Renewed surge in PPI complaints to financial ombudsman
A fresh jump in payment protection insurance (PPI) complaints has driven up the total number of cases going to the Financial Ombudsman Service (FOS).The FOS received 55,907 complaints in the last three months of 2011, up by 10% from the previous three months. That was due to a 57% jump in PPI complaints during the [...]
February 21, 2012
Tags: bank lending, bankers, borrowing, Loan calculator, loans rates, UK loans rates Posted in: Bank Lending, Bankers, Banks, Lenders, Loans Calculators, UK Loans Rates, Uncategorized 
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Websites offering loans flout EU credit rules
A number of websites across the EU that offer credit cards, loans and finance found that 70% were flouting the rules.Authorities across 29 member countries checked 562 websites, including some they were already worried about, and found that 393 failed the checks. The most common issue was the absence of an annual percentage rate (APR) [...]
February 15, 2012
Tags: bank lending, borrowing, Interest Rates, Loan calculator, UK loans rates Posted in: Borrowing Costs, Finance, Interest Rates, Loans Calculators, Loans Rates, Online Banking, Uncategorized No Comments
Excessive card surcharges will be banned says Government
Excessive fees for using a debit or credit card will be banned by the end of 2012 under government plans.The move comes amid complaints that airlines, booking agencies and even councils were imposing excessive charges for using a card. However, firms will be allowed to levy a “small charge” to cover payment processing costs. The [...]
February 8, 2012
Tags: credit cards, falling interest rates, Interest Rates, UK loans rates Posted in: Borrowing Costs, Credit Cards, Financial Services, Interest Rates, Online Banking, Uncategorized No Comments
Government borrowing falls for third month in a row
The government borrowed less in November than it had in the same month last year, official figures show.The Office for National Statistics said public sector net borrowing excluding financial interventions was £18.1 billion, down from £20.4 billion in November 2010. It is the third month in a row that public borrowing has fallen. It means [...]
February 3, 2012
Tags: borrowing, Credit Crunch, Loan calculator, recession, refinancing rates, sovereign debt, UK loans rates Posted in: Borrowing Costs, Credit Crunch, Finance, Loans Calculators, Sovereign Debt, Uncategorized No Comments
Credit union reforms introduced to help borrowers
New rules have come into force which will free up credit unions to compete more effectively with banks.The changes, under a Legislative Reform Order (LRO), mean the financial co-operatives can now pay interest on savings for the first time and expand beyond their traditional customer base. Credit unions are not-for-profit organisations owned by their members. [...]
January 25, 2012
Tags: borrowing, Credit Crunch, home loans, Lenders, UK loans rates Posted in: Borrowing Costs, Credit Crunch, Finance, Interest Rates, Lenders, Uncategorized No Comments
Payday loans lenders face OFT penalties
Action is being taken against payday lenders who flouted rules on online advertising in the run up to Christmas.The Office of Fair Trading (OFT) found some were not checking whether customers could afford to borrow or outlining charges for going into arrears. A number were unclear about the loan terms and failed to explain the [...]
January 16, 2012
Tags: bad debts, bank lending, borrowing, consolidate debt loans, Credit Crunch, Debt Consolidation, debt management plans, sub prime loans, UK loans rates Posted in: Borrowing Costs, Credit Crunch, Debt Consolidation, Debt Management, Finance, Interest Rates, Lenders, Online Banking, Payday Loans, Sub Prime Loans, UK Loans Rates, Uncategorized No Comments
RBS failures caused by poor decisions, says FSA
The Royal Bank of Scotland (RBS) nearly collapsed in 2008 because of poor management decisions, inadequate regulation and a flawed supervisory system, a Financial Services Authority report says.The FSA admits that its own supervision was “flawed” and “provided insufficient challenge” to RBS. And it says RBS had too weak a capital position to proceed with [...]
January 13, 2012
Tags: bad debts, bank lending, bankers, Bankrupcy, Credit Crunch, Loan calculator, nationalisation, sub prime loans, UK loans rates Posted in: Bankers, Bankrupcy, Banks, Finance, Sub Prime Loans, Uncategorized, nationalisation No Comments
Christmas will push third of UK into debt warns YouGov
Almost one in three people in the UK will go into debt over the Christmas period according to a YouGov survey.The survey of 2,015 adults suggests 11% of Britons will lose track of spending, with 31% going into some form of debt to fund Christmas related costs. Of these, it suggests 58% will rely more [...]
January 11, 2012
Tags: bad debts, banks, borrowing, Credit Crunch, Debt Consolidation, debt management plans, Loan calculator, sub prime loans, UK loans rates Posted in: Bank Lending, Borrowing Costs, Credit Crunch, Debt Management, Lenders, Loans Calculators, Sub Prime Loans, UK Loans Rates, Uncategorized No Comments
UK banks charging as much as 800,000% on overdrafts
Some High Street banks are charging “eye watering” rates of interest when their customers go over their overdraft limit.A customer borrowing £100 for 28 days without the consent of Santander would repay £200, for example. That is the equivalent annualised percentage rate, or APR, of 819,100%. Comparisons between banks and so-called payday lenders showed that [...]
December 20, 2011
Tags: bank lending, bankers, borrowing, Credit Crunch, Interest Rates, payday loans, UK loans rates Posted in: Bank Lending, Banks, Borrowing Costs, Finance, Lenders, Loans Calculators, Loans Rates, Payday Loans, Sub Prime Loans, UK Loans Rates, Uncategorized No Comments
UK interest rates remain on hold at record low of 0.5%
UK interest rates have been held at a record low of 0.5% by the Bank of England’s Monetary Policy Committee.Bank of England UK interest rates have now been held at 0.5% for more than two and a half years Worries about the strength of the economic recovery meant that economists had expected rates to remain [...]
November 24, 2011
Tags: bank lending, Bank of England, Credit Crunch, Interest Rates, UK loans rates, uk recession Posted in: Bank of England, Borrowing Costs, Credit Crunch, Interest Rates, UK Loans Rates, Uncategorized No Comments
