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Borrowing Money? You May Need to Look Into IVA
Borrowers could require IVA help as they struggle to clear debts exacerbated by the rising cost of personal loans.
According to Money Expert, these consumers have been left to pick up the cost of the Bank of England’s decision to lower interest rates to just 0.5 per cent.
Pierre Williams, head of research for the website, said that the move by the Monetary Policy Committee may have been designed to limit the effects of recession on the economy, but it did little to help consumers relying on loans to stay afloat. He said: “Personal loan rates were as low as five per cent before the financial crisis took hold. “They have climbed since then and are likely to stay high into next year.”Mr Williams’ words come on the back of research by moneysupermarket.com indicating that the typical rate of interest attached to personal loans for £5,000 has risen to 10.78 per cent, more than double what it was before the recession.
December 18, 2009 at 4:18 pm | personal loan | No comment
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Reading Between the Lines
It’s common sense, but always check the paperwork on your personal loans – it’s well worth the time and effort… Make sure you get the right personal loan that works on your terms.
December 17, 2009 at 12:20 pm | personal loan | No comment
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“It’s not that I forgot….”
Seasonal research from Abbey has revealed that the economic downturn has led many Britons to cut back on Valentine’s Day spending.
But figures from the Halifax Credit Cards revealed that Britons not only spend money on eating out and gifts each February, but also on their own appearance.
The average card holder spent £43 on cosmetics and £38 on shoes in order to impress a date.
But there are still some big spenders around romantically shelling out sums that might require personal loans. Regional data from Halifax found that customers in the south spent £504 on holidays to woo their loved ones, while consumers in the north spent £186 on jewellery.
June 14, 2009 at 10:40 am | personal loan | No comment
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Bye, bye PPI
SOME of the country’s biggest high-street banks have withdrawn from the market for single premium payment protection insurance (PPI), in advance of an expected curb on its sale by the Competition Commission.
Although the loss of profits from sales of these policies could result in more expensive personal loans, the Commission is expected to outlaw the sale of single premium policies when it announces its final proposals to clean up PPI sales in the next couple of weeks.
PPI policies cover debt repayments if a borrower cannot work because of accident, sickness or unemployment, but it is alleged they have been widely mis-sold. The cost of the PPI is usually added to the loan and interest charged on this amount, significantly increasing the cost.
February 8, 2009 at 7:49 pm | Loans General Info, personal loan | No comment
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New car purchase – which is the best way?
Although the best way to purchase a new car is usually with cash, most people need to borrow at least part of the purchase price. There are three main ways to finance your car purchase. Each has positives and negatives, so it’s worth giving them each careful consideration before proceeding.
Hire purchase finance is effectively a loan which is secured on your vehicle, and which is paid back in monthly instalments over a set number of years. However you need to examine showroom deals very carefully as car dealers are often keen to sign customers up to hire-purchase agreements as they often receive hefty commission payments for every finance customer.
Personal Contract Purchase (PCP) plans, on offer from most car dealers, are worth considering. You put down a deposit, make monthly payments and at the end of the plan you can pay the final balance to keep the car, or hand it back and switch to a new plan on another new vehicle. This means you can change car every three years or so, but check the small print carefully. Some agreements limit mileage, stipulate service frequency and tie you to a particular insurance package.
Personal loans tend to provide the cheapest method of financing the purchase of a new car. Increased competition in recent years has seen interest rates fall and the advantage of using a personal loan to buy a car is that it is unsecured, so you don’t have to pay off your loan if you decide to sell your car early.
February 4, 2009 at 8:29 pm | Car Loans, personal loan | No comment
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