www.ThinkMoney.com

Car output increases for fourth consecutive month

Fri, 19 Mar 2010 11:25:37 +0000

New car production rose by 62.7% in February, compared with the same time last year, according to new statistics from the Society of Motor Manufacturers and Traders (SMMT). It was the fourth successive monthly increase in car output, the SMMT added.

Full article: Car output increases for fourth consecutive month
Visit: www.thinkmoney.com

`Substantial risk` of student loan delays reoccurring

Fri, 19 Mar 2010 14:52:00 +0000

A Government watchdog has warned that England`s student loans and grants system is at `substantial risk` of being hit by delays again this year, the BBC reports. The National Audit Office said the Student Loans Company (SLC) provided an `unacceptable` service to students awaiting loans last year. And with more students expected to apply for loans this year, questions have been asked about whether the firm would be able to cope.

Full article: `Substantial risk` of student loan delays reoccurring
Visit: www.thinkmoney.com

More mortgage debt taken on in February

Fri, 19 Mar 2010 14:54:54 +0000

Figures from the Council of Mortgage Lenders (CML) have shown that the amount of mortgage debt taken on increased during February after `diving` by a third during January, the Telegraph reports. Around £9.2bn of mortgage debt was taken on during February - 6% higher than the figure recorded in January, when lending levels were lower after the Government`s stamp duty holiday had come to an end.

Full article: More mortgage debt taken on in February
Visit: www.thinkmoney.com

Students expect to graduate with more than £15, 000 of debt

Thu, 18 Mar 2010 17:49:23 +0000

According to the latest Sodexo University Lifestyle Survey, half of all university students in the UK expect to graduate with debts in excess of £15, 000, the Guardian reports. The research showed that while 50% of the UK`s full-time undergraduates believe they will graduate with such large debts, more than a quarter (28%) think they`ll leave with debts totalling more than £20, 000.

Full article: Students expect to graduate with more than £15, 000 of debt
Visit: www.thinkmoney.com

Repossessions rise as borrowers struggle with mortgages

Thu, 18 Mar 2010 17:50:59 +0000

According to figures from the Financial Services Authority (FSA), the number of people who had their homes repossessed because they fell behind on their mortgage payments increased by 15% during 2009, the Telegraph reports. The FSA`s figures revealed that 54, 055 people had their properties repossessed during 2009 - up from 46, 945 in 2008.

Full article: Repossessions rise as borrowers struggle with mortgages
Visit: www.thinkmoney.com

Can I get an IVA...

Thu, 18 Mar 2010 00:00:00 +0000

An IVA (Individual Voluntary Arrangement) can be an appropriate debt solution for many people with unmanageable debts. But like any debt solution, there are a number of criteria you will have to meet to qualify.

Full article: Can I get an IVA...
Visit: www.thinkmoney.com

Experts emphasise importance of correct insurance details

Wed, 17 Mar 2010 12:29:50 +0000

Many car drivers are giving their insurance providers incorrect information to bring down the cost of their premium, according to a survey by Moneysupermarket.com. One in ten motoring families have `fronted` on their car insurance policy, putting down a more experienced driver as the main policyholder and entering the true main driver (their child) as a second named driver, according to the price comparison website.

Full article: Experts emphasise importance of correct insurance details
Visit: www.thinkmoney.com

5 million `going into debt by spending more than they earn`

Wed, 17 Mar 2010 12:37:17 +0000

11% of UK adults currently spend `beyond their means`, according to new research from price comparison website uSwitch.com. It seems people are using credit to stay afloat each month. Of the 5.4 million who are struggling in this way, 48% rely on their overdraft and 34% use credit cards to get by, getting further into debt in the process.

Full article: 5 million `going into debt by spending more than they earn`
Visit: www.thinkmoney.com

New bank accounts `to offer overdraft opt-out`

Wed, 17 Mar 2010 13:31:51 +0000

The OFT (Office of Fair Trading) is calling on banks to make it easier for customers to opt out of access to unauthorised overdrafts, according to the BBC. This would mean that people attempting to buy something they could not afford would automatically have their payment blocked.

Full article: New bank accounts `to offer overdraft opt-out`
Visit: www.thinkmoney.com

Are you tempted to spend?

Wed, 17 Mar 2010 07:00:00 +0000

Do you set out with good intentions every month, only to find yourself spending money you could have saved on things you don`t really need?

Full article: Are you tempted to spend?
Visit: www.thinkmoney.com

Home loan availability `jumps`

Tue, 16 Mar 2010 16:39:51 +0000

The number of different home loans available has increased by 70% since April 1st last year, according to Moneyfacts.co.uk. Quite a lot of this increase has come since the beginning of 2010 - 28% more mortgage deals are available now than at the start of the year.

Full article: Home loan availability `jumps`
Visit: www.thinkmoney.com

1 in 5 pensioners releasing equity have credit card debt

Tue, 16 Mar 2010 12:19:14 +0000

According to research from equity release specialists Key Retirement Solutions, one in five pensioners releasing equity from their home is carrying credit card debt, averaging £9, 000, the Telegraph reports. The average credit card holder aged between 65 and 69 who released money from their property in 2009 had credit card debts of £8, 881, rising to £9, 048 among those aged over 70.

Full article: 1 in 5 pensioners releasing equity have credit card debt
Visit: www.thinkmoney.com

How much do I pay each creditor on a debt management plan?

Tue, 16 Mar 2010 12:47:32 +0000

For people with unmanageable debts, finding a debt solution that can bring their debt repayments down to an affordable level is extremely important.

Full article: How much do I pay each creditor on a debt management plan?
Visit: www.thinkmoney.com

Government announces new `commitments` on credit card debt

Mon, 15 Mar 2010 10:29:19 -0700

The Government has announced the implementation of a new set of `commitments` to help borrowers with credit card debt. The Department for Business, Innovation and Skills (BIS) has been speaking with the UK Cards Association to review the way credit card debt is managed by lenders.

Full article: Government announces new `commitments` on credit card debt
Visit: www.thinkmoney.com

Lloyds doubles mortgage overpayment allowance

Mon, 15 Mar 2010 10:31:30 -0700

Lloyds Banking Group is to launch a new scheme allowing its variable-rate mortgage customers to `overpay` by up to 20% without incurring any financial penalty. This is double its previous overpayment limit of 10%, and `underscores [its] commitment to help its customers gain maximum advantage from the current low rate environment`, according to the bank.

Full article: Lloyds doubles mortgage overpayment allowance
Visit: www.thinkmoney.com

Is there an age limit for IVAs or debt management?

Mon, 15 Mar 2010 03:17:55 -0700

There are a number of debt solutions available for people in various situations. For people with unmanageable levels of debt, two of the most common debt solutions are IVAs (Individual Voluntary Arrangements) and debt management plans.

Full article: Is there an age limit for IVAs or debt management?
Visit: www.thinkmoney.com

Universities push for change in student loans system

Fri, 12 Mar 2010 16:27:00 -0800

According to an article in the Daily Mail, `top universities` are calling for middle-class student loans to be scrapped - a move that could add more than £1, 000 to the annual cost of a degree course. The universities believe that the current student support system is `far too generous` and needs to be focussed on `the poorest`. In light of this, evidence has been submitted to the Government`s review of higher education funding by former BP boss Lord Browne.

Full article: Universities push for change in student loans system
Visit: www.thinkmoney.com

IVAs explained

Fri, 12 Mar 2010 09:32:13 -0800

For people having serious difficulties with their debts, one option is an IVA (Individual Voluntary Arrangement): a legally-binding debt solution that could help you to clear your debts within five years.

Full article: IVAs explained
Visit: www.thinkmoney.com

Women `less likely to build up debt` than men

Fri, 12 Mar 2010 11:40:00 -0800

According to research by lovemoney.com, women `are better at budgeting and keeping track of their spending and are less likely to build up debt on a credit card or a loan` than men, the Daily Mail reports. The research found that fewer women than men ignore their mounting debts, pay bills late or forget to pay them altogether. And they make more of an effort to repay any debts they have, while men prefer to make the minimum payments towards their debts each month.

Full article: Women `less likely to build up debt` than men
Visit: www.thinkmoney.com

Cost of mortgage debt falls to six-year low

Fri, 12 Mar 2010 03:42:44 -0800

According to figures from the Bank of England (BoE), the average interest rate charged on two-year fixed-rate mortgages fell to its lowest level in six and a half years, The Independent reports. The average cost of a two-year fixed-rate mortgage fell from 3.97% in January to 3.88% in February - its lowest level since July 2003.

Full article: Cost of mortgage debt falls to six-year low
Visit: www.thinkmoney.com

How much can I afford to pay towards my IVA?

Thu, 11 Mar 2010 08:23:11 -0800

If your debts have become completely unmanageable, you`ll want to find a debt solution that can bring your debt repayments down to an affordable level.

Full article: How much can I afford to pay towards my IVA?
Visit: www.thinkmoney.com

Should I switch my mortgage?

Thu, 11 Mar 2010 10:15:00 -0800

With average mortgage rates a fair bit lower than they have been in recent years, switching your existing mortgage deal to a cheaper one could save you a lot of money.

Full article: Should I switch my mortgage?
Visit: www.thinkmoney.com

Cutting costs to help with debt

Wed, 10 Mar 2010 09:27:43 -0800

When your debts start to cause you problems, the first thing you`ll want to do is look at where you can cut back and make more room for your repayments.

Full article: Cutting costs to help with debt
Visit: www.thinkmoney.com

Struggling with debt: debt management plans

Tue, 09 Mar 2010 09:46:35 -0800

Struggling with debt is never a good situation to be in, and if you find yourself in trouble, you`ll want to find the best way of clearing your debts.

Full article: Struggling with debt: debt management plans
Visit: www.thinkmoney.com

What protection can an IVA offer?

Mon, 08 Mar 2010 16:30:00 -0800

An IVA is a legally-binding agreement with your lenders in which you`ll repay as much of your debts as you can afford over an agreed period of time, after which the rest of your debt will be written off.

Full article: What protection can an IVA offer?
Visit: www.thinkmoney.com

Is debt management better than bankruptcy?

Sun, 07 Mar 2010 08:19:37 -0800

Some people automatically think of bankruptcy when it comes to clearing unmanageable debt, but debt management plans and other debt solutions have given borrowers a range of options. But are the alternatives always better than bankruptcy?

Full article: Is debt management better than bankruptcy?
Visit: www.thinkmoney.com

What is an IVA `notice of breach`?

Sat, 06 Mar 2010 00:00:00 -0800

If you miss a number of IVA payments (typically three), you will usually receive a `Notice of Breach`: a formal notice telling you that you have breached the terms of your IVA.

Full article: What is an IVA `notice of breach`?
Visit: www.thinkmoney.com

How to get a better credit rating

Fri, 05 Mar 2010 05:19:14 -0800

Your credit rating is a very important factor when it comes to borrowing money. It helps determine whether you`re likely to be offered a loan - and if you are accepted, it can also have an impact on the interest rate you`re likely to be offered.

Full article: How to get a better credit rating
Visit: www.thinkmoney.com

Does the money in an IVA account earn interest?

Thu, 04 Mar 2010 00:00:00 -0800

When you make a payment on your IVA, the money will go to a client account before the agreed amounts are distributed between your lenders.

Full article: Does the money in an IVA account earn interest?
Visit: www.thinkmoney.com

Do you live on your overdraft?

Thu, 04 Mar 2010 10:21:00 -0800

This month, research from Moneysupermarket indicated that 10% of British adults are permanently living on their overdraft - that is, their monthly income isn`t enough to clear the debt they owe to their bank.

Full article: Do you live on your overdraft?
Visit: www.thinkmoney.com

Is an IVA a government-backed debt solution?

Thu, 04 Mar 2010 00:00:00 -0800

An IVA is a contractual arrangement with your unsecured lenders in which you`ll pay as much as you can towards your debts for an agreed period of time, after which your remaining unsecured debt will be written off.

Full article: Is an IVA a government-backed debt solution?
Visit: www.thinkmoney.com

Can I take a break from my IVA?

Tue, 02 Mar 2010 06:40:23 -0800

An IVA (Individual Voluntary Arrangement) is designed to last long enough for your lenders to get back a reasonable proportion of what they are owed, while giving you a definite date for clearing your debts.

Full article: Can I take a break from my IVA?
Visit: www.thinkmoney.com

What are the IVA guidelines?

Thu, 25 Feb 2010 08:20:53 -0800

When your debts have become so unmanageable that you can`t see yourself ever repaying them within a reasonable period of time, one option for clearing your debts is an IVA (Individual Voluntary Arrangement).

Full article: What are the IVA guidelines?
Visit: www.thinkmoney.com

A recession of surprises

Mon, 22 Feb 2010 03:59:39 -0800

The 2008-2009 recession wasn`t the first - and it won`t, unfortunately, be the last. A lot of bad things have happened, from rising unemployment to record levels of personal insolvency, but it hasn`t been all bad news.

Full article: A recession of surprises
Visit: www.thinkmoney.com

What do the latest insolvency stats tell us about IVAs?

Fri, 19 Feb 2010 02:40:25 -0800

The latest insolvency statistics, compiled by the Insolvency Service, showed the highest levels of insolvency on record. There were 35, 574 individual insolvencies in England and Wales in the final quarter of 2009, as borrowers continued to struggle with high levels of debt in the difficult economic climate.

Full article: What do the latest insolvency stats tell us about IVAs?
Visit: www.thinkmoney.com