High-cost lenders to be unmasked This is good news for consumers, particularly those who have experienced money problems because of extortionate interest rates. Some payday lenders are charging borrowers annual borrowers which lenders are charging unreasonably high interest on loans. As a result, it seems likely that more payday lenders and high-cost credit companies could be forced out of business.interest rates on short-term loans of up to 6,000 per cent in order to make large profits. After a year-long investigation, and having assessed approximately 15 million loans, the CMA concluded that most borrowers are being overcharged by five or ten pounds when they take out a loan and that in total borrowers are paying about £45 a year too much.The Competition and Markets Authority (CMA) has called for an independent price comparison website to demonstrate to New rules Last month the Financial Conduct Authority (FCA) revealed that the tough new rules introduced in April have forced alm
http://www.churchwoodfinance.co.uk/blog/articles/high-cost-lenders-unmasked/
According to a recent survey created by the Money Advice Service, social spending is a major reason for over stretched budgets in the UK. The research confirmed that half of the people questioned had built up bad debt just to fund their social lives. The report reveals that the main reason people overspend on leisure and going out is because they do not want to appear “tight” in front of their family members or friends. Being “less than generous” is not acceptable within British society. Almost one third of people stated that keeping up appearances leads to overspending. Another 36 per cent of the respondents confessed that a lack of self-control was responsible for their extensive social overspending. Social pressure creates a situation when people seem to have no other choice but to keep on paying. As a result, one fifth of people surveyed had to “make up” the loss and cut back on essential expenses, such as food shopping. Taking holidays, going out for meals and buying
http://www.churchwoodfinance.co.uk/blog/latest-news/social-spending-leads-bad-debt-study-reveals/
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New figures reveal a steep rise during the last three years in the number of people in England and Wales who are getting into debt because of the administration of working tax credits. A report from the Citizens Advice Bureau (CAB) details increases in the number of people who visited their help centres because they were having money problems created by demands from HMRC for overpaid tax credits. In England this was 52 per cent in 2013/2014 – a total of 18,273 compared to 12,024 in 2010/2011. In Wales the increase was 45 per cent in 2013/2014 – 1,329 compared to 908 people in 2010/2011. Working tax credits are paid to employees on low incomes to help them with their cost of living. There are a series of rules that apply concerning allowed wage levels and family circumstances. Overpayments can happen if an employee fails to report a change in their situation, such as an unexpected rise in income, or if there is an HMRC error in their administration of the payments. What’s the eff
http://www.churchwoodfinance.co.uk/blog/articles/sharp-rise-debt-problems-due-overpaid-tax-credits/
The latest financial product from Tesco Bank, a credit card offering 19 months interest free period, is likely to become one of the most popular available. Experts, however, say that it is likely that many customers will get into serious debt if they cannot pay the money back within the introductory period. Tesco s new credit card is a good offer for those who would like to spread the cost of larger expenses over a longer period. It has a Clubcard points offer attached, and allows customers to buy items initially without having to pay interest. Those who are looking to transfer the balance of another card on to Tesco s new account will only have three months interest free period, though. They will also have to pay a fixed balance transfer fee of 2.9 per cent of the outstanding amount. It is likely that applications from customers who do not have high credit scores are going to be rejected. As the interest rate is variable, those with less than perfect a credit score will be offered a
http://www.churchwoodfinance.co.uk/blog/latest-news/tesco-bank-introduces-19-months-interest-free-credit-card/
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