March 2007 Finance News Archive

• UK consumers urged to steer clear of illegal lenders [24.03.07]
  The mountain of debt that UK consumers have found themselves in over recent years has resulted in many people missing repayments on financial commitments or being unable to afford their debts any longer, and this has invariably led to a higher number of consumers that have poor credit scores and histories.
• Could you benefit from a pre-paid credit card? [24.03.07]
  Not everyone in the UK is able to get finance such as credit cards, and this is because many people have fallen into financial trouble and this has resulted in a poor credit score and history, which often means that getting any sort of unsecured credit is pretty much impossible in some cases.
• Water bills to go up in April [24.03.07]
  Just as consumers in the UK are starting to look forward to making some savings on the cost of their gas and electricity, with four major UK energy suppliers already announcing price cuts starting in March and April, they have been hit with a blow from the water industry.
• Energy customers can start making savings [20.03.07]
  This week marks the start of the decreased prices that were announced by the UK's energy giant British Gas earlier this year.
• One hundred percent mortgages on the rise [19.03.07]
  Despite rocketing house prices, rising interest rates, and possible future rises in interest rates that are being predicted by financial experts, many people in the UK are still determined to get on to that property ladder no matter what the sacrifices. Recent reports indicated that more and more fist time buyers were relying on handouts and loans from their families in order to raise a deposit and get on the first rung of the property ladder.
• Loan and credit card debt enquiries continue to rise [19.03.07]
  According to information from the Citizen's Advice Bureau and the Consumer Credit Counselling Service, the number of enquiries relating to debts such as credit cards and loans is still on the rise in the early part of 2007.
• FOS having trouble getting information from PPI companies [19.03.07]
  According to recent reports from the Financial Ombudsman Service, a number of Payment Insurance Protection companies, or PPI companies, are withholding important information to try and delay compensation claims relating to this type of insurance cover being sold inappropriately to consumers.
• Long term mortgage could mean tens of thousands in extra interest [17.03.07]
  With interest rates rising three times in the space of six months and house prices in the UK rocketing to extortionate levels over recent years, the prospect of being able to purchase a property for the average first time buyer is becoming slimmer and slimmer.
• Does your local supermarket offer great value loans? [17.03.07]
  With the Bank of England raising interest rates three times in the space of six months, taking the interest rate from four and a half percent to five and a quarter percent since August 2006, it has become more important than ever for those looking to take out finance such as a loan
• Can you afford to have a credit balance on your credit card? [17.03.07]
  Credit card companies and banks in the UK have been up in arms about the number of people that are missing repayments, making late repayments, and defaulting on credit card debts, leaving them with a mountain of bad debt.
• Free banking could disappear within a couple of year [16.03.07]
  As the controversy over the penalty charges applied by banks to the accounts of customers that exceed their overdraft or credit limit continues to heat up, banks are also taking action in a bid to recoup the revenue that will inevitably be lost once the Office of Fair Trading announces caps on the amount that banks can charge when a customer exceeds his or her limit.
• UK consumers need educating when it comes to taking out loans [16.03.07]
  Every year millions of people in the UK take out a loan for one of a range of purposes, with consumers opting for both secured and unsecured loans, which are available from a wide variety of lenders.
• Quit smoking and save a packet on insurance [16.03.07]
  According to recent statistics many consumers in the UK could start saving a small fortune on the cost of their health and life insurance covers, and they won't need to look for any special deals in order to do this.
• Energy bill reduction from another major supplier [15.03.07]
  A third UK energy supplier has now announced price cuts to its energy prices, enabling its customers to escape the crippling costs of energy usage, which they have had to get used to over the last year.
• Don't be put off by banks challenging unfair charges claims [15.03.07]
  Amidst the growing controversy over UK banks charging customers extortionate and unjustified fees for going over their overdraft limits, experts are advising consumers not to be put off from trying to reclaim their fees by the underhand tactics that many of the banks are said to be using.
• Credit card consumers should take action to reclaim unfair fees [15.03.07]
  Over recent months there has been a raging war on between bank customers and consumer groups against many of the UK's major banks, and this has all resulted from what has been classed as illegal fees that banks have been applying to consumers' accounts for many years.
• Could rising property prices help to combat bad debts? [15.03.07]
  Over the past year banks in the UK have seen a massive rise in bad debts, with many households and individuals unable to keep up with repayments on credit cards and loans.
• Competition Commission to take over PPI investigation [14.03.07]
  Up until recently PPI, or Payment Protection Insurance, was something that many consumers in the UK felt obliged to take out whenever applying for finance such as credit cards, catalogue accounts, and loans.
• Are UK consumers benefiting from 0% balance transfer credit cards? [14.03.07]
  Many consumers in the UK have been turning to 0% balance transfer credit cards in recent years, the idea being that they can transfer the balance from a high interest credit card onto a credit card that offers 0% interest for a specified period.
• Unfair charges bring in billions for the banks [13.03.07]
  Recent reports have shown that not only are many UK consumers unhappy about the way that they are treated by their bank, but also that the banks are reaping billions of pounds in revenue by applying what can be construed as unfair and unjustified charges to consumers’ accounts.
• Take advantage of the utilities price war [13.03.07]
  Recent announcements by Centrica, the parent company of British Gas, have seen a price war break out between the various utilities providers in the UK, and this means that UK consumers can at long last start to benefit from lower prices on their gas and electricity bills.
• Shop around to get the best deals on savings [13.03.07]
  With a number of interest rate hikes being enforced over a matter of months consumers in the UK are being advised to start cashing in on interest rate rises rather than simply losing out through higher mortgage repayments and loan repayments.
• Online banking popularity overtakes phone banking [13.03.07]
  There have been growing concerns from both consumers and some professionals with regards to the dangers and the levels of Internet fraud that could potentially threaten those that choose to bank online.
• Npower joins utilities price war [10.03.07]
  In the latest move in the utilities price war sparked by Centrica’s recent announcement relating to significant cuts on gas and electricity costs, another major fuel provider, Npower, has announced that it will also be slashing the price of fuel usage for millions of its customers.
• First time buyers not put off by house prices [10.03.07]
  The rocketing house prices in the UK over the past few years have seen many homeowners enjoy higher and higher levels of equity in their homes, but at the same time have seen the prospect of home ownership for first time buyers dwindling.
• Credit and store cards fuelling debt problems [10.03.07]
  According to a debt counselling service in the UK, a huge number of UK consumers that have been seeking debt management advice and financial assistance from counselling services have found themselves in financial dire straits
• Banks may not be sympathetic to fraud victims [10.03.07]
  Most consumers in the UK are concerned about the levels of debit and credit card fraud that take place every year, but at the same time feel reassured that if they do become the victims of this type of fraud the banks will do all they can to make the situation easier
• Rise in loan enquiries expected in 2007 [08.03.07]
  Experts have predicted that there will continue to be a growing number of loan related enquiries in 2007, as UK consumers struggle with high levels of consumer debt, which has been added to by the recent Christmas and New Year spending.
• Many UK banks rejecting IVA applications [06.03.07]
  Rising levels of consumer debt in the UK have resulted in a large number of people falling behind with repayments and last year saw the number of people becoming insolvent break the one hundred thousand barrier for the first time.
• Take advantage of 0% balance transfer credit card offers [06.03.07]
  Although Christmas and New Year may seem like a distant memory for many, there are many others that are still reeling from the financial cost of the festive season, and continue struggling to repay the credit card debts that they have accrued, which is made all the more difficult through the extortionate interest rates that are applied to balances that are not repaid in full.
• Possible compensation for store card holders [06.03.07]
  The recent hefty fines charged by the Financial Services Authority to GE Capital means that many people could now be entitled to refunds or compensation if they spend on one of a range of major store cards in the UK.
• Delays in bank charge payouts results in sending out bailiffs [05.03.07]
  With many consumers in the UK attempting to reclaim bank fees and charges that have been deemed as unlawful and unfair, banks are now experiencing a backlog, as the claims continue to pour in.
• Banks taking a huge slice of the pie in executing wills [05.03.07]
  A recent report has indicated that banks are really cashing in when it comes to executing wills for grieving families, and are often taking up to four percent of the estate by way of payment, which in many cases is netting them thousands of pounds.
• PPI related fines for major UK lender [05.03.07]
  A major UK finance company has been hit with a fine of over six hundred thousand pounds by the Financial Services Authority over the mis-selling of payment protection insurance.
• Ruling bank penalty fees expected in March [05.03.07]
  Following months of investigation, controversy, and outrage in relation to the charges that banks have been applying to consumers’ accounts for years for going over their overdraft limits, the Office of Fair Trading is now expected to announce a decision next month with regards to the rate at which these fees must be capped.
• Many banks and building societies still short changing savers [05.03.07]
  A recent report has revealed that many banks and building societies in the UK are still short changing savers in terms of interest rates, despite the three quarters of a percent rise since last August.
• Banks continue to take revenge against claimants [05.03.07]
  As the war against banks applying illegal charges to consumers' accounts continues to rage, the banks still seem hell bent on taking revenge against consumers that dare to question or try and reclaim penalty charges that have been applied for bounced cheques, unpaid direct debits, and over limit fees.
• Fifty percent of fee claims exceed one thousand pounds [04.03.07]
  A recent report from This is Money has revealed that fifty percent of those claiming back unfair and unlawful charges from their banks are making claims for one thousand pounds or more.
• British Gas first to slash prices [04.03.07]
  Over recent years, and particularly last year, consumers in the UK have had to put up with massive rises in the cost of their gas and electricity bills, with suppliers pushing up prices to extortionate levels leaving many struggling to pay their energy bills and having to be really careful about the energy that they used even in the cold weather.
• Make sure that you are protected against credit card fraud online [03.03.07]
  The UK has become a nation that is not only reliant on credit card spending in the majority of cases, but also places a huge amount of confidence in online shopping.
• Banking industry profits could fuel further claims [03.03.07]
  Over recent months many consumers in the UK have been attempting to reclaim banks charges that have been deemed as unfair and unlawful by the Office of Fair Trading and the Financial Services Authority.
• Consumers could enjoy bargains on savings accounts and financial products [03.03.07]
  Although most people expect to bag a bargain in the various retailers when January comes around it seems that this year the bargains in the UK are extending to a variety of banks, with a range of special deals on offer when it comes to savings accounts, as well as on other financial products.
• Banks unsympathetic in credit and debit card fraud cases [02.03.07]
  Recent figures relating to credit and debit card fraud have indicated that banks in the UK are increasingly unsympathetic when it comes to dealing with cases of suspected fraud against customers.
• Banks concerned over chip and pin fraud potential [02.03.07]
  Banks across the UK have expressed concern following a recent experiment carried out by researchers at Cambridge University, showing just how easy it could be for fraudsters and conmen to steal the chip and pin data from machines.
• UK consumers keen on online banking [02.03.07]
  A recent survey has indicated that the vast majority of consumers in the UK are keen on online banking, and find the whole process of banking online far easier, more convenient, and more accessible than having to visit a branch.
• Most customers won’t be affected by new charges says FD [02.03.07]
  Popular Internet bank First Direct, which is part of the HSBC group, has stated that the new account fee charges, which are due to be introduced in February 2007, will not actually affect the majority of consumers that bank with First Direct.