Abacus Daily Debt News

Consumers will be better protected when taking out loans or other forms of credit as a result of the new Lending Code, it has been claimed.

The British Bankers’ Association (BBA) indicated this week that the rules, which are governed by the Lending Standards Board (LSB), will give greater assistance to borrowers, with the intntion of easing the nations debt management problems.

Coming into force yesterday, the code covers a number of different areas, including credit referencing, aiding debtors with mental health conditions, financial problems and debt collection.

LSB chief executive Robert Skinner remarked: “The Lending Code sets out what it means to be a responsible lender covering both credit assessment and the support that will be available if things go wrong.”

The BBA is among the sponsors of the code, along with the UK Cards Association and the Building Societies Association.

Last month, Mr Skinner said that the LSB will “take action” in cases where lenders are found to fall short of the required standards.

By Chris Trimble

The number of people declared insolvent in England and Wales fell slightly in the 2nd quarter of 2008. Being declared insolvent mean become bankrupt or entering into an IVA. (more…)

The average person’s savings would last for 52 days if other income ceased, a report by the Yorkshire Building Society has suggested. (more…)

Many people who have had difficulty repaying their debts are treated by the financial services industry as funts – or financial untouchables. We believe that those who do their best to repay their creditors should be offered the incentive of no black marks, not being treated as financially untouchable and not waiting 6years for credit blemishes to be overlooked.

(more…)

The number of pensioners living below the poverty line in the UK has rises to 2.5 million in June 2008, the first increase since 1998. (more…)

A report from Lloyds TSB claims 46% of British adults are ‘financially overweight’, and that 10% are the ‘financially obese’. Lloyds TSB is calling this the Bank Mass Index (BMI) which was developed by Stephen McKay of the Birmingham University.

(more…)

With So many UK consumer experiencing debt management problems, there is clear need for financial educational from an independent body.

(more…)