This is a section of the site where we try to keep all our industry news articles. If you want to know about the latest industry developments in the Payday Loan sector this is the place. I know some of this might seem a little boring, as such just to put a smile on your face (you can’t say we aren’t good to you!) we have an entire section of our site dedicated to fun stuff, go and check it out.
HSBC has put aside a staggering £1.3billion in order to cover potential PPI mis-selling claims and money laundering fines. This is despite the fact that the bank has announced a steep rise in six monthly profits. Pre-tax profits for the banking giant were up 11%, from £11.5 billion to £12.7 billion, against the previous six months. However asset sales in the US boosted these profits by as much as £4.3 billion.
As the economy fell by 0.7% between May and June it is safe to say that the UK recession has indeed worsened. This was much larger than first thought as the previous 3 months had fallen by 0.3% According to the Office for National Statistics (ONS) a dip in construction was the catalyst that caused the fall.
It seems that payday loans aren't solely for the younger generation. There's growing concern that more and more people over the age of 55 are in debt to payday loan companies. This is according to the retirement income specialists 'Primetime Retirement.'
Payday loan companies have agreed to new commitments designed to help fight the increase in unmanageable debts. In a new initiative, struggling customers who haven't managed to payback their payday loans within 60 days will have their interest frozen as soon as they can agree a repayment plan that is accepted by both parties. These measures are due to be in place by the 25th of July 2012.
A plan has been announced by the European Commission to tackle youth unemployment in the twenty seven other EU member countries. There are promises of 370,000 new jobs across the EU under the Youth Opportunities Initiative. It proposes that all young people should be in work, training or study, within 4 months of having left school.
It has been suggested by the Prime Minister that as part of a bid to cut the welfare bill, people under the age of 25 could lose the right to housing benefits Almost £2 billion a year could be saved by doing away with the benefit for this age group.
According to Moneymagpie.com there is a new enthusiasm in the UK for people eager to save their money. They claim that because of the current economic situation, the younger generation are keener than ever to put money away for their future.
Ah yes, the Olympic virtues, faster, higher and stronger. That saying really has a resonance about it. It was first uttered by the founding father of the modern Olympic games Pierre de Coubertin back in 1894 and it still rings true today. mHe understood that the human being can achieve great things when they really push themselves to achieve. He did however write his manifesto outlining the games at a time when there was great optimism in the world.
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