One in seven Britons has turned to credit such as a payday loan or unauthorised overdraft to help cover their rent or mortgage in the last year. Shelter, who carried out the research, has warned that relying on such methods could lead to people losing their homes. The figure equates to almost seven million people [...]
The Office of Fair Trading is taking action against a number of payday loan companies after complaints about these short-term loans doubled in the space of a year. The OFT has not named the companies involved, but said it was concerned firms were not checking whether customers could afford to repay these debts or explaining [...]
The dire state of many Britons’ personal finances has been underlined by new research that shows 3.5m people are considering taking out payday loans over the next six months. Concern over personal debt has reached the highest level since insolvency body R3 began making records, it said yesterday as it warned of “zombie debtors” who [...]
You know you’re living paycheck to paycheck if you find that you’re consistently running out of money before your next paycheck arrives. If you frequently have to borrow money from friends or relatives, take out payday loans or cash advances, or use your credit cards to cover your expenses until your next payday, then you’re [...]
A price war has broken out in the personal loan market, with the average rate on an unsecured loan of £7,500 falling to 7.89pc – the lowest level since November 2008. However, those looking to borrow a smaller amount will not see the benefits of rate cuts as the average rate on a £3,000 loan [...]
In one American poll you may have missed yesterday, the good people of Montana voted to slam the door on payday lenders. These are the legal loan sharks who pile eye-watering interest rates on short-term loans to working people who struggle from one month to the next. Montana is now the 16th US state where [...]
At least 5,000 people are being pursued by debt collectors working on behalf of a payday loans firm, for sums they did not borrow in the first place. Police believe fraudsters managed to get loans paid out by Help Loan using personal details of innocent Britons. The Finland-based company believes the fraud has cost it [...]
Debt advice groups are calling for urgent action over payday loans that charge extremely high interest rates. They want the market regulator to make lenders behave responsibly, as some companies have lent money at a rate equivalent to almost 2,000% annually. Payday loans typically involve a lender advancing a customer cash, usually for a month, [...]
UK Government borrowing fell sharply in July, although the country continued to sink further into debt. The Government borrowed £3.8bn over the month, down from £14.7bn in June, £18.4bn in May and 6.1bn in July last year, according to figures from the Office for National Statistics (ONS). It brings public borrowing for the four months [...]
Britain faces a weaker economic recovery and higher inflation for longer than previously hoped, the Bank of England forecast today. Economic expansion will peak at 3pc next year, weaker than the 3.6pc the Bank was expecting just three months ago. Today’s Inflation Report also forecast that the level of prices will remain above the Bank’s [...]
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