October 2016

Are you repaying your mortgage arrears twice?

Concerns have been raised that those in mortgage arrears may not be being treated fairly 

The Financial Conduct Authority has identified that some mortgage firms have included customers’ payment shortfalls when recalculating their monthly mortgage payments.

Total outstanding lending at the end of August reached £1.499 trillion

A report from The Money Charity has highlighted the rate that debt is increasing in the UK. 

People living in the United Kingdom owed £1.499 trillion at the end of August 2016, up from £1.445 trillion at the end of August 2015.

885,000 homeowners in energy debt

Research suggests 5% of homeowners owe their energy supplier money

The survey from GoCompare of over 1,000 homeowners revealed that those in debt generally owe on average £121.20 to their energy provider.

Government to launch new personal finance advice and pensions’ body

The Government has announced that pension and debt services should be combined, after originally wanting to launch two new guidance bodies.

Payday lender banned by the Financial Conduct Authority

Wage Payment and Payday Loans Limited has been suspended by the FCA 

Trading as ‘Payday Overdraft’, 'DoshLoans' and 'WagePayday' the FCA has refused Wage Payment and Payday Loans Limited’s (WPPL) application for authorisation to carry out regulated financial activities such as lending to consumers. WPPL failed to co-operate properly with the Financial Ombudsman Service when complaints were received from customers about the firm.

Nearly three-quarters of people fork out on unexpected expenses at least once a year

Low levels of savings put millions at financial risk from unexpected bills

New research from the Government’s Money Advice Service shows that 40% (16.8 million) of working-age people in the UK have less than £100 in savings.

Payday lender accidentally charges borrowers twice

Wonga has revealed that it double-debited 7,000 customers for their loans on Friday.

The UK's biggest payday lender blamed an internal system error which resulted in extra payments being taken from bank accounts.