May 2005 saw the demise of the infamous ‘Rule of 78’. And a jolly good job too. It was a most iniquitous method used by lenders to calculate the cost of redemption penalties for loans and payment protection policies.
Tag: Loans
This Is Money: Credit Card Charges To Rise
Credit-card users face the squeeze as card issuers seek a variety of ways to recover £1bn in lost profits, say experts
This Is Money: Banks To Seal Debt Escape Route
Thousands of people trying to escape some or most of their debts could be stopped in their tracks by a new centralised service offered to banks and other lenders
MoneyExpert: Balls: Credit Unions Can Now Offer Larger Loans
Ed Balls, the economic secretary to the Treasury, has highlighted how credit unions are now able to offer larger loans over longer periods.
MoneyExpert: Financial Planning Stalls For 68% Of Parents
Some 68 per cent of parents said they have had to put a hold on financial planning and savings due to the costs of raising a child, it has emerged.
Scotsman: Provy Or Loan Shark? There May Be No Choice
SOME of Scotland’s most badly off people are having to take out loans with typical APRs of almost 200 per cent because they cannot get access to credit from mainstream lenders.
MoneyExpert: Lenders Urged To Provide Ethical Products
Companies that offer financial services such as loans and mortgages are being urged to provide ethical products by the Norwich and Peterborough Building Society.
MoneyExpert: New Mortgage Range Ahead Of Base Rate Review
Alliance & Leicester has announced changes to its range of specialist mortgages to commence on November 9th, the same day that the Bank of England’s interest rate is reviewed.
This Is Money: The 57-year Home Loan
Desperate first-time buyers are being offered home loans which can take 57 years to pay off – deals described as ‘madness by experts
This Is Money: Capital One Breaks Card Cheques Rules
The card company has admitted a serious breach of the banking code’s rules covering the marketing of credit card cheques