Two payday loan companies have been forced to surrender their consumer credit licences after a crackdown on payday lenders by the OFT (Office of Fair Trading). Three more companies could lose their licence as they are currently being investigated too. The two companies that have surrendered their consumer credit licences are The Payday Loan Company…

British banks have said that they do not expect to increase the amount of lending available to businesses in the second quarter of 2013. This is despite the rise in the amount of companies looking to secure loans to help grow their businesses. A survey by the Bank of England has shown that lenders predicted…

The rising rate of rent in the UK is forcing many Britons to start making major sacrifices in order to remain in their homes, according to a report from AXA. The lengths that people have gone to range from moving to a smaller or more distant property, selling a car or even stopping private tutoring…

It’s been no surprise that workers in the UK have had their wages cut in real terms since the financial crisis began, but now the Trades Union Congress (TUC) has highlighted the extent of the problem. Releasing a report comparing the UK’s average wage growth to other countries in economic turmoil, the TUC general secretary…

The minutes from the Monetary Policy Committee’s (MPC) latest meeting show that there is a more sizable portion of the committee willing to engage in further quantitative easing (QE) than was expected. The international monetary markets jumped on this news, abandoning the pound in favour of currencies or materials that are considered to be at…

An investigation by journalists has revealed that some banks are charging insane rates for overdrafts on their accounts, resulting in annual interest rates of as much as 53,000,000% for money that is owed by customers. This, unsurprisingly, results in many customers finding it incredibly difficult to pull themselves out of debt as they not only…

The amount of debt that people will carry into their retirement this year has fallen compared to last year’s figure, dropping to an average of £31,200. This average is also only for those with debt, which is just one in five of those who will retire this year. Most of this debt comes from either…

Both banks and those involved in the claims industry have said that 2013 is likely to see more than £6 billion paid out to victims of the Payment Protection Insurance mis-selling scandal. During 2012, over £6 billion was paid out by the banks, more than £500,000 a month. This is an extraordinary turnaround for the…

With the festive season over, many Britons will be looking at their bank balances and wondering if they may have gone a little overboard this year. The temptation to go large for Christmas and New Year’s can be a bit too much for some, and people often find themselves taking out short term loans or…