Debt and financial optimism in the UK continue.

Written by Richard Green


With £1.3 trillion pounds worth of debt inrepparttar UK, Scotland’s Citizens Advice Bureau ( http://www.cas.org.uk/ ) has welcomed a new Bill to regulate lenders and protect borrowers from creating un-repayable levels of personal debt.

Chief executive Kaliani Lyle said: "For years, Citizens Advice Bureaux have been dealing with case after case of ordinary people who have been enticed into unsustainable debt.”

"The existing legislation -repparttar 142516 1974 Consumer Credit Act - is simply too antiquated to deal withrepparttar 142517 explosion in aggressively marketed credit that has taken place overrepparttar 142518 past decade or so.”

The Consumer Credit Act is set up to outlaw “extortionate” interest rates, however it has proved to be ineffective as it doesn’t actually define what is regarded as extortionate.

This coincides with an investigation being carried out by banking watchdogs, into suspected mis-selling of personal loans and credit cards at bank branch levels. Following on fromrepparttar 142519 BBC’s Real Story programme which revealed banks are offering large staff bonuses to encourage sales of expensive loans, credit cards and other financial products. Staff at Lloyds TSB were shown to have encouraged customers to accept sums of money they could not afford to repay. Which? ( http://www.which.net/ ) said it believed it was timerepparttar 142520 industry had a proper debate over sales incentive structures. The BBC also criticisedrepparttar 142521 expensive cost ofrepparttar 142522 bank’s payment protection insurance and how credit cards were pushed onto customers. Graeme Millar, ofrepparttar 142523 Scottish Consumer Council, said: “Consumers themselves need to act responsibly and ensure they are not asking for money they cannot afford to repay." Tougher codes of practice imposing stricter standards onrepparttar 142524 way products are sold, andrepparttar 142525 use of financial information qualified financial advisers and from comparison web sites like Moneynet ( http://www.moneynet.co.uk ) can help to gain consumersrepparttar 142526 best deals, and reducerepparttar 142527 risks of mis-selling.

Guide to Personal Secured Loans

Written by John Mussi


Here is a useful guide to personal secured loans. A personal secured loan isrepparttar generic term for a loan. A personal secured loan is secured against your home to act as security torepparttar 142512 lender forrepparttar 142513 money you have borrowed.

A personal secured loan is often referred to as a homeowner loan. Personal secured loans are an ideal solution for homeowners who have recently been refused a personal loan or for home owners wanting to borrow a larger loan amount.

Personal secured loans have a range of distinct benefits over other types of borrowing. Because ofrepparttar 142514 lower risk torepparttar 142515 loan provider, they pass on reduced interest rates to borrower.

However, they've got more to offer than just attractive Annual Percentage Rates. Today personal secured loans come with all sorts of flexible repayment terms that will make it easier for you to repay, so it's important to readrepparttar 142516 small print.

Clauses to keep an eye out for include: ‘payment holidays' whereby you can halt repayments for an agreed period of time, and favourable redemption charges - so you won't be penalised if you want to payrepparttar 142517 loan back early.

As a homeowner, you start out with an advantage, namely,repparttar 142518 equity on your home. No matter whatrepparttar 142519 purpose of your loan, as a homeowner, you enjoy low rates because your property is offered as collateral.

You could use your personal secured loan funds to make home improvements that would drastically improverepparttar 142520 value of your property. Or you could use it to buy a new car or even for a vacation; there is no restriction onrepparttar 142521 purpose of your loan.

A personal secured loan isrepparttar 142522 perfect way to borrow between £5,000 and £75,000 at a low rate. Obviouslyrepparttar 142523 better your credit history and individual circumstances will affectrepparttar 142524 rate which is offered to you.

Personal secured loans can be spread over a much greater time frame than unsecured loans. This gives them greater flexibility. Loans secured on property can be repaid over a period of between 5 years and 25 years.

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