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Iceland’s Economic Crisis
Iceland will hold a referendum on whether to repay Britain and the Netherlands for the billions of dollars in loans they made to cover Iceland’s bank losses, the country’s government said Tuesday.
Iceland’s parliament passed a bill last week authorizing a state guarantee for repayment of the loans, which allowed Iceland to repay minimum deposit guarantees to investors in Icelandic banks.
January 11, 2010 at 8:20 am | personal loan | No comment
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Car Loans – The New Generation
New laws on car loans have been revealed. High-interest loans secured on cars are to be outlawed under UK Government proposals tabled last week. So-called ‘logbook loans’ were archaic and enabled lenders to seize cars and other property from vulnerable borrowers without a court order, Kevin Brennan, the Consumer Minister, is quoted as saying in a report in The Times.
The report notes that about 40,000 people a year take out such loans, which it says are aggressively advertised on the Internet to bankrupts and people with poor credit histories or county court judgments. Typically the borrower can raise up to £5000 at short notice, paying interest rates of between 200 and 600%. But their cars are taken if they default and premises can be broken into to seize them.
January 10, 2010 at 8:09 am | Car Loans | No comment
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Home Equity Loans: A Little Tip To Minimise Your Taxes
Unless you own your own business, there’s really not a lot you can do to minimize your taxes. Take out a home equity loan. (The interest is tax deductible.) Use it to pay off your credit card balances and consumer loans.
January 9, 2010 at 9:59 am | Home Equity Loan | No comment
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Mortgages 1, Unsecured Loans, 0
The number of people in the UK taking out mortgages to buy a home rose again in November but the appetite for other loans and overdrafts continued to fall.
The Bank of England figures show that mortgage approvals stood at the highest level since March 2008.
There were 60,518 mortgages approved for house purchases in November, up from 57,718 the previous month.
But consumers continued to pay back unsecured loans, with consumer credit falling for the fifth month in a row.
Although credit card lending rose slightly in November, the lack of popularity of other loans and overdrafts meant that people paid back £376m more than they borrowed during the month.
January 8, 2010 at 1:32 am | personal loan, Unsecured Loans | No comment
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Higher Interest Rates for Businesses
Almost 6,000 companies face paying higher interest charges on their Government-backed business loan from January 1 after an 11 month-long discount deal with the European Commission ends.
The premium charged by the Government for its guarantee at the heart of the Enterprise Finance Guarantee (EFG) scheme has rocketed by a third to 2pc after a temporary exemption from EC state aid rules expired.
The price rise affects the 5,800 existing loans drawn down by companies as well as more than 3,000 other loans already approved by the Business Department.
January 7, 2010 at 1:27 am | Business Loan | No comment
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