Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
PPI: Credit card write-offs decline

The number of credit card write-offs in the UK has fallen in the third quarter of the year, according to new research.

Latest figures from the Bank of England has revealed that a total of £740 million was written off by banks during the past three months, compared to £2.1 billion in the second quarter of 2010.

Overall, UK banks and building societies wrote off a total of £1.83 billion worth of debt that people had defaulted on during the third quarter, around half (47 per cent) than the £3.47 billion cancelled during the previous three-month period.

David Black of financial consultancy Defaqto expressed his belief that firms have introduced stricter lending criteria which has contributed to the decline in write-offs.

He told BBC News: "It looks as if banks are benefiting from their decision a few years ago to be more careful about who they lend to, especially with unsecured lending."

Meanwhile, a report from the Insolvency Service found that bankruptcy levels fell to a five-year low during the third quarter.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800261022-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide