The Financial Conduct Authority (FCA) has announced proposals to tackle overdraft charges as part of its review into the high cost of credit. The FCA revealed that in 2017, firms made over £2.4bn from overdrafts, with around 30% of that figure coming from unarranged overdrafts. Of particular concern was the fact that more than 50% […]
Read MoreThe Insolvency Service (IS) has reported that it processed the 250,000 Debt Relief Order (DRO) in November 2018. DROs were introduced by the Government in April 2009 as a low cost alternative to Bankruptcy for people with relatively straightforward financial situations. DROs, which cost £90, are only available to people with less than £20,000 of […]
Read MoreThe Financial Conduct Authority (FCA) has proposed a price cap in the rent to own (RTO) sector for domestic goods. The cap, which follows a successful similar scheme introduced in the payday lending sector, will come into force on 1st April 2019 and will restrict credit charges to no more than the price of the product […]
Read MoreHelp-to-Save Scheme officially launches A new savings account has been launched by the UK Government in a bid to encourage low-paid households to save for a rainy day. Via a Help-to-Save account, an estimated 3.5 million people on working tax credits or universal credits will be given a 50% bonus on every £1 saved over […]
Read MoreHalf of those who lend to friends and family say they won’t get it back According to price comparison site Finder, people across the UK loaned £16.6 billion to friends and family last year, but 55% don’t believe they will get all of their money back. The report states that 24.5 million had given out […]
Read MoreWhat changes financially after your wedding day? Marriage is falling out of favour, but we wondered, is there any benefit to getting married? Back in 2017, the Independent claimed that the average cost of a wedding was around £27,161, just short of the average yearly wage of £28,000 [Office of National Statistics] So what reasons […]
Read MoreOver half of adults questioned have experienced mental health concerns due to financial worry According to research from the Money Advice Service more than 55% of adults have struggled with their wellbeing because of money problems at some point in their lives. 38% pointed the finger at debt as the biggest financial issue linked to […]
Read MoreBarclayCard say good weather caused rise in non-essential expenditure Barclaycard has released a report that claims the hot weather over the early May bank holiday encouraged shoppers to head out and about, with an increase in consumer spending of 5.1%. Non-essential expenditure increased 4.6%, its highest level of growth in 14 months. The data showed […]
Read MoreFCA investigation finds rent to own consumers paying hundreds more for appliances The Financial Conduct Authority has released a report on rent to own (RTO) retailers, as part of their investigation into high-cost credit. RTO companies provide household appliances that are in effect “rented” for a period of time, with buyers making weekly or monthly […]
Read MoreResearch finds older borrowers are failing to pay off debts before retirement age A new study commissioned by More2Life has found that overall debt for over-65s has grown to 35bn in three years and is expected to surpass last year’s figure of £78bn. This figure includes all types of secured and unsecured debt including mortgages, […]
Read More
