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Personal loans hit high in January

Posted on Thursday, January 08, 2009

Personal loans are on high demand in January. The purpose of taking these loans, for most of the consumers, is debt consolidation. After huge expenditure in the festive season of Christmas, consumers are trying to reorganise their finances. This is revealed by the research made by Sainsbury's Bank. It has been estimated by the bank that between January & March 2009, consumers will take out up to 433,800 personal loans worth around £4.8 billion. This whole amount is...
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Personal loans on a roll this January

Posted on Sunday, January 04, 2009

A research from Sainsbury's Bank shows that unto 433,800 personal loans might be taken out in the period between January to March 2009 for debt consolidation purposes. The loans are estimated to be worth £4.8 billion. Once the Christmas & New Year is over, people start repaying their festive debts. Around 52 per cent people in the UK are expected to clear their Christmas debts by the end of January. Nearly 8 per cent says that it will take more than 12 months to wipe...
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Christmas spending to fuel personal insolvencies

Posted on Sunday, January 04, 2009

Christmas spending is likely to increase the number of insolvencies in the first quarter of 2009. Grant Thornton, a UK based chartered accountant, predicts that out of 28,000 people likely to become insolvent in the first quarter of 2009, one-third are expected to file for bankruptcy as a direct result of debts raised during the festival season. Mike Gerrard, head of the personal insolvency practice at Grant Thornton, said: "Sadly, many individuals spend up on credit at...
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BoI to extend support to new businesses

Posted on Monday, May 15, 2006

Bank of Ireland (BoI) will launch a new Business Development Loan to help start-up & early stage companies. The new fund will offer business loans of up to a maximum of Euro 25,000 with no security. These loans of up to Euro 25,000 would be available at 7.2 per cent & would be repayable over a term of up to 7 years. However, the figure shows a different picture if compared to December last year. The number & value of loans approved for people buying properties was lower...
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Equity Release Loan Soars High in UK

Posted on Monday, March 20, 2006

Mortgage lending in UK kept going high in January 2006. UK citizens were noticed to use the equity tied-up in their house in large numbers. 14,000 new home loans got approval in January which is 8% higher than that of January, last year. However, the figure shows a different picture if compared to December last year. The number & value of loans approved for people buying properties was lower than December. The number of loan approvals in December was 32% higher & its...
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Bank Criticized Over 'Irresponsible' Money Lending

Posted on Monday, March 06, 2006

High street bank Lloyds TSB had personal loan to a person suffering from bipolar disorder & was criticized over it. The man ultimately gave the money away thinking that he is doing a philanthropic work. The man based in Staffordshire allegedly built up a huge debt of £70,000.He continued to distribute money in huge amount to big Issue sellers & homeless people with a belief that he is a wealthy philanthropist. The bank had to defend itself against the claims that...
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