The latter half of 2010 witnessed a rise in the number of financial complaints to the Ombudsman. The Financial Ombudsman Service (FOS) received 15% more official grievances in the second half of the year than in the first half. Coming in at the very top of the list of annoyances was the UK’s largest bank, [...]
Posts Tagged ‘financial products’
£150m wasted on credit card charges
In a survey conducted by confused.com, it has been revealed that a combined total sum of £150 million is being overspent on tardy payments by holders of credit cards. The late payments incur charges, meaning that many credit card users are actually making payments of a sum much higher than is necessary. It has emerged [...]
Homeowners at risk over £600 debts
Peoples homes are being put at risk over debts as low as £600 according to the Office of Fair Trading (OFT). The OFT has found that some lenders have been telling their customers to pledge their homes against non-mortgage debt before using charging orders to recoup the money. Charging orders are a legal way for [...]
Banks Leaving Customers in Dire Poverty
UK high street banks have been accused of leaving some customers in ‘dire poverty’ after taking money out of their accounts without permission. Currently banks can move funds between different accounts belonging to the same person without giving prior notification. This practice, known as ‘setting off’, typically involves banks moving cash from a current account [...]
1.2 Million People Using Payday Loans
The number of people in the UK taking out payday loans has quadrupled since 1996. This is despite some companies charging interest rates as high as 2,500% a year. With these high interests in mind there have been calls for the industry to bring in more safeguards to protect vulnerable lenders. These figures on payday [...]
Bankrupts ‘Need Bank Accounts’
People who have been made bankrupt are being treated unfairly by UK banks and building societies. This is the opinion of Citizens Advice who claim that many banks will not allow bankrupt individuals to open even a basic account. Of 17 banks and building societies contacted by Citizens Advice only two would allow an undischarged [...]
The Confusion of Consumer Debt Advertising
If you are struggling with financial problems, particularly if you are being threatened with bailiffs and Court, then it is imperative you get professional debt advice as soon as possible. However, for many people getting the correct advice quickly is often easier said than done. For many people with debt problems, Citizens Advice is usually [...]
Least Useful Financial Products Revealed
A recent report has revealed the least useful financial products currently being offered to UK consumers. The report published by consumer rights magazine Which? rated the worst buys from the many financial products on which millions of pounds are wasted by the British public each year. Topping the list as most worthless is mobile phone [...]