October 13, 2010
Student loans could see higher interest rates
Story link: Student loans could see higher interest rates
The government is considering making changes to the student loans system, so that higher interest can be charged. The changes may be made after a recommendation in Lord Browne’s general review of higher education. Currently, students pay back their loans when they earn over £15,000 a year, at a low interest rate. The review is [...]
September 23, 2010
My Home Finance launched for those unable to secure a loan
Story link: My Home Finance launched for those unable to secure a loan
The coalition Government has introduced a new scheme aimed at borrowers with a poor credit history or those on a low income. My Home Finance has been set up by the Government and the National Housing Federation (NHF), with 10 branches opening across the West Midlands by the end of October. If successful, the scheme [...]
September 20, 2010
Report reveals lenders not passing on base rate cuts
Story link: Report reveals lenders not passing on base rate cuts
The Bank of England’s Quarterly Bulletin has revealed that High Street banks have not been passing on base rate cuts in full. Interest rates have been held at the record low of 0.5% since March 2009 (when the country was in the midst of its worst recession in decades), but despite this, banks are not [...]
Survey finds credit availability has not improved
Story link: Survey finds credit availability has not improved
A survey by the EEF engineering group has discovered that British companies are still struggling to obtain credit. According to the manufacturers’ organisation, credit is more expensive today than two months ago. The claim comes despite calls from the Government and business leaders to increase lending to businesses. http://www.financemarkets.co.uk/2010/09/20/survey-finds-credit-availability-has-not-improved/
August 15, 2010
Research shows 1.2m taking out payday loan each year
Story link: Research shows 1.2m taking out payday loan each year
According to research by watchdog Consumer Focus, the number of people taking out a payday loan has quadrupled in the last 4 years. The consumer group said 1.2 million people are now taking out a payday loan every year – borrowing more than £1 billion. Payday loans are becoming more popular and are seen as [...]
July 27, 2010
Lloyds confirms it will cease selling PPI
Story link: Lloyds confirms it will cease selling PPI
Banking giant Lloyds has confirmed it will no longer sell the controversial payment protection insurance (PPI). Lloyds Banking Group, which is 41% owned by the taxpayer, is the first bank to drop PPI sales and the decision will apply to customers of all its brands including the Halifax, Bank of Scotland and the Cheltenham & [...]
July 2, 2010
Lending criteria set to tighten further
Story link: Lending criteria set to tighten further
A report by the Bank of England has revealed fresh concern over mortgage lending. In its latest Credit Conditions Survey covering the three months to early June 2010, the Bank of England said the wholesale money markets that fund the lenders is tightening and therefore, mortgages are expected to be “less readily available”. http://www.homemove.co.uk/news/02-07-2010/lending-criteria-set-to-tighten-further.html
May 16, 2010
Competition Commission step nearer to banning PPI
Story link: Competition Commission step nearer to banning PPI
The Competition Commission has announced it is pressing ahead with its proposal to ban the sale of the controversial payment protection insurance (PPI). It was found that millions of PPI policies were mis-sold and in September 2009, City Watchdog the Financial Services Authority (FSA), proposed a major overhaul of the rules. http://www.financemarkets.co.uk/2010/05/16/competition-commission-step-nearer-to-banning-ppi/
May 14, 2010
Students to face higher interest rates on loans
Story link: Students to face higher interest rates on loans
The Russell Group, which represents 20 elite, research-intensive universities, has suggested that graduates may have to start paying back their student loans earlier and at a higher rate of interest, in order to prevent a major funding crisis. Following an official review of student finance and fees, the group warned that the financial sustainability of [...]
April 8, 2010
Report reveals failings in Government’s debt advice strategy
Story link: Report reveals failings in Government’s debt advice strategy
A report published by the Public Accounts Committee has branded the management of the Government’s debt advice strategy a “complete failure.” Six years ago, the Government introduced a strategy aimed at improving the support to, and cutting the number of people who struggle with unmanageable debt. The Department for Business, Innovation and Skills shares responsibility [...]
