These ridiculous sub-prime lenders
have somehow slipped through the net and the Nolans are just one example of countless people who have been caught in their trap.
In a time when sub-prime lenders
are getting close regulatory scrutiny and being criticized for charging high interest rates, Discount Title Loan is differentiating itself by bringing lower priced amortized car title loans to the marketplace.
It is hoped the new initiative will encourage local residents to use Knowsley Mutual's financial services instead of borrowing from costly sub-prime lenders
and loan sharks.
Housing charity Shelter say many sub-prime lenders
have refused to join governmentled schemes to avoid repossessions and will now start calling in bad debts.
And Shelter accused sub-prime lenders
, who specialise in offering mortgages to borrowers with poor credit histories, of failing to comply with the gover nment call to show patience with families in trouble.
John Puzey, director of housing charity Shelter Cymru, said high house prices and low incomes, which forced those struggling to get on the housing ladder to turn to expensive sub-prime lenders
, had conspired to make Wales a repossession hotspot.
It also uncovered irresponsible practices among sub-prime lenders
in particular as part of a review of firms, such as failure to check borrower income, and the FSA said it is now considering referring several firms to enforcement action.
They are the latest sub-prime lenders
to face closure in the wake of the sub-prime crisis.
in the UK have left the market or are not lending at all because they haven't the funds.
Mortgage lending: Increase oversight of sub-prime lenders
, crack down on "rescue mortgage" scams and require disclosures to homeowners to help avoid foreclosure if they fall behind on their payments.
Shelter Cymru said so-called sub-prime lenders
- companies that lend to people with poor credit histories and low incomes and which charge higher interest rates and charges than high street banks - are largely to blame for the startling rise.
Certainly not those who read yesterday's report from the Citizens Advice Bureau (CAB), which stated: "Many people who borrowed from sub-prime lenders
start to struggle early on in the term of the mortgage, and CAB evidence shows that these lenders are often unwilling to negotiate affordable repayment arrangements with borrowers in difficulties, taking court action for relatively small amounts of arrears, significantly increasing the stress, risks and costs people face.