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Monthly Archives: February 2009
'Putin' the Boot in!
In my article ‘Where’s the D Notice?’ I questioned the advisability of allowing an irresponsible press to damage confidence in a rocky economy and propelling us into a downward financial spin. Guess what? At least the Russians agree! (‘No surprise there!’ did I hear you mutter?) The Head of the Federal Financial Markets Service, Vladimir [...]
Mortgage crash take 2
We could be on the verge of a new mortgage crisis, to match the American sub-prime crash that started in 2007, according to latest reports. City analysts predict that America’s property market is about to suffer a similar fate following the sub-prime fiasco, fuelled by increasing consumer debts and falling household incomes. The fear stems [...]
Debt worries forcing expats home
It seems that it isn’t just here that the economic climate is causing Brits to worry about their debts. For many expatriate workers in Dubai they are abandoning their cars at the airport and returning home, rather than risk facing a jail sentence for defaulting on loans. In Dubai under their prevailing Sharia law, the [...]
Interest rate hits historic low
As expected, the Bank of England cut the base rate of interest by 0.5% today, to an all-time low of 1%. Whilst this is expected to relieve the finances of people with tracker or standard variable rate mortgages, many more will still not reap the benefits of a historically low base rate. As I mentioned [...]
Zombies Ahead?
It would appear that computer hackers in the US, bored of hacking into the FBI, the Pentagon, the CIA etc, have come up with a new way of amusing themselves – changing the messages on roadside hazard warning signs! In a spate of such pranks over several states messages have been changed to warn people [...]
Are rate cuts helping those in need?
The Bank of England is expected to cut the base rate of interest again tomorrow, potentially shedding another 0.5% from their already historic low level (1.5%). Whilst for some people (with tracker rate or Standard Variable Rate mortgages) they will benefit from the falling rates and the drop will be a good thing, but for [...]
More Brits losing control of debts
Dealing with finances is becoming a growing concern for an increasing number of adults in the UK, according to latest research from MoneyExpert.com. The study found that more than a quarter (27 per cent) of adults with existing debts, had seen them slip further out of control over the last three months. The research also [...]
The Spanair Saga
In my article yesterday I mentioned the selling by SAS, the debt ridden Scandinavian airline, of Mallorca airline Spanair to a Spanish Consortium for 1 Euro. Well, after seeing a report in yesterday’s ‘Ultima Hora’, Mallorca’s leading newspaper, it was indeed sold and is causing quite a debate. The problem lies in the fact that [...]
OFT sale-and-rent-back clampdown
The Office of Fair Trading is clamping down on sale-and-rent-back schemes offering false hope to struggling homeowners. 16 sale-and-rent-back schemes have been challenged by the watchdog, to back up claims made in their advertising. Failure to do so could result in prosecution. Vulnerable families in financial trouble are often targeted with these schemes as a [...]
Pssst! Wanna Buy a Cheap Airline?
Well, it would certainly be true to say that the recession has left a number of Airlines up in the air as to what to do next! Whilst some of the budget airlines are saying that they are seeing an increase in business travel, other airlines are tightening their seatbelts as they experience severe turbulence [...]
Over 1m households in negative equity
Due to plummeting house prices, over a million households are now in negative equity according to latest figures. Over the past year the average home has lost around £30,000 from its value falling from £180,473 in January 2008 to just £150,501. According to Nationwide building society prices fell for a record 15th straight month, with [...]