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Loan Customers Paid £1.9m Over PPI Claims

The most recent big mis selling scandal to hit the financial services market in the UK is that of Payment Protection Insurance (PPI), which has been sold alongside a personal loan, credit card or other unsecured credit agreement.

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Loan Customers Paid £1.9m Over PPI Claims

The most recent big mis selling scandal to hit the financial services market in the UK is that of Payment Protection Insurance (PPI), which has been sold alongside a personal loan, credit card or other unsecured credit agreement. Although claims from loan customers against banks and loan companies regarding their PPI policies have been going on for some time, the scale of the number of claims has accelerated over the last twelve months, after the Financial Services Authority (FSA) won a case in the high court which ordered banks and loan companies to compensate their loan and card customers who had been mis sold PPI. As a result of this, the number of PPI complaints has rocketed since the ruling in April last year and over the course of last year, banks and other lenders paid out a total amount of £1.9 million to loan customers who complained about a mis sold PPI policy.

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Pay Day Loans Under Investigation

The Office of Fair Trading (OFT) has announced that it is to carry out an extensive review into the pay day loan sector after it has received growing concerns that some pay day loan companies are targeting vulnerable borrowers and taking advantage of those individuals who are desperate for a loan. The last time the OFT carried out a similar review into pay day loan companies in 2010, 13 loan companies had their consumer credit licences revoked and a further 43 firms surrendered them voluntarily. Over the course of the past couple of years, the pay day loan industry has grown alarmingly an the OFT believe it is the right time to carry out a further review and try to improve protection for loan customers

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Home Owner Loan Approvals On The Rise

Growth in the UK loan industry is particularly slow at the moment and has been for some time, due to the fact that many potential borrowers are unwilling to take out a new loan in the current uncertain economic climate, or are unable to be accepted or a new loan due to tougher lending criteria from loan companies. One area of the loan market which seems to have broken this trend recently is that of home owner loans and mortgages, which have seen an annual growth rate of 1.3 per cent, according to the latest figures from the British Bankers Association (BBA).

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Santander Offers Refunds On Loans

Borrowers across the UK who have taken a personal loan out with Cahoot in recent years, could be entitled to a refund of some of their loan and interest repayments, after the lender dramatically increased the interest rates chargeable on their range of existing personal loan products. Santander, the parent bank of Cahoot, has already made several large pay outs to loan customers who took out a “Flexi Loan” between 2006 and 2008, following complaints about the lender increasing the loan interest rate once the loan had already commenced. Many loan customers who initially took out a cheap loan deal with Cahoot, were faced with large interest rate increases as a result of the lender carrying out credit checks on loan customers retrospectively between 2006 and 2008, even on loans which had already completed

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Could Pay Day Loans Be The Next Cause For Complaint?

There have been a number of mis selling scandals over the course of the past few years within the financial services industry in the UK. First there was the low cost endowment scandal, where policies were not making sufficient growth to pay off an interest only home owner loan or mortgage. Then there was the pensions transfer scandal, where people were compensated for moving their funds out of company schemes and most recently of course, the Payment Protection Insurance (PPI) mis selling, where borrowers have been mis sold a protection policy alongside a personal loan or other credit agreement

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What Is The Main Cause Of Loan Debt Problems?

More and more individuals across the UK are falling into serious debt through personal loans and credit cards at the moment and whilst many people still think of excessive loan debts as an embarrassing problem, there are a growing number of people in the same situation and loan and card debts don’t seem to carry the same stigma as they used to. In order to help individuals sort out their personal loan and other debt problems, there are a growing number of debt charities which have been set up specifically to help people with such matters, including the Citizens Advice Bureau, The Consumer Credit Counselling Service (CCCS) amongst several others. In the past, one of the main reasons for people having an uncontrollable amount of loan and credit card debt was often due to bad planning and financial management, with people just taking out more personal loans and spending on credit cards without regard for the consequences of their actions

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High Loan To Value Products On The Increase

The most common complaint from potential first time buyers and the biggest reason they say that they are unable to get themselves onto the housing and home owner loan ladder, is due to the fact that that

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Home Owner Loans Rise 10 Per Cent

The number of home owner loans being taken out across the UK is continuing to rise, according to the latest figures from the Council of Mortgage Lenders (CML), with January this year seeing a 10 per cent increase in the value of new loans, compared with 12 months earlier. Although the gross amount of new loans decreased to £10.5 billion in January, compared with £12.2 billion worth of loans in December, the CML said that this was a quite normal trend in the home owner loan market and that loan figures were still 10 per cent up on the same time last year. Despite the drop of 16 per cent in the value of new loans between December and January, the CML figures have shown that the home owner loan market has recorded year on year growth for a total of six consecutive months now

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Government’s Loan Project Is Failing

Since the credit crunch, the main banks in the UK have severely tightened their lending criteria and have made it much more difficult for anyone to be accepted for a new loan, whether it is for a personal loan or a business loan, despite many of them receiving bail out loans from the government to try and improve their lending figures. Last February, the government reached an agreement with the five major banks in the UK to increase the number of loans being offered, particularly for small businesses, with a gross lending target of £214.9 billion worth of new loans being set or the whole of last year. The scheme, known as Project Merlin, was launched on 9th February last year and set a target of £190 billion worth of new business loans, with £76 billion of this being set aside for small and medium sized businesses

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