APACS to start from scratch on same day payments system
February 26, 2008
The payment clearance agency APACS has announced recently that it will have to start from scratch with regards to its same day payment clearance system, which was due to be launched by the end of this year. In an earlier announcement the payment clearance agency had stated that a new, improved system was to be launched ready for the end of the year, and that this system would enable phone and Internet transactions to go through far more quickly. Read more
Man receives gas bill for £11 million
February 26, 2008
A landlord from Dorset in the UK was shocked recently after he received a gas bill from British Gas – asking for £11 million. The man, Denis Dixon, owns just a two bedroom rental flat in Dorset, and realized that the bill was, of course, a mistake. However, he said he was stunned to have received the bill, particularly considering that he had already settled his £500 quarterly bill. Read more
Could other banks end up in public ownership?
February 25, 2008
Some industry official are expressing concern that other banks, building societies, and financial institutions could end up under public ownership in the same way as Northern Rock, stating that the Bill that was recently rushed through parliament to enable the ailing bank Northern Rock to be nationalised is actually a generalised bill and could actually apply to any financial institution that takes deposits. Read more
Interest rates go up on overdrafts
February 24, 2008
Banks are trying to claw back more and more of their charges by adding or increasing various fees for account holders, and according to recent data one of the charges that has been increased by many if the UK’s bank is the interest fee charged on an overdraft facility. According to recent data over the past year a variety of banks increased their overdraft interest rates, which means that borrowing in the form of an overdraft will cost the consumer more money. Read more
British Gas reports huge profits
February 24, 2008
Over recent weeks cash-strapped consumers in the UK have been hit even harder after the major energy suppliers in the UK decided to increase their prices on gas and electricity usage, stating that the rise was necessary because of increases in the cost of wholesale energy. Average households are now paying around £1000 a year for their energy usage, and many are in danger of being pushed into fuel poverty as a result of these price hikes. The new about rising energy costs came at around the same time as the interest rate cut in December. Read more
Bank of England tries to balance concerns over rising inflation and slowing economy
February 24, 2008
Over the past couple of years the Bank of England has faced tough decisions when it comes to the base rate, with a slowing economy to consider on one hand, which has been fuelled by higher interest rates and lower spending levels, and rising inflation to consider on the other hand. Whilst the Bank of England has cut rates twice over the past three months this followed a series of five rate hikes between August 2006 and July 2007, which left many homeowners struggling to keep up with mortgage repayments. Read more
Surge in water bill complaints during last financial year
February 20, 2008
The last financial year saw the number of water bill related complaints surge in the UK according to recent reports. Billing complaints have surged with many utilities from energy companies and Internet providers to phone providers – and water companies have not escaped this trend, with certain water providers pushing up the total number of complaints. Figures show that the number of complaints made to the official watchdog were at their highest in thirteen years during the last financial year. Read more
Judge has not yet delivered ruling on bank charges
February 20, 2008
Over the past couple of years the rows and controversy over the charges that banks apply to the accounts of customer’s have been getting more pronounced. The charges referred to are those for exceeding the credit limit, and for bounced cheques and returned direct debits. Campaigners claimed that dealing with these things only cost the banks between £2 and £5 yet the banks were applying fees of around £30-£40 per charge to the customer. Read more
Experts give their views on interest rates
February 20, 2008
In December of last year the Bank of England cut interest rates by 0.25%, which was the first rate cut in two years, and came after a series of five 0.25% hikes between August 2006 and July 2007. Earlier this month the Bank of England cut interest rates by a further 0.25% taking the base rate to 5.25%, which came as a relief to many struggling homeowners on variable rate mortgages. Read more
Energy suppliers need to take complaints more seriously
February 20, 2008
Officials from the consumer campaign group Energywatch have stated that energy suppliers in the UK are taking far too long to deal with customer complaints, adding that it was taking some of the energy giants over seven months to deal with some complaints, which had resulted in customers dissatisfaction levels rocketing to 97%. Energy companies are now being urged to take customers complaints more seriously and get these issues dealt with more efficiently and quickly. Read more