Continued problems for Northern Rock
June 6, 2008
Following reports last week about a sharp drop in Northern Rock share values, further reports confirm that the bank is facing further turmoil as customers are now flocking to the bank’s branches in order to take out their savings amidst fears that the bank may go under. Bank and government officials have offered assurances that the bank is still solvent and remains a ’sound financial institution’. However, this has not stopped a stampede of Northern Rock customers from withdrawing £1.5 billion from the bank so far since stories about its ‘bail out’ loan from the Bank of England broke out. Read more
Discounts and rebates could be enjoyed by environmentally conscious homeowners
June 4, 2008
A proposal has been put forward by the Quality of Life Group, which forms part of the Tory part, which could benefit environmentally conscious homeowners financially whilst helping the environment. The group, which includes green activist Zac Goldsmith and former Environment Secretary John Gummer, is pushing proposals that could see greener home owners getting generous rebates on their stamp duty as well as enjoying other discounts that could benefit them financially. Some homeowners could find that they can enjoy making big savings financially be meeting the requirements. Read more
UK consumers don’t want to see bank fees come in
June 4, 2008
The battle between the Office of Fair Trading and the UK’s major banks has been raging for some time in relation to bank charges, and this year saw the issue end up in the High Court, with the Office of Fair Trading stating that the fees charged by banks for unauthorised overdraft use, bounced cheques, and returned direct debits were not a true reflection of the charged incurred by the bank, making them unlawful and unfair. Read more
How safe are you when you shop online?
June 4, 2008
Britain has become a nation of consumers that like nothing more than total ease and convenience, and this has been reflected in the shopping habits of British consumers over recent years. Many people now enjoy the ease and convenience of making purchases online, buying everything from the weekly groceries to one off gifts, holidays, gadgets, clothes, cosmetics, entertainment, and more. However, whilst online shopping certainly can save us time and hassle, it is vital for consumers to consider how safe they are when they shop online with their credit and debit cards. Read more
More consumers switching energy suppliers
June 4, 2008
According to recent reports from the energy regulator Ofgem an increasing number of people in the UK are now switching energy suppliers in a bid to enjoy better service and lower prices. According to the industry regulator the first seven months of this year saw around 2.8 million consumers switching their electricity supplier and around 2.3 million consumers switching their gas supplier. However, Ofgem also stated that there are many other consumers that are failing to switch and are therefore missing out on big savings. Read more
Huge financial losses for bad credit mortgage applicants
June 3, 2008
A recent report has shown how a number of bad credit consumers are suffering huge financial losses after their mortgage lenders pulled out of their mortgage offers at the last minute. The recent financial turmoil in the money markets have led to increased worry amongst lenders and increased stringency when it comes to lending, particularly in the sub-prime sector. Reports claim that some bad credit customers who thought that they had secured a mortgage and that everything was running smoothly have then had the rug pulled out from under them, leaving them with losses of thousands of pounds in some cases. Read more
BBA wants banks to communicate more effectively with customers
June 2, 2008
The British Bankers’ Association has stated that banks in the UK need to communicate more effectively with customers, and need to keep customers informed of any changes as well as providing them with more information on the services and products available. According to the BBA banks need to make improvements when it comes to communicating with customers, so that customers are aware of what their banks offers and any up and coming changes. Read more
Cheque payments convenient for many consumers
June 2, 2008
Over recent months a number of major retailers throughout the UK have started to phase out cheque payments, stating that this method of payment is costly and time consuming to the business, and that not enough consumers pay by cheque these days and therefore the cost and time involved in cheque processing cannot be justified. However, according to a recent report many consumers still want the choice of being able to pay by cheque, and for many spenders paying by cheque is a convenient option. Read more