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Found 10 results

  1. hi wonder if any one can shed some light on a situation. 12 years ago a friend lent another friend some money to set up a business. the friend lending hoped to be involved in the business at a later date. the friend who lent the money later decided she wanted nothing to do in said business as had found other work/ commitments. There was a receipt detailing money being loaned for business. no terms no repayments etc. as yet no payments back have been made as verbal agreement was, by the lender working with the business would recoup money loaned, this did not happen and the business was not successful the lender now wants the money back, the lendee thinks that she was let down by the lender. where do they stand? Is it statute barred? Does the limitation act cover this type of loan? TIA
  2. Hi All, Looking for some advice please (I have a number of debts I am looking to gain control of), I will start one at a time and create a separate thread for each. I had an HSBC Advance current account from 2009 - 2014, during this time on several occasions, HSBC allowed me to go into an unauthorised overdraft and charged significantly (many times charging £100 - £150 for this "priveledge") - admittedly my poor account management was to blame for the situation, but ultimately meant every month my account would go overdrawn by up to £150, most times made up solely from the charges from the previous months unauthorised borrowing charges. On one annual statement, I had paid over £1200 in bank charges, majority of these for unauthorised borrowing. Now there is some background, in December 2013, the same thing happened, but this time I decided I would not pay the charges (not very smart) and I would open another bank account with a different bank. HSBC then added more and more charges to this till the point the account reached £727 made mostly of charges. Like a fool, I simply ignored HSBC and buried my head in the sand. The account was defaulted in June 2014, I then started making payments to HSBC and the outstanding balance dropped to £646 until 3 months ago, when I ceased making payment and more recently Wescot are writing and calling chasing this debt. I have looked through threads on this site, but most deal with loans or credit cards, but I know a bank account works differently. Is there any way to challenge the charges that HSBC placed on the account, or should I simply resign myself to slowly paying off this debt? Thanks in advance
  3. http://newsthump.com/2015/04/21/wonga-declares-37-3m-loss-after-accidentally-borrowing-a-fiver-from-itself/ "Wonga’s CEO, Norman Bugger-Crumpets, said “The irony isn’t lost on us.” “I’ve begged our collections team to let us off the hook, but we’ve programmed them to be single-minded heartless w*nk-pheasants of the highest order.” “They’ve told us we either have to pay up, or some thoroughly terrifying men will come to take anything that isn’t nailed down, and maybe have a go on my wife.” "
  4. The OFT are writing to 29,500 state Schools asking them to remove restrictions. Where parents are forced to buy from specialist suppliers. http://www.dailymail.co.uk/news/article-2223168/Parents-lose-52million-year-uniform-costs-state-schools-force-spend-169-skirt.html
  5. BBA figures show that April was the first month of 2013 where bank customers borrowed more than they paid off Consumer appetite for taking on new borrowing is still limited, according to the BBA. Photograph: Image Source/Alamy Consumers made more use of overdrafts in April than at any time this year, with borrowing outstripping repayments to the tune of £297m, according to figures from the British Bankers' Association (BBA). April was the first month of 2013 that bank customers borrowed more than they paid off and the largest figure for net borrowing since August 2011, with the exception of December 2012 when £492m of debt was taken on through overdrafts. On a seasonally adjusted basis, net borrowing in the form of personal loans and overdrafts was in positive territory for the first time in 18 months, at a total of £507m. Link: http://www.guardian.co.uk/money/2013/may/24/overdraft-borrowing-outstrips-repayments
  6. A Labour MP has proposed a bill that would limit the total amount of interest paid on credit card borrowing to prevent debts from “spiralling” out of control. At the first reading of the Credit Card Debt Limit Bill 2012-13 on 27 November, Yvonne Fovargue explained that under the bill, credit card companies would be required to discharge a debt when three times the equivalent of the principal sum owed has been paid in interest. She told parliament that while payday lenders have been the focus of media attention recently, credit card companies are responsible for causing detriment to a larger number of people. Fovargue said: “The number of people seeking help with credit card debt has risen sharply in the past five years. “Whereas people previously used credit cards for luxury or exceptional purchases, many are now using them simply to make ends meet, as well as committing to further credit card borrowing when one card is maxed out, in order to plug the gap in their household finances.” She added that the aim was not to let people off lightly or allow them to default on their debts, and stated that credit card companies would “get their profits”. “It is about giving people a guarantee that their debt would be paid off at some definite future date and that it would not spiral upwards.” Fovargue gave an example of a Lloyds credit card with £1,000 on it, which will take 17 years and nine months to pay down the amount using minimum repayment levels. The bill was introduced to parliament under the ‘ten minute rule’, which allows an MP to make their case for a new bill in a speech lasting up to 10 minutes. It will have its second reading on 25 January 2013. Link: http://www.credittoday.co.uk/article/14646/online-news/credit-card-bill-proposes-interest-cap-on-borrowing
  7. New MBNA customers can now transfer funds from their credit card accounts to their current accounts interest free for 22 months. The firm is offering its 'longest ever' period of 0 per cent interest on both balance transfers and money transfers through the MBNA Platinum credit card, beating its previous best offer by two months. MBNA is one of very few credit card providers to offer money transfers, and the only to offer an introductory 0 per cent interest rate through its various cards, which includes the ones it provides through Virgin and AA zero cards. Read more: http://www.dailymail.co.uk/money/cardsloans/article-2237310/MBNA-offers-longest-0-period-balance-money-transfers-new-card.html#ixzz2DLorTCH6
  8. Wonga, the online loans company, is facing questions about whether its checks to prevent children from borrowing cash are adequate following evidence that it has allowed under 18s to build up debts. It is the high-interest loans company which came from nowhere to become one of the fastest growing finance firms in Britain. Wonga has faced widespread criticism over its interest rates, allegedly heavy-handed debt collection methods and, most recently, its £24 million shirt sponsorship deal Newcastle United football club, which some say will tempt impressionable young fans to get into debt. Now Wonga.com is facing new concerns over evidence it has allowed children to borrow cash, getting themselves, their family, and friends into debt, because its checks to prevent them applying are an inadequate. Under-18s are banned from taking out loans with the firm, and Wonga dismisses it as "fraud", but a Sunday Telegraph investigation suggests that young people are finding ways to convince Wonga’s "automated, real-time risk and decision system" that they are eligible for its 4,214 per cent APR loans. More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9606570/Wonga-faces-questions-over-borrowing-by-children.html
  9. An anonymous insider from one of Britain's biggest lenders – aside from Barclays – explains how he and his colleagues helped manipulate the UK's bank borrowing rate. Neither the insider nor the bank can be identified for legal reasons. It was during a weekly economic briefing at the bank in early 2008 that I first heard the phrase. A sterling swaps trader told the assembled economists and managers that "Libor was dislocated with itself". It sounded so nonsensical that, at first, it just confused everyone, and provoked a little laughter. Before long, though, I was drawing up presentations to explain the "dislocation of Libor from itself" for corporate relationship managers. I was deciphering the subject in emails, internally and externally. And I was using the phrase myself openly with customers of the bank. What I was explaining was that the bank was manipulating Libor. Only I didn't see it like that at the time. What the trader told us was that the bank could not be seen to be borrowing at high rates, so we were putting in low Libor submissions, the same as everyone. How could we do that? Easy. The British Bankers' Association, which compiled Libor, asked for a rate submission but there were no checks. The trader said there was a general acceptance that you lowered the price a few basis points each day. According to the trader, "everyone knew" and "everyone was doing it". There was no implication of illegality. After all, there were 20 to 30 people in the room – from management to economists, structuring teams to salespeople – and more on the teleconference dial-in from across the country. Link; http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9368430/Libor-scandal-How-I-manipulated-the-bank-borrowing-rate.html
  10. Credit card lending has contracted by the biggest monthly amount since 2006, Bank of England figures showed today. Borrowers appear to be finally paying down some of what is owed on plastic - but the figures appear to show a switch to more borrowing on loans. And it also unclear how much of the fall in card borrowing is down to banks merely writing off the money. Separate Bank of England data shows an average £6million has been written off every day this year. Read more: http://www.dailymail.co.uk/money/news/article-2152127/Credit-card-lending-plummets--banks-writing-debts-worth-millions-month.html#ixzz1wPS9OJxo
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