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I came across this article the other day and i must admit i was pretty amazed:
| The Financial Services Authority (FSA) has fined two directors from Abbey Mortgages Limited, based in Bexleyheath and Stokesley, £30,000 each for shortcomings in their mortgage business which put financially vulnerable customers at risk and the firm at risk of being used for mortgage fraud. |
| A review of self certified mortgages sold between June 2006 and June 2007 found that both directors had fallen short of the standards expected by the FSA.William John Evans and Gary Howes failed to check whether their customers had provided them with accurate information. They also neglected to check the affordability and suitability of recommended mortgage contracts, exposing their customers to the risk of receiving unsuitable advice.
The failings were so severe that the FSA has publicly censured the firm. The FSA would have fined the firm £50,000 but Abbey Mortgages Limited could not afford a financial penalty. The firm has however agreed to undertake a past business review and to stop advising on, or arranging, any future self certified business mortgage contracts. |
Just show that even the big names aren’t quite as thorough with the lending process as you expect them to be. In today’s troubled financial climate it can often to be better to go through a loan broker anyway. They’ll often come up with a better figure and since they’ve have to follow pretty strict guidelines to even get a consumer credit license – you can expect them to lend responsibly.
Obviously this isn’t the case with payday loans. You don’t have to worry about any of that since the loan isn’t secured on anything and is just simply an advance on your wages (effectively).
Anyway, enough from me for now.
Stay Safe,
Derek
P.S. If you’re having trouble getting out of debt then try these guys – the service is free!
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I was speaking to a friend the other day about all this financial doom and gloom. He’s a bit of an exper on all that stuff. He waffled on about inflation and leverage.
Went over my head mostly but anyway…. It got me thinking. Can anyone actually get a loan at the minute? I mean surely somebody can or what are all the lenders doing. High Street banks, Lombard direct or even the sharks (not mentioning names for those). So i popped onto the website of my favourite Loan Broker for secured loans and what did i find? Well within 2 days the payworking was winging it’s way to me. I actualy didn’t go through with the loan in the end – but it proves it isn’t all doom and gloom
Ok i’d better not mention Iceland – oops.
Anyway payday loans are still definately an option. They don’t really rely on funding from the ‘big boys’ and you don’t even need a credit check.
Ok off to what the football. Come on England!
Until next time…
Derek
Anaylsts were divided yesterday on whether Britain’s £250 billion) plan to prop-up some of the banks would be enough or it was inadequate.
The current plan is to use £50bn of taxpayers’ money to buy major portions of the country’s eight major financial institutions. This will provide short-term loans and issue a government guarantee on loans between the banks. The Bank of England will also be extending a £200bn line of credit for the banks.
The British bank plan itself – which covers Abbey, Barclays, HSBC Bank, HBOS, Lloyds TSB Bank, Nationwide Building Society, RBS and SC Bank – has had a mixed impact on shares in banks. Analysts seemed equally unconvinced of its effectiveness.
David Woo and Paul Robinson of Barclays Capital say “It will help UK policymakers get ahead of the crisis” They are part of the investment banking arm of Barclays, one of the participating banks.
But Howard Wheeldon of BGC Partners noted that the plan would have been more welcome if it had been earlier.
He said: “Perhaps a belated round of applause is probably the best way to greet the UK government plan aimed at providing much-needed financial market stability.”
Some lobby groups and union leaders were also displeased that Britain was using government funds to rescue so- called “fat cats” working for the country’s banks. — S apa-AFP
More info soon.
Derek – Payday Loans
