Banks find out that their charges are most likely unfair

Over the past couple of years the bank charges applied to accounts by banks have been at the centre of controversy, with some banks charging close to £40 per fee when the customer went over their overdraft limits and for returned direct debits and bounced cheques. Officials from the Office of Fair Trading were concerned because the charges were far too high, because they did not in any way reflect the costs incurred by the bank, which amounted to just a few pounds. Read more

Tags: test case, office, decision, memo, Law Crime, oft, bank charges, rbs

August retail sales levels cause surprise

According to recent reports industry officials were pleasantly surprised recently when data showed that there had been an unexpected surge in retail sales levels for the month of August. The rise in retail sales levels was not a huge one, but many industry experts had been expecting sales levels to fall by around 0.5%, so the increase of 1.2% in high street sales came as good news. The figures came from the Office for National Statistics. Read more

Tags: Marketing and Advertising, increase, school period, overstretched household budgets, retail sales

Another bank gets nationalised

Earlier this year the financial headlines were filled with news about the government taking over the stricken bank Northern Rock. Over the past few days the government has used the same legislation that was used in the Northern Rock takeover to rush through the nationalisation of another troubled bank, Bradford & Bingley. According to reports the government will be taking on the £50 billion loan book of the troubled bank, much of which has been lent to buy to let investors, whilst the Spanish owned bank Santander, which also owns Abbey, takes on the savings account side of the business, said to be value at £20 billion. Read more

Tags: fact, largest level, northern rock, bank, bradford & bingley, stability, Financial services

Another bank gets nationalised

Earlier this year the financial headlines were filled with news about the government taking over the stricken bank Northern Rock. Over the past few days the government has used the same legislation that was used in the Northern Rock takeover to rush through the nationalisation of another troubled bank, Bradford & Bingley. Read more

Tags: FTSE, Minister, barclays, level, banks, bradford & bingley, nationalisation, major banks

25% of the nation could face fuel poverty

Energy prices have been at the centre of heated controversy over the course of this year. At the start of the year the big energy firms in the UK cheerfully announced that because the price of wholesale energy had risen the cost of energy usage for customers would be going up, and just weeks later, true to their word, they increased energy usage costs quite significantly, leaving already struggling household to cope with more financial worry and strain. Read more

Tags: fuel, quarter, GBP, report, electricity bill, gordon brown, situation, money

CML said mortgage lending fell again in August

According to officials from the Council of Mortgage Lenders mortgage lending levels fell in August, with the value of mortgage lending having fallen by 12 percent compared to July and by 36 percent compared to August of the previous year. The total amount of new mortgage lending for the month came to just £21.8 billion. This was the lowest level of mortgage lending since 2005 and the lowest level of mortgage lending in August since 2002. Read more

Tags: property transactions, council of mortgage lenders, mortgage lending, economics, long house prices, amount, industry, new mortgage lending

Is wedding insurance cover a good idea?

As a nation we Brits love to feel secure and safe with total peace of mind that we have done all we can to protect ourselves and our loved ones from a range of eventualities. This is why the insurance industry has become so huge, with Brits taking out all sorts of insurance policies to cover all sorts of circumstances. From travel insurance and home insurance to insurance for our pets, cars, mobile phones, health, and even our lives, insurance is something that gives us a sense of security – and often helps us to avoid the huge financial losses that we may otherwise have faced without it. Read more

Tags: travel, Marriage, total peace, security, something

Rising Energy Costs Could Be Disastrous For Households

With the rising costs of gas and oil, millions of households in the UK could find themselves in critical financial difficulty in the coming months. This is the warning of an MP committee in light of the fact that the energy costs faced by many manufacturing companies in the UK are substantially higher than in the rest of Europe. Read more

Tags: lack, manufacturing, Household, ofgem, gas producing companies, europe, storage, foresight

How is your retirement looking?

When we think of retirement many of us imagine spending our days soaking up the sunshine in a retirement home in Spain, travelling the world and seeing the sights we never had time to enjoy before, or even spending time with loved ones and enjoying the chance to spend both time and money with family and friends. However, in reality this is something that many of us will never see or experience, because a recent report suggests that many people will still be well in the red when they hit retirement age. Read more

Tags: plan, thought, fifty, retirements, recent reports, culture

Auction cut prices on property

Potential property purchasers that want to take their chances on properties that go up for sale at auction could benefit according to a recent report, which suggests that auctions are cutting the prices of their properties. Auctioneers are being forced to cut the prices on properties going under the hammer due to the housing slump, and many buyers heading for the auctions could enjoy huge savings as a result of this. Read more

Tags: recent report, property, August, housing slump, come down

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