Myvesta UK Articles

I read today that RBS Directors have threatened to resign if they do not receive their bonuses, which add up to a hefty sum.

So ours and other governments bail out banks, mortgage servicers, companies, etc...does this trickle down to you and I?

I read in the news this week that some banks are turning down some customer’s claims to card fraud when the customer’s pin number has been used.

Word on the street is that with the credit crunch happening and banks losing money, they may end some of the services they now offer for free, and look to put more services in place for a fee. 

With so much being said and written about the new bail-out for banks, many people are asking how does this affect me?

The question I am hearing a lot lately is, I cannot afford to pay my debts, I am out of work and my creditors are pressing me for payments.

Over and over again through print or on the airwaves it is being said that bankers have learned their lesson from the current economic crisis and credit will no longer be extended to people in the subprime market.

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