Posted on Tuesday, December 16th, 2008 at 4:33pm
There's a lot of personal loan contracts apparently, that contain mistakes, which could subject them to a legal claim. Errors on a loan application could mean that millions of customers are overpaying on their loans.
Also, miscalculated APRs or fees can mean that the firm who provide the loan are in breach of the Consumer Credit Act. It's believed that cases which people can launch can be made stronger if the person has also taken out PPI at the time of arranging their loan.
Posted on Wednesday, October 08th, 2008 at 12:12pm
Consumers are being recommended to seek professional advice, following the announcement that more people are being rejected for loans and mortgages. Over 3.4million people have been rejected for unsecured and secured loans, mortgages and remortgages in the 18 months up to July 2008.
Also, 450,000 customers were turned down four or more times, before finally having their application accepted. This may be a sign that people are risking debt management problems, by agreeing to rates which they won't be able to repay.
All that can be done is do your homework before you search online for a loan or mortgage. Check the credit report and possibly ask for help from a broker of advisor.
Posted on Monday, July 14th, 2008 at 5:19pm
Reports in the press have suggested that mortgage payments, credit card bills and living costs are seeing more and more people dipping into their nest egg, that they have worked so hard to build up. What happens when this runs out?
Hopefully, the economy bounces back. Hopefully. Unfortunately, this doesn't look set to happen in the near future.
I think people may need to search online for personal or secured loans. Chances of being accepted are not as strong as before, but it may still be a good option if you know you can make the repayments.