March, 2011 news
Smart meters `could end up costing billpayers more`
`Smart meters` designed to help households keep track of their energy usage could end up costing billpayers more, rather than saving them money, it has been claimed.... Read more »
Help with the first mortgage - how helpful is it?
Under the new FirstBuy scheme, first-time buyers (FTBs) could receive help with their mortgage. ... Read more »
Home loan approvals up in February
According to figures from the Bank of England (BoE), 46,967 loans for house purchase were approved during February.... Read more »
`Junior` bank accounts to replace Child Trust Funds
The BBC has reported that plans for a new bank account - a tax-free savings account - for children will be set out later by the Government.... Read more »
Rise in middle-class bankruptcies as parents struggle with debt
According to a study by credit information group Experian, unemployment and divorce (amongst other things) are pushing more middle-class parents into insolvency, The Telegraph reports.... Read more »
Change in `no win, no fee` rules could cut insurance costs
The government`s plans to change the rules governing claims management firms could lead to a fall in the cost of car insurance, the Association of British Insurers (ABI) has stated.... Read more »
`Reclaim Fund` for dormant bank accounts approved
The Co-operative Financial Services has been authorised by the Financial Services Authority (FSA) to manage Reclaim Fund Ltd - the not-for-profit fund that collects money from dormant bank accounts before it`s transferred to the Big Lottery Fund.... Read more »
Debt up £2bn in February
In the month of February, consumers in the UK collectively took on another £2bn of debt, latest figures from the Bank of England reveal.... Read more »
60% of women have no life insurance
Too many women haven`t protected themselves enough in financial terms, according to a report from protection specialist Bright Grey, which indicates that 59% don`t have any life insurance.... Read more »
Bank account customers failing to switch ISAs
A poll by Consumer Focus indicates that two thirds of bank account customers who have opened a cash ISA (Individual Savings Account) with an introductory bonus rate failed to switch accounts when the `teaser rate` ran out, the BBC reports.... Read more »
Google trials `mobile phone credit card` system in U.S.
Google is working with MasterCard and Citigroup in the U.S. to allow users of Android mobile phones to make purchases using the handset`s built-in NFC (Near Field Communication) technology, The Wall Street Journal reports.... Read more »
Direct Debits could prevent missed credit card payments
Credit card users have been urged to set up a Direct Debit to help them avoid the charges that can come with missed payments.... Read more »
Men and `problematic` personal debt
Debt advice charity Money Advice Trust has conducted research looking into how men deal with `problematic debt`.... Read more »
19-month high for remortgaging
Figures from the British Bankers` Association (BBA) have revealed that the number of people remortgaging reached its highest level in 19 months during February, the Independent reports.... Read more »
Inflation `adds £630 to annual cost of living`
With the headline (CPI) inflation rate last month hitting 4.4% - over double the 2% target - the average person must now spend almost £630 a year more to maintain the same standard of living as last year, according to life insurance company MGM Advantage.... Read more »
`Contactless` cards to reach bank account holders
Bank account customers of Lloyds TSB will soon have access to new `contactless` debit cards, starting with customers living within the M25 area.... Read more »
More improvement seen in the direct loans market
According to the latest figures from the Finance & Leasing Association (FLA), direct loans increased for the third month in a row in January, with new business recorded up 27% compared with the same month a year earlier.... Read more »
FSA: many homeowners `borrowing too much on mortgage`
Many homeowners are at risk of serious financial problems because they have borrowed too much on their mortgage, according to the Financial Services Authority (FSA).... Read more »
Budget 2011: first-time buyer mortgage scheme explained
A new scheme announced in Wednesday`s Budget could help new homebuyers purchase up to 10,000 newly-built houses and flats with assistance from the Government.... Read more »
Loan help for first-time buyers
Chancellor George Osborne has announced that at least 10,000 first-time buyers will be eligible to receive loan help under the proposed `First Buy scheme`, the BBC reports.... Read more »
Second-hand mobiles still contain bank account details
Research by CPP, data security specialists, has revealed that mobile phones are being sold on before personal information such as PIN numbers and bank account details have been removed.... Read more »
Budget 2011: what can we expect?
This year`s Budget is arguably one of the most anticipated for some time, given the events of recent months. With inflation on the rise, a lot of people are concerned about how Chancellor George Osborne`s announcements could affect them.... Read more »
`Signs of recovery` in direct loans market
We can see `signs of recovery` in the direct loans market, the Finance & Leasing Association (FLA) reports.... Read more »
Home insurance premiums `up 6%`
Home insurance premiums have increased by 6% on average since January last year, according to research by comparison site moneysupermarket.com.... Read more »
No change in Bank of England base rate vote
The Bank of England`s Monetary Policy Committee (MPC) once again voted six to three in favour of keeping the base rate at its 0.5% all-time low this month, according to minutes from this month`s meeting.... Read more »
Inflation reaches 4.4%
Inflation climbed to 4.4% in February, the Office for National Statistics tells us. That`s up from 4% in January, as well as more than double the 2% target set by the Government.... Read more »
Car safety - the little things matter
Use your mirrors, check your blind spot, don`t drive when you`re tired - we`re used to car insurance experts giving us tips on avoiding accidents, but some dangers aren`t so obvious.... Read more »
Younger generation needs more help to understand bank accounts
According to research by Lloyds TSB Savings, the younger generation needs more help to understand the benefits of bank accounts - specifically ISAs (Individual Savings Accounts).... Read more »
Why it pays to check your bank statement
It pays to keep a close eye on your bank account. Unless you`re checking where the money goes, it`s all too easy to miss charges - and even if each one is quite small, they can still add up to a surprisingly high total.... Read more »
First 20-month 0% balance transfer credit card deal launched
Barclaycard has extended the interest-free period on its top balance transfer credit card to 20 months, just weeks after it launched the UK`s first 18-month 0% balance transfer credit card deal. ... Read more »
Housing market `stuck in a rut` as home loan lending stagnates
New figures from the Council of Mortgage Lenders (CML) have revealed that gross home loan lending in February was an estimated £9.5bn.... Read more »
SLC reveals largest student debts
Information provided following a Freedom of Information request has revealed that the total value of the 20 largest student debts (from the Student Loans Company (SLC)) is over £1m, the BBC reports.... Read more »
Levels of mortgage debt `putting homeowners at risk`
Lord Turner, Chairman of the Financial Services Authority (FSA), has warned that as the mortgage debts borrowers take on reach levels not seen since the financial crisis, homeowners are putting themselves - `and possibly the larger banking system` - at risk if interest rates go up, the Financial Times reports.... Read more »
Think Money staff `on the phones` for Comic Relief
Tonight, staff at Think Money will be offering a helping hand to Comic Relief as they `man the phones` and take the nation`s donations for this year`s `Red Nose Day`.... Read more »
Brits ditching long holidays in favour of `daycations`
With rising costs of living piling pressure on many people`s finances, it seems a growing number are willing to give up their usual summer getaway to save money and stay out of debt.... Read more »
High Street bank accounts `may charge within five years`
UK retail banks may start charging for current accounts within the next five years, according to KPMG.... Read more »
16 million Britons facing pay freeze
Research by comparison site uSwitch.com has revealed that sixteen million Britons are facing a pay freeze this year. ... Read more »
Unemployment hits 2.53 million
The unemployment rate hit 8% in the three months to January 2011, according to the Office for National Statistics - equating to 2.53 million `economically active` people out of work. ... Read more »
Mortgages: local authorities invited to `lend a hand`
Local authorities could help first-time buyers who are looking for an affordable mortgage, under a new initiative by a major mortgage lender.... Read more »
Graduates could repay twice the amount of their student loans
Under the new tuition fees system in England, some graduates could end up repaying twice the amount they borrowed on their original student loans, figures calculated by leading accountants have suggested.... Read more »
8 in 10 homeowners could repay mortgage debt sooner
According to research by Barclays, 84% of homeowners could repay their mortgage debt sooner by making small overpayments each month.... Read more »
`Smartbox` could earn young drivers discount on insurance
The Co-operative Insurance has launched a new `Smartbox` that could help drivers between the ages of 17 and 25 save money on their car insurance.... Read more »
Mortgage applications up as Bank of England keeps rates low
The Mortgage Advice Bureau, an independent mortgage broker, has reported a 39% increase in mortgage applications in February compared with January - suggesting that homeowners may be rushing to beat a potential base rate rise. ... Read more »
New debt collection guidance under way
There are rules about debt collection - and from time to time, they need to be updated. Right now, the Office of Fair Trading (OFT) is working on new guidance for debt collection, aiming to eliminate what it sees as unfair practices in this area.... Read more »
Motor insurance report `a missed opportunity`
A new report into the cost of motor insurance has `missed the point`, according to the ABI (Association of British Insurers).... Read more »
Bank account customers welcome greater FSCS protection
According to research by GfK NOP for the Financial Services Compensation Scheme (FSCS), almost two thirds (63%) of consumers support the increase in the compensation limit for cash ISAs.... Read more »
Bank rate rise could endanger recovery
If the bank rate rises too soon, this could put the economic recovery at risk.... Read more »
English students look abroad to avoid record debts
With tuition fees at English universities set to increase next year, the Guardian reports that universities in Ireland and Scotland are offering an `attractive alternative` to those wishing to avoid record debts.... Read more »
Fall in mortgage lending linked to `unusual combination of factors`
Figures from the Council of Mortgage Lenders (CML) have shown there was a significant fall in mortgage lending between December and January - which is believed to be a result of an `unusual combination of factors`.... Read more »
Credit card offers improving, but rates are rising
Credit card interest rates are on the rise, despite the base rate remaining static for two years - but this is being balanced out by better promotional deals, according to the Financial Times (FT.com). ... Read more »
Reprieve for struggling homeowners as base rate is held at 0.5%
The Bank of England yesterday decided to keep its base rate unchanged, making it the 24th month in which the base rate has been at its all-time low of 0.5%.... Read more »
Bank of England holds rate at 0.5% for 24th month
The Bank of England`s Monetary Policy Committee (MPC) this week voted to keep the base rate and its asset purchase programme unchanged, meaning the base rate has now been at a historic low of 0.5% for two years.... Read more »
Mortgage rates still climbing
The average mortgage rate `edged up` in February, the Bank of England has revealed. ... Read more »
Home loan risk for 10 million households
According to analysis by Legal & General Investment Management (LGIM), UK households are `more at risk of an interest rate shock than at any time on record`, The Telegraph reports.... Read more »
Fall in online bank account fraud
Figures from Financial Fraud Action UK (FFA) have revealed that online banking fraud saw a 22% fall in 2010 compared with 2009 - with £46.7m stolen from bank accounts in this manner.... Read more »
Energy customers `owe £624 million debt to suppliers`
Billpayers have built up a combined £624 million of arrears on their energy bills, research by comparison site uSwitch.com has found.... Read more »
Lifetime of debt for one in seven `Baby-Boomers`
According to Aviva`s quarterly `Real Retirement Report`, there is a `growing issue of long-term debt` for Britain`s `Baby-Boomers`, with many finding it difficult to repay their debts before late retirement, if at all.... Read more »
New cars `can be cheaper to insure than old cars`
Motorists should not assume that insurance for an older car will be cheaper than it is for a newer vehicle, according to moneysupermarket.com. ... Read more »
Bank of England `set to keep rate at 0.5%`
The Bank of England will decide to keep its base rate at 0.5% when it meets this week, despite coming under mounting pressure to increase it, analysts believe.... Read more »
Debt Arrangement Scheme to be improved
In Scotland, people who are struggling with their unsecured debts may be able to take advantage of the Debt Arrangement Scheme (DAS).... Read more »
Over 300,000 Irish households don`t have a bank account
A study by the Economic and Social Research Institute (ESRI) has found that more than 300,000 households in Ireland don`t have a bank account, the Irish Examiner reports.... Read more »
1 in 5 car buyers will take out a loan
19% of the people who intend to buy a car in the next six months will get into debt to do so.... Read more »
Gender ban is `disappointing news` for insurance customers
The recent ruling on charging men or women more or less for their insurance might sound like good news for half the population, but in reality this won`t be the case, says the ABI, the Association of British Insurers.... Read more »
Savings levels fall as debt repayments reach all-time high
Research by unbiased.co.uk has revealed that 2010 was a `record year` for borrowers repaying their debts.... Read more »
Bank shares could be given to voters
The public should be given billions of pounds of bank shares, MPs have said.... Read more »
One in five consumers `will carry credit card debt throughout 2011`
Just over a fifth of consumers (22%) will be unable to fully repay their credit card debt for the duration of 2011, comparison site Gocompare.com has found. ... Read more »
Fixed-rate mortgage costs increase
According to figures from moneyfacts.co.uk, the lifetime cost of a typical five-year fixed-rate mortgage has risen by £2,500 since the start of the year, The Telegraph reports.... Read more »
European Central Bank hints at rate rise
While people in the UK wonder when the Bank of England will raise the base rate, the European Central Bank (ECB) has hinted that a rate rise could soon be on the cards for the 17 countries that use the Euro.... Read more »
Net mortgage lending up in January
Mortgage lending rose in January, reaching £1.8bn, the latest figures from the Bank of England show.... Read more »
Home loan lending improvement in January
The Bank of England (BoE) has released figures showing an improvement in home loan lending in January, as the property market `recovered some of the ground it lost` following the cold snap in December, The Independent reports.... Read more »
Number of people `in the mood to save` at six-year high
According to Legal & General`s latest MoneyMood Survey, the `mood to save` has reached its highest level for six years.... Read more »
One in three `not saving anything at all`
More than one in three UK adults (18 million) are not saving any money at all, according to recent research by Scottish Widows - potentially putting them at risk of problems with debt.... Read more »
Overdrafts: 10% of people permanently in debt
Research by moneysupermarket.com has revealed that one in 10 Britons are permanently in their overdrafts, The Telegraph reports.... Read more »
Quitting smoking `could save thousands on life insurance`
Non-smokers can pay significantly less for critical illness and life insurance than people who do smoke, research by moneysupermarket.com suggests. ... Read more »
Bank account overdraft rates on the rise
The average interest rate charged on an overdraft stood at 19.09% in January, according to the Bank of England - a 0.14 percentage point increase on the same period a year earlier. ... Read more »
Could a `pension holiday` help people repay debt?
If someone`s contributing to a pension fund, should they be allowed to use some of the funds to repay their debts? That`s something pension provider Aegon wants the Government to consider.... Read more »
Substantial rise in bank rate `could push UK back into recession`
David Coombs, manager of the Rathbone Multi-Asset Portfolios, has said that a `substantial` rise in the Bank of England`s base rate could see the UK falling back into recession.... Read more »
New rules on gender to affect insurance premiums
Today, insurance providers are allowed to look at the gender of a driver when they`re considering how risky they`re likely to be on the road. That`s about to change.... Read more »