Recession | 24/7 Moneybox Blog

Archive for the ‘Recession’ Category

Number of repossessions overestimated but still rising

Monday, June 22nd, 2009

Some relatively good news from the world of property repossession, BBC News Online has led with an article saying that predictions for repossessions for the rest of 2009 have been overestimated, but they do still remain high.

The Council of Mortgage Lenders (CML) had originally predicted the number of repossessions at 75,000 in last December; however, latest findings have put the level of repossessions closer to 65,000 - a drop of at least 10,000. Despite this, the level of repossessions has gone up overall by 50% in the last three months.

Even with the recalculation the CML states there are still no signs of a ‘robust recovery’, and attributes the repossession reduction to a number of factors not really related to the health of the economy. First of all, the reduction in interest rates, from 5% in October 2008 to 0.5% now, has alleviated homeowners from steep mortgage payments. In-court advice schemes have, according to the Housing Minister John Healey, prevented 4 out of 5 repossessions in court. Finally, not-for-profit organisations are soon to be piloting a £285m scheme to buy homes and affordably rent them out to struggling homeowners.

The CML, short of endorsing the government’s schemes, has said that they have allowed people to get in touch with their lenders and subsequently get help.

However, the CML highlight that job losses and reduced bonuses have made meeting payments extremely difficult. The CML predicts that these will get worse as the recession continues and predicts that 428,000 may get into arrears on their home loans.

This is where www.247Moneybox.com can help! If you’re in need of extra cash to deal with short-term cash flow problems, then our new online loans may be for you.

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Tags: CML, Mortgages, Payday Loan, Recession, Repossession
Posted in Credit Crunch, Recession | No Comments »

APR% the focus of mainstream media

Monday, May 25th, 2009

An interesting article in the Financial Times today on the subject of payday loans opens with the amazing revelation that the recession is not a great thing and some are finding it hard to make their money last for the month. Hmm, not particularly insightful, an amusing if slightly patronizing review of pawnshops and their clientele.

As with all mainstream media the shock tactics come into play with the APR, which, as an annualized rate, doesn’t lend itself at all to a short-term loan. Quoting Geoff Holland of the British Cheque Cashing Association, with whom 24/7Moneybox are full and active members: ‘Comparing APRs with those of bank loans is misleading,’ he says, likening extremely short-term rates to a situation where someone buys a £2.50 pint of beer for a friend in return for borrowing £25 over a week. We couldn’t agree more.

Indeed the article goes on, in what we think is a very balanced and sensible piece, to quote Tom Howard of the Consumer Credit Counselling Service: ‘For some people it’s the only sort of loans they have access to. It’s better that they use those forms of credit rather than going to loan sharks who are illegal or perhaps more unscrupulous.’ In addition the article notes that the Office of Fair Trading has had little in the way of complaints.

Here at www.247Moneybox.com we provide you with quick and easy online loans. We can provide fast payday loans that can be used for your short-term money needs. Apply today and receive a payday loan once your application is accepted.

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Tags: APR, BCCA, Pawnshops, Payday Loan, Recession
Posted in APR, Recession | No Comments »

That’s another fine mess you’ve got us into!

Friday, May 1st, 2009

Our favourite soap opera that is the Treasury select committee, in its second report on the crisis, states the blame lies largely on the banks’ own reckless behaviour.

‘Bankers have made an astonishing mess of the financial system,’ said committee chairman John McFall.

The BBC article goes on to outline the disparity between the banks’ assurances that they are lending again, especially to small businesses, and anecdotal evidence from disgruntled customers who are finding it increasingly hard to get credit.

It seems downright outrageous that the banks are putting their profit margins and shareholders’ interest first and the needs of their customers second. After taking billions in public bailout funds, almost all banks have tightened their lending criteria and honest customers who in more normal times would have no problem getting credit are being turned away.

In such tough economic times, we here at www.247Moneybox.com are committed to looking at each and every case on its merits and helping out where we can. We appreciate that just because it’s tough out there for all of us, it’s not the time to reign in on vital recession-busting tools such as consumer credit.

Our innovative online loans can help bridge the gap in your finances during the month and smooth out your household’s cash flow. Our payday loan service is quick and professional and you could be on your way to a short-term payday cash advance very quickly.

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Tags: Bailout, Banks, Lending, Online Loans, Treasury Select Committee
Posted in Credit Crunch, Government, Recession | No Comments »

Recession and identity theft

Monday, April 20th, 2009

The serious issue of identity theft is the topic for this blog entry. It’s something we here at www.247Moneybox.com want to ensure is minimized in our online loan service, both for our peace of mind and more importantly yours. Our decisioning engine references the leading ID verification services in the UK to ensure the applicant is exactly who they say they are.

According to the Unisys Security Index released today, which surveyed more than 8,500 people in nine countries including the UK, almost three-quarters (72%) of UK citizens believe they are more at risk from identity theft and related crimes such as credit card fraud, thanks to the arrival of the recession.

Below are some of the key extracts from an article in itpro.co.uk.

The report showed that 88% of consumers are concerned about other people obtaining and using their credit card, debit card or bank account and a further 88% are concerned about others gaining unauthorised access to or misusing their personal information.

Neil Fisher, vice president of global security solutions at Unisys, said in a statement: ‘It is very interesting to see that fraud fears have deepened as a result of the financial crisis. The current economic climate is forcing many companies to cut costs but a real or perceived drop in spending on security can have a major impact on consumer confidence.’

In the UK, consumer confidence has significantly dropped. Last year 46% of UK citizens were concerned about their ability to meet essential financial obligations, but this has now jumped to 58%, according to the research.

There has also been a rise in fears about computer security with 69% of UK respondents saying they are concerned, and 65% said they are worried about their safety and security when shopping or banking online.

‘Robust security procedures to protect against online fraud and ID theft are crucial to ensuring customer confidence, particularly with regard to online shopping and banking,’ added Fisher.

At www.247Moneybox.com, we provide you with quick and easy online loans. We can provide fast payday loans that can be used for your short-term cashflow needs. Apply today and receive a payday loan once your application is accepted.

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Tags: ID theft, Loans, Recession, UK
Posted in ID theft, Recession | 1 Comment »

Hurrah! Mortgage approvals up - some good news at last

Monday, March 30th, 2009

Official figurers released by the Bank of England show that mortgage approvals increased more than expected in February. There were 38,000 approvals in the month, up from 32,000 in January.

Citing a BBC article, Vicky Redwood at Capital Economics believes February’s household borrowing figures suggest that housing market activity may finally have turned a corner. However, approvals have a long way to go before they get to levels that are no longer consistent with falling house prices - in fact they need broadly to double.

Well, at last some positive data has come out, and what with the clocks springing forward and Jenson Button winning in the Aussie GP what a good way to start British Summer Time!

However, it’s not all good news this week as unemployment figures creep up. David Blanchflower, Bank of England Monetary Policy Committee member, warned that unless the government takes drastic action to tackle the recession, spending up to £90bn on new projects, unemployment could double to as high as 4 million.

Quoting from a Telegraph article:

‘The Bank’s forecast is that there will be a strong recovery and that this will pick up later this year, but there are strong arguments about why that won’t happen,’ he said. ‘The problem is that in forecasts [economists] tend to be over optimistic. Likewise, the probability is that unemployment of 3m is an underestimate.’

A change in circumstances such as losing your job is incredibly tough especially if you have a family to provide for. Sometimes a short-term loan can help you solve your immediate cash needs until a longer term solution can be found. Here at www.247Moneybox.com we are 100% focused on providing straightforward. transparent, online payday loans, sometimes called payday advance loans, personal loans, or fast cash loans. It’s the only thing we do, and we are firmly committed to responsible provision of payday advance loans.

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Tags: Bank of England, Mortgages, Recession, Unemployment
Posted in Government, Recession, Unemployment | No Comments »

Food shopping habits change with the times

Thursday, January 29th, 2009

An interesting article in The Guardian caught our attention in the 247Moneybox.com office. Andy Clarke, chief operating officer of Asda, says the recession has changed the way people shop throughout the month: ‘When they have just been paid, they buy steak. By the middle of the month, when money gets a bit short, they switch to mince.’

We thought it worthwhile including an extract here for your information:

Clarke says Asda started to sense that the economic winds were growing chillier last summer. ‘Ready meals are down 50%, but raw ingredients are up by a matching amount. There is a move away from premium brands to private labels, a decline in sales of still bottled water, but hair colourants are up 60% because women are having their hair done less often. Childrenswear is performing well because the last thing consumers will give up is new clothes for their kids.’

A few questions are raised here - what about those who can’t stretch their paycheque until their next pay date? What do they eat? At www.247Moneybox.com, our aim is to help out with cash advances - used responsibly, these can be the answer to immediate financial needs and cashflow problems. Obviously finding the cash for food shopping is an immediate financial need. Short-term loans from 247Moneybox.com are a fast and easy way to get the payday cash advance you need, when you need it most.

Visit our website and find out just how easy it is to apply and, once approved, how quickly you can receive your cash loan.

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Tags: Month End, Online Cash Advances, Payday Cash, Shopping, Short-Term Loans
Posted in Credit Crunch, Recession | No Comments »

Cutting down on credit card debt is key to surviving recession

Sunday, January 25th, 2009

We all need to knuckle down and get informed about how to survive the recession. In a recent article from The Independent, a panel of the newspaper’s writers - business editor Margareta Pagano, personal finance editor Julian Knight, political commentator John Rentoul, and assistant editor David Randall - answered 20 key questions about the economy.

One question which grabbed our interest was what should a young, non-property-owning person do? The answer: cut down on credit card debts, overdrafts and personal loans. By acting responsibly with your finances, you can cover some credit card debt with a fast loan and even avoid overdraft charges with a cash loan.

That’s where we come in. Here at www.247Moneybox.com we offer rapid and convenient online cash advances to individuals throughout the UK to help them cope with immediate cash problems and give them some breathing space in the current difficult economic climate.

We understand the scenario: having tried all other avenues to get some cash to cover you to the end of the month, nothing has turned up. Your family doesn’t have the money and your friends are just as skint. Let 247Moneybox.com help you. Getting a loan from us couldn’t be easier; apply online today for a short-term loan in a safe and secure manner from the comfort and convenience of your own home. We are available online 24/7, whenever you need us. Just remember to make sure you can afford to repay your payday cash advance, whatever you borrow.

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Tags: Credit Card, Fast Loan, Overdrafts, Payday Cash Advance, Short-Term Loans
Posted in Credit Card, Credit Crunch, Recession | No Comments »

It’s finally here - the R word is upon us

Friday, January 23rd, 2009

Not a cheery blog with which to greet the new year, I grant you, but we figure we should face this tough economic environment head on!

The F-word is upone us - yes, the UK is officially now in recession. For your information, we have extracted some snippets from an article in The Guardian published this morning.

The UK economy contracted by a worse-than-expected 1.5% between October and December from the previous quarter, beating the quarterly declines seen during the 1990s recession, figures from the Office for National Statistics showed today. This followed a 0.6% slump in the third quarter. Two or more consecutive quarters of contraction are regarded as a recession.

The fall in fourth-quarter GDP was the biggest since the second quarter of 1980, the year of the Bristol riots, the Iranian embassy siege and British Leyland’s launch of the Metro.

Alan Clarke of BNP Paribas believes that the UK is not even halfway through the downturn yet, and predicted that GDP will continue to shrink through 2009.

‘It’s a case of two quarters down, four to go,’ Clarke said. ‘All the indications are that this recession is worse than the one of the early 1990s.’

Hmm, tough times ahead, friends, and we here at www.247Moneybox.com want to do all we can to help you. Our payday loan service is quick and professional and you could be on your way to a short-term payday cash advance in less time than you think.

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Tags: Payday Loan Service, Recession
Posted in Credit Crunch, Recession | No Comments »

New Year’s resolutions

Wednesday, January 14th, 2009

We here in the 247Moneybox.com office have been hard at our New Year’s resolutions and finally hitting the 2-week mark which, it’s widely believed, is when they become a habit! We hope so! Our latest discussion was prompted by an amusing article in The Telegraph in which some well-known celebs were asked what their New Year resolutions were for 2009. We especially liked Piers Morgan’s!

Part of the ritual of moving into the New Year is to tackle things that you have put off repeatedly - now it maybe lovely to learn Hindi, read a book every month, or run a marathon, but (although less glamorous) we are sure most people will benefit from getting their finances in order.

Talking to customers recently we have found that many really want to knock unnecessary expenses on the head when it came to borrowing money, such as an unauthorised overdraft fee or a massive loss of interest incurred by pulling cash out of a term deposit account, etc.

Here at 247Moneybox.com we are committed to providing you with an excellent payday loan service, which stipulates:

A simple and straightforward online application
Fast approval decisions
Cash loan advanced quickly once your application has been approved
Customer support team on hand for your questions
Account accessible 24/7 in a safe and secure environment

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Tags: Expenses, Finances, New Year
Posted in Credit Crunch, Recession | No Comments »

Christmas spending projected to fall 7%

Monday, December 15th, 2008

Hmmm, not a great start to the festive season with a range of figures and stats out showing the UK, and indeed the rest of the world, is not in great shape financially speaking. We all expected some pain following the economic turmoil of recent months but it is proving a little more painful than was first thought.

Recently released data from accountancy firm Deloitte predict that an overall fall of around 7% is expected in Christmas spending for this year, as shoppers continue to try and cut back on their expenditure. The report shows that the decline will be felt across a wide variety of goods and services such as gifts, food, clothes, entertainment and socialising.

Richard Hyman, strategic advisor to the retail practice at Deloitte, said: ‘I think the main headline is this is the worst Christmas for a generation. But as a nation we’ll be spending £36bn so it’s not a total disaster. Broadly speaking, we believe sales will be flat this Christmas, with a slight fall possible.’

The average spend per adults over Christmas is likely to be around £655, according to the report, and of those polled around 19% planned to spend more on Christmas this year compared to last, despite the difficult financial situation. 24% of consumers plan to spend less this Christmas, but around 57% plan to spend the same as they did last year.

Well, one thing is for certain whatever the Christmas budget - 247Moneybox.com can help you boost it with a short-term payday loan in a sensible, responsible fashion. Buck the doom and gloom and have a super Christmas and New Year from all of us here at the 247Moneybox.com team!

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