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Earlier this week, we reported on how the Financial Services Authority (FSA) had effectively closed down the sale and rent back industry in the UK, due to poor practices and not treating loan customers in a fair manner. The news did not really come as much surprise to the financial services industry following the announcement last Friday (3rd February) and many are happy to see the back of an industry which takes advantage of vulnerable home owner loan customers who are desperate to do anything which might stop them having their home repossessed through home owner loan arrears and defaults. However, Ray Boulger of the home owner loan and mortgage broker John Charcoal, warned that the closure of sale and rent back schemes may lead to an increase in the number of loan repossessions in the short term, as desperate loan customers now have nowhere to turn as a last resort.

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Increase In Loan Repossessions Possible

The supermarket giant Tesco has just announced that it is intending to enter the home owner loan and mortgage market, with the new loan products being launched possibly as early as April this year, according to Benny Higgins, the Chief Executive of Tesco bank. Tesco has been suggesting that it would enter the home owner loan market, through its banking arm for some time, but this is the first time that the supermarket has given any idea of a definite date. The original plan was to launch a home owner loan product at the end of 2010, but there have been several reasons for delays in this area, the most recent of which was transferring existing loan products onto the new system.

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Tesco To Enter Home Owner Loan Market

In recent years the UK has seen the growth of a number of sale and rent back firms, who offer to buy a person’s house for a reduced price in order to clear their home owner loan debt and then rent the same property back to them.

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Sale And Rent Back Market Closed Down

Whether it is due to the fact that it has become far more difficult to be accepted for a personal loan at the moment, or whether people are taking a more cautious approach towards borrowing money through an unsecured loan or credit card, the number new personal loans being taken out fell dramatically during the month of December. The news comes from the latest report from the Bank of England, whose figures show that the level of consumer credit on things like unsecured loans and credit cards fell by a total of £377 million throughout the month of December last year. This is the largest single monthly drop in lending since the Bank started to keep records, back in 1993 and it includes the amount borrowed on unsecured loans, overdrafts, credit cards and hire purchase agreements, which all fall under the consumer credit act

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Personal Loan Numbers Drop

Borrowers who take out any form of consumer credit, such as an unsecured loan or store card, are to receive some additional protection and security other than that which is already offered to them via the consumer credit act.

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More Protection For Loan Customers

Pay day loans are becoming a huge problem for many individuals in personal loan and credit card debt at the moment, as they simply top up their existing debts with this expensive form of borrowing, according to a new survey conducted by the debt management company, Payplan. Whilst a pay day loan can be a useful tool to get someone to their next pay day, if used correctly and repaid on time, many people are not paying the loan off within the short time period and are therefore being charged high levels of interest on their loan

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Borrowers Becomming Trapped By Pay Day Loans

With money becoming ever tighter for people across the UK, more and more individuals are starting to struggle with their finances and manage to stay on top of their personal loan repayments, household bills and home owner loan or rent payments each month. For some individuals who find themselves in this situation, it may be possible to improve their finances simply by reviewing their spending habits, personal loans and other outgoings and comparing their current position with where they were twelve months ago.

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Review Your Loans And Finances

Equity release loans, or lifetime mortgages, have become increasingly popular over the course of the past few years, as more and more people use them to provide additional funding for their retirement, or to repay existing loan debts.

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90 Per Cent Of Equity Release Loan Customers Seek Advice

Retirement is supposed to be a time when people can sit back and relax, without having to worry about their finances and making ongoing loan repayments. But aside from the fact that many individuals have not made adequate provision for their retirement income, around one in five are likely to retire with outstanding loan and card debts. Research conducted by the Prudential has found that somewhere in the region of 18 per cent of people who plan to retire this year, will do so with existing debts hanging over them, either in the form of a home owner loan, personal loan or credit card bills.

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One In Five To Retire With Loan Debts

Ever since the credit crunch hit the UK back in 2007, a growing number of families and individuals have been struggling with their finances and finding it increasingly difficult to stay on top of their personal loan commitments and other debts each month. A new survey conducted by Aviva on their Family Finances Report, has found that although the average family income in the UK has increased by around 7 per cent over the course of the past twelve months, the average family debt levels on unsecured loans and credit cards has increased by around 48 per cent over the same period

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Family Loan Debts Increase By 48 Per Cent