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Consumers Struggle to Keep up Debt Repayments

It has been reported that the number of borrowers struggling to repay their loans and overdrafts increased at the end of 2016. The level of unsecured debt has recently been increasing ‘at its fastest pace’ for 11 years, and default rates on unsecured debt rose during the final three months of the year according to… View Article

New Homes for First-Time Buyers

The government has claimed that ‘thousands’ of new homes are to be built during 2017 for first-time buyers. Funding will be given from the £1.2bn pot to thirty areas across England so that new housing developments can be built on what are currently ‘brownfield sites’. The funds will come from the governments ‘Starter Homes Land… View Article

Slower House Price Growth Expected for 2017

Nationwide have claimed that although the growth in house pricing was ‘relatively stable’ throughout 2016, there is a likeliness that it will be slower during 2017. Over the last 12 months, average prices have increased by 4.5%, as per figures from the latest House Price Index, which is the same as the rate in 2015. However,… View Article

Delayed Deadline Decision Could Mean Banks Pay More for PPI

A delay in the Payment Protection Insurance (PPI) cut-off date from the Financial Conduct Authority (FCA) could mean banks are going to be paying out more for the £40bn mis-selling scandal. Originally, the regulator stated that it was looking at a cut-off date for making PPI claims of mid-2019, with a final decision being announced… View Article

Millions of Basic Bank Account Customers Paying Unnecessary Charges

Government figures have indicated that higher fees than ‘necessary’ could be being paid by many people who hold a basic bank account. The number of people who may be paying these fees is thought to be in the millions. These basic accounts are created for those people who do not already possess a bank account… View Article

Workers Living in Poverty

A recent study has suggested that although there has been a positive change in the UK economy, poverty is rising amongst those who are in employment. Research from the Joseph Rowntree Foundation (JRF) showed that high costs of renting are causing around ‘3.8 million workers’, which works out as one in eight, to live in… View Article

Rent Fees to be Banned

Within the Autumn Statement, Chancellor Philip Hammond, will be announcing plans to ban letting agents from charging tenants fees. At present, tenants can be charged a number of fees, including reference checks, credit checks and immigration checks, however, these fees have already been ‘banned’ in Scotland, and are soon to follow suit within England and… View Article

Co-operative Bank to Cut Jobs

As part of its three-year recovery plan, the Co-operative Bank will be making 200 job cuts by March 2017. The bank has announced that these cuts will be mainly made from management and head office roles in the regions of Manchester and Stockport. During 2013, the bank ‘almost collapsed’ and it is preparing to continue… View Article