Bankruptcy and Shopping
The British Banking Association has said that consumers should write a "shopping list" before choosing a bank account.
Spokesman Brian Capon advised Brits to, "write down what it is you want the account to do for you; do you want a current account, or a deposits and savings type of account?"
Reading the small print is also, he believes advisable.
He said: "You may need to look beyond the headline rate when looking at choosing a bank; are there any limitations or conditions to getting that interest rate, such as only making a limited number of withdrawals?"
According to The Times, the number of international banks with savings accounts in the UK has increased, with some offering tempting interest rates above six per cent.
Mr Capon welcomes the competition but said that it is "important" that consumers check the protection that they are getting should they decide to opt for an international bank. These institutions will not be answerable to UK regulators.
Some British banks are currently involved in a High Court dispute with the Office of Fair Trading over the issue of bank charges.
The UK Insolvency Helpline is a national telephone helpline for people with debt problems in England, Scotland and Wales. The service is free, confidential and independent. The service has existed since 1986 and was set up in conjunction the credit industry. They can be telephoned on 0800 0746918 or you can visit their website www.insolvencyhelpline.co.uk.
The service provides self-help advice to its callers and also produces written self-help packs and fact sheets to back this up. The service can also assist callers with the setting up of Individual Voluntary Arrangements (IVA), Debt Management Plans and Bankruptcy for England & Wales or Scotland.
IVA and Bankruptcy News posted on 04/03/2008 12:18:02
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