June, 2011 news
A degree - and a decade of debt
Student debt takes an average of 11 years to repay, holding many students back as they try to get on with life after university.... Read more »
Lloyds to shed 14% of employees
Lloyds Banking Group has said it will cut a further 15,000 jobs - amounting to 14% of its 104,000-employee workforce, the BBC reports.... Read more »
AA responds to report on young drivers' insurance
AA Insurance has responded to a report from business advisers Mazars that suggests that premiums for young drivers are 'set to rise by 50%'.... Read more »
King: No need for rapid loan rate increase
Homeowners with variable-rate home loans will, by and large, be relieved to hear that the Bank of England isn't considering any immediate change to the base rate.... Read more »
Household debt damaging the high street
Big high street names such as Habitat and Jane Norman entering administration reflects the trend of a struggling UK high street. Household debt is one reason shoppers are not buying non-essential items, as well as the squeeze on disposable income and the impact of internet shopping.... Read more »
Mortgage rates 'fall to lowest level in 23 years'
Mortgage rates have fallen to their lowest level in at least 23 years, according to new figures from comparison website Moneyfacts.co.uk.... Read more »
Tesco to 'push' banking services
Tesco, the world's third-biggest retailer, has announced it will expand its banking services in autumn, as an article by Reuters explains.... Read more »
Mortgage forbearance 'pushing some further into debt'
Mortgage lenders' forbearance may have helped many people stay in their homes, but it's also 'forcing some homeowners further into debt'.... Read more »
Car insurance - tips to bring the price down
Stories about the rising cost of car insurance often make the papers these days, so what can you do about it?... Read more »
Cheques to be 'phased out' by 2018
From Thursday, cheque guarantee cards will no longer be accepted - as the Payments Council plans to phase out cheques by 2018.... Read more »
Credit card deals out of reach for 'unknowing' existing customers
Credit card holders who wish to transfer their debts to a 0% interest balance transfer credit card deal may be unable to do so if they are unknowingly considered an existing customer, according to Thisismoney.co.uk.... Read more »
Central banks 'must raise rates'
'Monetary policy' needs to be brought back to normal quickly, states an influential report that urges central banks to raise their interest rates - and urges governments to reduce their budget deficits.... Read more »
Debt & shopping: credit card use 'falls 13%'
The proportion of credit card transactions fell by 12.9% last year compared with 2009, according to the latest figures from the British Retail Consortium (BRC).... Read more »
Scheme 'to help first-time buyers'
More details have been revealed about how a government scheme to help first-time buyers onto the property ladder will work, as the Guardian reports.... Read more »
Bank customers 'need better control of information'
Banks and other financial service providers "need to do more" to give customers greater access to the information that's being held about them, according to the Information Commissioner's Office (ICO).... Read more »
High street sales hit weakest level in a year
The volume of high street sales "fizzled out" in June, according to the latest Distributive Trades Survey from the Confederation of British Industry (CBI).... Read more »
Bank reveals that money worries are common
Money worries are common - perhaps more common than you thought. Recent research by The Co-operative Bank sheds some light on the subject.... Read more »
Average personal loan rate falls over year
The average rate on a personal loan has fallen significantly since this time last year, according to statistics from the Bank of England.... Read more »
2010's 'debt hotspots' revealed
A map of the UK's regional 'debt hotspots' has been published, indicating the average amount of unsecured debt in each part of the country last year, according to research from the Consumer Credit Counselling Service (CCCS).... Read more »
Bank shares for all?
The public should be given shares in part-nationalised banks, according to a proposal which has been backed by Deputy Prime Minister Nick Clegg.... Read more »
Interest in remortgages likely to drop
Homeowners are, on the whole, less likely to consider looking for a remortgage, as it seems an imminent rise in the base rate is also less likely.... Read more »
DVLA & MIB cooperate on new insurance law
If you visited our website yesterday, you'll have read about the new Continuous Insurance Enforcement (CIE) law, making it an offence not only to drive an uninsured vehicle - but to keep one too.... Read more »
Consumer credit lending 'falls 4%'
New consumer credit lending fell by 4% in April this year, according to new figures from the Finance & Leasing Association (FLA), the UK's leading trade body for the consumer credit sector.... Read more »
Debt problems: insolvency hotspots pinpointed
When it comes to tackling serious debt problems, people from all walks of life can find they have no choice but to turn to insolvency. However, members of some groups are quite simply more likely (statistically) to enter insolvency than others, as recent figures from Experian demonstrate.... Read more »
New insurance rules in place
The new Continuous Insurance Enforcement (CIE) Law has now come into force, requiring people to have their vehicles insured all the time, even when they're not being driven.... Read more »
Bank of England figures show credit card lending increase
The latest Lending to Individuals report from the Bank of England shows a £0.3bn increase in net credit card lending in April.... Read more »
32% not confident about paying bills
80% of the people in the UK are concerned about the overall state of their finances - with 32% of the population admitting they're not confident about paying their monthly bills, according to new research by The Co-operative Bank.... Read more »
New website to offer free credit reports
A new website is to offer free access to credit reports, starting this autumn. For people who want to keep an eye on their credit rating, this could be a convenient way of doing just that without paying for the service.... Read more »
Average house price rises for sixth month
The average house price increased for the sixth consecutive month in June, according to the latest figures from the Rightmove House Price Index (HPI).... Read more »
£500 a year spent on big celebrations
The average person in the UK spends around £500 a year on major celebrations, but many say they don't have the funds to afford it, according to new research by National Savings and Investments (NS&I).... Read more »
Retail sales down as consumers battle rising costs
Retail sales volume fell by 1.4% in May, compared with the previous month, new figures from the Office for National Statistics (ONS) show. ... Read more »
Mortgage lending up in April
The number of new mortgage completions increased in April, compared with the previous month, according to new figures from the Council of Mortgage Lenders (CML).... Read more »
Financial Policy Committee holds first meeting
The Bank of England's new Financial Policy Committee (FPC) is due to gather this week for its first quarterly meeting, according to the BBC.... Read more »
Emergency tax cut 'could jump-start economy'
Labour's Shadow Chancellor Ed Balls has called for a temporary 'emergency' VAT cut to revive the economy and win back the consumer confidence lost since the recession started, according to a news report from the BBC.... Read more »
Osborne to call for retail bank 'ring-fencing' in speech
Banks should be forced to operate their retail banking separately from their investment arms, Chancellor George Osborne is set to announce today.... Read more »
Third of homeowners delaying projects to save cash
32% of UK homeowners are delaying home maintenance projects to make ends meet, according to new research from comparison website Gocompare.... Read more »
Dealing with debt - what are Ireland's options?
As the UK struggles with its own personal debt problems, it's worthwhile taking time to look overseas and see how other countries are coping - how they help their citizens, and whether help tends to be more (or less) available than it is to people who live in this country.... Read more »
8% 'might not renew insurance'
1 in 12 homeowners might not renew their insurance at the end of their current deal, new research from comparison site Gocompare indicates.... Read more »
Pensioners hit hardest by inflation
Pensioners have been hit by significantly higher rates of inflation than people of working age - with those dependent on state benefits affected most, according to the latest figures from the Institute for Fiscal Studies (IFS).... Read more »
Credit card rates 'increasing despite falling base rate'
The cost of borrowing on a credit card has become 'progressively more expensive' over the last four years, despite the base rate falling during that time, Defaqto has found.... Read more »
State-owned bank to be auctioned off
This Wednesday, Chancellor George Osborne is expected to announce plans to auction off Northern Rock, the state-owned bank.... Read more »
Government changes Credit Guarantee Scheme rules
The Government has changed the terms of the Credit Guarantee Scheme to allow banks to buy back debts sold under the scheme. ... Read more »
Fuel poverty a threat for thousands
More than 900,000 households in Scotland could face fuel poverty if other energy companies follow Scottish Power's price rises, according to news from official government website Scotland.gov.uk.... Read more »
First-time buyers see mortgage options almost treble
The number of different mortgages available for first-time buyers has almost trebled since June 2009, according to new research from comparison website Moneyfacts.co.uk.... Read more »
600 Lloyds branches 'could be a new bank'
Ordered by European regulators to sell over 600 of its branches, Lloyds Banking Group has said they could become a new bank if the auction doesn't 'attract decent bids', as The Telegraph reports.... Read more »
One in four consumers used savings in last quarter
One in four consumers in the UK were forced to dip into their savings in the last quarter to fund essential everyday costs, according to new research from insurance group AXA.... Read more »
1 in 3 could be unable to find new mortgage
Around 3.5 million homeowners - nearly a third of the 11.4 million mortgage holders in the UK - could be 'caught in the mortgage trap', as the Daily mail puts it, meaning they can't move or get a cheaper mortgage deal.... Read more »
Higher rents adding to financial pressure on tenants
Some renters are being 'priced out of the market' because of rising rental costs, according to the Royal Institute of Chartered Surveyors (RICS).... Read more »
6 million people behind with their bills
A record number of people are facing financial difficulty, with 36% worried that their financial situation will worsen over the next 6 months, according to the latest research by insolvency professionals R3.... Read more »
Quarter of homeowners 'don't shop around when renewing insurance'
Almost a quarter of homeowners (23%) let their home insurance automatically renew with their existing provider rather than shop around for a better deal, according to RAC Home Insurance.... Read more »
Halifax current account lets customers in on the picture
Halifax is giving customers of its Ultimate Reward Current Account the opportunity to have a photo of their choice printed on their debit card - whether that's a picture of themselves, friends and family, an exotic location.... Read more »
'Total upfront cost' of bankruptcy 'rises to £700'
The cost of going bankrupt has risen again this month, causing debt experts to worry that people facing the prospect of insolvency may think twice before seeking a solution, according to the BBC.... Read more »
Half of UK motorists 'reduce driving due to fuel costs'
51% of car drivers have cut the amount of driving they do due to the rising cost of fuel, according to research by car insurance company Admiral.... Read more »
More than half of workers 'unaware of new pension scheme'
Over 50% of UK workers don't realise they could be automatically enrolled into a new national pension scheme from October 2021, new research by HSBC has found.... Read more »
UK retail sales '2% lower' in May
UK retail sales were 2.1% lower on a like-for-like basis in May, compared with a 0.8% rise in May last year, according to the latest retail sales monitor from the British Retail Consortium (BRC) and KPMG.... Read more »
Number of 12-month-plus 0% credit cards 'highest on record'
There are now more credit card deals offering interest-free balance transfer periods of above 12 months than at any other time on record, according to financial advice website Moneynet.co.uk.... Read more »
Only 2,600 homeowners 'rescued' by mortgage scheme
A recent report by the National Audit Office (NAO) revealed that the government's mortgage rescue initiative didn't help the number of people it was expected to, the Council of Mortgage Lenders (CML) reports.... Read more »
NI businesses not changing bank accounts
A lot of people won't even think of looking for a new bank account - and the same goes for companies, as an article in the Belfast Telegraph informs us.... Read more »
House repossessions 'to rise in 2021'
The number of house repossessions is set to increase again next year, according to the Council of Mortgage Lenders (CML).... Read more »
Welsh 'loan sharks' lose £900,000 in crackdown
A team cracking down on illegal money lenders in Wales has so far cancelled £900,000 of debt owed to 'loan sharks', according to the BBC.... Read more »
Pensioners turning to equity release to clear debts
Many pensioners in the UK are struggling with debt, with some using the equity in their home to repay it, according to equity release firm Key Retirement Solutions.... Read more »
Interest rates 'should stay low until spending rises'
Bank of England executive director Paul Fisher has reaffirmed the view that interest rates should remain low until consumer spending has started to recover.... Read more »
Forecourt loans 'fund majority of new car purchases'
'Forecourt finance' remains the most popular way to buy a new car, figures from the Finance & Leasing Association show.... Read more »
Bank of England: lending increased in April
Figures released today by the Bank of England show that total lending to individuals rose by £1.2 billion in April - in line with the previous six month average increase.... Read more »
Festival-goers `should check home insurance`
People attending music festivals over the coming months should check their home insurance if they plan on taking any valuable belongings with them, says moneysupermarket.com.... Read more »