Worries about finances affecting borrowing levels

It has recently been reported that the level of borrowing amongst consumers in the UK has been negatively affected as a result of so many consumers being worried about their financial situations. Read more

Tags: External Commercial Borrowing, financial crisis, behaviour, Business Finance, personal finances, personal finance, finance

Huge fine for energy firm

One of the UK’s big six energy firms received an unexpected Christmas present from the UK’s energy regulator, Ofgem…in the form of a fine for nearly £2 million for mis-selling its contracts to customers. The regulator announced just before Christmas that the energy giant, NPower, was to be fined £1.8 million for failing to take the necessary action in relation to stopping the mis-selling of its contracts to customers. Read more

Tags: ofgem, Complaint, mystery, energy firm fine, sale, energy giant

Banks’ January sales scam

Consumers are being warned that banks are trying to fool them with so-called new year sales, says an industry expert.

A number of high street banks have launched special deals this week, claiming to offer consumers attractive rates on a number of products.

However, consumer campaigner and founder of moneysavingexpert.com Martin Lewis says the sales are nothing more than a “great scam”.

“I have not seen anything I would describe as a sale,” said Mr Lewis. “A sale is a period when you get better deals. This is a bank promotion to look like a shop sale.

“What you are actually seeing is the big four high street banks, who are hideously overpriced normally, doing some price reduction so that they are now only over priced.”

Mr Lewis went on to say that consumers should give most of the banks’ sale items a miss and aired his anger at the behaviour of some of the leading banks.

“It is a great scam. You are more expensive than the market place, so you reduce prices and call it a sale,” he added.

Tags: behaviour, price, street, january sales, industry expert, bank, com