Browsing "Personal Debt"

Wonga caught out targeting students

Jan 17, 2012   //   by Keith McDonald   //   Commentary / Editorial, Personal Debt  //  Comments Off on Wonga caught out targeting students

Payday loans company Wonga has come under attack for targeting their extortionate rate loans towards students.

The firm, which offers loans at a staggering 4,214% APR, has been forced to withdraw a page of its website that promoted its own short-term, high-interest loans over the standard student loan rate.

“The Wonga Advantage”

[Read more at Which4U]

How do you know if an IVA is suitable for you?

Oct 26, 2011   //   by Daniel Morris   //   Personal Debt  //  Comments Off on How do you know if an IVA is suitable for you?

If you are in debt you may wish to consider whether an IVA (individual voluntary arrangement) for single people is suitable for you. This may depend on your individual personal and financial circumstances. There are typical criteria that you may need to meet in order for you to be accepted for a single IVA.

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Graduates may be penalised for making early repayments

Sep 9, 2011   //   by sam   //   Personal Debt  //  Comments Off on Graduates may be penalised for making early repayments

Proposals suggested by the Coalition to charge graduates for clearing student loans early would be ineffective and costly, says the think tank CentreForum.

Plans to penalise those that choose to repay loans early are currently under discussion by the government, which would effect high earners, large repayments, or both.

The idea is to use penalties to make the system “more progressive” and not to negatively impact graduates earning modest incomes.

However, according to CentreForum, the majority of early payments are not made by higher earners.

If the new system is given the go-ahead, it is expected to come into force next year, along with the tuition fee increases that will see new students paying up to £9,000 a year.

The student finance culture can lead people into borrowing thousands of pounds, leaving graduates in large amounts of debt before they even bring home their first pay packet. From large overdrafts offered with student accounts, to student credit cards as well as student loans and tuition fee loans, it doesn’t take long to see the debts stack up. Read More »

How to clear debt efficiently

Jun 2, 2011   //   by sam   //   Personal Debt  //  Comments Off on How to clear debt efficiently

Credit Cards (VISA)Anyone who has ever owned a credit card will know just how easy it is to get into debt. Millions of people slip into the red every year, racking up debts that seem to expand through interest charges making them feel as if they have lost control.

However, there are a number of debt settlement methods that allow us to manage repayments while in some cases freezing any further interest until the credit card debt has been cleared.

It’s worth checking all of your options for debt settlement techniques, but one method that may not seem like the most obvious to begin with is by use of a credit card. Read More »

Anyone with a loan could be entitled to compensation

May 23, 2011   //   by sam   //   Personal Debt  //  Comments Off on Anyone with a loan could be entitled to compensation

Scattered NotesNew figures from The Financial Ombudsman Service show that March 2010 to March 2011 saw the highest ever level of complaints.

Over a million people made use of the free service, which is designed to help settle disputes between financial providers and customers, to log a complaint regarding a financial service. Around 200,000 of these followed their complaint to a formal procedure.

The majority of complaints made last year were related to the mis-selling of payment protection insurance (PPI) against loans, which saw several lenders like A&L and HFC Bank receiving huge fines.

PPI is a form of insurance that is designed to help you with your repayments in the event of you being unable to pay-up as a result of an accident or sickness that leads to unemployment. Read More »

Reduce your debts with a Balance Transfer credit card

Jan 17, 2011   //   by sam   //   Credit Cards, Personal Debt  //  Comments Off on Reduce your debts with a Balance Transfer credit card

red credit cardAnyone that has been in debt can appreciate the difficulty of getting out of debt, especially when they are continuously fighting a losing battle against interest charges.

However, there are more efficient techniques that can be used to reduce credit card debts more affordably, using methods that at first may not seem like the obvious choice – another credit card.Nowadays, every credit card serves a purpose, each offering features that are designed to help different consumer types, so whether you make use of interest free cards to manage your spending/debt, or would prefer to earn rewards for your spending, there’s a credit card to match.

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