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Payday lender Wonga sent aggressive letters to customers with debts

Wed, 23 May 2012 00:00:01 +0100

The payday lender Wonga has been criticised by the Office of Fair Trading for accusing some of its own customers of being fraudsters.

Borrowing rise a new blow to George Osborne's debt-cutting plans

Wed, 23 May 2012 00:00:01 +0100

The Chancellor, George Osborne, faced another blow to deficit-busting efforts yesterday with more gloom on borrowing as the UK's slide back into recession hit the Treasury's coffers.

6,000 bogus PPI claims recorded

Tue, 22 May 2012 17:00:14 +0100

Nearly 6,000 bogus payment protection insurance (PPI) compensation claims were made to the ombudsman last year, figures showed today.

Julian Knight: Global action needed as Europe loses grip on crisis

Sun, 20 May 2012 00:00:01 +0100

It's more a jog than a run but there is a lot of money flowing out of banks at the epicentre of the eurocrisis. In Greece in one day, €700m (£563m) has been withdrawn by savers. In Spain, Bankia has called on savers to remain calm, while furiously denying €1bn has been withdrawn, hardly confidence inspiring. Reports of higher-than-expected withdrawals are also coming out of Portugal and Italy.

How peers can solve borrowing headaches

Sun, 20 May 2012 00:00:01 +0100

Small businesses need cash to invest or simply to keep their heads above water, while Britain's army of hard-pressed savers understandably crave better returns. That's the raison d'etre behind the latest peer-to-business lender launch. Massow's Angels, named after the founder; Tory entrepreneur Ivan Massow, is the new player in what is becoming a growth lending market.

Money Insider: Personal loans - to pay less, just borrow more

Sat, 19 May 2012 00:00:51 +0100

If you're seeking finance to help with the cost of your home improvements or perhaps to change thefamily car, a personal loan from your bank or building society is often the first port of call.

Spanish worries should not spread to Santander

Sat, 19 May 2012 00:00:33 +0100

Spanish-owned Santander has faced questions about its financial safety this week as the euro crisis deepened, causing rating agency Moody’s to downgrade 16 Spanish banks, including Santander UK.

Consumers 'trapped by payday loans'

Fri, 18 May 2012 07:55:12 +0100

Payday loans are trapping increasing numbers of consumers in a downward spiral of debt caused by exorbitant penalty charges, a consumer group has warned.

Wonga to open in Africa

Wed, 16 May 2012 00:00:01 +0100

The short-term loans provider Wonga has chosen South Africa for its first step in international expansion after trials showed that the country's consumers liked its online service.

Are credit unions a credible solution to loans misery?

Sat, 12 May 2012 00:00:58 +0100

The Government hopes that by improving, credit unions can provide basic financial services to millions of vulnerable people. officials are proposing to bankroll a small number of credit unions to help them do away with the irresponsible high-cost credit providers or loan sharks that can force folk into a debt spiral.

Simon Read: The payday lender betting on passers-by to borrow a stake

Sat, 12 May 2012 00:00:01 +0100

Payday lenders assure me they don't prey on the vulnerable. Instead they claim to offer a valuable service to busy people who need cash in a hurry.

Credit unions urged to modernise

Thu, 10 May 2012 16:45:07 +0100

Up to seven million people who currently pay a high price for borrowing could be helped by the growth of credit unions, a Government report said today.

Simon Read: Do payday lenders treat people with dignity and respect?

Sat, 28 Apr 2012 00:00:01 +0100

Some great news from payday lenders this week. They claim that we've got them all wrong and, in fact, their customers are a very happy bunch. They've done some research to back up their claims, too. According to the survey – funded, incidentally by the Consumer Finance Association which represents some payday lenders – 93 per cent of payday loan customers think the firms treat them with dignity and respect.

OFT tells firms to stop using misleading 'helpline' names

Fri, 20 Apr 2012 08:27:45 +0100

Businesses offering credit services must not mislead customers into believing they are a charity or government body by using names such as "helpline" or "debtline", the trading watchdog said today.

Rise in employers checking staff credit records

Sun, 15 Apr 2012 00:00:01 +0100

Employers are increasingly using credit checks when deciding who to hire, according to financial information service Call Credit.

Alternative to payday lenders offered at new discount site

Sat, 14 Apr 2012 00:00:01 +0100

A new discount website will encourage hard-up people to turn to credit unions rather than become loan shark victims.

Money Insider: Annual credit card statements on the way

Sat, 07 Apr 2012 00:00:01 +0100

As well as receiving their usual monthly account statement, the UK's 31 million credit card holders willsoon start to see a new type of credit card statement dropping through their letterbox for the first time.

Fans tell clubs to stop the payday-loans profiteering

Sat, 07 Apr 2012 00:00:01 +0100

A Northampton Town supporter is leading a campaign to force football clubs to ban payday loan firms from advertising on their websites.

OFT says 'no licence' to broker Yes Loans

Fri, 06 Apr 2012 00:00:01 +0100

One of Britain's biggest personal loan brokers, Yes Loans, has been successfully shut down by the Office of Fair Trading after preying on consumers with "deceitful and oppressive business practices".

Savings and loans on the increase

Wed, 04 Apr 2012 12:45:26 +0100

The emergence of credit unions as an alternative to high street lenders continued today after figures showed further growth in savings and loans.

Annual statement reflects new card 'transparency'

Sun, 01 Apr 2012 00:00:01 +0100

Up to 31 million credit card holders can expect see a new annual account statement land on their doormats over the next few weeks and months. It will outline card usage over the year as well as any fees or interest charged.

Should you profit from expensive payday loans?

Sat, 31 Mar 2012 00:00:01 +0100

Ordinary people now have the chance to profit from the payday lending boom. A new lender launched this week hopes to persuade people to put up the cash to lend to others who are willing to pay for expensive short-term credit.

Fee-charging debt firms warned to stop pest texts

Sat, 24 Mar 2012 00:00:01 +0000

Debt management firms which charge fat fees for advising people about how to deal with debt woes were warned about some of their dodgy activities this week.

Loan repayments 'outstrip new borrowing'

Fri, 23 Mar 2012 10:45:48 +0000

Consumers have paid back personal loans, credit cards and overdrafts at the fastest rate for more than a year as their appetite for borrowing remains weak, a high street banking report said today.

Sudden card rate rise? Don't just shrug, take action

Sun, 18 Mar 2012 00:00:01 +0000

Picture the scene: you open up what you think is a routine letter from your credit card provider and find that the nice, low rate you have been paying is no more.

'I want to get on with my life without £9,000 debt'

Sun, 18 Mar 2012 00:00:01 +0000

The patient

Five Questions About: Rewards credit cards

Sat, 17 Mar 2012 00:00:01 +0000

What are rewards credit cards?

Spotlight On: Derbyshire BS personal loan

Sat, 17 Mar 2012 00:00:01 +0000

The deal

Online lending 'could replace' banks

Thu, 15 Mar 2012 00:00:01 +0000

A senior Bank of England policymaker has suggested that small online peer-to-peer lenders could one day replace high-street banks.

'Rules need to cover shadow banking'

Thu, 15 Mar 2012 00:00:01 +0000

Lord Turner, the chairman of City watchdog, the Financial Services Authority last night blamed the "shadow banking" sector as being a significant contributor to the financial crisis.

Virgin raises credit card rates

Tue, 13 Mar 2012 15:29:52 +0000

Virgin Money has raised interest rates on its credit cards by almost 50% in a further blow to borrowers faced by recent mortgage rate hikes.

MPs push for greater controls on payday loans

Wed, 07 Mar 2012 00:00:01 +0000

MPs have demanded a new law to rein in companies offering high-cost, short-term payday loans to stop them exploiting vulnerable people.

Halifax increases standard variable rate to 3.99 per cent

Sun, 04 Mar 2012 00:00:01 +0000

Halifax, Britain's biggest mortgage lender, is to dramtically increase the cost of its standard variable rate (SVR) mortgages from 1 May.

OFT launches inquiry into payday loans

Sat, 25 Feb 2012 00:00:01 +0000

The Office of Fair Trading has finally agreed to investigate the payday loans industry after a long-running campaign by The Independent and others.

Simon Read: Vulnerable need protection from unscrupulous lenders

Sat, 25 Feb 2012 00:00:01 +0000

Payday lenders say their loans offer people convenience.

You're not alone: How to ease the pain of debt problems

Sat, 11 Feb 2012 00:00:01 +0000

Just as the darkest hour is said to come before the dawn, this weekend is going to be a tough one for many people struggling with debt. The free debt-advice agency Christians Against Poverty (CAP) expects this Monday to be its busiest day of the year.

Simon Read: Pets and sweethearts are this week's payday loan targets

Sat, 11 Feb 2012 00:00:01 +0000

Payday lenders are all set to become more mainstream, if you believe the accountancy firm PricewaterhouseCoopers. The bean counters said in a report published this week that they've seen increasing evidence of consumers seeking alternative finance such as payday loans.

Spotlight On: Halifax clarity credit card

Sat, 11 Feb 2012 00:00:01 +0000

The deal

Five Questions About: Cashback credit cards

Sat, 04 Feb 2012 00:00:01 +0000

How do cashback cards work?

Borrowers pay back £400m in December

Tue, 31 Jan 2012 16:10:40 +0000

Consumers cut their debts at the fastest rate in two decades during December amid signs they dipped into savings to pay for Christmas.

Roll-over loans curb agreed by Wonga

Mon, 30 Jan 2012 00:00:01 +0000

Britain's biggest payday loan company, Wonga, has signed up to a new code of practice being introduced on Wednesday that will restrict the number of times a loan can be extended.