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Sub-prime Mortgage Lenders Account for Over Half of UK RepossessionsOver half of the UK’s repossession orders are being brought by sub-prime lenders, according to a BBC report. These lenders cater for borrowers with poor credit histories and account for only 6% of the total mortgage market. Secured Loans Rise in Popularity as Credit CrunchThe tide is turning for the public perception of secured loans, according to a study carried out by MoneyExpert.com. Traditionally, secured loans were viewed as undesirable due to the necessity of putting up collateral against the loan, which could mean that the borrower lost their property. Now, however, increasingly better rates are making more people re-evaluate the importance of this type of loan. Motorists Driving in the Eu Advised to Take Out European Car InsuranceMany British motorists driving in Europe are not nearly as well insured as they assume, according to the Association of British Insurers. The majority of UK insurance policies will cover drivers for the minimum legal requirements whilst in EU countries but eventualities such as accidents, breakdown and theft will not be included, leaving holidaymakers out of pocket and facing a ruined trip. Millions Losing Out Through Remortgage ConfusionBritons are throwing away millions of pounds a day through ignorance about remortgages, according to a report by Abbey Mortgages. £25 million pounds is being wasted every day because people are paying lenders’ Standard Variable Rates rather than remortgaging their properties. This translates as five million people spending an extra £5 a day. Many Brits Take Out Personal Loans in SecretTaking out an unsecured personal loan still carries a social stigma, according to a study by Abbey Loans. A large amount of Britons are taking out loans in secret, as they are too ashamed to admit their financial position to friends and family. Over £7 billion is borrowed in secret each year for a variety of purposes. The most common reason is paying off debts (56%) but 15% take out the loan to make home improvements whilst 7% use it for medical bills and 2% for cosmetic surgery. Loan Leads Firm Introduces Payday Loans as Pawnbrokers Celebrate ProfitsTop lead exchange company LeadPoint has launched a ‘payday loan’ scheme in the UK following great success with the plan across the Atlantic. The scheme is designed for those on low incomes whose budgets require loans to cover the cost of cheques and other payments. This method could stop households earning between £15,000 and £35,000 per annum from sliding into debt. Life Insurance Rocketing Up for SmokersSmokers may be paying as much as £2,000 more in life insurance premiums than non-smokers, according to price comparison website moneysupermarket.com. Following on from last year’s public smoking ban this is another area in which smokers are being specifically targeted. Premiums for non-smokers have slowly fallen in the last few years whereas those for smokers have risen sharply, some estimates claim that smoking policy holders are paying up to 100% more than their non-smoking counterparts. Hidden Admin Costs Raise Price of Car InsuranceMotorists are being hit by large ‘sneak’ fees for small administrative tasks on their car insurance policies, according to a study by Uswitch.com. 14 million drivers are paying out further costs to their insurers, even when there is no change to the amount of their premiums, simply for minor paperwork changes. The website estimates that this practice earns insurers £330 million per year. First Direct Closes Doors to Non-customer MortgagesHSBC subsidiary First Direct has withdrawn the offer of mortgages to non-customers, further fuelling the crisis in the lending industry. Recently the bank has been receiving a deluge of applications and simply does not have the staff and resources to efficiently process the information. Accident Claims Companies Could be Bankrolling TerrorismAccident claims companies are at the centre of a large-scale investigation by the Insurance Fraud Bureau, according to a report in Solicitors Journal. Many companies are under suspicion of colluding with solicitors firms in staging accidents and paying kickbacks in order to make money. Some of the fraudulent activity may have gone towards funding terrorism and drug dealing.
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