Loan News
OFT works to raise doorstep lending standards
The OFT has announced it has taken targeted enforcement action and sent over 50 warning letters as part of its work to improve standards in the home collected credit (doorstep lending) industry.
Students overcharged by £15m, finds Which?
The Student Loans Company (SLC) has taken more than £15m in overpayments from ex-students, shows new research from Which?.
Online treatment to help debt and depression
Free online treatment for hundreds of thousands of Britons battered by debt starts this week. The new service has been created by the Consumer Credit Counselling Service (CCCS), working closely with the Centre for Mental Health Research at the Australian National University (ANU).
Britain’s £44.6 billion hidden debt
Research from MORE TH>N Legal Services has revealed the total amount of unpaid loans between friends or family members stands at a staggering £44.6 billion, and one in three people (32%) admit such borrowing has caused rifts that may never be repaired.
£42,650 - The price of a degree
As the government trebles tuition fees to an eye watering £9,000 a year, struggling students can expect to fork out a staggering £43,650 over a three year degree course – nearly twice the UK average salary (£25,543 ).
Debt problems leave more sleeping on the sofa
Leading debt charity Consumer Credit Counselling Service (CCCS) has seen a rise in people calling its helpline who have no fixed abode.
Free online advice to help Brits tackle personal debt
My Money Steps has been launched by debt advice charity the Money Advice Trust. It's a new interactive online tool to help the growing numbers who need debt advice.
Brits happy to talk about salary and debts
Britain is becoming ‘shameless' according to new research from uSwitch.com, the independent price comparison and switching service, which reveals that Brits are no longer embarrassed to discuss issues that have traditionally been taboo.
Parents say it’ll be easier for kids to get into debt
Despite the credit crunch and the focus on finances the nation's parents admit they are still worried about whether the next generation will be able to manage their own money, according to a study by M&S Money.
'Bank of Friends' lends over £7bn in last 12 months
The effects of the recession have caused a new type of lending to emerge, as people turn to the 'Bank of Friends' to borrow over £7 billion to cover the gaps in their income according to new research from the Post Office.
Consumers warned on 'unenforceable debt' claims
The OFT is warning consumers that businesses that claim to be able to use sections 77/78/79 of the Consumer Credit Act 1974 to wipe out their debts are misleading them.
The secret to bridging loan success in France
It’s a familiar story. You’ve put your UK home on the market, keen to make a fresh start in France.
Review your finances ahead of the Spending Review
Following on from measures announced in June's emergency budget it is widely predicted that this week's Spending Review announcement will spell out even tougher measures to cut the budget deficit. In these austere and difficult times, analysis by moneysupermarket.com shows how consumers can take matters into their own hands, and save an extra £2,982 by switching to the best deals available on their financial products.
Lack of financial education has cost Brits £250 million
Lack of financial education has cost Brits nearly £250 million in charges and penalties alone, with almost a quarter (24%) having been hit by charges because they don't understand the terms and conditions of financial products, according to new research from uSwitch.com.
OFT crackdown on debt management companies
The OFT has told 129 debt management firms that they face losing their consumer credit licences unless immediate action is taken to comply with its Debt Management Guidance.