- Provident tells former customers to use ethical lenders as watchdog raps compensation schemeon July 14, 2021 at 2:02 pm
Around 280,000 customers of its closed doorstep lending arm will receive emails directing them towards the UK’s 250 credit unions, and a group of nearly 50 affordable credit providers.
- Increasing number of Britons turning to Buy now, pay later schemeson July 5, 2021 at 3:44 pm
An increasing number of Britons used buy now, pay later schemes during the pandemic as people turned to online shopping during the lockdowns.
- How to get out of debt and your overdrafton July 2, 2021 at 6:46 am
Around 14% of higher-rate and additional rate taxpayers fall ‘into the red’ for at least half the month compared to just 9% of basic-rate taxpayers, data from Hargreaves Lansdown claims.
- M&S Club Rewards credit card: Is it any good?on June 18, 2021 at 6:59 am
M&S Bank has launched a new rewards credit card offering its customers enhanced rewards and a range of shopping vouchers among other benefits.
- Amigo Loans asks 4,000 borrowers why they voted against proposed rescue schemeon June 11, 2021 at 2:06 pm
Borrowers of beleaguered subprime lender Amigo Loans have hit back after it sent them a survey asking them why they voted against its rescue plan.
- HALF of 16-24s don’t know that a missed payment can damage their credit scoreon June 10, 2021 at 7:55 am
Young borrowers are unknowingly putting their financial futures at risk, with many unaware about the damaging implications of missing loan or credit card repayments.
- Best credit cards deals for purchases, holidays and clearing debtson June 3, 2021 at 3:07 pm
Although availability of interest-free deals and cards is low by historical standards, it has bounced back in recent months and there are now plenty of decent options, even if they aren’t as generous.
- British Airways to double the space on flights for Avios flyers in Julyon June 3, 2021 at 6:35 am
British Airways has handed families and holidaymakers ‘great news’ in the form of more than 250,000 extra seats for travellers booking flights using Avios points from the end of July.
- Hidden danger of booking a holiday in an ‘Amber List’ countryon May 26, 2021 at 8:39 am
Earlier this month, ministers revealed a new traffic light system to clarify where it was safe for families to travel. But far from clarifying the rules, it has sparked widespread chaos.
- Amigo Loans shares crash 50% after proposed rescue plan failson May 26, 2021 at 7:21 am
Shares in subprime lender Amigo Loans fell close to 50 per cent today after its proposed rescue plan was roundly rejected by the High Court, despite the approval of creditors.
- Barclaycard customer gets old credit limit back after winning appealon May 21, 2021 at 6:55 am
Long-standing Barclaycard customer Mark Gough was told his credit card limit would be cut by £12,000, even though his income hadn’t changed. However, the bank changed its mind after he complained.
- Should you really fly now and pay later? Here’s what you need to knowon May 14, 2021 at 6:44 am
As buy now, pay later services like Klarna continue to grow in popularity, an increasing number of travel-focused services have cropped up.
- Government Debt Relief Order changes could help thousands more ‘freeze’ what they oweon May 10, 2021 at 4:21 pm
Some 13,000 more people with problem debt could be allowed to ‘freeze’ their payments from next month under proposals published today by the Government.
- American Express offers Gold cardmembers £10 back with Deliveroo every monthon May 8, 2021 at 7:59 am
Amex may have caught the eye of shoppers and takeaway fans this week after announcing one of its credit cards is now offering cashback when used for Deliveroo.
- American Express to cut cashback on its credit cards by as much as 50%on May 7, 2021 at 11:41 am
Amex’s market-leading cashback credit cards are getting a little less generous, with the provider slashing how much customers earn by as much as 50 per cent in some cases.
- Government launches ‘Breathing Space’ debt respite scheme: Will it work?on May 4, 2021 at 8:00 am
Britons with mounting debts will be able to ask for them to be put on hold for two months from today, after proposals two years in the making came into effect.
- Barclaycard customers facing credit limit cuts handed more confusionon May 1, 2021 at 6:50 am
Barclaycard customers who have had their credit limits cut by as much as 95 per cent have faced yet more confusion, after wrongly being told new limits were based on their average balances.
- Personal loan rates on £10,000 hit record lows despite the pandemicon May 1, 2021 at 6:49 am
Those looking to borrow to fund home improvements might not be able to take advantage of an interest-free advance from Conservative Party HQ, but they can benefit from a recent fall in loan rates.
- The British buy now, pay later firms: AppToPay, Butter and Curveon April 27, 2021 at 8:37 am
Although a small percentage of the online credit market, the buy now, pay later sector has been booming, and everyone wants a slice of it, however controversial it has proven to be.
- 52% of young buy now, pay later borrowers sign up unknowinglyon April 23, 2021 at 7:50 am
Checkout credit providers have been accused of making it too easy for young people to get into financial trouble, after research found they often didn’t realise they were taking on debt.
- My Barclaycard limit is back to where it was when I earned £80-a-weekon April 22, 2021 at 8:27 am
I have felt Barclaycard’s customer service disaster personally. My credit limit has been cut from £8,500 to £1,000 for no discernible reason.
- The pandemic is killing plastic: Barclaycard caps are the final strawon April 21, 2021 at 8:14 am
Credit card provider Barclaycard is facing a mass exodus of loyal customers after suddenly slashing the credit limits of more than 100,000 customers by as much as 99 per cent.
- Barclaycard under pressure to reverse credit limit cuts for steady customerson April 21, 2021 at 7:51 am
Barclaycard customers have called on the provider to change its mind over its heavy-handed cutting of credit limits of cardholders whose financial circumstances have improved over the last year
- Barclaycard tries to defend slashing credit card limits of loyal customerson April 19, 2021 at 4:33 pm
One longstanding Barclaycard customer saw his limit cut from £11,000 to £300, while another’s was slashed from £8,500 to £1,000 without any checks on their finances.
- Klarna clampdown: Regulation of buy now, pay later credit firms due within weekson April 17, 2021 at 6:40 am
Plans to regulate Britain’s booming buy now, pay later industry will be released within weeks, This is Money understands, after a review found it posed ‘a significant potential consumer harm’.
- Barclaycard cuts customers’ spending limits by more than 85%on April 15, 2021 at 9:39 am
Credit card limits are tailored to individuals. Those with larger incomes and good repayment histories can usually borrow more; but limits can be cut if you fall behind on repayments.
- RateSetter hands back £384m to 45,000 investors after Metro Bank takeoveron April 14, 2021 at 8:57 am
45,000 investors in the now-defunct peer-to-peer lender RateSetter have had their accounts closed and their money returned after it was taken over by Metro Bank last August.
- I’m sure PayPal never told me I could take a payment holidayon April 13, 2021 at 6:26 am
Hady Ahmad, 40, an oil industry engineer from West London, saw his income dry up towards the end of last February as the price of oil fell and travel restrictions were imposed due to the pandemic.
- Buy now pay later small print can take up to an hour to readon April 7, 2021 at 7:55 am
Klarna, which has more than 12 million UK customers, has the longest terms and conditions at 13,637 words and would take 57 minutes to read. The average word count is 8,673.
- Why will it take a year for HSBC to sort out my Section 75 claim?on April 2, 2021 at 8:11 am
Roy made a claim for a cancelled New York trip in August 2020 with HSBC. However, he has been told he might not get a pay out until 2022.
- Has Klarna killed the store credit card? Just 5 retailer-branded cards now existon April 2, 2021 at 7:16 am
Busted retailers and booming buy now, pay later payment methods has served to all but kill off the shop-branded credit card, new data suggests.
- Amigo Loans scheme to safeguard its survival approved by High Courton March 31, 2021 at 1:41 pm
Britain’s largest guarantor lender Amigo Loans has been given the green light by the High Court to proceed with a scheme designed to cap the cost of compensation for mis-sold loans.
- Visa to join Mastercard in hiking interchange fees for UK shopperson March 17, 2021 at 3:28 pm
Regulators have been urged to crack down on ‘profiteering’ by Britain’s two largest card providers after Visa appeared to be joining Mastercard in massively hiking interchange fees this year.
- John Lewis and M&S launch buy now, pay later schemeson March 12, 2021 at 10:45 am
John Lewis has launched a regulated online payment method in partnership with French bank BNP Paribas that will let customers borrow up to £35,000 to fund home improvements and pay it back over a year
- Balance transfer credit cards: Interest-free deals continue to increaseon March 8, 2021 at 12:06 pm
Barclaycard, MBNA, Sainsbury’s Bank and Virgin Money have all increased the length of their 0% balance transfer and purchase terms since January.
- No-interest loan pilot from Treasury for hard-up borrowerson March 5, 2021 at 9:10 am
The no-interest loan scheme was first unveiled by former Chancellor Philip Hammond in the 2018 Budget to help those below the poverty line access credit. But funding has only just been proposed.
- Loan gripes soar as families struggle to afford repayments in pandemicon March 3, 2021 at 8:57 am
Guarantor loans, which are typically taken out with the backing of a family member, were the most complained about finance product between October and December last year.
- Ombudsman complaints: Guarantor loans replace PPIon March 3, 2021 at 8:47 am
Thousands of Britons are complaining to the Financial Ombudsman Service about being mis-sold unaffordable guarantor loans, new figures reveal.
- Buy now pay later schemes are fastest-growing online payment methodon February 24, 2021 at 9:07 am
The schemes are expected to account for 10 per cent of UK online spending by 2024, the research predicts. The global report was compiled by payment processing technology provider Worldpay.
- Can credit unions really solve Britain’s high cost credit shortage?on February 23, 2021 at 11:20 am
With high profile backers including Michael Sheen and Camilla, Duchess of Cornwall, credit unions have long been applauded for their co-operative membership model.
- Virgin launches new rewards deal, but is it worth signing up for?on February 22, 2021 at 11:40 am
The Virgin Red scheme encourages people to visit its website or download the phone app – and buy goods and services offered by a number of online shops.
- The internet debt sharks preying on the financial victims of Covidon February 10, 2021 at 10:43 am
Insidious firms seeking to profit on people’s misery are using internet adverts to divert those struggling with money away from free help and advice and promising them easy ways to write of their debts.
- Buy now, pay later: Don’t let shoppers sign up by default, MPs sayon February 6, 2021 at 8:33 am
Labour MP Stella Creasy and Tory MP Paul Maynard called for retailers to take further action after a review of buy now, pay later found it needed to be regulated ‘as a matter of urgency’.
- IVA market is broken says the FCA: Here’s whyon February 3, 2021 at 4:24 pm
Millions of Britons in need of debt advice due to the coronavirus pandemic could be pushed into unsuitable debt solutions by companies seeking to profit from commission, regulators have warned.
- Klarna clampdown begins as buy-now-pay-later industry will be regulatedon February 3, 2021 at 1:31 pm
The Financial Conduct Authority has announced plans to regulate the buy-now-pay-later industry after purchases nearly quadrupled last year to £2.7bn as online shopping soared in lockdown.
- Buy now pay later regulations: What will they mean for consumers?on February 2, 2021 at 1:00 pm
Borrowers of Britain’s booming £2.7bn buy now, pay later industry will soon be able to complain to the Financial Ombudsman Service after it was announced lenders would be regulated.
- 21m people may take out loan this year once lockdown endson January 31, 2021 at 2:49 pm
A survey by AA Financial Services indicates that 40 per cent of adults are planning to borrow – with a new car, a holiday (travel restrictions permitting) and home improvements top of their purchase lists.
- Advertising regulator bans ‘misleading’ debt adverts from impersonatorson January 27, 2021 at 3:16 pm
The websites ‘writeoffmydebt’ and ‘stepdebtsupport’ were criticised by the Advertising Standards Authority after a series of complaints.
- American Express’ Nectar card is now one of the best ways of earning Avios pointson January 26, 2021 at 8:36 am
American Express’ Nectar credit card is now one of the most generous ways of earning Avios points from everyday spending, with customers able to earn 1.25 Avios for every £1 they spend.
- Nectar points from Sainsbury’s shopping can be turned into Avioson January 21, 2021 at 11:36 am
Sainsbury’s shoppers will be able to swap their groceries for getaways under a new tie-up announced between the supermarket’s Nectar scheme and British Airways.
- Last day for Tesco Clubcard points to be converted into Avios air mileson January 18, 2021 at 12:54 pm
Tesco Clubcard customers who wish to convert their points into Avios air miles have until midnight on Monday to do so before they can only swap them for Virgin Points.
- Jaja customers hit with £12 penalty charge after computer glitchon January 17, 2021 at 12:43 pm
The company, which last year took over the credit card business of Bank of Ireland in a £530million deal, says that a ‘small minority’ of customers were affected by the computer glitch.
- Balance transfer credit cards: Some banks boost interest-free dealson January 11, 2021 at 9:36 am
Sainsbury’s Bank now offers the best 0% deal on the market, offering 29 months interest-free, after reopening its doors to non-Nectar customers last October.
- How to get out of debt in 2021: Seven tips for a brighter financial futureon January 2, 2021 at 7:47 am
The first step is to prioritise what you owe and not bury your head in the sand. We speak to the experts who give their advice for getting out of debt after a turbulent year.
- Britain paid off £15.6bn in debt in just 7 months amid the coronavirus pandemicon December 29, 2020 at 9:05 am
In a year in which the world has never been sicker, Britain’s personal finances might end 2020 in a healthier state than they’ve ever been in before.
- Cardholders of Jaja complain of long wait times and horrendous serviceon December 22, 2020 at 9:49 am
Daniel Robinson has seen £500 of his money lost by the credit card start-up, after he had not had any previous problems with the Post Office in the six years he had been with them.
- Celebrity social media pushing ‘buy now, pay later’ crediton December 16, 2020 at 9:26 am
Glamourous social media stars like Claire Menary (pictured), who attract thousands of aspiring followers are now under investigation over fears that they promoted ‘buy now, pay later’ credit.
- Barclays hit with £26m fine over poor treatment of indebted borrowerson December 15, 2020 at 1:12 pm
The FCA said business and personal customers who fell into arrears on their borrowing between April 2014 and December 2018 were not properly contacted by Barclays..
- Do I lose my British Airways companion voucher if I cancel my Amex card?on December 15, 2020 at 12:00 pm
I earned my voucher last year after spending £10,000 on my card, but cancelled the card this April. My account says the 2-4-1 voucher is still valid but Amex told me it wasn’t.
- Mastercard could be forced to pay every UK adult £300 eachon December 15, 2020 at 11:37 am
Mastercard is one step closer to having to pay out as much as £14bn in total to more than 46m UK adults after it lost a landmark Supreme Court case.
- Campaigners want more regulation of pay later services like Klarnaon December 8, 2020 at 9:08 am
Delayed payment providers have been asked to revamp their marketing by next March to ensure users are not being misled.
- How should Tesco Clubcard shoppers use their points from January?on December 4, 2020 at 7:43 am
Frequent flyers should be aware that some of the most well-known airline loyalty schemes have had several shake-ups recently, with British Airways and Tesco Clubcard set to part ways.
- Credit card holders face late fees because of little-known small-printon December 2, 2020 at 9:14 am
Thousands of borrowers have received refunds in recent months after holidays, concerts and shows were cancelled due to Covid. Many believe this refund will count as their payment for that month.
- Best balance transfer cards: TSB has longest term of 29 monthson November 17, 2020 at 1:51 pm
Credit card providers are stealthily slicing 0% balance transfer windows leaving borrowers facing shorter time periods in which to repay their debts.
- Creation credit card: Fraud problem locked me from my accounton November 13, 2020 at 12:31 pm
Peter Wilson, 69, from Bury St Edmunds, Suffolk, had his IHG Rewards Creation credit card replaced in May after he noticed thousands of pounds of payments to Apple on his account.
- More borrowers turn to sub-prime credit cards thanks to pandemicon November 11, 2020 at 3:57 pm
The number of new ‘sub-prime’ borrowers taking out credit cards increased by 143% between August and September, according to Equifax, more than twice the jump in overall card openings.
- Netflix and Spotify subscriptions could now boost your credit scoreon November 9, 2020 at 4:57 pm
Council tax payments and subscriptions to Amazon Prime, Netflix and Spotify could boost Britons’ credit scores from today under a new feature launched by one of the big three credit reference agencies.
- Credit card chaos after 500,000 accounts are taken over by Jajaon November 4, 2020 at 10:06 am
Post Office, Bank of Ireland and AA customers were bought by Jaja when it took over the Bank of Ireland’s credit cards. But since the transfer customers have reported a plethora of issues.
- Borrowers face ‘lender lottery’ as 323,000 payment freezes end soonon October 22, 2020 at 8:25 am
Hundreds of thousands of people still on breaks from their mortgages and unsecured debts face a potential ‘lender lottery’ from next month as blanket protections are removed.
- Data protection watchdog to investigate Klarna over marketing emailson October 14, 2020 at 3:33 pm
The Information Commissioners’ Office said it was ‘making enquiries’ into the Swedish firm after receiving more than 90 complaints from people who received its weekly deals email.
- Move your debts to a balance transfer card before they disappearon October 14, 2020 at 7:40 am
There are just 66 balance transfer cards currently on the market, compared with 94 last year, according to finance analysts Defaqto. The cards allow customers to shift their credit card debts to a new card.
- Xbox fans left disappointed by Klarna, Smyths Toys and GAME erroron October 7, 2020 at 1:16 pm
Thousands of gamers who had hard credit checks run on them and were told a direct debit to pay for the console had been set up were emailed telling them their application had actually been unsuccessful
- Xbox buyers left in the dark after Klarna, GAME and Smyths blunderon September 30, 2020 at 3:08 pm
Consumers last week were subjected to hard credit checks and had direct debits set up to pay for the new console over two years, but were unable to actually purchase it after retailers ran out of stock.
- Britain borrows more in August amid worries over worsening household financeson September 29, 2020 at 12:31 pm
Britons borrowed more on credit cards, loans and overdrafts last month compared to July and saved less, official figures revealed, amid concerns household finances are increasingly under strain.
- Xbox buyers face Klarna drama with Smyths Toys and GAMEon September 24, 2020 at 12:39 pm
Thousands of shoppers who tried to pre-order the latest Microsoft Xbox were left fearing for the state of their credit scores after a bungle between high street retailers and the ‘buy now, pay later’ service Klarna.
- Gold Amex: I don’t want to pay fee – where can I go next for Avios?on September 21, 2020 at 1:21 pm
Despite its considerable travel benefits it is perhaps no wonder some may wish to ditch the American Express Preferred Rewards Gold card when they have claimed all of the bonuses they can.
- Why is Google making thousands of pounds from unauthorised debt adverts?on September 15, 2020 at 7:32 am
Google is still making thousands from unregulated firms posing as legitimate charities, nearly a year on from introducing new guidelines which it said would help end the practice.
- Credit card availability bounces back for those with higher credit scoreson September 15, 2020 at 7:32 am
Figures from the credit rating agency Experian found half of consumers who searched for a credit card last month were shown at least one they were guaranteed to get, up from 24% in July.
- Credit card and loan borrowing is predicted to fall by a record amounton August 14, 2020 at 8:03 am
Experts said Britain’s borrowing habits ‘will have changed permanently’ as a result of the coronavirus pandemic.
- Coronavirus: Borrowers paid off £2,000 of debt each in lockdownon August 12, 2020 at 2:53 pm
The credit reference agency said the amount people owed in non-mortgage borrowing fell from £11,615 to £9,681 between the 23 March lockdown and 8 June.
- American Express offers £5 cashback if you spend £10 in local shopson August 3, 2020 at 10:31 am
To tempt shoppers back to high streets, credit card giant American Express has launched a reward deal for customers who spend money in local stores and restaurants.
- How to get a £20 meal for £5 using Rishi Sunak’s dining out schemeon August 2, 2020 at 3:56 pm
Diners looking to take advantage of the Government’s 50% discount scheme from Monday should know they can get an additional £5 off at certain shops, provided they use their credit card.
- Barclays and Santander say 677k borrowers took payment holidayson July 30, 2020 at 10:08 am
Hundreds of thousands of customers of Barclays and Santander have taken payment holidays, as official figures found consumers had cleared billions of pounds of debt over the last few months.
- A third of shoppers don’t feel delayed payments count as debton July 23, 2020 at 6:48 am
Due to the rise of buy now, pay later schemes, more people are purchasing items without paying for them at the time, despite this technically putting many into debt.
- Under-fire Klarna launches campaign telling shoppers to spend lesson July 14, 2020 at 6:40 am
The Swedish company, one of Europe’s most successful start-ups with 8.6million UK users, has been on the back foot over the last few months amid claims it encourages more than they can afford.
- Could a Netflix subscription one day help you get a mortgage?on July 9, 2020 at 6:33 am
The market research company Kantar estimated in May a fifth of all UK households had signed up to a TV streaming service like Amazon Prime, Netflix or the newly launched Disney+ since lockdown.
- Cheaper ways to borrow as banks bring back expensive overdraft rateson July 7, 2020 at 10:02 am
While people struggling financially will be able to ask for support and still take advantage of a £500 interest-free overdraft until October, many borrowers are in for a shock as banks hike the cost of overdrafts.
- Lower rates for careful Zopa credit card userson July 5, 2020 at 10:56 am
In a challenge to the big banks, peer-to-peer lender Zopa plans to launch its first credit card later this year.
- Credit card and loan payment holidays extended for three more monthson June 19, 2020 at 9:32 am
Hard-up credit card and personal loan borrowers will be able to put their payments on hold for another three months, the FCA has confirmed.
- Credit card rates hit record high as banks squeeze poorer borrowerson June 16, 2020 at 1:31 pm
Credit card rates hit a record high this month despite a record low base rate as providers hiked the cost of borrowing for those with poor credit histories or turned down by mainstream banks.
- Britain faces £6.1bn personal debt tsunami, StepChange warnson June 9, 2020 at 8:24 am
The Government should hand out £5bn in grants to those hardest hit financially so they can repay their debts and pay bills, StepChange says.
- Credit card payment holidays could be extended until Septemberon June 8, 2020 at 12:59 pm
Credit card and loan borrowers may be able to put their payments on hold until the end of September, under plans reportedly being considered by banks and regulators.
- Regulators blacklist nine unauthorised debt advice companies since Aprilon June 6, 2020 at 7:17 am
Unscrupulous advertisers are mimicking the names of legitimate debt charities, research has revealed, raising fears that vulnerable people looking for help are at risk of bad advice.
- Coronavirus UK: Consumer debt falls a record £7.4bn in Aprilon June 4, 2020 at 12:05 pm
Britain’s £221billion consumer debt pile shrank by nearly £7.5billion in April, the largest fall ever recorded by the Bank of England, as households took repayment holidays and cut their spending.
- FCA launches investigation into guarantor lender Amigo Loanson June 2, 2020 at 3:17 pm
Amigo has seen an increase in new complaints made about it to the Financial Ombudsman Service over the last few years
- Mobile app Bits says it can boost your credit score for a monthly feeon May 28, 2020 at 12:08 pm
The app is intended to build up your Experian credit score using a monthly fee closer to a subscription service than a credit card. In fact, it doesn’t even give you a card to buy things.
- Credit card crunch continues as interest-free terms hit a record lowon May 28, 2020 at 8:24 am
The number of interest-free credit card deals has fallen to a record low for the second successive month, as banks continue to slash the availability of unsecured debt.
- Should I take BA refund in the form of Avios points?on May 26, 2020 at 9:39 am
The airline said the actual rate of Avios that you get for the price of your flight is roughly double what you would normally get if you bought Avios using cash.
- Should you convert Virgin Atlantic air miles into wine?on May 19, 2020 at 8:56 am
Although Virgin Atlantic looks a little more secure, with the prospect of cancelled holidays for a while to come, some may be wondering if there are alternative uses for their thousands of air miles.
- Mastercard faces Supreme Court over £14bn damages claimon May 13, 2020 at 4:19 pm
Former financial ombudsman Walter Merricks is taking Mastercard to court, claiming unlawful fees it charged shops between 1992 and 2008 resulted in consumers paying more.
- Virgin Money u-turns on decision to suspend credit cardson May 8, 2020 at 3:25 pm
Virgin Money apologised and reversed its decision, saying that everyone who had their card suspended will be able to use them to make purchases again from Saturday 9 May.
- Should you take a credit card payment holiday during coronavirus pandemic?on May 8, 2020 at 7:28 am
While borrowers make no payments for three months, card providers often still charge interest on balances during payment holidays, meaning borrowers continue to rack up interest
- Virgin Money customers’ credit cards suspended during lockdownon May 7, 2020 at 2:16 pm
Customers of Virgin Money rounded on the bank after it suspended their credit cards, despite many of them not struggling with their repayments and clearing their balance in full.
- Amex credit card customers given more time to spend for bonus pointson May 1, 2020 at 12:31 pm
Newcomers to American Express now have more time to rack up points bonuses for their credit card spending, with the card provider doubling the length of some of its welcome offers.
- Britain’s £69bn credit card debt pile falls year-on-year for the first time everon May 1, 2020 at 11:14 am
Households paid back a whopping £3.8bn more than they borrowed in March, the biggest figure on record, as households shunned their credit cards in the face of the coronavirus crisis.
- Amex charged me a foreign exchange fee on my holiday refundon May 1, 2020 at 8:57 am
Banks and credit card providers may levy fees on refunds as well as purchases, meaning a double whammy of charges on trips hit by coronavirus.
- 240,000 Santander customers ask for credit card and mortgage holidayson April 29, 2020 at 10:18 am
The UK arm of Santander revealed its pre-tax profit fell 58 per cent to £114million in the first three months of 2020.
- Banks hit by 20,000 PPI complaints every day before deadlineon April 27, 2020 at 2:02 pm
The Financial Conduct Authority said many were encouraged by the publicity blitz it launched in the summer of 2019 to warn consumers that they had limited time left to make a complaint.
- Who is behind this Snapchat advert offering to write off debt?on April 24, 2020 at 10:09 am
Next to a picture on social media app Snapchat of Ryan Reynolds teasing news about upcoming superhero film Deadpool 3, is a ‘sponsored’ post with its own teaser: that you can write off debt.
- Credit card approvals will fall and interest-free terms will shrinkon April 20, 2020 at 11:51 am
The Bank of England’s latest credit conditions survey revealed lenders believe the availability of household unsecured credit will decrease between April and June amid coronavirus.
- Balance transfer mix-up left my £3,500 bill on both credit cardson April 16, 2020 at 6:37 am
Neil Seagrave, 35, from Dorset, tried to transfer his credit card balance to HSBC at the start of March before his zero-interest term with Sainsbury’s Bank expired, but this was not resolved until April.
- Top interest-free credit card deals begin to disappear as providers cut dealson April 15, 2020 at 1:20 pm
Barclaycard, Sainsbury’s Bank and Tesco Bank have cut interest-free deals over the last month, some of which are the best around, as lenders evaluate their offers amid the coronavirus outbreak.
- What will today’s new FCA debt measures mean for you?on April 9, 2020 at 3:10 pm
The FCA today brought in measures which offer consumers struggling with their finances bigger fee-free overdrafts and the ability to freeze credit and loan repayments for three months.
- GEORGE NIXON: Could handing out more debt make our finances even worse?on April 7, 2020 at 6:38 am
The UK economy is built on spending, often fuelled by debt – credit cards, personal loans, car finance. We don’t want to shrink it, only keep it manageable; and keep the Jenga tower from falling.
- What do the FCA credit card and overdraft proposals mean for consumers?on April 3, 2020 at 6:44 am
The FCA this morning proposed banks should offer customers in financial difficulty an interest-free overdraft up to £500, and let them put credit card and loan repayments on hold for three months.
- Avios points: What should I use them on during coronavirus?on March 31, 2020 at 6:37 am
The Foreign Office has now advised against all overseas travel, it’s likely cancelling holidays is further up people’s priorities than booking new ones – so what can air miles be spent on?
- Contactless limit raised to £45 to help cut down on cash usageon March 24, 2020 at 9:58 am
Payment providers across the UK have upped their contactless payment limits from £30 to £45 in an effort to help customers cut down on cash usage.
- Three quarters believe in a credit blacklist…it’s a MYTH!on March 14, 2020 at 11:45 pm
Many of us know that having a good credit score is key to getting accepted for the cheapest cards, loans and mortgages but many still believe in common credit score myths.
- HSBC and Tesco Bank don’t offer credit card soft searchingon March 5, 2020 at 7:43 am
People applying for credit cards with two major UK lenders have to roll the dice to check if they will be accepted, putting their credit score at risk in the process.
- A wallet you can WEAR! The gadgets that could transform how you payon March 4, 2020 at 11:19 am
The white plastic-looking ‘K ring’ (pictured) – which also comes in black costs £99.99. It is both waterproof and scratch-resistant and can be used to make contactless purchases.
- Will you be charged a fee for using credit card to pay back Klarna?on February 28, 2020 at 9:08 am
Credit card customers of high street bank Halifax have reportedly been hit by charges when trying to make Klarna repayments, the buy now, pay later firm said.
- Why did a ‘fee-free’ Klarna purchase of a vacuum cleaner land me with a £2.65 charge?on February 14, 2020 at 7:43 am
A shopper who used buy now, pay later service Klarna to pay for a £199 vacuum cleaner in three ‘interest-free’ instalments was left confused after he was charged an extra 4.5%.
- The instant credit craze that can leave young shoppers with bags of debton February 12, 2020 at 11:13 am
Mature student Tamara Gray, 29, (pictured) got into financial difficulties after spending several thousand pounds on the websites Very and Shop Direct on a buy-now, pay-in-12-months basis.
- Could buy now pay later and Klarna kill the credit card?on February 8, 2020 at 9:13 am
Buy now, pay later has become the way for the younger generation to pay. Is it a dangerous form of credit or a useful way for shoppers to pay flexibly?
- UCAS says it’ll stop advertising private loans after Future Finance criticismon February 7, 2020 at 1:34 pm
UCAS will stop sending out emails advertising private student loan provider Future Finance, the student charity announced today, following a backlash over the promotions
- More borrowers expected take out loans after overdraft hikeson February 5, 2020 at 9:12 am
TSB is looking at launching a range of short-term loans aimed at families who regularly dip into their overdraft. TSB customers can currently borrow between £7,500 and £50,000.
- FCA: Banks must help customers in debt and not cancel their credit cardson February 3, 2020 at 1:41 pm
The Financial Conduct Authority has told banks to help customers get out of debt, amid concerns of a potential wave of credit cards being scrapped under new rules.
- UCAS still sending out Future Finance adverts five months after backlashon January 31, 2020 at 2:31 pm
The charity in charge of dealing with higher education applications is still promoting private loan companies to university students, despite criticism of the practice just five months ago.
- Banks refusing to unblock credit cards in branches as customers must phoneon January 29, 2020 at 9:08 am
Lloyds, Santander, Nationwide, NatWest, Virgin Money, HSBC and Barclaycard all confirmed staff cannot unblock credit cards in branch.Some banks say it must now be done by a specialist team.
- From slimming down debts to boosting Isas: Our wealth workout to give your finances real muscleon January 28, 2020 at 4:14 pm
The average Briton wastes £640 a year on unwanted subscriptions. Nearly 12million of us have less than £100 in savings. Here is our wealth workout to help you reach peak financial fitness.
- Wonga mis-selling victims to find out compensation figures in dayson January 28, 2020 at 2:31 pm
Almost 390,000 people who successfully complained about unaffordable loans from collapsed payday lender Wonga will soon find out their compensation.
- Banking with Lloyds for 40 years helped it uncover my £12k PPI payouton January 28, 2020 at 8:47 am
In an unusual case, four decades of sticking with Lloyds Bank was the main reason behind a Hertfordshire man obtaining a £12,000 mis-sold PPI payout.
- New Visa incentive for shops to give cashback to customers on January 21, 2020 at 10:58 pm
Visa’s scheme marks the first time all the UK’s banks will pay small stores to offer cashback. Beccy Soper (pictured), of Beccy’s Greengrocers in Stockbridge, Hampshire, said: ‘It’s a win-win’.
- Lloyds Banking Group credit card customers could have cards cancelled in Februaryon January 21, 2020 at 9:37 am
Britain’s largest banking group, which owns Lloyds, Halifax and Bank of Scotland, spelled out changes aimed at those in ‘persistent debt’ for 36 months.
- Hundreds of Saga customers receive surprise payout after platinum credit card mishapon January 19, 2020 at 10:43 am
Hundreds of customers of Saga have received an unexpected windfall following its admission that it badly handled the axeing of its popular platinum credit card last year.
- Virgin Atlantic Reward credit card offering bumper bonus pointson January 17, 2020 at 9:48 am
Frequent fliers after air miles towards their next holiday could take advantage of a new sign up bonus which could get them to three continents, provided they’re happy to pay a fee.
- The 0% balance transfer cards which charge no fees when moving debton January 16, 2020 at 10:44 am
Those looking to cheaply clear their debts this January could take advantage of 0% balance transfer cards which charge no fees, provided they are happy to pay their balance off quicker.
- Can using buy now, pay later hurt my credit score?on January 14, 2020 at 11:01 am
A large number of buy now, pay later users do not know the full implications of missing payments while a large chunk don’t believe the terms and conditions are clear enough.
- Lenders hike rates on 21 different credit cards as borrowing soars 40%on January 8, 2020 at 8:53 am
Britain’s debt binge has deepened – with figures last month showing credit card borrowing had surged by 40 per cent and the average family now owes £12,800 on credit cards, loans and car finance.
- Catapillr offers work interest-free loans up to £10k to pay for childcareon January 7, 2020 at 7:38 am
With nursery costs reaching as much as £12,000 parents are finding it difficult cope. But now a new provider enables employers to give interest-free loans to parents for childcare
- Number of 0% credit cards falls in 2020 and terms shortenon January 6, 2020 at 2:01 pm
There were 122 balance transfer offers in January 2017 compared to 76 today, according to figures from Moneyfacts – while the timeframe to pay back the debt has also shrunk.
- Credit card borrowing fell in November for the first time since July 2013on January 3, 2020 at 12:47 pm
Britons paid back more on their credit cards than they borrowed in November – the first time this has happened in more than six years, according to official figures.
- Five expert tips on how to get out of debt in 2020on January 2, 2020 at 9:11 am
If you are someone who is looking to start the new year by paying off more of their debt, This is Money and its personal finance experts are here to help.
- Spent a bit too much for Christmas! Switch cards to clear Xmas debton January 1, 2020 at 12:56 pm
Yesterday the Mail reported that nine million people will start the New Year owing between £2,000 and £10,000. A further five million owe more than £10,000.
- Personal debt mountain in Britain grows £45bn in a decadeon December 17, 2019 at 1:36 pm
Households have £45bn more debt on credit cards, personal loans and overdrafts compared to the start of 2010 – growth of 25% in 10 years, Bank of England data shows.
- How to get yourself bonus Avios points this Christmas with HSBCon December 13, 2019 at 8:42 am
Frequent flyers who fancy adding to their Avios balance have been handed an enticing Christmas bonus by HSBC, though the chances are they don’t know it.
- Check you will get balance transfer deal you want before ruining your credit score on December 11, 2019 at 8:48 am
Asking for too many balance transfer cards can damage your credit rating. Experian has launched a service that lets people enter their details online, including how much debt they want to transfer.
- Personal loan rates on borrowing £10,000 hit 10-year lowon December 10, 2019 at 4:18 pm
Britons looking to borrow to fund a new car, home improvements or a big life event like a wedding will now find taking out a substantial sum is the cheapest it’s ever been.
- Another buy now, pay later card? Tymit offers Klarna-like instalmentson December 9, 2019 at 7:57 am
The popularity of the likes of Klarna and other firms which let you spread the cost of purchases over instalments means credit card providers are increasingly adopting that model instead.
- Tandem Bank scraps 0.5% cashback card and will replace it with a premium optionon December 6, 2019 at 8:19 am
Smartphone bank Tandem is axing its cashback credit card for new customers, and from January those who want to use its successor will have to pay a membership fee.
Thursday, July 22, 2021