Debt repayment increasingly difficult says CCCS

Chancellor determined to cut 50p tax rate

The question of whether or not to scrap the 50p income tax rate is dividing the coalition government in the run up to the budget on 21 March. Chancellor of the Exchequer George Osborne is determined to reduce income tax on earnings over £150,000, but the proposal has been met with disapproval by Lib Dem [...]

Stamp duty rush causes rents to fall

Rents on private accommodation fell by 0.6 per cent last month, to an average of £707, according to the latest Buy-to-Let Index from LSL, a provider of residential property services. The agency suggests that the fall is likely to be temporary as it is related to an increase in the number of tenants deciding to [...]

93% of ISAs transferred within 15 days

Many savers will be planning to transfer their cash Isa, to take advantage of new deals appearing prior to the start of the higher Isa allowance on 6 April. They will be pleased to hear that there has been a significant improvement in the time taken to complete a transfer. Isa’s often offer an introductory [...]

Debt repayment increasingly difficult says CCCS

Although households reduced their debts last year they face a ‘tide’ of difficulties in repaying them, according to a study by the Consumer Credit Counselling Service (CCCS). The study of 370,000 cases handled by the counselling service suggests that youth unemployment and rising rents are key factors which cause people to fall into debt. 42% [...]

Tesco raises pension age to 67

Supermarket retailer Tesco has increased its pension age by two years to 67 for the 170,000 employees who contribute to the company’s scheme. Tesco employees will still be able to retire from the age of 55 at a reduced pension rate, but they will only receive a full pension if they work until 67. The [...]

Credit card insurance covers faulty breast implants

Lloyds TSB has refunded the £3,700 cost of a woman’s breast implants after they ruptured. The woman, who is in her 40s and lives in the Midlands, had the implants in 2008 at a private firm which later went into administration. . She consulted a breast cancer clinic in September 2011 after she found a [...]

Virgin Money hikes credit card interest rates

Virgin Money has increased the interest rate on credit cards for some of its customers from 16.8 per cent to 24.9 per cent. Following criticism of the move, the bank unsympathetically told the customers to either accept the increase, which amounts to nearly 50 per cent, or pay off their balances. The rates on balance [...]

UK property market improves

Signs are emerging that the UK property market is slowly starting to improve. According to the latest figures from The Royal Institution of Chartered Surveyors (RICS), the number of house sales increased in January, helped by first-time buyers rushing to secure a purchase before the end of the stamp duty exemption on homes under £250,000. [...]

Motorists unable to pay insurance excess

Many motorists are increasing the voluntary excess on their motor insurance policies in order to keep the cost of the policy down, according to a study by Axa. However, if they have an accident, this can mean they are unable to afford the excess payment and are therefore unable to have their vehicle repaired. The [...]

NewBuy mortgage scheme launched

The government launched its NewBuy scheme today, to help people afford a mortgage on a new property. The mortgage indemnity scheme will help people borrow up to 95 per cent of the value of new homes, for example on a newly built £200,000 property they would have to provide a £10,000 deposit. Since the credit [...]