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MP says banks to blame for bad debts

Liberal Demoncrat Shadow chancellor Vince Cable has criticised lenders for “irresponsible behaviour” following Lloyds TSB’s move to increase provisions to cover bad debts.

Cable says: The irresponsible behaviour on the part of lenders and consumers over the last few years is now starting to show through in the bad debts that banks have to write off.

Banks must share some of the blame for rising insolvencies and must act more responsibly in the future.

While some individuals may have acted recklessly, banks are also to blame for increasing credit limits without a customer request and for bombarding individuals with unsolicited mailings.

Personal bankruptcies are rising very rapidly now, and with interest rates likely to rise in the future and soaring energy bills, households are likely to increasingly feel the pinch.


IFAs miss out on overseas earnings

Independent financial advisers who don’t sell foreign property could be missing out on 200,000 a year, warns the Prestige Group. Research shows that 53% of IFAs do not transact any business in the foreign property sector. Prestige says an IFA would need to sell just two properties a month to boost revenue by 200,000 annually.

Property returns lead equities

Resolution Asset Management says that despite some commentators’ concerns of a property market downturn, for the year to date property is ahead of both equities and gilts.

Commercial First World Cup auctions raise 4,000

Charity auctions held at two of Commercial First World Cup hospitality events have raised more than 4,000 for two charities, Destination Florida and the Bobby Moore Cancer Research Fund. Held in London and Manchester, both events were held at Chinese bars/restaurants with big screens for watching the England v Trinidad & Tobago match.At the Manchester […]

Repossessions still at very low levels, says RICS

Royal Institution of Chartered Surveyors says the number of repossessions are still at low levels following figures released by the Council of Mortgage Lenders.The CML figures revealed that the number of properties taken into possession in the first half of this year was 76% higher than the same period last year. David Stubbs, RICS economist, […]


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