Warning over personal loans

Fri, 14 Mar 2008

People should keep their credit card and personal loan providers informed when they move house, one expert has warned.

Samantha Owens, head of personal finance at Moneyfacts, explained that anyone who does not do so risks missing payments and this could affect their credit history .

Ms Owens said: "If you have a credit card and you move house and you don't tell them and the bill goes to the wrong address, you're still going to get your penalty charge."

She added that anyone who did not do so could find that the missed payments "damage you in future".

However, Ms Owens said that many people simply get lost in the system and are not deliberately attempting to avoid making payments.

Yesterday, a report by Moneyfacts revealed that the average interest rate on personal loans is now 4.6 per cent higher than in March of last year.
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