Myvesta UK Articles

The following news item was noticed today with disgust:

"Northern Rock is to more than double the number of people who work in its debt management arm, according to a document seen by the BBC.

The internal memo said the recently nationalised bank had the equivalent of 176 full time workers in the division at the end of April. But this number is set to increase to 444 by the end of March next year, the memo reportedly said.

Sometimes debts can build up to the point that they're overwhelming.  Avoiding contact with your creditors (the people you owe money to) isn't a good tactic, and makes them suspect you won't pay, rather than can't pay. It won't go away if you cover your eyes.

Millions of homeowners face sharply higher mortgage costs with big banks and regional building societies raising rates and tightening lending criteria as a global financial crisis feeds through to consumers

The credit crunch is increasingly feeding through to the consumer; loan rates have jumped, huge swarthes of people applying for secured and unsecured credit have seen their application turned down, and millions of people whose mortgage deal is set to expire are in line for a nasty 'rate shock' - an increase in repayments heightened by lenders vying to increase their margins.

What that debate made clear is that British creditors wanted to arbitrarily set thresholds and hurdles for consumers to cross in order to get access to the binding powers of the IVA. At the time many were in an uproar. Insolvency Practitioners were beside themselves, regulators were perplexed and trade bodies were running for cover.

After much chest beating and legal opinions, you know what happened, absolutely nothing.  Yet, some banks make some really dumb investment decisions and what does the FSA do, put new powers and whistleblower regulations in place.

As a result of the credit crunch first-time buyers are finding it increasingly more difficult to get on board the property ladder. Not only is it due to the staggering rise in UK house prices over the past decade but also the fact that mortgage lenders are now reducing the amount they are prepared to lend as part of their tighter lending conditions.

For homeowners struggling with debt problems, losing your home is the ultimate nightmare. With repossessions on the increase insurance companies are starting to become very nervous.

Plans to revolutionise the European credit market may have knock on effect for UK shoppers.

Does your current account measure up to the best on the market? Why can the right account make your money work harder?

I almost hate to write this article because I can only imagine how the wife and children of former head of Northern Rock must feel. Not only did they watch their husband and father lead a major UK bank down the toilet but at the very same time Applegarth was screwing the economy, Bank f England and Northern Rock customers he was getting a little something on the side from a junior level employee.