Dollar Financial UK, the owner of a number of short-term lending brands including The Money Shop and Payday UK, has agreed to pay £15.4m in compensation to its customers after a review by the Financial Conduct Authority (FCA). The compensation relates to 147,000 customers, who the FCA believed had suffered as a result of the […]
Read MoreToday sees the introduction of new Debt Relief Order (DRO) criteria in England and Wales. The changes include the maximum qualifying debt level increasing from £15,000 to £20,000 and the non-vehicle asset limit rising from £300 to £1,000. Commenting on the changes, David Rodger, Chief Executive of Debt Advice Foundation, said "The charity welcomes the […]
Read MoreNew research by Citizens Advice Bureau reveals that almost one million homeowners in the UK currently have an interest only mortgage with no plan to repay the capital element of the loan when the loan term ends. The research, which was carried out by YouGov, also revealed 1.7 million people have no linked repayment vehicle, […]
Read MoreThe Financial Conduct Authority (FCA) is writing to two million people that were mis-sold bank card insurance to advise them on how to make a claim for compensation. The compensation scheme covers anyone that purchased the insurance between January 2005 and August 2013. Customers paid around £25 a year to protect themselves against the loss […]
Read MoreThe Bank of England Monetary Policy Committee has voted to keep interest rates at 0.5% for the time being. Fuelling speculation that an interest rate rise isn't too far away, the committee vote wasn't unanimous for the first time in months. The debt advice sector has been bracing itself for an increase in rates following […]
Read MoreAs the arguments rage over the country’s finances in general and the welfare budget in particular, one fact is not in dispute: thousands of low income households do not check their entitlement to benefits. This is Benefits Awareness Month, organised by Turn2Us which helps people in financial need find welfare benefits, charitable grants and other […]
Read MoreWe’ve been a bit quiet recently – mainly because so much of the discussion around money and debt has been politically weighted in the run up to the election. We try to stay balanced here, because we know that unmanageable debt is no respecter of status, potential income or political view. So we have not […]
Read MoreFinancial ompanies need to take greater care and to have better strategies for dealing vulnerable customers, the Financial Conduct Authority (FCA) has said. The regulator has produced a new report designed to increase understanding and to help companies develop better ways of identifying and helping vulnerable people. It sets out best practice, but also highlights […]
Read MoreNursery fees have gone up by a third in five years , with the result that it can now be cheaper for a parent to give up work rather than pay childcare costs. The findings come from the Family and Childcare Trust’s annual Childcare Costs Survey. Parents now have to pay an average of £6,000 […]
Read MoreThe Competition and Markets Authority (CMA) is investigating the energy market – and its latest publication has confirmed what campaigners have been shouting from the rooftops for a long time, that if you stay loyal to one supplier you will almost certainly be paying too much for your energy. The figures that have been published […]
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