Expert views & facts
Summer fun may land Brits in debt
According to research released this month by Credit Expert, a summer holiday may land 2.5 million British consumers in debt.
Coming home to a backlog of work and a fading tan may be depressing, but credit card debts, overdrafts and mortgage arrears may be more serious consequences of over-spending this summer.
Debt consolidation mortgages – still an option?
Why have debt consolidation mortgages been so popular recently? In the last five years, homeowners have withdrawn nearly a quarter of a trillion pounds of equity from their property. That`s almost £4 billion of equity every month.
Which personal loan is right for me?
If you are looking for a personal loan, there is a lot to consider. There are various types of loan available, and the differences between each can be confusing. Here we take a look at the three main types of loan, and who they are most suitable for.
Tips for getting approved for a loan
The credit crunch means that applying for a loan is tricky business compared to recent years. Potential losses after years of confident lending have meant that lenders have had to tighten their lending criteria, making loans harder to come by. That’s not to say it’s impossible to get a loan – after all, lenders still want to gain business...
Are mortgages getting more expensive?
For both existing and potential homeowners worried about the market for mortgages and remortgages, the picture can be confusing. One day we hear that certain lenders have dropped their mortgage interest rates, the next day another lender has raised theirs – so what is actually happening?
Mortgage market: the facts
Lenders have experienced limitations on the availability of funds that they can make available for mortgages and other borrowing, and this has led them to tighten up their lending criteria, reducing potential losses from relaxed lending to people with poorer credit histories and making it more difficult to obtain credit (this situation has become known as the ‘credit crunch’).
Debt Consolidation Loan or IVA: which is best for me?
If you’re having problems with debt and you are looking for a way out, the range of options on offer can be overwhelming. Each different debt solution is suited to a different situation, and it’s important to understand which is best for you.
Here we look at two debt solutions that could help you get back in the clear: debt consolidation loans and IVAs (Individual Voluntary Arrangements).
The housing market – not as bleak as it seems?
With credit conditions tight and mortgages hard to come by, the UK housing market is facing a tough time. According to the Nationwide House Price Index, house prices have dropped every month since November 2007.
Now, Nationwide has announced that the value of the average UK house dropped by another 0.9% in June. Not exactly welcome news for homeowners, but things could be a lot worse...
Quick guide to IVAs (Individual Voluntary Arrangements)
An IVA (Individual Voluntary Arrangement) is a legally-binding agreement that helps you write off unsecured debts that you cannot afford to repay. It involves paying back a fixed amount each month, usually for 5 years, based on the maximum affordable amount, after your costs of living have been taken into account.
If you enter into an IVA, your creditors will not receive everything that you owe them, which in some cases can put them off. But many creditors will accept that an IVA is their best chance of receiving at least some of what they are owed. But they will have to be convinced that they will get more from an IVA than if they petitioned for your bankruptcy.
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