August, 2011 news
Families 'more worried than ever' about living costs
The Family Finances Report from insurance group Aviva indicates that family incomes fell by 2% between May and August this year, from £2,062 to £2,018. Women's average monthly income in the UK was £1,935 in May this year but by August was £1,777 - an 8% decline.... Read more »
Banks 'should improve access to bank accounts through Post Office'
Increased access to bank account services through Post Office branches could greatly improve accessibility and convenience for customers, according to a new report from Consumer Focus.... Read more »
New scheme to tackle mortgage application fraud
A new scheme to tackle mortgage application fraud will be launched tomorrow, helping lenders and HM Revenue & Customs (HMRC) work together on applications they consider suspicious. The Council of Mortgage Lenders (CML) website sums it up.... Read more »
Changes in banking: when is the right time?
What if there's another banking crisis? How would the country cope with it - and how can we make sure taxpayers don't have to pay for another bailout?... Read more »
Insurance firms step up to help volunteers
As volunteers step up to help out in a 'Big Society' way, insurance companies are making it clear they have their full support - and making sure there aren't any paperwork hurdles in the way.... Read more »
'Live for today' attitude could put people at risk of debt
A survey by Skipton Building Society has found that the average Briton doesn't start taking their financial future really seriously until they reach the age of 34, Thisismoney.co.uk reports. ... Read more »
The banking habits of the 'Facebook Generation'
Experian reports on the financial habits of the 'Facebook Generation'. To be a member of this group you'd have to be 18 to 25 years old, as reported by bankingtimes.co.uk. You'd also have to have 'taken social media and its ideologies into adulthood'.... Read more »
Latest lending figures from Bank of England
The Bank of England released the latest 'Lending to Individuals' figures today. Amongst the findings for July 2011, it revealed total 'lending to individuals' rose by 0.9 billion, which is less than the previous six-month average increase of £1.2 billion.... Read more »
'Debt-conscious' Brits holidaying at home
38% of UK holidaymakers are trying to cut the cost of going on holiday this year - with 59% of that group deciding to holiday at home rather than travelling abroad, according to a poll by insolvency trade body R3.... Read more »
Scotland sees bigger rise in mortgage lending than UK as a whole
Mortgage lending increased more in Scotland than it did in the UK as a whole in the second quarter of the year, according to the Council of Mortgage Lenders (CML).... Read more »
Only one in five has someone to talk to about money
The Money Advice Service, an independent financial advice service, launches the 'Money Chat' campaign today. Over the next few months it will reveal the results of research into how we feel about money.... Read more »
New figures show decline in new debt
The latest figures from the Finance & Leasing Association (FLA) show that people are taking on less debt - from FLA members, at any rate.... Read more »
What do customers think about their banks?
Banking customers have revealed what they find most frustrating about using their financial institutions, in a poll of 2,000 MSN Money users. However, some people had nothing to complain about.... Read more »
'Apathetic' drivers paying over the odds for car insurance
A combined £2.4 billion a year is being wasted because many motorists don't shop around for a better insurance deal when it comes to renewal, moneysupermarket.com has found.... Read more »
Outstanding loans and overdrafts at 10-year low
The British Bankers' Association (BBA) has said that outstanding debt on personal loans and consumer overdrafts is at the lowest level for a decade. The total outstanding debt currently stands at £52bn, as reported by the BBC.... Read more »
Make sure you're on the right tariff
According to Mobilife.com, the average Brit could be paying £260 too much every year because they're on the wrong mobile tariff, as reported by mirror.co.uk. Elsewhere, The Telegraph warns customers to check their fuel bill, as many households could save as much as £400 per year on a cheaper tariff.... Read more »
2010's largest mortgage lenders revealed
There has been little change in the 'top 6' names dominating the list of 2010's biggest mortgage lenders, according to new data published by the Council of Mortgage Lenders (CML).... Read more »
Four in ten 'pay for their bank account'
Research from moneysupermarket.com has found that almost half of bank account customers (40%) now pay for their account - but many are not taking advantage of the benefits.... Read more »
Insurance helps record numbers ill on holiday
When someone falls ill on holiday, the first reaction might be annoyance: the 'Why does it have to happen now?' factor, you could call it.... Read more »
Three bank branches close every week
The number of high street branches that the big banks (Santander, HBOS, Northern Rock, Barclays, Royal Bank of Scotland and NatWest) have between them fell from 9,496 in 2009 to 9,309 at the end of last year.... Read more »
Dealer loans for used cars 'up in June'
The total value of car loans and other dealer finance for used cars increased by 4% in June, compared with a year earlier, according to the Finance & Leasing Association (FLA).... Read more »
Northern Ireland: high demand for new debt relief
The number of Northern Irish residents recommended for Debt Relief Orders (DROs) was more than double the average rate in England and Wales during the first month of their availability in the country, according to the Consumer Credit Counselling Service (CCCS).... Read more »
Scotland and credit cards - some official figures
In Scotland, almost 700,000 people have run up credit card balances of 'as much as £30,000', according to the latest Scottish Household Survey. The Express provides some details.... Read more »
Back-to-school costs: '£200 per child'
Parents preparing for their kids to go back to school in the next few weeks will spend an average of £200 per child on new school uniform and equipment, The Telegraph reports.... Read more »
Households 'report largest rise in debt levels for nine months'
Markit's Household Finance Index (HFI) for August indicates that household finances worsened at the fastest pace since at least February 2009, when the survey began.... Read more »
Women say 'yes' to financial independence
A new report indicates that many women are keen to keep their financial independence - nearly half of single working women would rather get married than open a joint bank account with their partner.... Read more »
Rush to avoid higher student debts
A record number of A-level students are competing for places at university this year - with many trying to avoid 2021's rise in tuition fees and predicted increase in student debt, The Telegraph reports.... Read more »
Low mortgage rates: are they worth the initial fees?
Recent research by Moneyfacts.co.uk indicates that the average mortgage arrangement fee has increased by 17% in the last year - adding £151 to the cost of a typical mortgage.... Read more »
Money, debt & civil unrest - what do people think?
There's one thing just about everyone seems to agree on: there's no single factor that caused the recent riots. So what do people think? A recent survey gives us some insights.... Read more »
Insurance claims for money lost or stolen abroad 'up by 43%'
Sainsbury's Travel Insurance has reported a 43% increase in lost or stolen money claims between 2009 and 2010.... Read more »
Pocket money: average UK child now gets £6.25 p/w
The average amount of pocket money received by a child in the UK has increased to £6.25 per week - the first rise in seven years.... Read more »
More high earners relying on overdrafts
A three-year survey from Experian indicates that a third of high-income families are now relying on overdrafts of over £1,000. Only 15% did so in 2008, as reported by telegraph.co.uk.... Read more »
Savers struggle with inflation
The rate of inflation means there are currently only eight bank accounts that offer a real return on their investment for savers - and each of them is an ISA (Individual Savings Account), as reported by The Financial Times.... Read more »
Loans: why it pays to shop around
Anyone who's out there looking for a loan should certainly take the time to look around for the best deal before they commit themselves.... Read more »
Mortgage arrears: the north-south 'divide'
People living in the north of the UK who have a mortgage are more likely to be in negative equity and mortgage arrears than those living in the south of the country, the Guardian reports.... Read more »
Banks' top tips for business loans
The Better Business Finance Campaign members include Barclays, HSBC, Lloyds TSB, Royal Bank of Scotland and Santander. Under the campaign, the 'big' banks are offering advice to small to medium enterprises (SMEs) to help them get business loans, as reported on thisismoney.co.uk.... Read more »
Riots: insurance industry to help authorities with the aftermath
The insurance industry in the UK has promised it'll help the police and the Government implement the Riot Act police compensation schemes.... Read more »
More pensioners borrowing from family
An increasing number of pensioners are being forced to borrow money from their families to make ends meet, as rising inflation and a lack of savings squeeze their finances, The Telegraph reports.... Read more »
Inflation: over 4% and rising
The latest inflation figures for the UK were released this morning by the Office for National Statistics (ONS).... Read more »
Debt worries 'affecting half the population'
R3's 'Personal Debt Snapshot' for July has found that almost half of people in the UK are concerned about their debts. ... Read more »
The credit card habit: how do we use them?
How do we use our credit cards? How much thought do we put into it when we're paying with them? A recent survey questioned over 2,000 people to find out how they handle their plastic.... Read more »
Online banking: security & convenience
Extra security measures introduced by some major banks to help reduce the risk of fraud for online banking customers have divided opinion, the Daily Mail reports.... Read more »
Low mortgage rates 'helping to prevent repossessions'
The number of repossessions fell in the first half of 2011, compared with the same period a year earlier, as stable employment and low interest rates helped more homeowners to stay on top of their finances.... Read more »
Average UK student debts 'could double' in 2021
Average debts for UK students may rise to £53,000 for those starting university in 2021 - 'double' this year's figure, according to the annual Push National Student Debt Survey.... Read more »
BBA 'swift action' for riot victims
The head of the British Bankers' Association (BBA), Angela Knight, has released a statement following the riots that spread around parts of the country this week. Ms Knight wants to reassure customers that the BBA is intent on "rebuilding" and is taking "swift action".... Read more »
UK banks must have 'living wills' by 2021
All UK banks and large investment firms have been told to draw up 'living wills' by the end of 2021, as part of a larger effort to avoid a repeat of the banking crisis, The Financial Times reports.... Read more »
Base rate on hold: could loan rates benefit?
Following the Bank of England's latest inflation report, it is widely believed that the UK base rate could be held at 0.5% until 2013 - potentially good news for borrowers.... Read more »
Insurance & Loans - helping people cope with the riots
As shopkeepers and residents alike struggle to come to terms with the damage inflicted by nights of rioting and looting, financial service providers are doing their bit to help. ... Read more »
How much are your energy bills rising?
Could you be one of the thousands of households facing higher energy bill increases than you expected? According to Money Mail and based on figures from comparison site TheEnergyShop, many customers on cheap tariffs face a price rise almost double the average announced by energy suppliers.... Read more »
72% 'worried' about mortgage rates
Over 7 in 10 people (72%) are concerned about mortgage rates - with 14% admitting that they're struggling with their mortgage repayments, according to new research from independent consumer body Which?.... Read more »
Banks increasing rewards for switching accounts
Banks are increasing the cash rewards offered to customers for switching their bank accounts, The Telegraph reports.... Read more »
Insurance body welcomes rules on comparison sites
The FSA (Financial Services Authority) is looking at regulating the way price comparison sites sell general insurance policies - and BIBA (the British Insurance Brokers' Association) has said it's pleased with 'this practical move [.] to improve consumer protection'.... Read more »
Northern Ireland: a look at individual insolvencies
Personal insolvencies in Northern Ireland saw an increase in 2011's second quarter, according to the latest statistics from the Insolvency Service.... Read more »
1 in 4 in a relationship have 'secret' bank account
Nationwide Building Society recently surveyed adults in relationships to find out about their banking habits. The survey indicated that nearly a quarter of people in relationships admit to keeping a bank account secret from their partner.... Read more »
827,000 households in negative equity
Research published this week by the Council of Mortgage Lenders (CML, which represents 94% of the UK's residential mortgage lending) indicates that 827,000 households were in negative equity in the first quarter of this year. ... Read more »
People 'returning to credit cards'
People are once more using their credit cards and debit cards 'in the wake of the recession'. So says an article in the Daily Mail, which looks at how Visa fared between April and June this year.... Read more »
Scotland: a look at personal insolvencies
Personal insolvencies in Scotland hit an overall total of 5,319 in 2011's second quarter, according to the latest insolvency figures released by The Insolvency Service last week.... Read more »
The 'fight for cheques' continues
Back in July, the Payments Council announced that cheques would 'remain as long as needed' after plans to 'phase out' the cheque payment system by 2018 were met with complaints from the public.... Read more »
Latest insolvency statistics released
The latest insolvency statistics for the second quarter of 2011 have been released today by The Insolvency Service.... Read more »
'Rise' in BTL mortgage rates 'concerns' landlords
A potential increase in BTL (buy-to-let) mortgage rates would affect the majority of private landlords, according to research by the National Landlords Association (NLA).... Read more »
Campaign for no income tax on savings
The Save Our Savers campaign wants the Government to immediately suspend 'income tax on savings whilst inflation is above the base rate'. Many people are finding their bank accounts squeezed with the rising cost of living - the campaigners say savings are being squeezed too.... Read more »
New Insolvency Service website now live
The Insolvency Service has just launched its new website, which provides 'quick and easy access' to a range of useful features, information and statistics.... Read more »
Big Lottery Fund gets £30m for 'good causes'
The Big Lottery Fund received its first instalment of cash from 'lost or forgotten' bank accounts this week, with the aim of using it to fund good causes, the British Bankers' Association (BBA) reports.... Read more »
Which protection insurance do we need the most?
Moneymarketing.co.uk has raised an interesting debate about whether insurance advisers should be considering a 'hierarchy of needs' (order of importance) when selling insurance to consumers.... Read more »
A loan for the holidays?
Is it worth taking out a loan to pay for some entertainment over the holidays? It's an expensive time of year and many parents in particular can feel pressured to borrow so they can keep their offspring happy.... Read more »
IMF: UK families will be £1,500 a year worse off
This week, the International Monetary Fund (IMF) warned that a combination of higher taxes and lower benefits, introduced by the Government, will leave UK families £1,500 a year worse off for the next five years, as reported by The Telegraph.... Read more »
Mortgage repossessions 'on the rise'
Mortgage repossession figures for each court and local authority across England and Wales have revealed that repossession claims rose by 4% during 2011's first quarter, the Guardian reports.... Read more »
Tax-free bank accounts on the increase
A record number of people are saving money in tax-free bank accounts, despite rising inflation and tax increases squeezing many household budgets, The Financial Times reports.... Read more »
US debt compromise 'angers both sides'
The US House of Representatives has passed a last-minute bill which should ensure the country avoids a debt default.... Read more »
Start-up bank focuses on lending
Described in The Telegraph as the 'kind of bank that Business Secretary Vince Cable might approve of', the two-year-old bank Aldermore has made its first profits.... Read more »
Young drivers: car insurance hits '£4,000'
The average cost of annual car insurance for single, young, male drivers has exceeded £4,000, for the first time since the Confused.com/Towers Watson Car Insurance Price Index began in 2006, research indicates.... Read more »
HSBC reveals loan commitments to SMEs
HSBC has released the lending commitments it made under Project Merlin: the deal to keep credit flowing to small and medium-sized enterprises (SMEs), the Guardian reports.... Read more »
USA - a solution to the debt crisis?
Politicians in the USA have come up with a way to avoid the 'catastrophe' of reaching the country's debt ceiling - and being unable to go any further.... Read more »
Current account fraud 'rises 58%'
The UK saw an increase in fraudulent attempts to open current accounts in this year's first quarter, according to research from information services company Experian.... Read more »
Offer periods for 0% credit cards double
Introductory rate offers on credit cards have improved whereas interest rates charged on credit cards overall have risen by 2.6% over the past five years, as reported by The Financial Times.... Read more »