A new code for Individual Voluntary Arrangements has been published by the government and has received a cautious welcome from consumer groups. The use of IVAs have grown considerably in recent years as more and more people find themselves in debt but are reluctant to opt for bankruptcy. In 1998 just 500 IVAs were set up but by 2006 this figure had risen to over 44000. The growth in the use of IVAs had led banks and other lenders to become increasingly concerned about their use and in many cases refuse to accept them.
They may be complying with guidelines but Consumer Group Which? says customers are struggling to understand the terms and conditions issued by banks for their accounts and how any changes to the T&Cs affect them. Merely sending out or asking people to read online a full new version of a bank’s terms and conditions without clearly highlighting what has changed, is not sufficient.
While the Bank of England cut the base rate in December 2007 by 0.25%, Barclays has announced a third rate cut for its savers in the since November giving a total rate cut almost 3 times the cut in base rates. Many banks and building societies have cut rates to savers twice in the last few months, just before and just after the base rate cut but Barclays stands out on its own with the severity and frequency of its cuts.
Fumbling around for loose change has seemed one of those activities that technology had failed to make an impression on. Standing at the till in your local newsagent gathering together loose bronze and silver to pay dor your daily newspaper has always been one of life’s minor embarrassments as the queue behind you grows. But now technology is on the verge of bringing ‘swipe’ technology to corner shops across the UK.
The government is launching a review of the private rental market in England which it hopes will improve conditions for both landlords and tenants. Over 2.6m properties are privately rented in the England from 0.5m landlords and the government is keen to assess the impact of changing demographics, student rentals, buy-to-let investors and property quality.
The private rental sector is a vital part of the housing market in the UK yet efforts are needed to ensure tenants are landlords are satisfied.
