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<h1>Abacus Daily Debt News</h1>
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 	   	  		<h2 class="pagetitle">Archive for January, 2009</h2>
 	  

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			<div class="alignleft"><a href="http://www.abacusfinance.co.uk/debtadvice/2009/01/page/2/" >&laquo; Older Entries</a></div>
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				<div class="post hentry category-uncategorized">
				<h3 id="post-167"><a href="http://www.abacusfinance.co.uk/debtadvice/house-prices-will-be-driven-down-by-desperate-sellers/" rel="bookmark" title="Permanent Link to House prices &#8216;will be driven down by desperate sellers&#8217;">House prices &#8216;will be driven down by desperate sellers&#8217;</a></h3>
				<small>Friday, January 30th, 2009</small>

				<div class="entry">
					<p>&quot;Desperate&quot; sellers will drive down property prices and make buying a home more affordable for UK borrowers over the coming months, it has been claimed.</p>
<p>Paul Holmes, the chief executive of Firstrung, predicted that the low activity currently being seen in the housing market will boost affordability.</p>
<p>First-time buyers will be able to get onto the ladder for a &quot;reasonable&quot; price, with a mortgage they can handle, he stated.</p>
<p>&quot;I see the future as being very bright for the property market, but not in the fashion that it has been allowed to run amok over the past five or six years,&quot; Mr Holmes remarked. </p>
<p>He added that people will be more able to pay off their debts within 25 years and own their houses outright.</p>
<p>Recently, Nationwide reported that UK house prices had fallen by 15.9 per cent in 2008 to their lowest level since spring 2005.<br /><img alt="ADNFCR-2168-ID-19000514-ADNFCR" src="http://feeds.directnews.co.uk/feedtrack/justcopyright.gif?feedid=2168&amp;itemid=19000514" /></p>
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				<p class="postmetadata"> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/uncategorized/" title="View all posts in Uncategorized" rel="category tag">Uncategorized</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/house-prices-will-be-driven-down-by-desperate-sellers/#respond" title="Comment on House prices &#8216;will be driven down by desperate sellers&#8217;">No Comments &#187;</a></p>

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				<div class="post hentry category-uncategorized">
				<h3 id="post-166"><a href="http://www.abacusfinance.co.uk/debtadvice/first-time-buyers-confused-about-jargon/" rel="bookmark" title="Permanent Link to First-time buyers &#8216;confused about jargon&#8217;">First-time buyers &#8216;confused about jargon&#8217;</a></h3>
				<small>Thursday, January 29th, 2009</small>

				<div class="entry">
					<p>Many people who are looking to buy their first property are unaware of the meaning of the terminology used to describe mortgages, research has found.</p>
<p>A survey by Halifax discovered that two-thirds of first-time buyers could not define the acronym KFI, which stands for key facts illustration.</p>
<p>This is an obligation on lenders to outline the details of a mortgage product in the same format, to make it easier for borrowers to compare loans.</p>
<p>However, four out five of those questioned correctly guessed the meaning of the term &#8216;completion date&#8217;, which is the day ownership of property is transferred.</p>
<p>Jaedon Green, head of mortgage development for the firm, said that understanding such &quot;jargon&quot; can be difficult for borrowers.</p>
<p>&quot;Our experience shows they need a combination of advice, expert knowledge and mortgage deals which help make the first steps on the property ladder easier,&quot; he commented.</p>
<p>Meanwhile, research from Abbey Savings has found that many first-time buyers intend to save up for a deposit this year. <br /><img alt="ADNFCR-2168-ID-18998099-ADNFCR" src="http://feeds.directnews.co.uk/feedtrack/justcopyright.gif?feedid=2168&amp;itemid=18998099" /></p>
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				<p class="postmetadata"> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/uncategorized/" title="View all posts in Uncategorized" rel="category tag">Uncategorized</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/first-time-buyers-confused-about-jargon/#respond" title="Comment on First-time buyers &#8216;confused about jargon&#8217;">No Comments &#187;</a></p>

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				<div class="post hentry category-uncategorized">
				<h3 id="post-165"><a href="http://www.abacusfinance.co.uk/debtadvice/over-75s-spend-40-on-bills-food-and-tax/" rel="bookmark" title="Permanent Link to Over-75s &#8217;spend 40% on bills, food and tax&#8217;">Over-75s &#8217;spend 40% on bills, food and tax&#8217;</a></h3>
				<small>Wednesday, January 28th, 2009</small>

				<div class="entry">
					<p>Households headed by people aged 75 or over spent an average of 40 per cent of their weekly outgoings on food, energy bills, council tax and housing in 2007, according to newly-released figures from the Office for National Statistics (ONS).</p>
<p>The Pension Trends report also showed that households led by people aged 65-74 paid out more than 30 per cent of their income on these goods and services.</p>
<p>However, these figures were compiled before energy prices rose in 2008, the ONS noted, suggesting that the level of expenditure could now be even higher.</p>
<p>It explained that older people&#8217;s spending on items such as food, tax and bills rises with age as they are paying out similar amounts from lower incomes. </p>
<p>Commenting on the new report, Age Concern director general Gordon Lishman said: &quot;Despite inflation falling, many of the oldest and poorest have yet to see a reduction in their weekly bills, as the cost of basics such as food and energy continues to fall more slowly than other goods.&quot;<br /><img alt="ADNFCR-2168-ID-18995729-ADNFCR" src="http://feeds.directnews.co.uk/feedtrack/justcopyright.gif?feedid=2168&amp;itemid=18995729" /></p>
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				<p class="postmetadata"> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/uncategorized/" title="View all posts in Uncategorized" rel="category tag">Uncategorized</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/over-75s-spend-40-on-bills-food-and-tax/#respond" title="Comment on Over-75s &#8217;spend 40% on bills, food and tax&#8217;">No Comments &#187;</a></p>

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				<div class="post hentry category-uncategorized">
				<h3 id="post-164"><a href="http://www.abacusfinance.co.uk/debtadvice/lending-remains-subdued/" rel="bookmark" title="Permanent Link to Lending remains &#8220;subdued&#8221;">Lending remains &#8220;subdued&#8221;</a></h3>
				<small>Tuesday, January 27th, 2009</small>

				<div class="entry">
					<p>Net mortgage lending by the high street banks rose by &#163;2.9 billion in December, new figures from the British Bankers&#8217; Association (BBA) have shown. </p>
<p>This was lower than November&#8217;s levels and also below the previous six months&#8217; average, the body noted.</p>
<p>It revealed that consumer credit remained &quot;subdued&quot;, declining by &#163;0.4 billion, while personal deposits increased by &#163;4 billion.</p>
<p>However, the BBA stated that the latest figures are less indicative than previous reports due to the Bank of England base rate cuts and the turbulence in financial markets.</p>
<p>Statistics director David Dooks said that the data showed that mortgage lending has become more &quot;concentrated&quot;.</p>
<p>&quot;The banks approved less than half the 2007 number of loans for house purchase, reflecting falling demand from households facing greater economic uncertainty,&quot; he remarked.</p>
<p>Recently, the Treasury unveiled a comprehensive package of support aimed at helping banks through the economic downturn and boosting lending.</p>
<p>By Jamie Price<br /><img alt="ADNFCR-2168-ID-18993449-ADNFCR" src="http://feeds.directnews.co.uk/feedtrack/justcopyright.gif?feedid=2168&amp;itemid=18993449" /></p>
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				<p class="postmetadata"> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/uncategorized/" title="View all posts in Uncategorized" rel="category tag">Uncategorized</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/lending-remains-subdued/#respond" title="Comment on Lending remains &#8220;subdued&#8221;">No Comments &#187;</a></p>

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				<div class="post hentry category-cleardebt-group-company-news tag-press-releases">
				<h3 id="post-156"><a href="http://www.abacusfinance.co.uk/debtadvice/cleardebt-snaps-up-the-debt-advice-portal/" rel="bookmark" title="Permanent Link to ClearDebt Snaps Up The Debt Advice Portal">ClearDebt Snaps Up The Debt Advice Portal</a></h3>
				<small>Monday, January 26th, 2009</small>

				<div class="entry">
					<p>ClearDebt has bought the &#8220;The <a href="http://www.abacusfinance.co.uk/"  class="alinks_links" title="Free Advice On All Debt Solutions"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">Debt Advice</a> Portal&#8221; and its associated intellectual property rights.</p>
<p>The Debt Advice Portal is a web-based system for financial intermediaries to aid the referral of cases to providers of IVAs and <a href="http://www.abacusfinance.co.uk/debt-management.php"  class="alinks_links" title="Get Fast Debt Management Help"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">debt management</a> plans. In addition, it provides intermediaries with information relating to debt solutions, industry news and marketing material. Since its launch in June 2007, 220 financial intermediaries have signed up as members of the portal.</p>
<p>ClearDebt is acquiring the Debt Advice Portal in order to use its management system to manage complex relationships with third party introducers of debt management and <a href="http://www.abacusfinance.co.uk/iva.php"  class="alinks_links" title="Is An IVA Right For You?"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">IVA</a> business. In addition, the acquisition will strengthen the resources of ClearDebt in building relationships with financial intermediaries who can act as introducers of personal debt related business.</p>
<p><strong>David Mond, CEO of ClearDebt, commented:</strong><br />
&#8220;This acquisition marks a further positive development in the strengthening of the ClearDebt offering. Whilst we now have a far more sophisticated product offering to indebted consumers, we have now matched this sophistication at a corporate level.</p>
<p>We have now successfully integrated both a debt management offering and a 3rd party introducer and contact management system into the Group, thereby diversifying our offering, allowing larger and more stable income streams.</p>
<p>As UK consumer debt continues to affect many families, ClearDebt can be a trusted partner to both consumers and creditors.&#8221;</p>
				</div>

				<p class="postmetadata">Tags: <a href="http://www.abacusfinance.co.uk/debtadvice/tag/press-releases/" rel="tag">Press Releases</a><br /> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/cleardebt-group-company-news/" title="View all posts in ClearDebt Group Company News" rel="category tag">ClearDebt Group Company News</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/cleardebt-snaps-up-the-debt-advice-portal/#respond" title="Comment on ClearDebt Snaps Up The Debt Advice Portal">No Comments &#187;</a></p>

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				<div class="post hentry category-mortgages">
				<h3 id="post-146"><a href="http://www.abacusfinance.co.uk/debtadvice/lenders-unveil-mortgage-discounts/" rel="bookmark" title="Permanent Link to Lenders unveil mortgage discounts">Lenders unveil mortgage discounts</a></h3>
				<small>Monday, January 26th, 2009</small>

				<div class="entry">
					<p>Royal Bank of Scotland and NatWest have announced that they lowering rates on a &#8220;significant&#8221; amount of their tracker and fixed mortgages.</p>
<p>Prices have been cut by up to 0.65 per cent by the two lenders, with a new two-year fixed-rate deal being offered at a &#8220;best-ever&#8221; rate of 3.49 per cent.</p>
<p>This product is available at a loan-to-value (LTV) of up to 75 per cent, the firms revealed, noting that up until now the best deals were only offered on LTVs of 60 per cent or less.</p>
<p>Customers looking to remortgage will also benefit from reduced prices, they added.</p>
<p>&#8220;We remain committed to lending to our customers and offering highly competitive rates during these challenging economic conditions,&#8221; commented Andy Fell, director of branch mortgages.</p>
<p>In related news, Leeds Building Society has unveiled a new fixed-rate mortgage product, offered at 4.99 per cent for a five-year period.</p>
<p>Abacus Comment:<br />
While the new availability of cheaper secured lending may be welcome news for some, those thinking of sweeping unsecured debts under the table by whacking it on their mortgage should proceed with extreme caution.<br />
For many debtors, a <a href="http://www.abacusfinance.co.uk/debt-management.php"  class="alinks_links" title="Get Fast Debt Management Help"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">debt management</a> plan or <a href="http://www.abacusfinance.co.uk/iva.php"  class="alinks_links" title="Is An IVA Right For You?"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">IVA</a> is a better option. This reduces monthly credit commitments without increasing the risk of  <a href="http://www.abacusfinance.co.uk/repossession.php"  class="alinks_links" title="Worried About Repossession, We Can Help"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">repossession</a> should you not be able to afford repayments.</p>
				</div>

				<p class="postmetadata"> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/mortgages/" title="View all posts in Mortgages" rel="category tag">Mortgages</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/lenders-unveil-mortgage-discounts/#respond" title="Comment on Lenders unveil mortgage discounts">No Comments &#187;</a></p>

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				<div class="post hentry category-mortgages">
				<h3 id="post-145"><a href="http://www.abacusfinance.co.uk/debtadvice/abbey-introduces-new-tracker-mortgages/" rel="bookmark" title="Permanent Link to Abbey introduces new tracker mortgages">Abbey introduces new tracker mortgages</a></h3>
				<small>Friday, January 23rd, 2009</small>

				<div class="entry">
					<p>A new range of &#8220;market-leading&#8221; three-year tracker mortgages has been introduced by Abbey.</p>
<p>It is designed to offer more choice to customers and build on its line of two-year trackers that are already available.</p>
<p>Rates on the new products begin at 3.99 per cent, with a fee attached of £1,495 and with a loan-to-value (LTV) of 75 per cent.</p>
<p>Additionally, the lender revealed that it is increasing the limit on its 75 per cent LTV trackers from £250,000 to £350,000.</p>
<p>Abbey mortgage director Nici Audhlam-Gardiner said that the firm is committed to offering clients &#8220;a broad range of competitive deals&#8221; in 2009.</p>
<p>The company has also reduced rates on some of its fixed-rate mortgages and is introducing a new ten-year fix.</p>
<p>Ms Audhlam-Gardiner noted that this allows borrowers to &#8220;fix in at a low rate and guarantee certainty of their monthly payments&#8221;.</p>
<p><strong>Abacus Comment:</strong><br />
 The 75% loan-to-value makes this deal of little use to first time buyers, but it could be attractive to those with debt to consolidate.<br />
Those with enough equity in their home looking to consolidate unaffordable unsecured debt by a remortgage instead of a <a href="http://www.abacusfinance.co.uk/iva.php"  class="alinks_links" title="Is An IVA Right For You?"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">IVA</a> or <a href="http://www.abacusfinance.co.uk/debt-management.php"  class="alinks_links" title="Get Fast Debt Management Help"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">debt management</a> programme should do their maths carefully.<br />
Monthly interest charges can be reduced, but you can be paying it for 15, 20 years - making this a short term fix, which is very expensive in the longer term.</p>
				</div>

				<p class="postmetadata"> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/mortgages/" title="View all posts in Mortgages" rel="category tag">Mortgages</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/abbey-introduces-new-tracker-mortgages/#respond" title="Comment on Abbey introduces new tracker mortgages">No Comments &#187;</a></p>

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				<div class="post hentry category-debt-consolidation">
				<h3 id="post-144"><a href="http://www.abacusfinance.co.uk/debtadvice/january-busiest-time-for-debt-consolidation/" rel="bookmark" title="Permanent Link to January &#8216;busiest time for debt consolidation&#8217;">January &#8216;busiest time for debt consolidation&#8217;</a></h3>
				<small>Thursday, January 22nd, 2009</small>

				<div class="entry">
					<p>The start of the new year is the busiest time for people taking out personal loans to consolidate debt and apply for <a href="http://www.abacusfinance.co.uk/debt-management.php"  class="alinks_links" title="Get Fast Debt Management Help"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">debt management</a> plans.</p>
<p>Sainsbury&#8217;s Finance, which has just reduced its online personal loan deal to 8.1 per cent typical APR, has noted that January is a peak time for people seeking to clear their debts.</p>
<p>The company stated that it offers one of the most competitive deals currently available on the market, with the new rate applying to loans of between £7,000 and £25,000.</p>
<p>&#8220;Debt consolidation is always a good idea if you have multiple sources of debt, maybe a store card and credit card or a historical loan,&#8221; commented Steven Baillie, the head of loans at Sainsbury&#8217;s.</p>
<p>He added that consolidating non-secured debt using one of the firm&#8217;s loans &#8220;could save you hundreds&#8221;.</p>
<p>Meanwhile, several high street banks have announced they will no longer offer single premium payment protection insurance alongside loans.</p>
<p><strong>Abacus Comment:<br />
</strong>We do not agree that &#8220;Debt consolidation is always a good idea&#8221;.</p>
<p>Sometimes? Yes, always? No.</p>
<p>What about if the debts are growing  year on year and the debtor is consolidating for umpteenth time? If  no one ever took out a consolidation loan then they would be fewer people with debt problems in the UK today.</p>
<p>Consolidating debts into one loan gives debtors less room to negotiate should they fall into arrears. This  means a debt management plan or <a href="http://www.abacusfinance.co.uk/iva.php"  class="alinks_links" title="Is An IVA Right For You?"  style="padding-right: 13px; background: url(http://www.abacusfinance.co.uk/debtadvice/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">IVA</a> is no longer an option.</p>
				</div>

				<p class="postmetadata"> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/debt-consolidation/" title="View all posts in Debt Consolidation" rel="category tag">Debt Consolidation</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/january-busiest-time-for-debt-consolidation/#respond" title="Comment on January &#8216;busiest time for debt consolidation&#8217;">No Comments &#187;</a></p>

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				<div class="post hentry category-uncategorized">
				<h3 id="post-143"><a href="http://www.abacusfinance.co.uk/debtadvice/ppi-decision-welcomed/" rel="bookmark" title="Permanent Link to PPI decision welcomed">PPI decision welcomed</a></h3>
				<small>Wednesday, January 21st, 2009</small>

				<div class="entry">
					<p>Announcements from several high-street lenders that they are to cease offering single premium payment protection insurance (PPI) have been welcomed by industry representatives.</p>
<p>The decision was made by Barclays, Alliance &amp; Leicester, The Co-Operative Bank, Halifax, Bank of Scotland, Lloyds TSB, NatWest and the Royal Bank of Scotland.</p>
<p>British Insurance Brokers&#8217; Association spokesperson Peter Staddon said the move will help providers realise that single premium PPI - often sold alongside loans - is &quot;bad value&quot;.</p>
<p>&quot;We believe that single premium PPI policies should be outlawed and urge the rest of the industry to follow suit,&quot; he remarked. </p>
<p>He added that disapproval over the policies expressed by the Financial Services Authority was justified, as single premium cover can result in borrowers facing higher costs.</p>
<p>Citizens Advice also welcomed the banks&#8217; decision, stating that the PPI products can be &quot;very expensive&quot; and can &quot;add substantially to the cost of a loan&quot;.<br /><img alt="ADNFCR-2168-ID-18984140-ADNFCR" src="http://feeds.directnews.co.uk/feedtrack/justcopyright.gif?feedid=2168&amp;itemid=18984140" /></p>
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				<p class="postmetadata"> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/uncategorized/" title="View all posts in Uncategorized" rel="category tag">Uncategorized</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/ppi-decision-welcomed/#respond" title="Comment on PPI decision welcomed">No Comments &#187;</a></p>

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				<h3 id="post-142"><a href="http://www.abacusfinance.co.uk/debtadvice/pay-off-debts-consumers-urged/" rel="bookmark" title="Permanent Link to Pay off debts, consumers urged">Pay off debts, consumers urged</a></h3>
				<small>Friday, January 16th, 2009</small>

				<div class="entry">
					<p>Consumers should be looking to pay off their debts rather than put their money into a savings account, one financial expert has stated.</p>
<p>According to head of personal finance at Fool.co.uk David Kuo, the current financial situation has made savings rates so low that it makes more financial sense to pay off high-interest debts.</p>
<p>&quot;What people need to do &#8230; is to try and pay down as much of your debt as possible,&quot; he remarked, noting that &quot;most people&quot; are likely to owe money as a result of Christmas spending, mortgages or personal loans.</p>
<p>Those who currently owe money to lenders but are hoping to become debt free in the future may wish to follow Mr Kuo&#8217;s advice and look to increase their mortgage, loan or credit card repayments. </p>
<p>The advice follows that of Carl Kroger from the Relax Group, who urged Britons who are struggling financially to keep written records of their outgoings so they are aware of how much is being spend on bills and mortgage repayments each month.</p>
<p>By Tom Musk<img alt="ADNFCR-2168-ID-18977111-ADNFCR" src="http://feeds.directnews.co.uk/feedtrack/justcopyright.gif?feedid=2168&amp;itemid=18977111" /></p>
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				<p class="postmetadata"> Posted in <a href="http://www.abacusfinance.co.uk/debtadvice/category/uncategorized/" title="View all posts in Uncategorized" rel="category tag">Uncategorized</a> |   <a href="http://www.abacusfinance.co.uk/debtadvice/pay-off-debts-consumers-urged/#respond" title="Comment on Pay off debts, consumers urged">No Comments &#187;</a></p>

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