The Financial Services Authority (FSA) says lump sum loan insurance, where the premium is added to your debt upfront and incurs interest, is virtually extinct.
Personal loans secured on your property, also known as debt consolidation loans, have virtually vanished from the market, according to a report out this week.
Millions of graduates repaying their student loans will pay no interest from this September but not everyone will pay the negative interest rate expected.
Consumers hoping to get their loan or credit card debt wiped off or reduced via the courts by exploiting loopholes in legislation have been warned by a lawyer that they’ve little chance of immediate success.
7 May 2009
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