Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

Read all Finance News

Debt Industry Preparing To Profit From Recession

BBC News recently reported that Financial Services Data Management is expanding into new offices at Oldway House in the city centre, creating 200 new jobs. Managing director Matthew Ash said that during the last quarter of 2007 their staff spoke to 10,000 UK adults a week and advised 8,000 more on the debt management options available to them.

The company makes their money from referrals, according to a spokesperson.

The industry has boomed in the last years. According to Selectabase, a direct marketing data and list provider, has a list called Credit Culture. This database contains the details of 4 million consumers "who are likely to have experienced financial problems or difficulties in obtaining credit," according to the company's press release

The list is marketed at businesses which offer products to the 'sub-prime' market, or offer debt advice and solutions. Data is rented from the list and used in direct marketing campaigns including direct mail and telemarketing.

Steve Sellwood of Selectabase feels that "used responsibly, the Credit Culture direct marketing list will help service providers to reach out to those who need their products and services the most, or who may not be able to obtain these services from elsewhere because of their financial history."

The industry still includes several charities, including the government help line, to advice people who cannot afford their mortgages, have accumulated too much credit card debt, or secured an unaffordable personal loan.

Many UK consumers are dependent on credit. They are either unaware, or afraid of the social stigma of seeking help.

Published on January 16, 2008

Darling's Budget Report Highlights

Chancellor Alistair Darling delivers his first Budget Report yesterday. Highlighted in this article are some of the main points... Read More
March 13, 2008

Lending Falls Again Says CML

The amounts borrowed by first-time buyers and home movers continue to drop as the credit crunch takes further grip on the UK mortgage market. Remortgage activity is on the increase as many switch from fixed-rate deals to tracker mortgages in anticipation of further base rate decreases from the Bank of England... Read More
March 12, 2008

10 Tips To Improve Your Credit

Now more than ever our credit rating affects our ability to borrow credit. Here are 10 tips to help you improve your credit score... Read More
March 7, 2008

Interest Rates Kept At 5.25%

Yesterday, 6th March, the MPC decided to keep the base rate at 5.25 per cent. This decision was to be expected as the Bank focuses on the pressures of rising inflation and a slowing economy. Analysts are predicting another cut to 5 per cent to happen in May unless economic conditions weaken substantially. Whilst some feel the MPC shouldn't wait too long before the next cut, many agree with yesterday's decision... Read More
March 7, 2008

20 Per Cent Of Homeowners Fear Repayments

The UK's financial watchdog, the FSA, published a survey of over 500 mortgage holders which revealed 1 in 5 are worried about being unable to keep up with their mortgage repayments. It is estimated that 1.4 million fixed-rate or discount deals will expire this year raising monthly repayment amounts. Twenty five per cent of those surveyed admitted they had no contingency plans to meet these costs... Read More
March 6, 2008