Category: People in Debt
Dubai – Drydocks World Sued For $45.5m Over Loan Default
Drydocks World, the ship repair unit of state-owned conglomerate Dubai World, is being sued by a US hedge fund for the repayment of $45.5m, it was reported Monday. US-based hedge fund Monarch Alternative Capital is suing Drydock World after talks to resolve around $2.2bn worth of debt broke down, the Financial Times reported. The action [...]
Borrowing Expert – Boris Johnson’s Constant Borrowing Reaches It’s Limit
Boris Johnson loves to paint himself as a financially responsible politician, freezing his share of the council tax while driving down costs to avoid the sort of financial “black hole” he accuses his predecessor of leaving behind. Coalition austerity measures have allowed Boris to come out against cuts to London’s budgets without the wider media [...]
European crisis – S&P Cuts Italy’s Debt Rating As Outlook For Growth Worsens
S&P’s downgraded its unsolicited ratings on Italy to A/A-1 from A+/A-1+ and kept its outlook on negative, sending the euro more than half a cent lower against the dollar. The agency, which put Italy on review for downgrade in May, said that the outlook for growth was worsening and there was little sign that Prime [...]
Guide Lines To Help You Deal With Debt
Taking control Most of us have some form of debt – the largest being a mortgage, as few of us have enough cash sitting around to be able to buy a house outright. The danger with debt is that it can become a habit. Things like credit cards, store cards and loans allow us to [...]
Leading UK Banks Facing US lawsuit Over Toxic Mortgage Debt
Leading UK Banks Facing US lawsuit Over Toxic Mortgage Debt a risk analysis specialist, to scrutinise loans before they were placed in bundles of mortgage-backed securities. According to the filings, reports from Clayton show that 18pc of the mortgage loans RBS submitted to Clayton between the first quarter of 2006 and the second quarter of [...]
NatWest – Customer Complaints Rise By 75% Within 6 Months
Customer complaints against one of Britain’s biggest banks soared by as much as 75 per cent in the first half of this year, it has emerged. The NatWest, which is part of the RBS and is effectively owned by the taxpayer, generated 147,109 complaints between January and the end of June. The total – equivalent [...]
UK In Debt Danger Zone Due To 10 Years Of Borrowing Binge
Britain’s debt levels are dangerously high and are damaging the economy, according to one of the world’s leading financial watchdogs. Debt in the UK grew faster than in any other major economy in the last decade to £180,000 per household. It means the country is in the danger zone following a ten-year borrowing binge under [...]
International Monetary Fund – “Urgent” Actions Needed To Be Taken
Christine Lagarde, the IMF’s new chief, set off tremors at the Jackson Hole summit over the weekend with warnings that the global financial system is on very thin ice and vulnerable to the slightest shock. “We are in a dangerous new phase. The stakes are clear: we risk seeing the fragile recovery derailed, so we [...]
More Turning To IVA In Bid To Settle Holiday Loans
A body representing insolvency practitioners has warned that IVAs or bankruptcy may be the measures some people have to report to after getting into deep debt through excessive loans taken out to pay for holidays. R3 found that the “high interest” paid on such large loans can have a major negative impact on personal finance, [...]
Santander UK To Set Aside £731 million As Cover For PPI Mis-selling Claims
Santander UK’s pre-tax profits fell 53% in the first half of 2011 after the bank was forced to set aside £731 million to cover payment protection insurance (PPI) mis-selling claims – an amount that it warns may still not be enough. The Spanish banking giant was the only leading high street bank to bow out [...]
