ClearDebt News - IVA, Bankruptcy, Debt Management and Consolidation

Competition in the mortgage market is ‘important’

ClearDebt — Thu, 09 Jul 2009 14:02:03 +0000

People may be having trouble obtaining finance for a home because there is not enough competition between providers, one expert has suggested. Director of the Association of Mortgage Intermediaries (AMI) Robert Sinclair called current conditions in which a small number of operators control the majority of the sector “bad news”. He said: “We need to [...]

Parents ‘helping children buy their first home’

ClearDebt — Thu, 09 Jul 2009 14:01:39 +0000

Mortgage lending continues to be a problem and many first-time buyers are relying on their parents for financial support when purchasing a property, one expert has suggested. Paul Samter, economist at the Council of Mortgage Lenders (CML), remarked that borrowers are still being affected by “very low levels” of available financing and that many people [...]

Pensioners ‘keen on stock market investments’

ClearDebt — Wed, 08 Jul 2009 13:37:33 +0000

People who have retired are increasingly looking towards investing their pension in the stock market, new research has suggested. According to a study by Prudential, over one in three people (35 per cent) chose the stock market and other investments when asked where they would like their pension to be put in the future. Director [...]

Interest rate ‘likely to stay the same’

ClearDebt — Wed, 08 Jul 2009 13:37:24 +0000

Tomorrow’s Bank of England Monetary Policy Committee (MPC) meeting is likely to leave the interest rate unchanged, according to one expert. Economist at financial data company Defaqto Michael Baxter said that it is “way too early” to start increasing the rate again and the monthly MPC assembly will probably be “rather boring”. He remarked: “There [...]

FSA ‘is protecting lenders’

ClearDebt — Tue, 07 Jul 2009 12:00:17 +0000

The Financial Services Authority (FSA) should do more to help those in debt with their mortgages, according to one expert. Principal policy adviser at consumer body Which? Dominic Lindley stated that by withholding the names of mortgage providers who are allegedly treating borrowes unfairly, the FSA is preventing the system from being improved. He said: [...]

People ‘are not seeking debt advice on mortgages’

ClearDebt — Mon, 06 Jul 2009 17:13:12 +0000

Individuals should look for financial guidance when they get into trouble with their mortgages, one expert has suggested. Chairman of the Financial Services Consumer Panel Adam Phillips told the Council of Mortgage Lenders that debt advice should not be a last resort for consumers. In a speech made today, he said: “There is an urgent [...]

Rising arrears ’should not be considered alarming’

ClearDebt — Mon, 06 Jul 2009 13:27:01 +0000

An expected increase in the number of people defaulting on loan payments should not be considered startling, according to one expert. Victoria Barnard, policy adviser at the Building Societies Association, stated that the decline in people being evicted from their properties signifies individuals and lenders are starting to work together to help reduce the number [...]

People are “kidding themselves” about saving

ClearDebt — Mon, 06 Jul 2009 13:25:46 +0000

People in Britain who say they do not save because of insufficient earnings probably would not save even with a higher income, new research has suggested. Comparison site moneysupermarket.com found that over half of individuals responding to a survey said they could not put money aside because they did not earn enough. However, in a [...]

Mortgage market optimism ‘waning’

ClearDebt — Fri, 03 Jul 2009 13:54:15 +0000

Recent reports that the UK’s property sector might be in the process of recovery may be a little premature, one specialist has suggested. Mortgage expert at comparison site Moneyextra.com Richard Mason said that many people may have been overly optimistic following the Bank of England base rate cuts. He remarked: “When the base rate came [...]

Consumer Advocate ‘could support Financial Ombudsman’

ClearDebt — Thu, 02 Jul 2009 17:36:41 +0000

A new consumer initiative announced by the government today could help to provide additional help for the Financial Ombudsman, one expert has suggested. Measures planned as part of the Consumer White Paper include banning unsolicited credit card cheques and consultations on the regulation of store credit cards to ensure customers do not run up excessive [...]

Debt situation is “getting bleaker”

ClearDebt — Thu, 02 Jul 2009 12:51:58 +0000

Britain’s debt problems are looking worse and could have an effect on the economic recovery, one expert has suggested. Director of charity Credit Action Chris Tapp said the current situation may lead consumers to avoid buying things they cannot afford in the future. He commented: “We hope these statistics act as a wake-up call to [...]

Citizens Advice to suggest council tax changes

ClearDebt — Wed, 01 Jul 2009 17:14:48 +0000

People behind on their council tax payments may benefit from a new initiative announced by Citizens Advice. Launched in partnership with the Local Government Association, the scheme aims to offer a number of changes to the current processes involved in retrieving council tax arrears. Chief executive of the charity David Harker said the protocol would help [...]

Consumers ‘will not lead the economic recovery’

ClearDebt — Wed, 01 Jul 2009 12:53:17 +0000

A lack of consumer spending means the economy is unlikely to recover through this avenue, one expert has suggested. Economist at the Centre for Economics and Business Research Charles Davis commented that the recession has likely been caused by organisations making cutbacks on investment. He stated: “Consumers have not actually been saving as much as [...]

Homeowners ‘worried about interest rates’

ClearDebt — Wed, 01 Jul 2009 09:25:57 +0000

People with mortgages are beginning to get anxious about the possibility of future interest rate changes, one expert has suggested. Spokesperson for comparison site Moneyfacts Michelle Slade said this concern had resulted in a number of people seeking fixed-rate mortgages. She said: “The best way to protect against any future rises is to opt for [...]

House market recovery ‘faces risks’

ClearDebt — Tue, 30 Jun 2009 14:05:46 +0000

House prices are beginning to stabilise, however there are still a number of risks on the horizon for those looking to purchase or sell a property, one expert has suggested. Chief economist at Nationwide Martin Gahbauer noted that while new statistics were “encouraging to see” there were still a number of considerations for the future. [...]

Women ‘falling behind men in terms of savings’

ClearDebt — Tue, 30 Jun 2009 13:33:48 +0000

There is a gender divide in the number of people who are successfully putting money aside into pension schemes, new research has suggested. A Scottish Widows UK Pensions report has found that 47 per cent of women are saving adequately in comparison to 59 per cent of their male counterparts. Head of pensions market development [...]

Lending ‘continues to stabilise but is still low’

ClearDebt — Mon, 29 Jun 2009 16:00:55 +0000

Recent mortgage figures reveal that while the market has steadied over the last few months it remains depressed, according to one expert. Director general of the Building Societies Association Adrian Coles said that although the economic situation seems to be recovering it has not reached levels seen in 2008. He said: “Gross mortgage lending by building [...]

Expert denies lenders are withholding mortgages

ClearDebt — Mon, 29 Jun 2009 14:17:56 +0000

Recent research suggesting that the high-end property market is stagnating due to stringent lending on the part of mortgage providers has been dismissed by one specialist. Jeremy Way, director at estate agents Hirch Way & Ambler, said that expensive residences were increasingly popular and demand was rising. “High-end properties are showing distinct signs of improvement [...]

People ‘are making increasingly risky investments’

ClearDebt — Mon, 29 Jun 2009 14:17:28 +0000

Low interest levels on standard savings accounts are causing those putting money aside to seek out risky investments, one specialist has claimed. James Booker at comparison site Which4u.co.uk suggested that consumers are looking towards investment bonds, with many showing more of an “appetite for risk”. “People are not happy with the return they get on [...]

People ‘trying to save their way out of debt’

ClearDebt — Fri, 26 Jun 2009 16:46:15 +0000

People in Britain are saving more money now than at any point in the last four-and-a-half years, a new survey has suggested. According to a report by NS&I, individuals in the UK are holding back £92.41 a month, which is the most recorded in the survey’s history. Senior savings strategist at the financial provider said: “Many [...]