Industry News

Help to Buy ISA cannot be used for a house deposit

Thinking of using the Help to Buy ISA for a deposit on your first home? You will need to read the small print. 

 
It has emerged first-time buyers cannot use the Help to Buy ISA to boost their deposit, as it transpires that the Government bonus will not be paid out until after the house has been purchased.

The truth about those “write off your debts” claims

Is it possible to have your debts cleared?

 
Type in “debt” or “debt help” and you will be faced with numerous paid listings in Google, advertising that they can help you ‘clear’ your debt with a ‘Government Scheme’. They will also claim to have interest frozen and to stop lenders contacting you, which is music to the ears of anyone dealing with the stress of being in debt. 

Questions raised on credit card affordability checks

Over a quarter of credit cards opened were in serious arrears just a year later

 
According to an investigation by the Financial Conduct Authority, a quarter of credit cards  aimed at borrowers with poor credit scores opened in 2013 were in severe or serious arrears by 2014. 

Changes to Insolvency Fees

The amount which the official receiver will be charging in cases of bankruptcy are changing from today.

 

In 2014, the Insolvency Service decided that it would carry out a full review of its funding, including that of the Official Receiver Services.

Debt Advice Foundation responds to Government consultation on future of the Money Advice Service

In the March Budget, the Treasury announced that the Money Advice Service (MAS) is to be abolished. 

 
The organisation has provided financial and debt advice to consumers since 2010 and will be replaced by a smaller advice body in 2018.
 
Debt Advice Foundation has responded to the Governments consultation on the future of the Money Advice Service, calling for the organisations free Debt Advice Locator Tool to remain when the new body comes into existence.

Thinking about accessing your pension?

So you want to exercise your new pension freedoms, but do you know what the exit fee will be?

 
Currently those wishing to access their pension pots can be stung with exit fees reaching up to 20% of the value of their savings, though many lenders have capped fees to 5%. 

What are the different types of vehicle finance?

It is one of the most common reasons for taking on credit, but do you understand what kind of car loan you have? 

Google bans adverts for payday loans

The search engine will no longer allow ads for loans where repayment is due within 60 days.

 
The update is set to be enforced from July 13th 2016. 

The UK suffers first rise in unemployment in seven months

A report by the Office of National Statistics (ONS) shows the UK’s unemployment total climbed by 21,000 to 1.7 million in the three months to February.

 
This increase in the jobless rate was the first since August 2015. The claimant count, which measures people receiving out of work benefits, also made its first shift since August, rising by 6,700 in March.

How should the financial sector serve the ageing consumer?

The number of people aged 65 and over is projected to rise by over 40 per cent in the next 17 years to over 16 million*

 
As breadwinners become retirees, how can banks and other financial establishments change their practices to support them?