At first they tried contacting the Consumer Credit Counselling Service (CCCS) but they found that they would have to wait six weeks for an appointment, but six weeks was far too long to wait. They could hardly endure another day of the pressure they were under. They were unable to sleep and spent most of their time worrying about what was happening to them.

They said “From the moment we contacted Gregory Pennington a weight was lifted.” They were given a special reference number so that when they were contacted by creditors they could tell them that they were dealing with Gregory Pennington and inform them of the reference number. They said that the instant they did that their creditors had backed off and stopped making threats. Gregory Pennington worked with them to decide which bills were the important ones that they must pay and to arrange the payments of arrears. These were such items as their rent and their water rates. All the other debts were organised by Gregory Pennington. Interest was frozen on all their accounts, and they opened a special bank account through which they made agreed repayments.

From then on they were able to see light at the end of the tunnel and get their life back together. They said that contacting Gregory Pennington was the best thing they had ever done.

Anyone finding themselves in a similar situation to Susan and Roger should not leave seeking help any longer. The earlier you seek help, the sooner will your burden be life, and like Susan and Roger you can make a start on reassembling your life. You only have one life after all so there is no point in ruining it by worrying about debt.

The law is still being debated by the Seanad, Ireland’s upper house, and ministers are considering to extend the scheme to foreign banks that have a large number of Irish depositors.

Two major banks, the Ulster Bank and National Irish Bank, unsurprisingly have a large Irish customer base but are owned by companies outside the Repblic of Ireland. The finance minister said applications would be considered on a case by case basis, according to BBC news. However, Finance Minister Briand Lenihan said the Irish state was deep into the banking system and must make sure that taxpayers are protected.

The government’s 400bn euro guarantee covers Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and the Educational Building Society.

The British Bankers’ Association worried that British banks will now be put at a competitive disadvantage when seeking deposits from retail customers.

Some UK depositors are now considering moving their savings to Irish banks. The Bank of Ireland confirmed a steady increase of phone inquiries and the Post Office, whose savings products are backed by the Bank of Ireland, too has seen increased customer activities.

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Editor’s opinion: Perhaps UK banks should take a leaf out of the Irish and French banking systems? For UK banks to be worried about disadvantages then maybe there should be more emphasis on protecting taxpayers and depositor investments rather than loose regulation on risk taking banks and short selling traders. Perhaps the average taxpayer is tired of being dragged down with the wealthy bankers who got themselves into their own mess?

What do you think?

Bradford & Bingley also reported job cuts of approximately 370 jobs as the lender’s future remains uncertain. Although British banks could say they have weathered the storm a bit better than their US counterparts, it seems a domino effect of bad news one day after another.

At the moment, the US government is trying to quickly pull together a massive $700 billion rescue package to bail out its collapsing financial sector. Washington Mutual, the latest victim to fall, is the largest US bank in history to go under. JPMorgan Chase was there to buy out the struggling bank adding to its growing portfolio which includes Bear Stearns purchased earlier this year.

HSBC Loans

The UK alone has seen this finance sector grow to £500 million as a report reveals 400,000 Muslims hold Sharia-compliant products.

Islamic financial products are designed to comply with the belief system of the Islamic religion. With an estimated 3 million Muslims living in the UK, the market potential is quite large. However, now even non-Muslim Britons are becoming customers due to the ethical fabric that makes up Sharia-compliant finance.

Other, more traditional, UK banks are stepping into the market such as HSBC Amanah, the Bank of Ireland’s commercial mortgage sector, and Lloyd TSB’s Islamic offerings. This may not be enough for some orthodox Muslims as many UK banks still depend to a certain degree on the interbank market to obtain their funding. The Islamic Bank on the other hand sources their funds from its deposit base therefore do not rely on borrowing from banks that may not qualify as Sharia-compliant.

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