October, 2011 news
SSE 'to withdraw discounted online deals'
Energy company SSE has told Energy Secretary Chris Huhne that it will pull its discounted online deals from the market, in a move it says will "give everyone a fairer deal", the Telegraph reports.... Read more »
A credit card at Christmas?
When Christmas actually arrives, it's easy to realise we've not prepared as well as we should have done. From food and drink to parties and presents, Christmas is an expensive time of year, and even the best-planned budget can fall short in the face of all those costs.... Read more »
North and South 'equally pessimistic about finances'
The Lloyds TSB Spending Power Report measures the public's change in attitude towards their finances every month. Whereas there is often a North / South divide with the South feeling better off, in September all regions were 'feeling the pinch'. ... Read more »
A look at personal debt across the UK
The average amount of debt per person in the UK is currently at a record high. An interactive guide from Money Saving Expert has revealed just how much unsecured debt, on average, people have in different parts of Britain - revealing some interesting results. ... Read more »
Range of mortgages available 'up 96% in a year'
Today's homebuyers have almost double the number of mortgage deals to choose from than just one year ago, according to research by Mortgage Brain.... Read more »
Packaged bank accounts - get what you need
With a wide range of current accounts available in the UK, consumers have plenty to choose from when looking for the right kind of bank account for their needs. One area which has seen a massive expansion is the 'packaged account.'... Read more »
Save hot water - and save money
As part of this week's fifteenth Energy Savings Week (24-28 October), consumers are being encouraged to think about their use of hot water - which could help households to not only save energy, but save money too. ... Read more »
Water damage 'a bigger risk to homes than burglary'
Water-related damage poses a bigger risk to homes than burglary, according to insurance company Legal & General. ... Read more »
Debt crisis: 'vital' agreement reached in Brussels
Eurozone leaders have reached an agreement that will - hopefully - stop the debt crisis spreading from Greece to larger economies (Italy and Spain seem to be the ones mentioned most often when people say this).... Read more »
Poorest areas at 'high risk' of home repossession
Over half of first-time buyers in some of the poorest areas in the UK had mortgages worth more than 90% of the value of their property before the recession - putting them at high risk of losing their homes should the economic climate worsen, the Financial Times reports. ... Read more »
Sir Mervyn King: the recession 'would have been worse'
The Governor of the Bank of England, Sir Mervyn King, addressed MPs yesterday to defend the Bank's policy decisions. ... Read more »
Doorstep lending company 'strengthened by the financial crisis'
Doorstep lending company Provident Financial's results for the third quarter of this year show that the company is faring well during the financial crisis, according to Thisismoney.co.uk. ... Read more »
Third of Brits 'have never switched bank account provider'
Research by Norwich & Peterborough Building Society has found that more than a third of UK adults (35%) have never switched their main current account provider.... Read more »
Brits better with money thanks to online banking
New research from Nationwide Building Society indicates nearly six in ten people (58%) are 'more aware of their personal finances' thanks to online banking. ... Read more »
How Christmas debt could last until 2023
Christmas can often be one of the most expensive times of the year. From buying the turkey and all the trimmings to presents for friends and family, many people may be tempted to use credit cards to cover the cost of festive spending. ... Read more »
Home insurance costs rise after 'severe winters'
Two severe winters have had a big impact on home insurance premiums, the latest AA British Insurance Premium Index indicates. ... Read more »
Credit cards and personal loans 'still on the decline'
There was a slight year-on-year increase in consumer credit in August, compared with the same time a year earlier - but most types of credit still saw a decline, according to the Finance & Leasing Association (FLA). ... Read more »
A new first - 7 months of rising debt
October was the seventh month in a row that we saw higher debt levels. That's just one of the findings of the latest Household Finance Index (HFI) from Markit. Published today, the Index also found a lot of pessimism about households' finances, along with further falls in both incomes and job security. ... Read more »
Mortgages, savings & credit cards - a quarter-century look
Today, inflation's over 5%. It's an unwelcome statistic, but it's nothing new - we've seen high inflation many times before. Some interesting figures from HSBC take us back over the last quarter of a century to see what life with high inflation was like in the past. ... Read more »
FSA Chief: 'banks could still fail'
Lord Turner, the chairman of the Financial Services Authority (FSA) 'the independent body that regulates the financial services industry in the UK', told politicians they should make the most of the chance to 'rewrite the rules' - and stressed that we need to accept that banks may still fail, as reported by the Financial Times. ... Read more »
Consumer lending 'up in August', says FLA
Total consumer credit lending saw a slight increase in August 2011 - showing a 3% increase on the same month last year - according to new figures published by the Finance & Leasing Association (FLA).... Read more »
Housing Minister calls for 30-year mortgages
Grant Shapps, the Government's Housing Minister, has called for lenders to consider offering more fixed-rate mortgages of up to 30 years, in an attempt to encourage 'greater stability in the housing market', a Government website reports. ... Read more »
6% of households 'can't afford to turn on heating'
Nearly 6% of UK households can't afford to turn on their heating yet, despite the colder weather quickly kicking in, an online poll from MoneySupermarket.com has revealed.... Read more »
Buying insurance online: have you got the right cover?
These days, buying insurance is often as easy as firing up the laptop, entering your details into a comparison website and selecting a deal. But that means people should take extra care when trying to find a policy that meets their needs, says Defaqto. ... Read more »
Fuel poverty 'kills more than traffic accidents'
Fuel poverty* could be killing more people in this country than traffic accidents. That's a startling claim made by the Interim Report of the Fuel Poverty Review, which was commissioned by the Secretary of State for Energy and Climate Change.... Read more »
'Mortgage holiday' for Ireland?
The Irish Government and the 'bailout troika' of the European Commission, the European Central Bank and the International Monetary Fund have asked banks to think about allowing struggling mortgage borrowers to temporarily stop making their repayments, the Irish Times reports.... Read more »
70% of consumers 'will use savings or debt to pay bills'
Moneysupermarket.com says seven in ten of us will either go into debt to pay our rising gas and electricity bills (with a credit card or overdraft) or use our savings.... Read more »
Latest Scottish insolvency figures released
The latest Scottish insolvency figures released by the Accountant in Bankruptcy (AiB) reveal that between July and September this year, the number of bankruptcies fell compared with the same period last year, whereas the number of people entering a Protected Trust Deed and Debt Arrangement Scheme significantly increased.... Read more »
Inflation back to record high
Inflation leapt to 5.2% in September - a serious jump on the 4.5% we saw in August. This was mostly due to increases in gas and electricity prices. ... Read more »
Switching to save money: does it work with bank accounts too?
This week, Energy Secretary Chris Huhne urged billpayers to consider switching energy supplier to help them save money. But that's just one thing people can switch to help improve their finances - finding a better broadband or mobile phone deal, for example, can also make a difference.... Read more »
Think Money wins two Payroll Giving Awards
Last night's ceremony at No 11 Downing Street celebrated companies who've raised the bar when it comes to 'payroll giving'. It's a tax-effective way for workers to give charities more by donating straight from their pre-tax salary - so the taxman basically gives a bit too! ... Read more »
The rise of supermarket banking?
The Co-operative supermarket chain is currently trialling in-store banking as part of an 18-month pilot scheme across England, the Guardian reports.... Read more »
16,261 'bank account takeover' frauds this year
'Bank account takeover' fraud and identity fraud make up the majority of fraudulent activity in the UK, according to Members of CIFAS (the UK's Fraud Prevention Service).... Read more »
Insurance: any questions?
Insurance is an important part of life. But whether you're looking to insure your car, your home or your life itself, you probably have some questions that need answering.... Read more »
Number of cars bought on finance 'hits four-year high'
August saw the highest proportion of new cars bought using car loans or other forms of car finance for four years, according to figures from the Finance & Leasing Association (FLA).... Read more »
Energy users 'should find cheapest tariff'
Government Energy Secretary, Chris Huhne, has called for consumers to find the cheapest available energy tariff to help lower household gas & electricity bills, the BBC reports. ... Read more »
Credit card secrets
A credit card is something that many of us keep from our partner. There are all kinds of reasons for keeping it secret, but recent research indicates that one in 12 people with a partner hold a credit card (or prepaid card) that they've not told their other half about. ... Read more »
One in ten 'can't afford monthly outgoings'
One in ten households can't afford all their monthly living costs, according to a survey of Lloyds current account customers - meaning many could be falling into debt just trying to get by. ... Read more »
Mortgage applications 'up 20% so far this year'
The number of mortgage applications so far this year is 20.6% higher than over the same period in 2010, Mortgage Introducer reports. ... Read more »
More fivers in cash machines
Five pound notes are notoriously rare at cash machines. However, according to the Link network, which oversees the UK ATMs, there are more fivers in cash machines today than in 2009, as reported by the BBC.... Read more »
185,000 unemployed 'will be struggling with debts'
185,000 unemployed people in the UK could be struggling to repay their debts, according to research from the Money Advice Trust (MAT). ... Read more »
Private rents 'unaffordable' in 55% of England
Average private rents are too costly for normal working families in 55% of local authorities in England, according to new research from housing and homelessness charity Shelter.... Read more »
Saving to stay out of debt?
Savers in the UK have become considerably more hands-on with savings, with people depositing 12% more money each month than they did around a year ago, new figures from Santander have revealed.... Read more »
Average comprehensive car insurance prices 'up 12% year-on-year'
Motorists currently pay 12.3% more for an average comprehensive car insurance policy than a year ago - equating to an increase of £92 a year.... Read more »
Poverty 'will rise in next few years'
The Institute for Fiscal Studies (IFS) predicts 'income poverty' among working-age adults and children will increase over the next few years. The report is funded by the Joseph Rowntree Foundation.... Read more »
Remortgaging in August 'more than 30% higher' than 2010
... Read more »
Who looks after the bank account? UK households 'divided'
... Read more »
Average household 'will be in fuel poverty by 2015'
The average household will spend more than 10% of their income on gas and electricity by 2015 if energy prices continue to increase at the current rate, the Financial Times reports.... Read more »
Households 'spending 67% of income on basics'
... Read more »
Car insurance - what savings turn our heads?
New research by price comparison website moneysupermarket.com indicates 22% of drivers would switch car insurance providers if they could save just £25 or less.... Read more »
Belgian arm of Dexia bank gets bailout
... Read more »
Average personal loan rates up - but 'best' deals have improved
... Read more »
Four-fold rise in payday loan debts - CAB
... Read more »
Credit card popularity 'declines'
... Read more »
Banks under pressure to push portable accounts
The Independent Commission on Banking (ICB) is under pressure for 'failing to push' portable bank accounts - a reform that campaigners say would make switching banks easier for customers, as well as improving 'the efficiency of the wider economy', The Independent reports.... Read more »
The most serious financial crisis ever?
... Read more »
Quantitative easing round 2: the experts' take
This week, the Bank of England announced that it will be injecting another £75 billion into the economy through 'quantitative easing' (QE).... Read more »
Greek crisis - no more money just yet
Greece is waiting for the next 'tranche' (instalment) of the emergency loans that can keep it going and paying its bills. We've now heard that it'll have to wait a bit longer, as European finance ministers have decided to delay the decision until November.... Read more »
UK banks & building societies see credit downgrade
Credit rating agency Moody's has downgraded the credit rating of 12 banks and building societies in the UK.... Read more »
Rising number of households face 'water bill debt'
Debt advisers across the UK have warned of increasing numbers of people seeking help after falling into arrears on their water bills, the Daily Mail reports.... Read more »
Cheapest energy deal tops £1,000 'for first time'
The cheapest domestic energy deal for UK households has increased to over £1,000 a year for the first time, the BBC reports.... Read more »
Travel insurance abroad: how much could it cost to go without?
We've all heard horror stories of holidaymakers facing huge bills for emergency health treatment, or additional hotel bills caused by a cancelled flight. Yet one in five travellers still don't take out travel insurance, according to ABTA (the Association of British Travel Agents).... Read more »
David Cameron says 'deal with your debts'
... Read more »
'Right-to-buy' scheme to be 'revamped'
... Read more »
Online bank account fraud 'fell in first half of the year'
... Read more »
Loans for businesses - straight from the Treasury?
Chancellor George Osborne has announced that he'll look at 'credit easing' - a way of giving loans to businesses straight from the Treasury.... Read more »
The downside of 'dealing with debts'?
Prime Minister David Cameron has been 'forced' to make a last-minute rewrite of the closing speech he is due to give to the Conservative Party conference today, after a key passage urged households to pay off their debts.... Read more »
World's first 'cardless' bank
... Read more »
Saving your wallet - or the planet?
... Read more »
1 in 5 'uninsured abroad'
... Read more »
Loans 'price war' could benefit borrowers
Borrowers stand to benefit from a personal loan 'price war' that has seen loan rates falling in recent weeks.... Read more »
New £50 banknote to be introduced
... Read more »
Credit card spending 'due to rise'
... Read more »
Savings top list of Brits' financial concerns
... Read more »
UK's 'AAA' debt rating maintained
... Read more »