Alliance Turning Towards The Financial Dark Side
Following in the footsteps of many of its high street competitors, Alliance and Leicester has announced that it will no longer accept new customers onto its Online Saver and Direct ISA accounts. The interest rate for the Online Savers account is also being cut from 5.35% to a straight 5%.
Richard Brown of the financial comparison website Moneynet ( http://www.moneynet.co.uk ) believes that Alliance and Leicester (A&L), in common with its high street competitors, has seen its costs rise as a result of recent rule changes covering things like the way mortgages and general insurance are policed. He added, 'Unfortunately it's the consumer who shoulders much of this additional burden'
It seems to many of their loyal customers that A&L is indeed determined to make their customers pay in an effort to purge costs and boost their profits. These cuts are only the latest of a series of changes that A&L have made during recent months. First to go was the cashback scheme on their Moneyback credit card. The Moneyfacts (http://www.moneyfacts.co.uk) financial data website pointed out in February, that A&L had increased the APR on their credit cards for all purchases up to 16.9%; as well as increasing penalty fees, and introducing punitive new clauses to current accounts. Other charges have been introduced to their mortgage products, balance transfer fees on credit cards, reductions in children's savings accounts, whilst The Guardian (http://money.guardian.co.uk/saving/banks/story/0,12410,1509094,00.html) has revealed some suspect changes that have been implemented to their systems to increase the number of customers who breach their overdraft agreements, triggering penalty charges.
A&L has said that there is no hidden agenda, and that it still leads the way compared with its banking rivals.
A&L however, are not the only financial group to be feeling the pinch. Barclays, HBOS and Royal Bank of Scotland have all warned about credit arrears. An announcement concerning job losses at Scottish Widows, came alongside admissions from their owners LLOYDS TSB that there was, 'An increase in the number of customers experiencing repayment difficulties' with their credit card debts and unsecured personal loans. According to Lloyds' Chief Executive, Eric Daniels, we are currently experiencing, "a slowing consumer environment".
Recent announcements by the Treasury delivered the worst monthly public borrowing figures since records began in 1993, re-igniting fears over a possible rise in taxes.
Consumers are reducing the amount they borrow on credit cards and analysts predict mortgage lending in the UK will plummet by 10 per cent over the next three years, as the out of control growth in house prices finally stalls.
Independent ......
Read More ...
|
Adsense Ready Site Web
Why Financial Freedom?
Making Money With Google Adsense
Adsense Empire
1000 Ways To Make Money
Adsense Google Making Money Never Told
Blogging With Adsense
Adsense Google Site Web
10 Ways To Make Money With EBooks
Google Adsense Script
12 Steps To Financial Freedom
10 Commandments Of Creating A "Wealth Producting" Niche!
15 Commandments Of Creating A Wealth Pulling Niche
10 Ways To Make Money With Your Digital Camera
Adsense Ads
How To Make Money With Google Adsense
|
Recently Visited Pages :
Adsense Click Fraud
Adsense Adwords Google Secret
Adsense Adwords Google Information Marketing
Adsense Isn't The Only PPC Game In Town
Google Adsense Secret
Adsense And The Mesothelioma Bandwagon
(c) 2006 Adsense Fast Cash
Adsense Author List - Adsense Sitemap