It’s crunch time for credit. The Government is implementing a cap to the cost of payday loans and the Financial Conduct Authority is due to take over the policing of credit from April 2014. The FCA’s CEO tells us more…
Posts tagged with "overdrafts"
Eight in 10 of us use some form of credit. That’s around 38.5 million adults. Most of the time things go well and credit helps us to manage our finances. But what about when things go wrong or lenders misbehave?
So… I have a confession to make. I’ve used the same bank since I opened my first account when I was nine – for no better reason than because my parents’ had an account with it at the time.
When you’re young it’s easy to assume that, eventually, you’ll get a job and earn good money. But new research has found that instead, high debt and reliance on parents is becoming the new ‘normal’.
Student loans and grants will only rise by 1% in 2014/15 – less than the rate of inflation. But our research shows some students are struggling with living costs – so how can students make their money go further?
High-cost credit often grabs headlines, but many mainstream lenders also have products designed to cash-in on peoples’ mistakes and desperation. The new regulator must clamp down on irresponsible lending.
We think the concept of ‘free’ banking in the UK is a myth as we’re often stung with charges we’re not expecting. Hidden, unfair or excessive, the banks can have a habit of sneaking in additional costs.
Do you know how much your bank charges if you go overdrawn without authorisation? Many (including myself) don’t – but our research reveals how confusing the charges and fees are. Isn’t it time things improved?
Forget the education of their customers, will the Student Loans Company ever learn? It appears not – months after we found students being charged for loans they’d already paid, the same thing’s happening again.
How much do you pay for your bank account? Think about it for a second. You may not pay any upfront direct fees for your account, but the reality is that you do pay. ‘Free’ banking is one of the industry’s biggest myths.
If you’ve won more Olympic tickets than you need, can you sell them on eBay? No. You’ll have to wait until the official resale site is up next year. Meanwhile, the interest could soon start draining from your account.
Are you planning to buy tickets for the 2012 Olympics? You better make sure your bank account’s full of cash, because if your bids are successful you might, without notice, fall into your overdraft.
The banks have rewritten Robin Hood’s famous mantra: taking billions in overdraft charges from the poor and giving to the rich. That can’t be right, can it? What’s worse is that 10% of us never get out of our overdraft.
Do you know how much you’d pay if you went into an unauthorised overdraft? A simple mistake could set you back over £20 in charges – hardly fair when customers usually rectify these oversights quickly.