Although Brits may be confused by the billing of an insurance loan claim or PPI charges, utility statements leave them the most baffled. This is according to a study by price comparison site GoCompare.com, which found mobile phone bills, as well as credit card charges and bank statements, were among the easiest expenditures to understand. [...]
Bank refunds: ‘Shop around’ to save money
People might be able to reduce their outgoings and avoid making loan claims or incurring bank charges by shopping around. Makeitandmendit.com co-founder Hilary Bruffell suggested visiting eBay or Freegle when purchasing goods. A wide range of items can be sourced through these websites, such as sofas, building materials and “complete kitchens”, she remarked. “Just because [...]
Bank claims: RFID cards ‘put people at risk of fraud’
Brits could be at risk of incurring fraudulent credit card charges, following the roll-out of contactless technology by financial institutions. This innovation, which is called radio frequency identification (RFID), has allegedly left people open to having their personal information stolen from fraudsters with contactless card readers. If this happens, the victim could face bank charges [...]
Bank charges: Brits ‘have high tolerance for debt’
Brits could be particularly susceptible to suffering from credit card charges or other forms of debt, following Bright Grey’s financial safety net report that revealed the average person only thinks they are in serious financial difficulty when they owe £14,416. However, in 2010 this figure was £15,837, indicating the public is slightly more intolerant of [...]
Gamblers will incur credit card charges with Barclaycard
Barclaycard is to impose credit card charges on people who use their account for the purpose of gambling. From May 28th, the transactions will be treated as cash exchanges instead of purchases, which will result in users incurring a 2.99 per cent fee with a minimum of £2.99. This will increase the cost of a [...]
Woman defrauded in PPI refunds scam
A 42-year-old woman in Edinburgh has been defrauded of a three-figure sum by a company claiming to deal with payment protection insurance (PPI) claims. Lothian and Borders Police has urged members of the public to be aware of this scam, which involved the female being called at home by a person claiming to be from [...]
Loan claims: Lawyers ‘wished they had started saving earlier’
Many people are struggling to cope with loan charges or credit card claims and are reanalysing their outgoings because of this, with individuals in the legal profession being no exception. In a study by Wesleyan for Lawyers, it was found 53 per cent of workers in this role would have preferred to start saving money [...]
Banks hiring staff to deal with PPI claims
The misselling of payment protection insurance (PPI) has resulted in a jump in the number of claims managers hired by banks during the first quarter of the year. This is accorded to a survey by financial services recruitment firm BrightPool and reported on in The Scotsman, which found 60 per cent of these professionals were [...]
Bank claims: Borrowers ‘turning to more expensive forms of debt’
Tighter lending criteria introduced by banks and other financial institutions means borrowers may be at risk of building up debt due to credit card charges and other credit-related costs. Many borrowers have turned to more expensive forms of credit – such as credit cards and payday loans – in order to cover their outgoings and [...]
Bank claims: Which? research reveals dwindling household incomes
Nearly a fifth of Brits (19 per cent) have used credit card charges, loans or other forms of debt to pay for daily essentials such as food in recent years. This is according to research from consumer advocacy group Which?, which also found 26 per cent of people have been forced to dip into their [...]