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Found 5 results

  1. Well it seems like Provident are having issues. Being investigated for irresponsible lending and losing a lot of money on shares. http://www.dailymail.co.uk/news/article-4814606/800-000-families-face-crisis-sub-prime-loan-firm-tanks.html
  2. I have other loans from other companies, for example, Speedcredit who have now sold their loans, however are these loans liable to be wiped or not? Sorry if this is the wrong area but since Wonga loans are being wiped
  3. The major UK banks saw a 45% rise in core profits in 2012, but that hike was wiped out by a mix of regulation and their own mistakes, a KPMG report says. Its performance report looks at Barclays, HSBC, Lloyds Banking Group, RBS and Standard Chartered. It says the banks' combined core profits last year were £31.5bn. But this was eliminated by the "cost of past mistakes and increased creditworthiness of their own debt", the audit firm's report says. "Dire" This development meant that the major banks actually saw their statutory profits slump 40% on the previous year, at £11.7bn, KPMG added. The banks, it says, were hit by PPI costs of £7.4bn - up from £5.7bn in 2011. In addition, there were other fines and penalties from regulators and "redress provisions" of £4.7bn, and a £12.8bn accounting hit for losses caused by the revaluation of "own debt'", "reflecting the credit markets' more positive view on bank issuers and interest rate movements". "Banks had a better performance year in 2012 but their improved core profits were eaten up by fines and other exceptional items, leaving them down on 2011," said Bill Michael of KPMG. He added: "In terms of their reputations, 2012 was a dire year. This is why it is so important for them to address cultural and ethical perceptions and issues. Restoring customer trust is critical." 'Essential function' However the report does acknowledge the improvement in core performance from the banks, and says it is due to two main factors. Better credit performance has meant that impairment (bad loan) charges have continued to fall with continued low interest rates enabling the majority of customers to pay their mortgages and even reduce their credit exposures. And stronger investment banking results have meant that revenues were generally up, especially in rates businesses, helped in large part by more positive sentiment surrounding the future of the eurozone. But the report also points out that current events in Cyprus show that such sentiment can be transitory, "Overall, banks have made progress," said Mr Michael. "They have strengthened their balance sheets and made strides to bolster their capital. "They are becoming better able to carry out their essential function of providing support to businesses and promoting economic growth. However, the necessary changes to address conduct and behavioural failings will have a significant cost." More: http://www.bbc.co.uk/news/business-21916653
  4. Hi there, In august last year my wife took my daughter to one of these "photoshoot" places and was given the "hard sell" to buy a CD ROM of pictures taken for £1400 She paid a £200 deposit using her debit card and agreed to pay the remaining £1200 in £100 installments. She signed the "paperwork" which states it is a "Pre-Contract" under the Consumer Credit Act 1974. The agreement is very vague - for instance the agreement number has not been filled in (it's blank) There is also a section on with my wife's debit card details filled in (including the CCV security code which as far as I am aware is illegal to store) Anyway - the direct debit for the payments was cancelled in December (neither myself or my wife has any knowledge of cancelling it) so they have received £300 so far. Now on the 28th of February the company has taken 7 x £100 payments from the card and wiped the account, they have obviously just kept charging the card until it was declined! We have not received anything from the company about missed payments, a default notice or any communication how and when they planned to take the payment(s). The agreement she signed has a section with her card details filled in with the following... "Missing Payments" - You realise and agree that should you default on any payments owed, including the deposit, Fusion Studios may/will debit your credit/debit card, for the full amount owed. Seeing as they have never sent an default notice or anything then what is the definition of "full amount owed"? - I have no problems with paying them the 3 missing payments to get back on track (£300) but surely they cannot just charge her card until it declines! My arguments are: 1. Storing CCV card details is illegal (against the terms and conditions of their agreement with their card processor) 2. No default notice sent. 3. No invoice or advise sent when they planned to take payment 4. They should have tried to charge the card for the £900 owed and not in £100 increments until it declined I know a little bit about consumer law but no where near enough to be 100% sure what the legal standpoint is? I have tried to phone them on Friday several times (when the money was taken) and left messages to be called back urgently but nothing as yet...
  5. Three of Britain’s biggest banks will this week admit that billions of pounds of profits have been wiped out by rising claims for mis-selling payment protection insurance (PPI). Third quarter results by Lloyds Banking Group, the Royal Bank of Scotland and Barclays are expected to show that despite advances of the past three months, the banks have been pushed in to the red by the mounting PPI scandal. Lloyds may have to set aside as much as £2bn against PPI claims pushing its total losses to more than £6bn. Barclays has raised it provisions by £700m. RBS, which is reporting its first results since exiting the Government’s asset protection scheme, is forecast by some analysts to break even this quarter. However the bank is expected to set an extra £500m against PPI and as much as £200m for mis-selling interest rate swaps to small businesses, which will cause it to report an overall loss. The cost of the PPI scandal to the British banking industry is pushing above £10bn. Barclays, which is expected to unveil an overall loss of £100m, is planning to axe the salaries of its leading investment bankers in response both to the results and the demand for a less excessive culture. More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9639400/Banks-to-admit-profits-have-been-wiped-out-by-PPI-costs.html
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