Debt

Unsolicited credit card cheques are to be outlawed as part of a major government clampdown on credit card and store card providers.

Barclaycard holders could have thousands of pounds added to their debt which could take decades longer to clear, after the provider changed its payment terms.

Major mortgage lenders are offering to knock thousands of pounds off borrowers’ homeloans if they move their debt elsewhere.

A government initiative to prevent struggling homeowners from losing their property only helped one borrower in April. This takes the grand total to just two since the Mortgage Rescue scheme was launched in January.

Property repossessions are up by 50% compared to the same period last year, it was announced today.

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.

The Government’s much-trumpeted Mortgage Rescue Scheme has only helped one struggling homeowner avoid losing their home since it was launched in January.

The body that regulates solicitors has warned that a number of adverts which claim to offer an easy route to getting your credit card or loan debt wiped out could be misleading.

The Government today launched a scheme that allows some hard-up borrowers to defer mortgage interest payments for up to two years.

Almost one million homeowners have mortgage debt worth more than the value of their home. If you’re affected, you can take steps to limit the damage.