Banks announce fewer loans will be available in first quarter of this year
January 23, 2008
Banks and lenders across the UK have announced that during at least the first three months of this year there will be fewer loans made available to both businesses and consumers in the UK, with the effects of the global credit crunch coupled with fears over bad debt levels driving lenders to increase stringency and cut back on lending. The Bank of England has stated that whilst there has already been a crackdown in lending, with lending conditions tight during the last quarter of 2007, this is a situation that is set to get worse in the coming months. Read more
Chancellor to look into energy price hikes
January 22, 2008
Homeowners across the UK received another blow recently, after finding out that no sooner had the interest rate been cut from 5.75% to 5.5%, easing financial difficulties for those with sky high mortgage repayments, the UK’s energy suppliers announced that they would be raising the cost of gas and electricity usage. Read more
First time buyers could face bleak home ownership prospects due to LTVs
January 22, 2008
Over recent years things have not been easy for first time buyers in the UK. With property prices soaring many first time buyers quickly found themselves priced out of the market altogether, unable to afford to raise a mortgage for the amount needed to purchase even a modest property in some areas. Banks and building societies tried to ease the situation by offering higher income multiples so that first time buyers could get onto the property ladder, even though this meant that they were saddled with huge levels of debt. Read more
Another complaint about Abbey
January 22, 2008
Another customer has made a complaint about the Abbey, which has been at the centre of a variety of blunders recently. The woman claims that the bank incorrectly asked her for some sensitive, personal details when she applied for a credit card, and they then lost the data, which included various personal details, including her name, address, national insurance number, and a credit card statement. Read more
Increased reassurance for money transfer customers
January 21, 2008
Customers that transfer money from the UK to loved ones abroad will now receive increased reassurance as the result of a new government scheme that has come into force. Many people in the UK transfer money each year, and this is often transferred to developing countries by ethnic minorities in the UK. It is estimated that around £2.3 billion a year is transferred abroad by ethnic minorities that are sending the money to relatives and friends. Read more
Ofgem won’t act over claims of energy supplier rip off scams
January 21, 2008
According to a recent report nine out of every ten energy supplier customers with the UK’s biggest energy suppliers feels ripped off over energy charged, but despite these complaints the energy regulator Ofgem has stated that it has no plans to refer the ‘big six’ energy firms to competition authorities. Reports claim that Ofgem is not concerned over competition amongst the energy suppliers, despite the price hikes that are expected from energy suppliers over the coming weeks. Read more
Regulator fines stockbroker
January 21, 2008
The UK’s financial regulator, the Financial Services Authority, has fined a city stockbroker over selling risky shares to inexperienced investors and elderly customers. The stockbroker has been fined £250,000 by the Financial Services Authority, which claims that the case is one of the worst it has ever come across. According to reports the stockbroker was using high pressure tactics to get vulnerable customers to invest in risk shares. The stockbroker firm is called Square Mile Securities, and was previously known as Halewood International Futures. Read more
Bank account details found in road
January 20, 2008
With 2008 well underway it seems that the blunders that are putting UK consumers at increased risk of identity theft are continuing to occur. Recently the private banking details of some two hundred consumers were found at a roadside near junction 11 of the M4 motorway after they fell from the van of a courier. Amongst the customers whose details were found at the roadside were three national lottery winners. One lottery winner stated that she felt sick after being told of the blunder – she won over £8 million on the lottery last year. Read more
Is a cash back credit card for you?
January 20, 2008
It can be difficult to determine these days what sort of credit card is likely to best suit your needs, as there are so many different card types available. Some people will benefit most from interest free credit cards whereas others may benefit more from a balance transfer card. One type of credit card that has proven popular amongst those that want to enjoy the convenience and ease of credit card use, whilst making a little money from the credit card provider, is the cash back credit card. Read more
Energy prices on the up again
January 19, 2008
Just as the Bank of England cut the interest rate, enabling homeowners in the UK to breathe a sigh of relief, energy companies knocked consumers back down by announcing that they would be putting up the cost of energy usage again early in the New Year, and as promised one energy supplier, Npower, has already done this, with the other major suppliers expected to follow suit in the coming weeks. Read more