The Government has that it will introduce a No-Interest loan scheme and breathing space plans as part of the Autumn budget announcement. Responding to the news The Money Advice says it ‘welcomes action’ on tackling problem debt, including the new details of the government’s Breathing Space scheme, plans to pilot a no-interest loans initiative and…
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More than half a million low-income households are now receiving financial help to reduce their water bills, according to the Consumer Council for Water (CCWater). But the Watchdog Water has warned that about three-quarters of nearly 3 million customers who say their water bills are unaffordable will not receive a penny of support unless water…
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The Financial Conduct Authority (FCA) has today published the complaints figures for regulated firms for the first half of 2018. Complaints continued to increase for the fourth successive half year, reaching a new record level of 4.13 million complaints made to 3,161 firms. This was a 10% increase compared with the previous 6-month period. 98%…
Read moreAccountant in Bankruptcy (AiB) has released official statistics reporting personal insolvencies Scotland for the second quarter (July to September 2018) of 2018-19. There were 3,067 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in Scotland in 2018-19 Q2. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland fell by 5% in Q2 2018-19 (July-September…
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UK Finance has published its household finance update for September 2018 which reveals that Gross mortgage lending across the residential market in September was £21.5bn, some 1.2 percent lower than last September. The number of mortgages approved by the main high street banks in September was 9.1 percent lower than last September; approvals for house purchase…
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Twelve million current account holders at the biggest high street banks could be paying more than £640 million too much on their overdrafts, according to uSwitch.com. With the big banks charging over 50 times more than the cheapest in fees and interest on the typical overdraft, consumers are missing out by not switching to cheaper providers.…
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The UK rental market remained in recession during the third quarter of 2018 (Q3 2018) according to the most recent figures from The Deposit Protection Service (The DPS). In the latest edition of its Rent Index, which is based on the organisation’s database of millions of properties across the UK, The DPS reports that average…
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Here is an overview of The Money Charity’s latest statistics for October 2018: Personal debt in the UK People in the UK owed £1.5987 trillion at the end of August 2018. This is up from £1.5544 trillion at the end of August 2017, an extra £849.91 per UK adult and £66.96 higher than the previous month. The average…
Read moreComputershare Loan Services has confirmed it has been appointed substitute administrator by Paragon Bank. The UK’s largest third-party mortgage servicer will undertake the role for their new securitisation, which closed in April this year and represents over £700 million-worth of prime, buy-to-let mortgages. Andrew Jones, Chief Executive Officer at Computershare Loan Services, said “Paragon is…
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Community service should replace the sanction of imprisonment for non-payment of Council Tax, according to the Civil Enforcement Association (CIVEA). The industry proposal is in response to a consultation by Financial Secretary, Mark Drakeford AM, which calls for a ban on imprisonment for anyone who does not pay their Council Tax. CIVEA, which represents the…
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The new energy price cap won’t cut bills for customers on three in ten dual-fuel deals, some of which cost almost £200 more than the cap per year for a medium energy user, according to new Which? Research. Which? looked at all energy deals available and identified more than 70 fixed deals that were more…
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Citizens Advice Scotland has published evidence showing that demand for advice on rent arrears increased by 47% between 2012 – 2017. The new Citizens Advice Scotland report, which considers the causes and consequences of this rise, finds that changes to the social security system have been one of the key drivers of the problem, in particular,…
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New research from NS&I has revealed that 14% of Britons (7 million people) think they may have lost track of a financial product, highlighting the staggering amount of money left dormant with UK financial services providers. And it’s not just savings accounts, with a fifth (20%) admitting there is a possibility that they have lost…
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