Royal Mail to aid efforts to trace dormant accounts - Published:05/12/07
As a number of fee and speed increases hits the credit card market, it is "more important than ever" that people supermarket around for a good deal, according to WhichInternet shoppers have been advised to use their credit cards for online purchases by shopsafecoukregal Mail has announced that it can help banks and building societies draw dormant account holders by using the in order contained in its redirection databaseThe organisation says it has about 16 million records of address changes contained within its filesAnd it claims that trials of by those records to trace lost account holders have been winning 60 per cent of the timeAccording to a Royal Mail representative, the main reason accounts become dormant is account holders altering address without informing their bank or building civilization"Our unique information on people who have moved house over the past 16 years helps us recognize them," added Leonora Corden, Royal Mail head of marketplace developmentIn related news, the government recently expressed a belief that funds in latent accounts should be used as a communal fundOne building society, Halifax, says it has an estimated 110,000 latent accounts with around £44 million in.
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Mortgage lenders gauge 'ability to pay' - Published:16/10/07
When thinking how much to lend, many mortgage companies think a consumer's ability to repay, rather than profits multiples, according to analysts from moneyfactscoukThe Council of Mortgage Lenders has exposed that the average first occasion buyer will borrow 324 occasions their income to put a deposit on a propertyJulia Harris, a mortgage analyst at moneyfactscouk, said: "In an 'ability to repay' application, each case will be individually approved by method of an income and expenditure assessment, taking account of obtainable credit agreements, mortgage expenditure and contractual commitments"However, it should not be forgotten that affordability is taken explanation of in all applications, the difference being this may approach at a later stage in the application process, usually at agreement in principle"Meanwhile, it has been found by moneyfactscouk that mortgage payments now take up much more of a consumer's income than they did ten years agoMoneyExpert Limited is authorised and keeping pace by the monetary Services Authority (FSA Registration No 301654) The monetary Services Authority does not regulate some forms of mortgage agreement,.
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UK Consumers Urged to Eliminate Personal Debt - Published:24/04/07
UK consumers have been urged to rid themselves of individual debt and re-think their spending habits as Britain’s debt difficulty growsIn light of new reports of UK credit card spending rising sharply, debt help organisation, The money owing Counsellors, is strongly recommending that consumers make credit card debt removal a priorityMany consumers struggle to pay off money owing from sources such as credit cards and loans, as the debt is constantly accruing interestmarketplace indications are that credit card debt in the UK is worsening and experts are urging customers to make eliminating their credit card debt a priorityFigures from Moneyextra, a individual finance website, propose consumer spending on credit cards has increased piercingly in recent monthsThe average balance transfer being sought by company to Moneyextra in July was £2,933 – a 106% go up on the previous month and the highest figure for six monthsThe Bank of England has also recorded a go up in credit card debt: according to their figures, credit card lending went up by £02 billion in July, compared with a £01 billion rise the preceding monthThe Debt Councillors are just one of many debt groups urging customers to make eliminating credit money owing a priority when it comes to deciding what and when are paid at the end of the monthRecent information have also warned of the financial dangers that lie in front when consumers make only minimum payments to their credit card(s) each month Some customers could avoid a considerable amount of their credit card debt if they paid more than the minimum monthly payment, as less interest on the certificate debt would be accruedJohn Porter, a senior counsellor with the organisation, insists many people are hire their credit card money owing rise to unmanageable levels, making them vulnerable to insolvency and bankruptcygatekeeper says: "There is a 'want now, pay later' culture in the UK and a group of people overspend on their plastic and just pay the smallest amount amount every month But this way interest keeps addition to the overall debt and they're back where they started, or worse off"Anyone who owes cash on credit cards should think seriously about credit card money owing elimination and get advice on the best ways of plummeting and, ultimately, clearing the debt"The UK seems to currently be in the grips of a ‘buy now, pay later’ culture as many employ credit cards and personal loans as another source of income This often leads to financial difficulties in the future as the household profits struggles to cope with the stress debt repayments make on itUsed responsibly, credit cards can often be extremely convenient as well as contribution some amount of consumer protection Credit cards contribution faithfulness bonus schemes mean that using a credit card instead of cash, for the paper shopping for example, can earn points that can be redeemed in a variety of ways, such as at high road stores or at the petrol pump Spending only what you can afford on a credit card will often lead to stress gratis shopping as well as a few perksnear the beginning Redemption Penalties - Loan Extras - Debt Consolidation awful Credit - Choosing a Personal Loan - Loan Penalties.
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