The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
To borrow over a longer period, a loan with regular monthly repayments might be more appropriate.
It is vital that you consider carefully whether you can afford to take on (or service) any borrowing. The best way to do this is to draw up a budget plan of income and expenditure. By adding up all your monthly income and deducting your monthly outgoings, you will get a clear picture of any money left over at the end of each month that can be used towards making repayments. Allow for any incidental expenses by leaving some surplus at the end of each month.
This does not mean that you should borrow simply because you can afford to. Equally, you are under no obligation to accept credit that may be offered to you, but you feel that you do not need. By planning ahead and borrowing money carefully, you should avoid ending up with more commitments than might be strictly necessary and risk being unable to afford to borrow more money when you really need it.
If you are unsure whether you can afford to borrow, you should talk to your bank or financial adviser about your personal circumstances to make sure that you do not become over committed.
The Financial Reporting Council (FRC) has been looking at how best to rationalise some of the audit guidelines in place by better integrating the guidance into the auditing standards themselves. Read More
Mike Conroy, BBA, Executive Director, Corporate and Commercial Banking said: “The first quarter of this year saw an upturn in applications for loans and overdrafts from SMEs, although volumes were Read More
Ian Jordan, Chair of the BBA’s Northern Ireland committee, said of the latest data: “The first quarter of the year saw an increased number of SME loan applications, leading to Read More