Landmark victory in the US against Bank of New York for a Mortgage debt! The methods used by kickoutdebt.co.uk are the ones used in a very expensive law suit in New York in a repossession case. Although we know that our methods work with credit card debt, this is the first case in the world to show it can work with mortgage debt as well. This has huge reprecussions for banks and lenders.read more
Now desperate middle-class families face huge debt crisis as more and more professionals plunge into the red read more
Banks lose first round in court battle against excessive charges
Today's High Court ruling on hefty overdraft charges has been hailed a consumer victory. But will it end the plight of many banking customers? read more
Abbey's £130 penalty for one credit card mistake, even experts get caught!
I've become a victim of the newly sharpened practices of Britain's wily credit card industry. One late payment has just cost me at least £130. read more
More than 1 million families face court with debt this year
2700 people every day will get a county court judgement against them for debt in the coming 12 months, as personal debt has gone to a mind boggling £1.4 TRILLION in the past 10 years. While every thing was making huge profits for the banks, they were happy to lend you money, now times are tough through their mistakes, you are paying! Click here for the full story
Another 2 British Banks withdraw fixed deal mortgages.
Two more banks, First Direct and Co-Operative withdrew mortgages for first time buyers citing "administerative purposes". The fact is they have all overstretched themselves in the last couple of years and are running out of money to lend. Although the Bank of England has pumped billions into the economy, at preferential rates, the banks arent passing those lower rates onto their customers. So it YOU who hve to pay to bail out these reckless idiots who have trousered millions in bonuses over the past couple of years. And they call you irresponsible in running up debt......... Full storyclick here
Yes its April Fools Day, but this is not a joke, but it does seem unbelievable!
If you need any further proof that the financial world has gone mad, just look at today’s report about UBS.:
Switzerland's biggest bank UBS unveiled massive new writedowns Tuesday and turned to its shareholders to prop up its capital base, as it became the bank worst-hit by the US subprime mortgage crisis.
UBS in addition disclosed a management change, announcing that its chairman, Marcel Ospel, would not stand stand for reelection this year and would be replaced by Peter Kurer, who has been on the group's executive board since 2002.
The latest writedown -- 19 billion dollars (12 billion euros) -- was the biggest single subprime hit so far worldwide and came on top of 18.4 billion dollars the bank had written down in 2007.
It will also plunge UBS into a net loss of 12 billion Swiss francs (7.6 billion euros, 11.9 billion dollars) for the first quarter of 2008 after a loss of 4.4 billion Swiss francs in 2007, its first-ever full-year loss.
The last writedowns for 2007 had already forced the bank into a controversial rescue recapitalisation by a Singapore sovereign wealth fund and by an unnamed investor in the Middle East.
It is now seeking to raise another 15 billion Swiss francs through a rights issue and formed a new unit to hold currently illiquid US real estate assets.
Switzerland's banking watchdog said Tuesday it should have probed UBS further, after the bank gave assurances last March its subprime exposure was under control, and called for "radical measures" to increase capital requirements for Swiss banks generally.
The Swiss Federal Banking Commission said it had sought information from UBS on its subprime exposure as early as March 2007 but was told that its investment bank was "fully hedged, yes, even overhedged."
They lied as simple as that, the statement today proves it, we have idiots running the financial system. Where are the prosecutions? How much is mismanagement and how much is just plain crookedness?
But of course, when you have debts of a few thousand, its your fault, because you have not “been responsible” and THEY, the same people who have lost all this money, will hound you and harass you through collection agencies and the courts!
The amount of money you owe is peanuts and palls into total insignifance!!!!
Even more amazing the CEO of Norther Rock receives a severance packge of £760,000! When they throw money at total incompetence, to a man who has ruined thousands of lives byt destroying their pensions and savings, you should have no conscience whatsoever about making sure you get whats lawfully yours!
Full story here
Amazingly, the very people who were supposed to prevent things like the Northern Rock debacle happening, are getting paid bonuses, yes thats right bonuses.
Lets get this straight, the very people who only this week have admitted that their performance was unacceptable! Mr Hector Sants the CEO of the Financial Services Agency, this week was awarded a bonus of £71,000 on top of his rather generous salary of a mere £315,000. Here is the full story
http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=548751&in_page_id=1770
And these are the people who are supposed to be regulating the people who are lecturing and chasing YOU for money!!!
