In his first new year’s message to the country as prime minister, David Cameron has warned that 2011 will be a “difficult year”. With the economic situation looking bleak, the public spending cuts taking effect and thousands more facing unemployment, these words could be massively understating the debt problems facing many people next year. Choosing [...]
December, 2010
More leniency offered to those with credit card debt
People with credit card debts should be able to pay off their balances faster when a new set of rules is adopted at the start of 2011. In January, new rules will mean that credit card users will be able to avoid sudden interest rate rises on their account and will be able to get [...]
One in five over-45s worry about redundancy
A recent survey by market research and consumer insight agency GfK NOP Ltd. has revealed that one in five (20 per cent) of British people aged 45 or over fears losing their job in the next year or so. GfK NOP researchers interviewed a total of 2,114 people in an online survey conducted between November [...]
OFT threatens to fine credit card lender MBNA for debt collection practices
The Office of Fair Trading (OFT) has reportedly threatened to fine credit card lender MBNA a total of £50,000 if the company fails to improve the way it deals with debtors in financial difficulties. Following a thorough OFT investigation, it was revealed that the debt collection arm of MBNA was not always letting borrowers in [...]
British people more financially aware, claims Lloyds TSB study
In the wake of the economic recession and its devastating effects on the finances of British businesses and individuals, people are now starting to be more financially aware. This is according to experts at Lloyds TSB, who conducted a study on people’s attitudes towards money and debt management. In the study, Lloyds TSB researchers found [...]
Payments Council finds young people want cash for Christmas
A recent study shows that around four out of ten young people would prefer to receive cash for their Christmas present rather than a surprise gift. The results of the survey conducted by the Payments Council – a body established in March of 2007 to maintain high standards in payment systems in the UK – [...]
One in five Brits have no idea what VAT is, says Citizens Advice
According to a survey conducted by national charity Citizens Advice, nearly one in five British people have no idea what VAT stands for. The survey shows that a huge 18 per cent of those asked couldn’t say what VAT (value added tax) was. The findings of the report are particularly worrying in light of the [...]
New research reveals Student Loans Company has overcharged graduates by 15 million
According to research by consumer organisation ‘Which?’, the Student Loans Company (SLC) has overcharged former students and graduates by a total of £15 million on their student loan repayments. The Which? research was based on the results of a freedom of information request, which showed that the SLC had overcharged former students by £9 million [...]
Government report reveals most graduates will be in debt for life
According to internal government figures revealed by the Independent on Sunday, only one in four (25 per cent) of university graduates will actually end up paying back the fill amount of their student loans. The figures, taken from a briefing note issued by the Department for Business, Innovation and Skills (BIS), were revealed in the [...]
Savings warning issued for 2011
Following the publication of new research from financial experts, Britain’s savers have been warned that 2011 may be a difficult year to make savings. According to the latest report from the Consumer Prices Index, inflation on the everyday costs of living (i.e. food and clothing) jumped from 3.2 per cent to 3.3 per cent in [...]
