The British Bankers' Association (BBA) has announced that mortgage lending rose by 4.3bn in July 2008 the same as June 2008. The figures that reflect, mortgages that have been approved but not actually lent, seem to indicate the housing market is beginning to steady. Although a low number of mortgag...

The number of people in England Wales facing repossession after falling behind on their mortgage payments has risen dramatically in the past year. The Ministry of Justice said 28,658 orders were made by courts in the second quarter of 2008, these figures come a week after data for actual repossessio...

OFT attacks banks over 'stealth' charges Banks have been accused of using 'stealth' and 'surprise' to generate huge profits through penalty fees in an extraordinary attack by the boss of the Office of Fair Trading. The OFT, which will today reveal details of its legal case against banks, is locked i...

Extra cash to stop Farepak repeat Citizens Advice has been given an extra £80,000 to help people save safely for Christmas after the Farepak collapse. The Office of Fair Trading (OFT) launched the £1m "Save Xmas" campaign in June to help prevent a repeat of the savings club's downfall in 2006. Farep...

Debt grows as new mortgages fall The size of the debt collection industry has tripled in four years as thousands more people struggle to repay credit cards and loans. Each household now owes an average of £1,000. When people are unable to repay what they have borrowed, banks sell on people's debt to...

First-time home costs 'up again' First-time buyers are finding it increasingly expensive to get onto the property ladder, says the Council of Mortgage Lenders (CML). Its latest figures show the average first time buyer spent 20.4% of their monthly income on mortgage interest payments, the highest le...

IVA minimum payment hikes BANKS are blocking debt-saddled consumers’ attempts to get back on their feet — by hiking up Individual Voluntary Arrangement minimum repayment terms. Lenders such as HSBC, Halifax, Bank of Scotland, First Direct, M&S Money, NatWest, Abbey and Royal Bank of Scotland became ...

Petrol prices push up inflation Rising petrol prices pushed the UK inflation rate to 2.1% in October, above the government's 2% target, official figures show. The rise in the consumer prices index also stemmed from higher food prices. The figure was up from September's rate of 1.8%, and the RPI infl...

Credit crunch: Don't get blown away by the debt storm Borrowers face a cold snap this winter, as banks, building societies, credit card companies and other lenders clamp down under the onslaught of the credit crunch. The Bank of England held the base rate at 5.75 per cent this week, but lenders are ...

New credit system 'may cut debt' A new credit rating system which could help prevent many people falling into debt has been unveiled. Scientists at the University of Edinburgh said their method took account of general economic conditions and not just a person's credit history. They believe taking ac...

Bank charges may prompt switching Millions of people might switch banks if monthly or annual charges are brought in for using bank accounts, says consumers' association Which? In a survey of 1,022 people for Which?, 79% said they might move to another bank, while 73% thought current account charges ...

Borrowers turn to credit agencies for help Credit reference agencies are increasingly acting as intermediaries in disputes between customers and lenders, according to one of the UK's three main agencies. With more potential borrowers being turned down by credit card and loan companies, credit agenci...

UK rates stay unchanged at 5.75% The Bank of England has kept UK interest rates unchanged at 5.75% for the fourth month in a row in a widely expected move. The Bank's decision is likely to have been influenced by the surging oil price, now close to $100 a barrel, which increases the risk of inflatio...

Average earnings at £457 per week The average pre-tax wage for a full time adult worker rose by 2.9% in the past financial year, to £457 a week. The Office for National Statistics (ONS) said earnings for men in the UK were £498 a week, up 2.9%, while those for women rose by 2.8% to £394 a week. Howe...

'Action needed' on soaring debt Irresponsible lenders are pushing people into debt, but regulators are "asleep on the job", a charity warns. Citizens Advice says its staff dealt with a record 1.7 million debt problems during the last 12 months, an increase of 20% on the previous year. The charity sa...