September, 2010 news
Graduates fear loan repayments are going missing
Following delays in HM Revenue & Customs passing payments made through PAYE to the Student Loans Company (SLC), thousands of graduates across the country are worried that the payments they are making towards their student loans are `going missing`, the Guardian reports. ... Read more »
Almost half of working over-50s `still repaying mortgage debt`
44% of over-50s who work are still repaying their mortgage debt, according to research by retirement specialist LV=. ... Read more »
£1.7bn of student possessions `not covered by insurance`
Research by Santander has revealed that a combined £1.7bn worth of student possessions are not insured. ... Read more »
Airline credit cards: understand the loyalty schemes
A recent report by Which? serves as a reminder of how important it is to understand how credit cards` loyalty schemes work.... Read more »
Bank account advice for people with bad credit ratings
People who struggle to find a regular current account have been advised on their other options for keeping their money safe. ... Read more »
Personal debt rises in August
According to the latest Lending to Individuals report from the Bank of England (BoE), the amount of debt owed by individuals increased by £1.5bn in August.... Read more »
Councils charging for credit card payments
According to research by Which?, some councils are adding charges of up to 3% to bills for council services if customers decide to pay with their credit card, the BBC reports.... Read more »
Low base rate benefits people with debts
People with debts have benefited from the low base rate - to the tune of £26bn or so. So says a press release from the Press Association.... Read more »
Health insurance for travellers a `must`
People travelling overseas must take care to ensure they`ve got the right kind of insurance.... Read more »
Tuition fees could rise to £10,000 a year
According to leaks of Lord Browne`s university funding review, tuition fees could reach £10,000 a year and middle-class students could see their grants and loans cut, the Daily Mail reports.... Read more »
Savers who bank online are better off
According to consumer group Which?, savers who do their banking online are more than a third (37%) better off than those restricted to branch-based products, The Telegraph reports.... Read more »
Mortgage lending by banks `up 4.1%`
Annual growth in net mortgage lending by banks reached 4.1% in August, according to recent figures from the British Bankers` Association (BBA). ... Read more »
One million `not seeking help with their debt problems`
One million people struggling with debt have not sought debt help, according to research from insolvency trade body R3. ... Read more »
More credit cards `only available to existing customers`
A growing number of credit cards are restricted to existing customers, according to research by Defaqto. ... Read more »
New `affordable loans` scheme revealed
A new lending plan designed to allow people who can`t obtain conventional loans to gain access to manageable loans is being unveiled, the BBC reports. ... Read more »
Insurance fees on the rise
Motor insurance policies have become more likely to charge for features that were once seen as `standard services` - and the ones that charge are also charging more than they used to. ... Read more »
A look at `opportunistic` insurance fraud
Not all insurance fraud is planned in advance. A `research brief` from the Association of British Insurers (ABI) looks at the reasons people commit `opportunistic` insurance fraud. ... Read more »
R3: 40% worrying about debt
According to research by insolvency trade body R3, 40% of adults in Britain (almost 19 million people) are worried about their debt.... Read more »
Government lending could help borrowers avoid debt spiral
The Government and the National Housing Federation are set to introduce a new loans scheme that will provide `financially excluded` borrowers with a cheaper alternative to doorstep and payday lenders.... Read more »
Mortgage news: market hit by doubts
Many experts are worried that consumer confidence has been hit by the `doom-mongering` about threats to the recovery. So says an article in The Independent, which states that August`s mortgage lending `shocked the market yesterday as it plunged to a 10-year low`.... Read more »
Carers struggling to make ends meet
According to research by the Princess Royal Trust for Carers, half of all carers in work earn less than £10,000 a year, and one in three struggle to make ends meet, The Telegraph reports.... Read more »
Credit card customers `should look out for better deals`
Many credit card users should be on the lookout for better credit card deals, according to Lovemoney.com. ... Read more »
24% couldn`t live without overdraft
According to research by discount website Groupola.com, 24% of people say they couldn`t live without their overdraft facility, with one in five (18%) admitting they are constantly carrying overdraft debt, The Independent reports.... Read more »
US: new budgeting feature on credit cards
A new account feature from MasterCard rolled out in the US may help credit card customers `improve their financial management`, creditnet.com reports. ... Read more »
Going to Uni: student debt & money worries
These days, most undergraduates are expected to graduate with a debt of around £25,000. So it comes as no great surprise that 71% of their parents are concerned about the cost of supporting their children financially while they`re studying. ... Read more »
More people than ever `want to be homeowners`
Getting a mortgage and owning a home is a long-term desire for a higher proportion of the population than ever, the Council of Mortgage Lenders (CML) has found.... Read more »
Four in 10 run out of money 20 days after payday
According to a recent press release from insolvency trade body R3, more than four in 10 (42% of) adults in Britain struggle to make their money last until payday (11% on a `regular basis` and 31% `occasionally`), with the average `struggle` beginning on the 20th day after the last payday.... Read more »
Bank account customers unsure of balances
According to research from high street bank Barclays, the majority of people `over-estimate` the amount of money they have in their current bank account - thinking, on average, they are more than £70 better off than they actually are.... Read more »
Next-generation credit card impresses high-tech conference
A next-generation card from Dynamics has been unveiled at Demo Fall 2010 - `The Launchpad for Emerging Technology`, where companies demonstrate their latest exciting inventions.... Read more »
Proposed cuts to housing benefit spark debt fears
Two thirds of social landlords have expressed their concern about the proposed cuts to housing benefit - saying they will lead to `an increase in bad debt on their balance sheets`, The Chartered Institute of Housing`s UK housing panel`s latest quarterly survey has revealed.... Read more »
Irish loan guarantee scheme in planning
A government-backed loan guarantee scheme for viable small businesses in Ireland is in the planning stages, irishtimes.com reports.... Read more »
Debt and interest rates - a look abroad
A look in today`s Vancouver Sun - vancouversun.com - provides us with a glimpse of the issues that could lie ahead for many people with debts on this side of the Atlantic.... Read more »
Lack of mortgages holding back housing market
The limited availability of mortgages is continuing to hold back the housing market, several experts have commented.... Read more »
Students take on work to minimise debt
According to figures from the Office for National Statistics (ONS), almost 50,000 students have taken on a job in the last three months, The Telegraph reports. ... Read more »
Insurance & social media - the risks?
Using social media sites like Twitter and Facebook could - eventually - cost people more when it comes to insurance premiums.... Read more »
Women forced to rely on husband`s pension
According to research by insurer Prudential, more than one in four women are forced to rely on their husband`s pension to `see them through their old age`, The Telegraph reports.... Read more »
Credit card use - what`s changing?
According to figures from the Payments Council, spending on credit cards during the second quarter of 2010 increased by just 3.9% - just ahead of inflation, walesonline.co.uk reports.... Read more »
Bank accounts - a note about saving
A recent press release from moneysupermarket.com has highlighted that people with small savings pots should look at their current bank accounts` rates as `an added bonus to their savings accounts`, headlinemoney.co.uk reports.... Read more »
Monthly-fee credit cards `staging a comeback`
Monthly or annual fee credit cards seem to be `staging a bit of a comeback`, the Guardian reports.... Read more »
Debt from dishonesty - a warning about rental scams
Tenants around the country are being `duped into debt`, according to housing and homelessness charity Shelter, as they fall prey to scams organised by dishonest landlords and other con artists.... Read more »
Many students would drop out without financial support
A survey, carried out by Push and commissioned by the National Union of Students (NUS) and high street bank HSBC, has found that thousands of university students who receive financial support from family and friends would have dropped out of their course without the help, the Guardian reports. ... Read more »
Credit card spending rises slightly
Credit card spending rose slightly in the second quarter of the year. It rose by 3.9% - which was just ahead of inflation, as a press release from the Payments Council reports.... Read more »
Banks increase rates on overdraft debt
Figures from the Bank of England have revealed that the average rate charged by banks and building societies on overdrafts has risen to an average of 19.1% - the highest level since 1995, when records began, the Telegraph reports.... Read more »
Many tax debts to be written off
As the story about tax debts unfolds, people who are worried about receiving demands will be relieved to hear the latest news, as reported in the Guardian.... Read more »
Mortgage finance problems `threaten the industry`
The problems which would-be buyers face when they`re looking for a mortgage are `threatening the industry`, the largest volume housebuilder in the UK has warned. ... Read more »
US: national student loan debt higher than credit card debt
According to the Federal Reserve`s G.19 Consumer Credit June report, student loan debt in the US has surpassed the nation`s credit card debt, lsureveille.com reports.... Read more »
Over-55s weighed down by large debts
According to research from insurance giant Aviva, millions of the elderly and those who are approaching retirement don`t have a pension or savings - just large debts.... Read more »
Homebuyers pay more than expected
According to research conducted by money.co.uk, the cost of buying a home may be a lot higher than a homebuyer first expected - with unforeseen costs adding up and leaving them with long-term debts, headlinemoney.co.uk reports.... Read more »
One in four `worried about Bank of England base rate rise`
More than a quarter (27%) of respondents to a recent poll are concerned about the impact any future base rate rises will have on their finances. ... Read more »
Advice on mortgage debt - before the rise comes...
This Thursday, the Bank of England`s Monetary Policy Committee (MPC) will announce its latest decision about the base rate.... Read more »
Credit card companies `still looking for new business`
Credit card companies are still looking for new customers, even though they are writing off record levels of debt, The Northern Echo writes.... Read more »
Students advised on finding the right bank account
With tens of thousands of students about to enter their first year at university, finding the right student bank account has been a hot topic amongst financial journalists.... Read more »
Half of Britons would accept higher tax to repay debt
According to a survey conducted by the Program on International Policy Attitudes (PIPA) for the BBC, almost half of Britons would accept higher taxes in order to reduce the national debt, The Telegraph reports.... Read more »
Metro Bank proving popular
According to figures released by Metro Bank, its one-year target for bank accounts was reached just five weeks after opening its first branch in central London, the Daily Mail reports.... Read more »
New mortgage allows switch from tracker to fixed rate
A new mortgage has been launched which allows homeowners to switch from a tracker deal to a fixed-rate deal at any time.... Read more »
Last-minute holiday bookings `could save hundreds of pounds`
Holidaymakers have saved themselves hundreds of pounds this year by booking their holiday late, according to Sainsbury`s Finance. ... Read more »
BoE could impose loan-to-value limits
If the Bank of England (BoE) thinks it`s necessary, it could impose limits on the home loans market, possibly limiting loan-to-value (LTV) ratios. ... Read more »
Bank considering measures to prevent future debt crises
The Bank of England is considering introducing new measures to prevent a repeat of the credit crisis, according to a senior official.... Read more »
Credit cards account for £5.46bn of summer holiday spending
In total, £5.46bn of spending on summer holidays will be placed on credit cards this year, according to research by Sainsbury`s Credit Cards. ... Read more »
Student loans will cost more
Millions of people still repaying their student loans will now be worse off, as the Student Loans Company confirmed interest rates will be increased, the Telegraph reports. ... Read more »
Consumers keeping debt worries to themselves
The majority of people whose financial situation suddenly changes never actually talk to their bank or building society about their debt problems and other financial difficulties.... Read more »
Mortgage lending down, says BoE
Net mortgage lending dropped to just £86m in July, according to the latest Bank of England (BoE) figures. ... Read more »
Indebted families `underclaiming on benefits`
Many families and individuals who are experiencing debt problems or other financial difficulties are making things harder for themselves by `underclaiming` on benefits and tax credits, according to debt advisers at Atlantic Financial Management.... Read more »
Mortgage lending by mutuals `at a year-high`
Gross mortgage lending by mutuals reached £2.0bn in July, according to the Building Societies Association (BSA) - the highest monthly figure so far in 2010. ... Read more »
Car insurance - a few facts and figures
An article in today`s Independent looks at the cost of car insurance and suggests a few ways you could cut your insurance costs. ... Read more »
Banks writing off £40m of debt every day
In the second quarter of the year, the Daily Mail reports, banks and building societies wrote off £3.5bn of debt. Working out to around £40m per day, this was the largest amount registered in a single quarter since records began.... Read more »
Bank of England `may extend quantitative easing`
The Bank of England may be set to pump more money into the economy as part of its quantitative easing scheme, deputy governor Charles Bean has suggested.... Read more »
New credit card - with no balance transfer fee
A credit card company has released an alternative to the range of 0% balance transfer deals currently on offer. ... Read more »