 31.4 per cent in the first six months of 2008. West Yorkshire based [...]

The number of mortgages approved last month has declined by 65 per cent on last year according to figures released by the British Bankers’ Association (BBA). Only 22,448 mortgage loans were approved in July, only slightly ahead of June’s record low of 22,369, compared to an average for the past six months of 34,104. The [...]

Credit card users could soon see minimum repayments soar on their debts to £25, which could push many struggling households over the edge. Later this year Alliance & Leicester credit card customers are set to see minimum repayments on their plastic change to the greater of £25 or £5 plus any interest charges – from [...]

One in 20 people have been turned down for credit in the past 18 months, according to a recent survey by GE Money Home Lending. The study found that as lenders have continued to tighten their criteria for loans and mortgages roughly five per cent of applicants have been declined since the beginning of 2007. [...]

Energy company E.ON became the latest supplier to raise prices, inflating gas bills by 26 per cent and electricity by 16 per cent. Following the price hikes recently introduced by EDF and British Gas, the German energy giant said it had no option but to increase prices, due to the 51 per cent rise in [...]

The court case between the Office of Fair Trading (OFT) and the banking institutions may run until next year, however those in financial difficulty can reclaim charges now. The case regarding unfair charges has been well documented, and whilst the appeal may continue, an exemption exists for “hardship” cases, so those who are struggling financially [...]

Many families are already struggling to pay utility bills, and millions more will be unable to cope with the price rises that gas companies have introduced this summer, according to a recent survey. The YouGov report found that over a third of all households – 39 per cent – said they were unable to afford [...]

The number of homeowners in England and Wales threatened with having their property repossessed has risen by almost a quarter, official figures show. The Ministry of Justice said lenders made 28,658 possession orders against borrowers in the second quarter of 2008 – 24% more than in the same period the previous year. The numbers had [...]

Shoppers are paying more for their goods without realising – as manufacturers shrink the sizes of popular grocery packs. Companies are trying to protect profits to combat rising costs. However many brands are reluctant to increase prices for fear of a consumer backlash – especially as household budgets are so visibly under pressure. One option [...]