Mortgage and homes news
Home movers 'at risk of missing payments'
19 March, 2008
It is vital that people keep their credit card and personal loan providers up-to-date when moving house, one expert has warned.
Samantha Owens, head of personal finance at Moneyfacts, explained that anyone who did not do so could end up with a poor credit record if they missed payments.
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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 inform their credit provider with their new address might find that the missed payments cause them problems in the future.
Use our home movers' checklist as a guide
However, 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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