Several years ago, I was awarded a payment protection insurance (PPI) refund on some money I borrowed. I received the cash, which was a pleasant surprise, and moved on with my life. But in June 2022, the claims company that handled that refund contacted me again. It said that HMRC had deducted tax from that … Read more
The number of 16-24-year-olds contacting the Financial Ombudsman Service for help with loans, credit cards and debt services has more than trebled in the last five years, figures show. It highlights a sharp rise in the number of young people struggling with loans and credit. Young people seeking help for debt services, including on their … Read more
Banks to allow customers to set their own contactless spending limits ahead of new £100 cap Some experts fear the new limit will lead to a rise in fraud and overspending Certain banks will let you reduce your contactless card limit or even switch it off Halifax and Bank of Scotland customers will be able … Read more
New American Express customers could earn £264 in Nectar points or £150 in Amazon vouchers after the credit card provider boosted its sign-up offer ahead of the Christmas run-in. Those signing up to its Preferred Rewards Gold credit card will now bag 30,000 membership reward points instead of the usual 20,000 if they spend £3,000 … Read more
An increasing number of Britons used buy now, pay later schemes during the pandemic as people turned to online shopping during successive lockdowns, a new report shows. One third of adults have now used a buy now, pay later product, according to the consumer group, Which? and two in five of those have done so … Read more
Young borrowers are unknowingly putting their financial futures at risk, with many unaware about the damaging implications of missing loan or credit card repayments. More than half (54 per cent) of 16–24-year-olds were unaware that a missed credit payment can impact their score and negatively impact their chances of securing credit in the future, according … Read more
Some overseas travel appears to be back on the table from next week, with countries including Iceland, Israel and Portugal among those looking likely to be open for quarantine-free trips abroad. And although many Britons may have saved on foreign holidays last year and have more money aside for a luxury getaway, the cost of … Read more
Thousands of hard-up Britons could benefit from biggest changes to Debt Relief Orders in years… but they still face a £90 upfront fee DROs are aimed at those who struggle to pay any interest-bearing debts They last for a year and protect borrowers from any enforcement action However, the eligibility requirements have not been changed … Read more
American Express cuts cashback on its market-leading credit cards in half from this week: Should customers head elsewhere? Amex offers fee-free and £25-a-year cashback credit cards paying up to 1.25% The payouts will be cut back depending on how much is being spent Those who spend between £5,000 and £10,000 on the free card are … Read more
Those looking to borrow to fund home improvements might not be able to take advantage of an interest-free advance from Conservative Party HQ, but they can benefit from a recent fall in loan rates. Despite the ongoing pandemic, banks and other lenders have cut borrowing rates since January, with lower-value of loans of between £5,000 … Read more