Rochdale credit union collapses
June 15, 2008
A Rochdale based credit union has collapsed and was recently closed down. Members of the credit union, Street Cred, have now lost access to their benefits, wages, and savings, but they have been reassured by the Financial Services Authority that their money is protected and is safe. The Financial Services Authority and officials from the credit union will be working together to sort out payouts for the members of Street Cred. Read more
The next step in the bank charges battle
June 14, 2008
Just weeks ago the nation found out the results of the first stage of the bank charges high court test case, when the presiding judge ruled in favour of the Office of Fair Trading and gave the agency the power to assess banks’ terms and conditions – including charges – for fairness. However, at present no further action has been taken, as the banks are being given time to appeal. The ruling is only the first stage of the process, as the banks can appeal, and even if they do not appeal the result of the OFT assessment will still have to go through. Read more
Housing slump could result in increase in DIY disasters
June 14, 2008
Over recent weeks predictions of a housing slump in the UK have been coming to fruition, with fewer properties coming onto the market, a fall in property values, and decreased consumers interest in purchasing property due to high house prices and rising interest rates. Some experts have expressed concern that this situation could lead to many homeowners deciding to stay put rather than move home, and instead carry out improvements on their existing properties. Read more
Are you hiding your money in the home?
June 13, 2008
According to recent research a high number of consumers in the UK tend to hide at least some of their money around the home, putting themselves at risk of financial losses through theft or loss and failing to earn any interest on the money that they have hidden around the home. Amongst the common – of rather clichéd – places to hide money are in a biscuit tin, under the mattress, and most commonly simply stashed in drawers around the home. Read more
Guarantee offered to O2 broadband subscribers
June 12, 2008
Communications giant O2 has recently launched its broadband service, and is offering a choice pf broadband packages along with an impressive guarantee to ensure that the service is suited to the customer. Over the past couple of weeks there has been speculation over the packages and prices that O2 will be offering, but the company recently confirmed its packages. Customers will also be offered a one hundred day guarantee to customers that sign up for the service before the end of January next year so that if the service or package is not suitable they can break the contract without penalty. Read more
Younger people must start investing in their futures
June 11, 2008
Industry experts are warning that younger people in their twenties and thirties need to start seriously thinking about their financial futures, and need to start putting money aside into savings, pension, or investment so that they are able to enjoy an increased income when they reach retirement age. According to some experts many twenty and thirty somethings are failing to think about their future retirement, and are wasting money on frivolous spending or running up debts that could seriously affect their standard of living when they retire. Read more
What’s in store for energy bills?
June 11, 2008
For the past couple of years energy prices in the UK have been at the centre of controversial debate, with price hikes affecting consumer finances enormously and concerns over anti competitive practices amongst energy firms. Over the past couple of years gas and electricity prices in the UK have been soaring, and this has resulted in household finances becoming increasingly strained, particularly given that between August 2006 and July 2007 interest rates went up five times by 0.25% each time, making the financial situation even worse for many. Read more
What does the appeal from the banks mean?
June 11, 2008
The High Court test case into banks charges, which took place in January of this year, received plenty of publicity, and both consumers and industry sectors waited with bated breath for the decision from the presiding judge, Justice Andrew Smith. However, this decision did not come for three months, but in April the judge, having considered all of the facts that had been presented to him, ruled in favour of the Office of Fair Trading, allowing the agency to assess banks’ terms and conditions – including bank charges – for fairness. Read more
Holidaymakers enjoying benefits of pre-pay cards
June 10, 2008
A recent report has shown that many holidaymakers are now turning to pre-pay cards in order to fund their spending abroad. The report suggests that for many traveller’s pre-pay cards are a more secure, simpler, and more cost effective way of spending abroad without the security risks and extortionate costs associated with credit card, and without the hassle often linked to traveller’s cheques. The recent report was released by Travelex, which is a company that deals with these pre-pay travel cards. Read more
Millions owed due to mis-sold endowments
June 6, 2008
There has been a great deal of controversy lately over the sale of endowments, which many officials are stating were mis-sold to consumers in the 1980s and 1990s, leaving many with little or no hope of being able to repay their mortgage at the end of the term. Endowments are sold alongside interest only mortgages to enable borrowers to repay the initial loan amount at the end of the mortgage term through the growth of the investment. The monthly repayments are used to pay off just the interest on the mortgage. Read more