After a near two-year-long probe into the banking sector, the Competition and Markets Authority has today published its proposals to shake up banking. But will it be enough?
When people face a shortfall in their finances, they probably turn to their bank first. But it might surprise you to know we’ve found unarranged overdrafts that cost more than a payday loan.
(more about overdraft charges…)
We all know that Christmas is a time for spreading joy, but it appears that a lot of Brits cause themselves financial pain while doing so. But why all the fuss – are we worried we’ll look like a penny-pincher?
Fee-paying cash machines are a convenience for some, but can form part of a deeply unsatisfactory mixture of financial service provision on our high streets. Should we have to pay for the convenience?
We think that some payday lenders could be breaking the law by charging excessive fees when a customer misses their loan repayment. We’re challenging lenders to justify them or lower their charges.
In this guest post, Skint Dad, a supporter of our Clean up Credit campaign, speaks openly about his experiences of payday loans spiralling out of control. He shares his story to help others from getting into debt…
News has hit the headlines that Wonga made the equivalent of £1m-per-week in profit last year. In our latest issue of Which? Money we looked at whether payday loan providers can be competed out of business.
In this guest post, Consumer Affairs Minister Jo Swinson explains how the government is working to clean up the payday loans industry and asks – what other alternatives are there to payday lenders?
Two cheers for the Office of Fair Trading (OFT) today as it confirms that it has referred the payday loan sector to the Competition Commission. Better late than never.
Would you apply for a credit card that charges £15 a month to borrow one penny? I certainly wouldn’t. And yet, the new Shout credit card does just that. In fact, it’ll even charge you for not spending.
In March the Office of Fair Trading announced that the 50 biggest payday lenders had 12 weeks to change their business practices. Today marks the 12-week deadline – have payday lenders improved?
Given her history, Kerry Katona seems an odd choice to front a marketing campaign for a payday loans company. And it seems the advertising watchdog agrees, as it has deemed the Cash Lady TV ads ‘irresponsible’.
The OFT’s review of payday loan companies uncovered evidence of widespread irresponsible lending. The OFT’s David Fisher explains why it has given 50 payday lenders 12 weeks to change their business practices.
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.