Latest News
Bad Debt Levels Shoot Up
Bank of England figures released last month showed that in 2009 UK banks wrote off £4.12 billion in credit card loans, up from £3.2 billion in 2008, and wrote off £984 million in mortgages, up from £408 million in 2008.
Commenting on the figures, Tony Rice of Bedfordshire-based specialist mortage and insurance broker TMP Mortgage Zone, said: "The recession is undoubtedly the cause of these figures. People are losing their jobs or seeing reductions in salary at a time when costs are going up. If you find yourself struggling to meet your payments, then the first thing you need to do is talk to the institutions you owe money too. If you're coping now but worried about the future, it might be a good time to look at a range of insurance products that could protect you, your family, your income and your property should the worst happen."
[ 01-04-2010 ]
