Loan sharks could become bigger problem because of Christmas

There are concerns amongst industry officials that problems relating to unlicensed and unregulated loan sharks could get worse as a result of the festive season and the current financial climate. Many people have struggled to get finance such as loans, credit cards, and overdraft, for the past couple of years due to the financial crisis, and with Christmas around the corner money will be tighter than ever leading to increased desperation for many.

 

The lack of finance availability for many people has resulted in many vulnerable consumers turning to other measures such as doorstep lenders and loan sharks, and this is something that has already been causing concern for officials. Whilst doorstep lenders charge a lot of interest they do not cause as much concern as loan sharks, as these are not even licensed lenders and have been known to swindle borrowers, resort to violence to get their money, and more.

 

Authorities are now continuing to urge consumers to steer clear of loan sharks no matter how desperate they get, as taking money through an illegal loan shark will not only financially crippling but could actually end up ruining the lives of people who get caught up with some loan sharks who will resort to anything to get their money.

 

Officials are also worried that with Christmas coming up more struggling consumers could end up turning to these sharks, and could put themselves in financial and physical danger as a result of this. Many people do not have any savings to spend on Christmas, and reports have shown that there are many consumers that are unable to raise even £200 to cover the cost of Christmas gifts and other purchases, which would increase the chances of them turning to less reputable lenders and illegal lenders.

Tags: loan, credit, finance availability, climate, authorities, GBP, loan sharks, measures

Good news for bank customers due to new measures

Banks have been at the centre of a great deal of controversy over the past couple of years for a range of reasons, ranging from the controversial bank charges on unauthorised overdrafts – which is still being dealt with by the courts – to security breaches, unfair treatment of customers, and lack of clarity when it comes to terms and conditions. Read more

Tags: Fair Trading, measures, controversy, consumer affairs minister, kevin brennan, switch accounts, bank accounts, bank charges

Supermarkets try to win back customers from discount stores

Over the past year households have been facing a tough time in relation to their finances, with soaring inflation and bills coupled with tighter credit conditions impacting hugely on household budgets. Amongst the products that have seen prices rocket are food products, and for many households the cost of the weekly or monthly shop has gone through the roof, making it even more difficult to make ends meet financially. Read more

Tags: Commerce, Asda, Lidl, measures, supermarkets, autumn, money

House prices have plunged over last year

Over recent months homeowners and industry officials have seen one report after another that has shown how house prices are falling steadily on a month on month basis, and there has already been a significant fall in the value of homes compared to last year before the housing bubble burst. It has now been said that property prices have started falling at the fastest pace since the 1990s, and thousands of pounds have been wiped off the value of the average house price over the past year. Read more

Tags: measures, housing bubble burst, increase, October, Peak oil, house prices, Business Finance

Homeowners urged to combat subsidence

With subsidence claims having risen by 50 per cent since 2002, according to the Association of British Insurers, homeowners are being urged to take measures to reduce the risk of subsidence in their property.

“People don’t knowingly cause subsidence, but there are ways homeowners can help to reduce the risk of such damage to their home to avoid the costs, inconvenience and inevitable worry that subsidence damage brings,” said Neil Curling, senior structural claims manager for Halifax Home Insurance.

Halifax recommends that to avoid or combat subsidence homeowners should check for historical activity of mining in the area, get a survey of the property’s drainage, trim back or remove large trees near a property and get the local water authority to check the incoming mains supply for faults.

And they should definitely double check the small print in their home insurance documents, or shop around for a cheap deal if they don’t have any.

The improving weather conditions make the risk ever greater as vegetation takes up more moisture as it grows just as the heat makes moisture scarce.

This can cause some types of ground, such as clay subsoil, to shrink as it dries out, which can undermine property foundations and crack walls – one of the first signs of subsidence.

Tags: check, measures, Association, weather conditions, water authority, Financial services, authority, home