September, 2011 news
Banks embracing new technology
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84% rise in people getting help with rent arrears
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Mortgage lending by mutuals 'at 11-month high'
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Credit card debt set for 'sharp' rise in final quarter
The Bank of England's Credit Conditions Survey for the third quarter of 2011 has been published, revealing that demand for credit card debt is expected to increase 'sharply' in the fourth quarter.... Read more »
Lloyds buy-out: NBNK bids '£1.5 billion'
NBNK, the recently established UK bank venture, has confirmed that it has made a second-round bid to buy out Lloyds' branches, which insiders say could be worth £1.5 billion, Reuters reports.... Read more »
Does your car insurance protect against uninsured drivers?
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Real value of savings 'fell by £2,500 in last 10 years'
The idea of savings losing value over time due to inflation is nothing new. But research by Yorkshire Building Society has revealed the true extent - with a typical saver losing almost £2,500 in the 'spending power' of their savings over the last decade. ... Read more »
Mortgage approvals on the rise - BBA
More mortgage applications were approved in August than at any time in the previous 15 months, according to figures from the British Bankers' Association.... Read more »
Social lenders unite in call for regulation
'Social lenders' or 'peer-to-peer lenders' offer an alternative to borrowing from the bank. They link private lenders to borrowers, with rates of interest which may be better than they could get at the bank. Social lending will account for £100 million of loans to individuals and small businesses this year alone, as reported by The Telegraph.... Read more »
Record fall in disposable family income
Asda's chief executive says 'British families have never had it so tough.' Asda's monthly 'Income Tracker' indicates the largest drop in monthly disposable income for households since its records began in January.... Read more »
This week 'worst for money worries'
The final week of September is the worst of the year for financial 'woe', as many households face a 'money meltdown' due to mounting costs, an article in The Times reports.... Read more »
'Innovation and incentives' contribute to car loans increase
'Innovative products' and incentives led to an increase in car sales using dealer finance in July, according to the Finance & Leasing Association (FLA).... Read more »
Insurance round-up - key facts & figures in the UK
A vital part of the UK's economy, the insurance industry contributes £10.4 billion in taxes and employs almost 300,000 people in the UK alone.... Read more »
BBA: consumers focused on repaying debt
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Pre-paid credit cards: pros & cons
For many people, pre-paid credit cards make a lot of sense. Since they can't spend more than they've loaded on their card, they can't end up spending more than they'd expected to.... Read more »
'E-money': safety and convenience
As the uptake of new payment methods grows, watchdogs have warned that 'e-money' security may not be as advanced as it is with more traditional methods of payment, The Telegraph reports.... Read more »
Wonga responds to ICB criticism of bank charges
Wonga has responded to the Independent Commission on Banking (ICB), whose report recently stated that banking customers were 'confused by the welter of charges associated with their current accounts'. The company has stated that its short-term loans can work out cheaper than using some unauthorised overdrafts, as reported by The Telegraph.... Read more »
Can't spot the best energy deal? You're not alone.
Energy bills can be so complex that even an accountant couldn't work out the cost, the latest research from consumer body Which? has revealed.... Read more »
Flood-risk homes could become uninsurable
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Loan or credit card? Consolidation options.
'Debt consolidation' isn't a new phrase. People have been consolidating their debts for years, looking for a cheaper and/or more efficient way of repaying the money they owe. However, the way they do that has changed - and debt consolidation doesn't always involve a loan.... Read more »
One in four over-55s lives on £24 a day
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Gross mortgage lending increases by 10% in year
Gross mortgage lending hit an estimated £13.4 billion in August 2011 - the highest total for that month since 2008, when the figure stood at £19.3 billion, according to data published by the Council of Mortgage Lenders (CML).... Read more »
Google launches mobile payments technology in US
Spending on 'plastic' and withdrawing cash from your bank account when out shopping could one day be a thing of the past; Google has launched its mobile payments technology in the US, the Guardian reports.... Read more »
1 in 4 spend over 40% of wages on debt
Over a quarter (27%) of people in the UK are spending more than 40% of their after-tax wages every month repaying non-mortgage debt, according to research by MoneySupermarket.com.... Read more »
Insurance - rewarding safe driving
Back in March, you might have read about the 'Smartbox' on this site. It's a device designed to reward younger drivers who drive more carefully - by lowering the premiums they pay.... Read more »
149% surge in people checking their credit file
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Credit cards in the USA - a bit of good news?
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1 in 8 newly unemployed face 'severe debt'
More than one in eight people who have recently lost their jobs will experience 'severe debt problems' as a result, according to new research reported by WalesOnline.... Read more »
Starting university: the importance of insurance
Students starting university this month could be in danger of paying out more than £1,000 should they find themselves a victim of theft without adequate insurance.... Read more »
EDF Energy announces price rises
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UK banks 'well on the way' to safer system
The British Bankers' Association (BBA) has responded to the Independent Commission on Banking's (ICB's) Vickers report, published this week. On its website, the BBA says it is 'well on the way to implementing the sweeping reforms [...] to make banks and the system safer.'... Read more »
Mortgage arrears 'fell in second quarter of 2011'
Figures for the second quarter of 2011 show a 6% drop in the number of homeowners in arrears on their mortgage, compared with the same period a year earlier.... Read more »
Facing debt collectors? You have rights.
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Bank accounts: getting the best deal
This week's final report from the Independent Commission on Banking (ICB), which outlined a number of banking reforms to be made over the next eight years, included a recommendation to make switching bank accounts easier for customers.... Read more »
Think Money nominated for charitable giving award
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UK parents 'spoil kids with brands, not time'
A study by UNICEF, comparing UK, Swedish and Spanish families, finds that UK parents buy well-known brands for their kids to 'protect' them from bullying, but struggle to spend enough time with them, as reported by the BBC.... Read more »
How easy is it to switch bank account?
One of the proposals outlined in the recent Independent Commission on Banking (ICB) report is to make switching bank account an easier task. But is it really that difficult to switch accounts?... Read more »
Social lending should fill 'affordable credit gaps'
In today's economic climate, it's more important than ever that people on low incomes have access to affordable credit options, so they don't end up with huge debt problems - and aren't driven to illegal loan sharks.... Read more »
62% of Brits wasting energy - and money
62% of British people - equivalent to 30 million of us - are needlessly leaving electrical items on standby, putting a big drain on our energy use and budgets, according to new research by price comparison website uSwitch.com.... Read more »
What the Vickers report means for bank customers
The Independent Commission on Banking (which produced the Vickers report) recommends how to avoid a repeat of the financial crisis, when taxpayers were burdened with the cost of a bail-out. One important part of the report is the recommendation for 'greater competition between banks,' as reported by the BBC.... Read more »
Majority of consumers 'support ring-fencing of banks'
More than seven out of 10 consumers (71%) are in favour of plans to separate banks' retail and investment operations, according to Which?.... Read more »
ICB's final report: UK banks face major reforms
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Supermarket shoppers serious about saving money
Shoppers are becoming more and more "professional", according to Dalton Philips, chief executive of supermarket chain Morrisons.... Read more »
Credit card costs 'peak in middle age'
At different times in our lives, we have different expenses to deal with. A lot of people approaching retirement face pretty small mortgage payments, while homeowners in middle age are more likely to face financial pressures from all sides, from credit card and student loan repayments to saving up for their own children's university costs.... Read more »
Debt & insolvency: how different groups are faring
A study from Experian, the credit reference agency, has revealed the different levels of insolvency across the UK by demographic group.... Read more »
Low rates 'have reduced mortgage costs by thousands'
Since 2009, low interest rates have reduced the overall amount some homeowners paid over their initial rate term by thousands of pounds, according to Defaqto.... Read more »
The good & the bad of low interest rates
The base rate is an important 'weapon' that the Bank of England uses to try and tame inflation and generally keep the economy as healthy as possible. It has a major impact on savers' profits and borrowers' costs. So what happens when it falls to an all-time low (just 0.5%) and stays there for years?... Read more »
Motorists 'should check details of car insurance deals online'
Financial research company Defaqto has advised motorists to pay special attention to policy features, rather than price alone, when choosing a car insurance deal online.... Read more »
Britain faces 'pension crisis' following recession
Over a million people have stopped making contributions to their personal pensions following the impact of the recession on their finances, The Telegraph reports.... Read more »
Debt & saving - latest figures
New figures from the professional advice website unbiased.co.uk have revealed a mixed picture of borrowing and saving habits in the UK during 2011's second quarter.... Read more »
Banking reforms: could it be too soon for businesses?
Business groups are 'at odds' with each other over whether the Government should push on with plans for banking reforms, according to The Financial Times.... Read more »
Cost of childcare sending parents into debt
Close to a quarter of UK parents questioned by two children's charities say they are getting into debt because of childcare costs, as reported by the BBC.... Read more »
New pilot scheme offering '100% mortgages'
Would-be homebuyers might be interested in a mortgage that could allow them to borrow the full cost of their property, The Telegraph reports.... Read more »
What are the effects of the 'compensation culture'?
The Association of British Insurers (ABI) and others are trying to tackle the 'compensation culture' that has led to higher insurance premiums, imposed a greater burden on taxpayers - and made it more difficult for genuine claimants to get the compensation they're entitled to.... Read more »
Debit card surcharges for air bookings 'must go'
Consumers' association Which? has increased pressure on the Government to ban airlines from charging online debit card surcharges, the BBC reports.... Read more »
'Going green': energy bills could rise 30% by 2020
'Green' policies mean household energy bills could see a 30% increase by 2020, the Guardian reports.... Read more »
Payday loans & the credit crunch
Many cash-strapped people have turned to payday loans in order to make ends meet during the credit crunch - and the popularity of short-term borrowing is growing, according to an article on Debt Management Today.... Read more »
New bank branches on the high street
State Bank of India (SBI) is set to open two more high street branches, in Wolverhampton and Coventry, by the end of September, as it continues its high street push, the Daily Mail reports.... Read more »
Divorce & money
The number of couples splitting up tends to see an increase during this time of year, leaving many people more vulnerable to debt problems as they face the often expensive divorce procedure, The Independent reports.... Read more »
Stolen credit card details worth £300m recovered
Details stolen from over a million credit cards throughout Europe - estimated to be worth around £300 million - have been recovered by the Government Communications Headquarters (GCHQ) intelligence agency, The Telegraph reports.... Read more »
95% of UK families 'don't feel financially protected'
The high cost of childcare is causing many parents to question whether they can both afford to work, with 95% of families admitting they don't feel 'completely financially protected' should they face the loss of an income, according to new research.... Read more »
Mortgage approvals hit '14-month high'
The number of mortgage approvals reached a 14-month high in July, according to recent figures from the Bank of England - but concerns about slow long-term activity in the housing market remain, The Independent reports.... Read more »
Women 'retiring later to support adult children'
Over a quarter of working women in their 50s are putting off retirement until later than planned to support their adult children, according to the Friends Life 'Working Women' report.... Read more »
64% of banking customers 'don't know' interest rate
Nearly two thirds (64%) of banking customers in the UK don't know what the rate of in-credit interest is on their current account, according to research by Lloyds TSB.... Read more »
British debt: current levels 'damaging growth'
UK debt levels have sharply risen beyond the point at which economic growth is affected for all three types of non-financial sector borrowing - corporate, household and government debt - according to a recent report.... Read more »
Almost £2 billion paid out on critical illness and life insurance
The Association of British Insurers (ABI), which provides around 90% of domestic insurance services in the UK, paid out £1.9 billion in 2010 to 40,000 families on critical illness and life insurance policies.... Read more »