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Debt consolidation loans to reach £4.8bn

Sainsbury’s Bank estimates that up to 433,800 personal loans worth around £4.8bn will be taken out between January and March 2007 for debt consolidation purposes.

Research from the bank found that only 52% of people expect to clear their Christmas spending by the end of January, with 8% expecting it to take longer than 12 months.

January is one of the busiest months of the year for transferring balances between credit cards and for taking out personal loans for debt consolidation.

Steven Baillie, loans manager at Sainsbury’s Bank, says: “Consolidating your
debts into one personal loan which charges a lower rate of interest can mean
that you could save hundreds of pounds in repayments.”


London house prices continue to soar

The Nationwide quarterly house price review has revealed that London house prices have continued to soar into 2007, with the average house costing nearly £270,000.The rise in the capital dwarfs any other national averages, with the national house price average being £172,065, a 9.3% annual change. London has seen a 11.3% rise, bringing the average […]

Skipton launches in Northern Ireland

Skipton has extended its mortgage services to the market in Northern Ireland. The society, which already lends in the province through its subsidiary Amber Homeloans, will offer its products to borrowers through mortgage brokers, estate agents and financial advisers.Paul Darwin, head of intermediary sales at the Skipton, says: Skipton has won numerous awards for its […]

Christmas overspending triggers IVA surge

Christmas overspending has triggered a dramatic surge in demand for individual voluntary arrangements, says personal insolvency specialists W3 Debt Solutions. Research from the Begbies Traynor Group subsidiary found a 58% rise in demand for IVAs in December 2006 compared to the previous December. It warns that early indications in January already point to 2007 being […]

GMAC-RFC’s lending tops £12bn

GMAC-RFC’s lending for 2006 has topped the £12bn mark, with its year-on-year growth of 75% beating the market five-fold.The Residential Capital Corporation subsidiary believes its five-fold growth to be the highest of any major lender in 2006.Jeff Knight, director of marketing at GMAC-RFC, says: “Our success in 2006 was about product and delivery innovations, where […]


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