June 19th, 2011 In the latest news from the ongoing battle between consumers and large financial institutions, Barclays has said it will pay out compensation to everyone to whom it sold payment protection insurance and who made a complaint before 20 April.Customers will be reimbursed the total value of all premiums plus 8% interest. The [...]
July 9th, 2011 In one of the more bizarre financial stories of recent weeks, HSBC bank has been forced to write off a customer’s overdraft after a judge decided it had harassed her with hundreds of phone calls and then unlawfully imprisoned.The lady won her civil case against the bank at Swindon County Court when [...]
June 5th, 2011 The cost of going bankrupt increased by £75 to £525 at the beginning of June leading debt experts and other analysts to suggest that the cost could discourage people with debt or other financial problems from seeking help.If you include the court fee necessary to complete the process, going bankrupt now incurs [...]
June 12th, 2011 This week, UK interest rates were kept at the record low of 0.5% again by the Bank of England’s Monetary Policy Committee. Economists had widely expected the decision, as recent data has underlined worries about the strength of the UK’s recovery.The decision comes despite the annual rate of inflation rising to 4.5% [...]
July 23rd, 2011 The British Retail Consortium (BRC), which represents 90% of the UK’s shops and shopkeepers, this week said that credit card use fell last year as people turned to cash and debit cards to avoid borrowing.The figures show that the number of transactions involving credit cards dropped 12.9%. The number of transactions involving [...]
August 19th, 2011 Despite the weak growth figures and summer holiday season inflation continues apace. In fact, the UK government’s targeted rate of inflation rose in July, following higher prices for clothing and footwear and fees for financial services.The rate of Consumer Prices Index (CPI) inflation rose to 4.4% from 4.2% in June, according to [...]
July 17th, 2011 The Office of Fair Trading (OFT) this week announced plans to tackle dishonest credit brokers that demand upfront fees for loans they have no intention of arranging. Firms found engaging in the scam practice will be closed down for the protection of consumers.The measure is part of a general crackdown by the [...]
June 28th, 2011 A new sense of fiscal responsibility has been seen on the UK high street as credit card use fell last year as people turned to cash and debit cards to avoid borrowing, according to the nation’s shopkeepers.The British Retail Consortium (BRC) which represents 90% of the UK’s stores, say transactions involving credit [...]
August 23rd, 2011 Concerning news this week has shown that complaints about businesses that demand upfront fees for loans they never arrange have risen yet again, according to the Office of Fair Trading (OFT).There were 3,167 complaints made to advice service Consumer Direct in the 12 months to the end of June, compared with 2,059 [...]
July 29th, 2011 The banking giant Santander has set aside 620m euros (£548m) to cover the costs of mis-selling payment protection insurance (PPI) in the UK. The Spanish bank is the latest to outline the one-off amount to cover the cost of compensation for mis-selling the loan insurance.Lloyds Banking Group set aside £3.2bn to cover [...]
June 19th, 2011 In the latest news from the ongoing battle between consumers and large financial institutions, Barclays has said it will pay out compensation to everyone to whom it sold payment protection insurance and who made a complaint before 20 April.Customers will be reimbursed the total value of all premiums plus 8% interest. The [...]
July 17th, 2011 The Office of Fair Trading (OFT) this week announced plans to tackle dishonest credit brokers that demand upfront fees for loans they have no intention of arranging. Firms found engaging in the scam practice will be closed down for the protection of consumers.The measure is part of a general crackdown by the [...]
August 23rd, 2011 Concerning news this week has shown that complaints about businesses that demand upfront fees for loans they never arrange have risen yet again, according to the Office of Fair Trading (OFT).There were 3,167 complaints made to advice service Consumer Direct in the 12 months to the end of June, compared with 2,059 [...]
July 23rd, 2011 The British Retail Consortium (BRC), which represents 90% of the UK’s shops and shopkeepers, this week said that credit card use fell last year as people turned to cash and debit cards to avoid borrowing.The figures show that the number of transactions involving credit cards dropped 12.9%. The number of transactions involving [...]
July 9th, 2011 In one of the more bizarre financial stories of recent weeks, HSBC bank has been forced to write off a customer’s overdraft after a judge decided it had harassed her with hundreds of phone calls and then unlawfully imprisoned.The lady won her civil case against the bank at Swindon County Court when [...]