Crunch Your Credit

2012-01-13T13:29:00.000Z

Whiz bang and the New Year is here.

So you've made a New year resolution.

Broken it yet?

Why not make a new resolution that you can actually stick with?

Be rid of your credit card or unsecured debt forever. How?

Just click here and be ££££s better off.

Seasons Greetings

2011-12-20T12:40:00.001Z

All of the team at Crunch Your Credit would like to extend to all of our followers and customers the following message;

We wish you a very merry seasonal break and wish you well for the New Year.

STOP Un-Wanted Telephone Calls

2011-11-21T12:32:00.001Z

We, like everyone else, receive calls that we do not want. Even though its against UK legislation to make unsolicited calls to individuals.

Does the tele-sales marketing industry really want to clear up (& stop) its business? Well yes and no. Sure, there is the Telephone Preference Service but this doesn't always seem to be the answer as it only covers a limited variety of calls that we receive.

Here is a link to a gizmo that WILL stop all types of nuisance phone calls;

telemarketing,
silent calls,
calls from overseas call centres,
fax calls,
robocalls,
market researchers,
offensive or threatening calls,
mis-dials,
wrong numbers and recorded message calls.

It's about the size of a paperback book. It plugs into your phone line at home and checks every call you receive before letting your phone ring.

Click here to get more information and the special discounted price.

Household debt tops £200 billion in total

2011-11-01T13:30:00.000Z

Official figures show that households have amassed a staggering £208.6 billion of debts in credit cards, bank overdrafts and other loans. This is equivalent to £9,070 for every household in the country. Excluding mortgages, household debts have risen by over £5 billion in the last year, and by £629 million in the last month (Sept) alone.

Britons are struggling to cope with the rising cost of living are continuing to accumulate the highest levels of debt seen since the height of the recession in 2009.

Purchasing power has fallen in recent months owing to higher inflation, high utility and food prices, and the rise in VAT. With wages remaining stagnant and interest rates low, consumers are continuing to lose out in real terms.

Bank of England Chairman Sir Mervyn King recently described the squeeze on household income as "the worst in living memory".

Figures from the Office of National Statistics have shown that VAT is working regressively, with the 20% of poorest UK households spending almost double the percentage of their household income on VAT than the 20% richest households.

It is evident, then, that households are having to resort to credit cards for everyday use and accumulate debts to finance their regular spending.

Want a solution? Click here to find out how.

Crunch Your Credit Toolbar

2011-10-19T11:21:00.000+01:00

We are very pleased to announce that you can now get even easier access to CRUNCH YOUR CREDIT information via our new browser Toolbar.

Its very easy to install (and uninstall if you prefer). Just click here to download and install. It is compatible with both Firefox and Internet Explorer.

Happy safe surfing.

CRUNCH YOUR CREDIT Team.

Action Taken Against Debt Management Firms

2011-10-12T12:05:00.000+01:00

As part of the Office of Fair Trading's (OFT) campaign to tidy up this sector, it has taken action against 3 more debt management firms found to be in breach of guidelines or the law.

Money Advice Direct is now unable to trade under the name ‘The UK Insolvency Helpline’.
Prime Legal & Financial Services for failing to adequately demonstrate the knowledge, experience or necessary skills required to hold a consumer credit licence.
Deric Hamilton Oliver of Midlothian, Scotland, had his application for a consumer credit licence rejected after lying on his OFT application.

61 businesses have now had their licence revoked, surrendered their licence, or had an application refused, out of 129 firms which were warned since the OFT's compliance review commenced about a year ago.

David Fisher, director of consumer credit at the OFT, said: “Revised debt management guidance, which is due to be published before the end of the year, will give even greater clarity as to the standards that the OFT expects of businesses that it licenses in this sector.”

If you want to clear up your credit card debt it is suggested that you do NOT go down the Debt Management Firm route. It is expensive and doesn't always work.

With the proper information & education YOU will be able to tackle this problem DIY, privately in your own time in your own home.

For more information please see here.

Information supplied by Credit Today.

Remember this from David Cameron on 5th October?

2011-10-10T10:50:00.000+01:00

"The only way out of a debt crisis is to deal with your debts. That's why households - all of us - are paying off the credit card and store card bills."

This had been changed at the last moment from:

"The only way out of a debt crisis is to deal with your debts. That means households - all of us - paying off the credit card and store card bills."

Well guess what. He got it wrong as there is another option.

What's this? Over the years the Credit Card Companies got very greedy. Just look at the interest rate that you are charged v the Bank of England rate of 0.5%. They also got very lackadaisical in how they operate.

You probably don't have to pay off your credit card or unsecured debt. By using the appropriate legislation you may not have to pay at all (other than a minimal amount).

Now you can exploit their greed and legally make them acknowledge that you do not owe them any money that they can enforce you to pay - problem solved.

How? It's all here.

Steps to Help You Realistically Clear Your Debt

2011-09-24T12:39:00.001+01:00

Using credit cards just eats your hard earned money, so you need to stop

Take a look at this self help debt eliminator information, you may not even have to pay them, the lenders may have goofed!

Step 1 – Add up everything that you owe, yes everything, including memberships, bills, family etc.

People tend to think about their debt in terms single debts (student loan payment, visa card payment monthly items etc.) instead of the total amount owed, and then the monthly sum paid.

To get a sense of just how deep your debt is, start by adding it all up: bills, credit cards, car and mortgage payments, loans, etc. List everything you spend to figure out your monthly spending. Food, mortgage or rent, insurance, utility bills and phones. Vehicle or travel costs memberships, entertainment must be included. Do this carefully not forgetting birthday and Christmas expenses along with holidays and outings.

Next figure out your net monthly income. This will quickly show you money earned against your spending. Are you in the red or the black each month?

Step 2 – List your debts from most expensive to least expensive. The most expensive debt, is the debt with the highest interest rate, not the highest amount owed.

Using your list of your debts, write down the interest rates beside each (take this from your latest statement as these can often change, and you may not realise how high some have crept up). You may want to start a new list showing these, with the highest-interest debt at the top, going in descending order to the lowest-interest one at the bottom. Starting at the top, this is the best order in which you want and need to repay your debts.

Step 3 – Figure out what you have to pay each month no matter what to just stay on top of things to remain in good standing with your creditors. Using your debt list, write down the minimum monthly payment for each item you can like credit card bills (these show a Total owed, a monthly payment due and a minimum payment of the interest plus a very small amount of your debt.

These amounts are important to pay if you are in a position to do so, because if you can't keep up with them, you will damage your credit score. This will mean the creditors will put on record you have paid late (creditors charge you a fee if this happens, and you are put on a list that other lenders look at and see you as a high risk, someone who cannot pay so you either get no more loans or mortgage offered. Credit card borrowing limits are reduced, even credit card interest can be increased, all this can increase your monthly outgoings.) And it does not stop there, because it can take you thirty years to pay and clear some of your debts if you only ever pay the minimum payment of say the interest plus a penny per month.

Step 4 – Very carefully and honestly work out what you have to pay to get out of debt in a reasonable amount of time. According to most help sources, a reasonable amount of time is three years or less for consumer debt. Student debt in England is repaid by statutory formula. Remember a lot of people will never earn enough to have to repay a student loan.

Figure out the amount and frequency of all the payments you need to make in order to free yourself from each debt in your chosen amount of time (ideally, three years or less).

Step 5: Implement the “Snowballing technique” to reduce you debt. First, make your minimum payments for every item of debt on your list.

Then, use any money left each month to make additional payments where possible to the highest interest debt, the one at the top of your priority list. Continue this pattern each month until your highest interest debt is paid off, and then direct the additional payments to the next-highest debt you have listed. Keep moving down the list as you pay each debt off, “snowballing” your payments (adding the payment for the now paid item to the next listed debt) until all of your debts are paid in full.

Tip: Don't forget to add savings payments on your monthly list during debt repayment.

A good idea is to set aside 10% of your net income for savings. Or save overtime or bonus monies if you can. Saving is a habit everyone should try to get into, as soon as you start to earn. It is important to try to establish saving as a habit early, or you won't save.

Not that this habit will be easy to start, or to stick to; but discipline is key. There’s always a good reason not to save (a long needed vacation, a new car, clothes etc.). A good reason to save is because you are supposed to and a rainy day always comes along. Think that at times your income could drop or even be lost for a while through no fault of your own. An emergency expense in the home or for the family, the least expected always happens at the worst times in life.

For more information about getting yourself debt free and even maybe eliminate some credit card debts altogether, to take control of your money and your life visit: Crunch Your Credit. Have your eyes opened and see what people have learned about lenders.

Some credit card debt may not always be enforceable. You need to check yours out, were they set up prior to April 2007. You need to see if you are paying huge interest and fees that you are not really due to pay. There are ways to help yourself clear your debts totally and not pay anything. There are ways to reduce the amount you owe.

All this is legal and has been done without paying expensive monthly management fees, or taking expensive consolidation loans or IVA. Paying huge monthly amounts over five years or more having your life controlled by your creditors or management company staff. Keep you finance problems private.

Crunch Your Credit offers no gimmicks, nor nothing illegal. Just information and peoples experience’s who have stood up to the lenders, learned their own protection rights and used the law against the often greedy lenders. Information offered by others been sufferers now debt free, to help you.

People who decided to fight the banking lending system themselves and won. Some have been pushed to the brink, and then taken on the fight as they could not see light at the end of the tunnel. Some in debt due to the world recession and credit crunch to over £80,000, others in debt for £3000. An equally stressful situation if your circumstances change and you are not able to secure the income amount required to meet your outgoings. All were desperate and receiving calls and letters daily, threatening them with all sorts of degrading frightening things, if payments were missed or even just late. Phone calls to their place of employment and even creditors calling on neighbours to confirm addresses for the debt collector to call. These stories are quite distressing but very real.

Crunch Your Credit is about people who now are giving their experiences of how they have managed to beat the debt trap. We have collected their information and their incredible success stories. We have collected information from the public domain to let you see it can be done in most cases, and that all need not be lost.

You can help yourself out of debt. You can do it in the privacy of your own home. Be educated about how lenders can trap you and want to keep you in debt for life, to allow the banks to make billions each year. Debt causes home break ups, illness, job loss and even in extreme cases of debt, loss of life.

Do you really owe all you think you do? Do you really have to pay all you are struggling with monthly now? Probably not, for the price of less than one or two monthly payments you are sending to your credit card debts now, you could possibly take these or some of these credit and store cards off your list in days.

We at Crunch Your Credit are not able to advise you or to do anything for you other than how to use the system. We do not need to. We simply supply the educational information together with template letters already used by people to gain their success. You will be able to see how others have done it. What others have learned and their experiences to win the fight. Even if you cannot write off a debt you can usually drastically reduce the total debt.

There are many free help lines available to you. There is always legal help which is an option to be considered in extreme cases. Taking out loans or an IVA are the most offered ways by management companies.

You put all your debts into one loan on a fixed term one payment? Great for some until they run into income loss or reduction and then back to the worry and threats are a possibility. Free debt advice is often a consolidation loan or an IVA suggestion.

Arranging this loan or IVA will have increased your debt, as you will have been charged a fee which covers management commission etc for those helping you out of debt. You pay set up fees and monthly payments, some payments can increase on IVA's. Think carefully and see what every bit of help offered is honestly costing you.

There is a saying, nothing in life is free. The advice they offer maybe is free, but the set up of help usually is far from it, and ongoing fees are also probable. Any actual reduction of your debts is usually very small but they may stop the adding of interest which you can do yourself.

Once you have debt problems the creditors are quick to damage your credit score. Out come default letters that, in fairness, lenders are obligated by law to send, but they gain from you a fee to add to your misery, of about £12 sometimes more. This default is registered against you with the various credit reference agencies. This means you could find it hard to open a bank account, be refused loans mortgages and other credit.

This is repairable but not until you have sorted out your debts. If you are in this difficult debt situation you will not be, or should not be looking for further debt anyway, so put this concern to one side for a while and look to rebuild it later. Concentrate on clearing the debt you now have.

For your complimentary copy of ‘The Credit Card Pay-Off Calculator’ click here.

So You Think You Have Problems!

2011-09-19T13:35:00.001+01:00

Subject: Barclay Bank - This is Brilliant THIS IS TRUE!!

Be afraid, very afraid. Be sure and cancel your credit cards before you die!

A lady died this past January, and Barclay bank billed her for February and
March for their annual service charges on her credit card, and then added
late fees and interest on the monthly charge.

The balance had been £0.00, now is somewhere around £60.00.

A family member placed a call to the Barclay Bank:

Family Member: 'I am calling to tell you that she died in January.'

Barclay: 'The account was never closed and the late fees and charges still
apply.'

Family Member: 'Maybe, you should turn it over to collections.'

Barclay: 'Since it is two months past due, it already has been..'

Family Member: So, what will they do when they find out she is dead?'

Barclay: 'Either report her account to the frauds division or report her to
the credit bureau, maybe both!'

Family Member: 'Do you think God will be mad at her?'

Barclay: 'Excuse me?'

Family Member: 'Did you just get what I was telling you . . . The part about
her being dead?'

Barclay: 'Sir, you'll have to speak to my supervisor.'

Supervisor gets on the phone:

Family Member: 'I'm calling to tell you, she died in January.'

Barclay: 'The account was never closed and the late fees and charges still
apply.'

Family Member: 'You mean you want to collect from her estate?'

Barclay: (Stammer) 'Are you her lawyer?'

Family Member: 'No, I'm her great nephew.' (Lawyer info given)

Barclay: 'Could you fax us a certificate of death?'

Family Member: 'Sure.' ( fax number is given )

After they get the fax:

Barclay: 'Our system just isn't set up for death. I don't know what more I
Can do to help.'

Family Member: 'Well, if you figure it out, great! If not, you could just
keep billing her. I don't think she will care.'

Barclay: 'Well, the late fees and charges do still apply.'

Family Member: 'Would you like her new billing address?'

Barclay: 'That might help.'

Family Member: ' Finchley Memorial Cemetery , Great North Road, Finchley,
London Plot Number 1049.'

Barclay: 'Sir, that's a cemetery!'

Family Member: 'Well, answer me this, what the f*** do you do with dead people on your
planet?'.............

Do You Know How Much Interest You Will Pay?

2011-09-07T13:21:00.000+01:00

You will be amazed how much interest you will pay on your credit card if you do not pay it in full each month.

If you have a debt of £7,500 and you only pay the minimum, you will not clear your debt for nearly 5 years! (excluding any late fees, future charges etc).

Want to know how to calculate how much interest you will pay or decide how much it will cost to pay over X months? Then click here.

Financial Regulation Is Changing

2011-07-18T10:31:00.002+01:00

Financial regulation to be 'tougher and bolder'

The financial services industry faces "tougher and bolder" regulation, under plans for the forthcoming Financial Conduct Authority (FCA).

One of the successors to the Financial Services Authority (FSA), it will come into being by the end of 2012.

The FCA will oversee the way 27,000 firms, including banks, do business with customers and with each other. It aims to prevent any more of the mis-selling that cost customers billions of pounds in the past two decades.

Margaret Cole of the FSA said the new body would be more proactive and interventionist than the FSA had been in the past. "We will take action when a consumer detriment is building up, and not wait for it to crystallise first," she told the BBC.

In its 52-page consultation document on the powers of the new body, the FSA points out that past mis-selling scandals over private pensions, mortgage endowment polices, and split-capital investment trusts have cost customers about £15bn.

It said billions of pounds more in compensation - likely to be well over £5bn - will be paid when the current scandal over the mis-selling of payment protection insurance is finally resolved.

"The FSA recognises that, overall, its response to the mis-selling of PPI should have been stronger," the FSA said. "Stronger action sooner could have limited the growth of the problem," it added.

A past criticism of the FSA has been that it watched problems building up, even when they were gaining widespread publicity in the media, and only acted once large numbers of people had been affected.

The FSA acknowledged it had been slow to react in the past.

"The response by society as a whole and, in particular, in Parliament and the media to the major mis-selling events since 1990, demonstrates that the FCA will need to have a lower risk tolerance than the FSA has had historically in this area," the FSA said.

Margaret Cole said its approach would change. "We will be more engaged with consumer groups and will analyse what is going on, and look at consumer behaviour," she said. "We will have new powers to make earlier interventions, including banning financial products and financial promotions."

The FCA will be a standalone body and will oversee the conduct of all financial services firms. It will also be responsible for the "prudential" regulation of the finances of 24,500 firms.

Among them will be personal investment companies, insurance and mortgage brokers, investment managers, corporate finance firms, financial exchanges and travel insurers.

The prudential regulation of the finances of banks, investment banks, building societies, credit unions and insurers will go to the other successor body to the FSA, the Prudential Regulation Authority (PRA).

This will be a direct subsidiary of the Bank of England.

Hector Sants, the FSA's chief executive, said: "Trust in the financial services sector is at an all time low and the new regulatory arrangements provide the opportunity to restore confidence."

Five Laws The Canny Shopper Should Be Using

2011-06-30T10:49:00.000+01:00

There is a war being fought between customers and many of the firms they have to deal with. It is an asymmetric conflict - the little man versus the faceless, bad customer service monoliths.

On the little man's side there are only newspaper consumer pages and a rather handy selection of laws.

SALE OF GOODS ACT

You might not need that five-year extended warranty after all.

CONSUMER CREDIT ACT

Your credit card provider is often liable.

SUPPLY OF GOODS AND SERVICES ACT

Services are like goods.

DENIED BOARDING REGULATIONS

Airlines cannot mess you around with impunity.

DISTANCE SELLING REGULATIONS

When it comes to buying over the web, you're allowed to change your mind.

SMALL CLAIMS COURT

Obviously, the preferred course of action for most people is that the errant firm admits its mistake and settles your claim after the first letter. But ....

Click here to find out more.

Protecting Consumers

2011-06-22T11:49:00.000+01:00

“Consumers in this country believe that they are well-protected but the reality does not support this view. The system for enforcing consumer law is fragmented and significantly under-equipped to tackle a whole range of serious consumer scams.”

Amyas Morse, head of the National Audit Office, 15 June 2011

The Facts

£6.6bn - estimated annual consumer detriment from unfair trading
£4.8bn - estimated minimum annual cost of detriment occurring across local authority boundaries
£247m - The cost of consumer law enforcement in 2009-10
78% - of consumers in the UK feel adequately protected by consumer protection arrangements.

86 per cent of funding for enforcement is controlled by local authorities
£240,000 – £6,000,000 range of annual budgets for Trading Standards Services
45,200 average number of people per Trading Standards Officer in the United Kingdom
£200,000 potential cost of a large and complex cross-border case
8 Regional Intelligence Officers
£6:£1 ratio of benefit to cost from Trading Standards Services fair trading work
£42 million benefit to consumers from the Office of Fair Trading consumer protection enforcement work
197 Trading Standards Services

Does this fill you with confidence?

Whilst the NAO report centres around scams etc. the same is true for the 'robbery' of the credit card companies.

Has the Consumer Credit Act and regulations stopped the abuse by the credit card companies? No, judging by the number of amendments that have had to be enacted to 'plug' the gaps together with Court judgements.

There is no doubt that there has previously been a lapse attitude to regulation adherence by everyone involved. When credit was easy no-one cared too much as there were other suppliers or consumers. And the consumers didn't know their rights nor the credit card companies obligations. Just get another loan or card to pay off the original card. Heck even the card companies were fighting to get your custom.

But as we all know, now its all changed. But is the legislation up to date nor fit for purpose? Maybe but:

The government is planning to place more of the burden of consumer protection on trading standards officers and Citizens Advice.

Watchdog Consumer Focus is set to be scrapped, with Citizens Advice set to take on its role in fighting for the rights of energy customers.

Plans would also see the Consumer Direct helpline switch to the control of Citizens Advice.

Consumer Minister Edward Davey said the plans, which are subject to 14 weeks of consultation, would end confusion over who was responsible for certain aspects of consumer protection.

But trading standards officers, who will oversee more national investigations, are facing budget cuts at local government level.

A sure recipe for success?

Can Credit Repair Companies Help Me?

2011-06-14T11:34:00.001+01:00

You may have heard of companies that offer to clear your credit records with credit reference agencies to allow you to apply for more credit.

Warning:: Be careful: you may be paying a company for something you can do yourself.

Credit repair companies may charge you a fee and often send you an information pack telling you how to get a copy of your credit report and how to clear county court judgments.

You need to be very careful before paying a fee to a commercial company who suggests it can remove judgments for you. If you apply to the county court to set aside a judgment and you do not have a real reason to do so then you could be in trouble with the court.

Credit repair companies must have a consumer credit licence from the Office of Fair Trading (OFT). Check if the company has a licence before using their services.

If you have a complaint about something a credit repair company has done from October 2008 onwards, you can ask the Financial Ombudsman Service for help.

The Office of Fair Trading (OFT) and local trading standards departments are investigating credit repair companies. If you are not happy with a credit repair company complain to the local trading standards department by contacting Consumer Direct.

Personal debts: Do not delay, act today

2011-05-07T11:28:00.001+01:00

There are an estimated 961,000 individuals in the UK struggling with debt, according to R3, the Association of Business Recovery professionals.

The current environment means this is unlikely to change.

The boom years saw cheap credit become widely available and enabled many people to enjoy things they would not necessarily have had the chance to.

Whilst on one level this was a great opportunity, it did mean some individuals were living beyond their means, without being able to potentially meet its true costs.

Full article here. (Link copyright to respective owner(s))

Sound familiar? Are you or someone you know in this position?

Click here for the remedy.

Personal insolvencies fall in England and Wales

2011-05-06T11:25:00.000+01:00

Fewer people were declared insolvent in England and Wales in the first three months of the year, although experts predict a rise later in the year.

There were 30,162 personal insolvencies in the first quarter, down 1.7% on the previous three months and the fourth consecutive quarterly fall.

The Insolvency Service figures show the number was 15.5% down on the same period a year earlier.
However, there was a rise in the number of businesses going bust.

For the full article click here.

(Link copyright of respective owners.)

Man has over £20,000 'debt' written off by Judge

2011-03-23T12:36:00.003Z

In what may be seen as a landmark case, His Honour Judge Chambers QC has written off £20,269.69 because the Credit Card Company (MBNA) and its assigned Associate (Link Financial Ltd) had 'hounded' their client and had issued 'bad' notices.

For a pdf copy to view or retain click here.

Debt Glossary

2011-02-28T13:01:00.001Z

Need a simple to read glossary about debt?

What is an Assignment Notice?

What does CRA stand for?

What is Joint and Several Liability?

What is a Statutory Demand?

Don't know what they are or what their implications are? Then try this.

Do Credit Card Companies Help?

2010-11-16T11:33:00.004Z

Do they help in securing you as a customer?

Most definitely yes. They are there to make money.

Do they help keeping you as a customer?

Sometimes. It is, after all in their interest to keep you as a customer - they are there to make money.

Do they help you when you are struggling financially?

Unlikely. They will raise the interest rate, probably reduce your credit limit, stop you from making any further transactions, and charge you for late (non) payment. Try not to take it personally - in the end, they are not really there to help, they are there to make money. But at least it stops you from making the error of increasing your debts.

For more information please click here.

Selling Credit Card & Unsecured Debt

2010-11-09T14:26:00.078Z

No matter what you think about it selling of debt happens.

Why does it happen?

There could be lots of reasons why firms sell their debt(s) but these seem to be the most common (not any order);

The firm needs funds and decides to sell some assets.
The firm want to change their 'portfolio' or ratio perhaps from personal to corporate lending.
The firm wants to reduce its exposure to potential un-collectable debt.
The firm wants to 'offload' debt that it does not seem to have a possibility of collecting from.

In almost, if not all cases, the firm will sell below the actual total amount of debt perhaps at only 10% in order to attract the sale.

How does it happen?

Essentially there will be a legal agreement (assignment) between the two firms to sell the account on such and such a date for £x's. It is more the likely that the particular sale will be one of many thousands that is being sold 'en masse'. The parties must notify you in writing of the proposed sale.

So what Changes?

From a legal point of view, nothing really as if the debt is unenforceable it's status remains the same. But in practice the new 'owner' of the debt will want a quick resolution i.e. you paying up. They are likely to be quite aggressive in their pursuit. And so the round of phone calls, letters etc starts up again.

How many times can the Owner change?

There is no limit how many times the ownership will change. However each time the notification must be made. The legal status remains the same.

So what's the implication for me?

Check that each owner has the appropriate license to operate within the UK. If it is a firm that is licensed within the EU, then they have authority to operate within the UK.
Ask for a copy of the 'Deed of Assignment' specific for your account.

If neither of the above is present, or is defective, then there is a route out of the debt being effected.

More information is available here.

So What's Happening Following The Spending Review?

2010-10-26T11:58:00.005+01:00

Well basically nothing directly on the credit card or unsecured loan debt front so far as we can find.

So where are we now?

Unless the card company can send to you a compliant copy of the signed agreement, then the 'debt' will probably be unenforceable.

Is it easy?

Yes, but you still have to know what and when to do it. See here for more information.

Want to know who actually owns your credit card debt?

2010-10-05T10:40:00.018+01:00

Correct as at publication date.

Credit Card Provider	Issuing Company	Owned By
AA	MBNA Europe Bank	Bank of America
American Express	American Express	self
ASDA	Santander	Banco Santander Central Hispano
Bank of Cyprus UK	MBNA Europe Bank	Bank of America
Bank of Ireland (UK)	Bank of Ireland (UK)	Bank of Ireland Group
Bank of Scotland	Bank of Scotland	Lloyds Banking Group
Barclaycard	Barclaycard	Barclays Group
Capital One Bank	Capital One Bank	self
Cheshire BS	MBNA Europe Bank	Bank of America
Clydesdale Bank	Clydesdale Bank	NAG group
Coutts & Co	Coutts & Co	RBS group
Egg	Egg	~~Citigroup~~ Barclays Group
first direct	first direct	HSBC group
First Trust Bank (NI)	First Trust Bank (NI)	Allied Irish Bank Group
Halifax	Halifax	Lloyds Banking Group
Hoare & Co	Hoare & Co	self
HSBC	HSBC	HSBC group
John Lewis Financial Services	John Lewis Financial Services	HSBC group
Lloyds TSB	Lloyds TSB	Lloyds Banking Group
Marks & Spencer Money	Marks & Spencer Money	HSBC group
MBNA Europe Bank	MBNA Europe Bank	Bank of America
Melton Mowbray BS	MBNA Europe Bank	Bank of America
Nationwide BS	Nationwide BS	self
NatWest	NatWest	RBS group
Northern Bank (NI)	Northern Bank (NI)	Danske Bank Group
Norwich & Peterborough BS	MBNA Europe Bank	Bank of America
Post Office®	Bank of Ireland (UK)	Bank of Ireland Group
Royal Bank of Scotland	Royal Bank of Scotland	RBS group
SAGA	Allied Irish Bank	Allied Irish Bank group
Sainsbury's Finance	Sainsbury's Finance	Lloyds Banking Group
Santander	Santander	Banco Santander Central Hispano
SAV Credit	Bank of Scotland	Lloyds Banking Group
Smile	The Co-operative Bank	Co-Operative Bank plc
Sony	MBNA Europe Bank	Bank of America
Sygma Bank UK	Sygma Bank UK	LaSer group
Tesco Bank	Tesco Bank	Tesco
The Co-operative Bank	The Co-operative Bank	Co-Operative Bank plc
Thomas Cook Personal Finance	Thomas Cook Personal Finance	Barclays Group
Ulster Bank	Ulster Bank	RBS Group
Vanquis Bank	Vanquis Bank	Provident Financial Group
Virgin Money	MBNA Europe Bank	Bank of America
Yorkshire Bank	Yorkshire Bank	NAG Group

Consumers repaying unsecured debt

2010-09-29T12:30:00.003+01:00

UK consumers repaid more unsecured debt than they took out in new loans in August, the Bank of England have said.

Net consumer credit - which includes credit card borrowing, overdrafts and personal loans - fell by £120m, the biggest drop since November 2009.

This may all be very well if you are in the position to repay. But what if you are not?

Have a look here for what may be the answer to your debt problem.

Some Debt Management firms 'exploiting' people in debt

2010-09-28T11:42:00.002+01:00

Some debt management firms are posing as charities and are driven by a sales culture, the Office of Fair Trading has found.

The regulator has ordered 129 firms to clean up their act within three months or face losing their licences.

A damning report into the state of the sector highlighted widespread problems including misleading advertising and poor advice to those in debt.

Fees

People in financial difficulty often go to debt management companies in desperation, the 11-month review by the Office of Fair Trading (OFT) found.

These businesses charge a fee for advice and to come up with solutions, such as debt management plans or deals with creditors known as Individual Voluntary Arrangements.

Three-quarters of those firms checked by the OFT charged their fees at the start of the process. This, the OFT said, would minimise the risks faced by the firms while not dealing immediately with consumers' difficulties.

"In some cases, it appears that business models may be set up to take the maximum amount of money from a consumer regardless of their circumstances," the report said.

"Firms are not giving the advice or offering the solution that is in the best interests of the consumer, but instead that which is most profitable to them."

This could lead some people to end up in a worse financial position than before they sought help.

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Regulation Update - Interest Charges

2010-09-23T10:01:00.003+01:00

The Government has announced a new credit card crackdown which could save consumers around £300m a year in interest and charges.

How will my monthly repayments change?

Under the new measures you will be able to pay off the most expensive debts first.

Credit card firms charge borrowers different rates depending on the 'type' of debt.

For example a balance transfer might be charged at 0%, whereas purchases could be charged at say, 18% and cash withdrawals at 30%. But, until now, consumers have only been paying off the cheapest debts first, meaning the higher debts accumulate and take longer to pay off.

The new measures will reverse this practice, which has earned Credit Card Companies £250m a year, and customers who only repay the minimum each month will see the greatest benefit.

Under the new rules, their monthly repayment will go towards paying off the most expensive balance first – for example the rate on cash withdrawals – meaning debts will be paid off more quickly in the long-run.

Can the lender still increase the interest rate?

Lenders will still be entitled to hike the cost of borrowing, but the current 30-day 'right to reject' notice period will be doubled to 60 days.

Customers must also be notified twice before any increase occurs. This will give the borrower time to either pay off the debt or move to a card with a better rate.

The Government also said it would ban rate hikes for customers 'at risk of financial difficulties'.

What will this mean for credit card rates in future?

While the Government's new measures have been generally accepted as a positive step, there are fears it could lead to the Credit Card Companies finding other ways to make up the shortfall from interest charges. e.g. fewer 0% balance transfers, higher standard interest rate as well as the re-introduction of annual charges.
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