Around 45,000 investors in the now-defunct peer-to-peer lender RateSetter have had their accounts closed and their money returned after it was taken over by Metro Bank last August. Customers began receiving emails from last Tuesday after the High Street lender in February gave investors two months’ notice that it had bought £384million worth of loans … Read more
Hady Ahmad with his mother I’m an engineer in the oil industry who has to travel a lot for work to countries like Qatar. Towards the end of last February my income dried up as a result of the pandemic as countries imposed travel restrictions and the price of oil fell. As a result, I … Read more
The buy now pay later small print that can take up to an hour for shoppers to read By Fiona Parker For The Daily Mail Published: 22:01 BST, 6 April 2021 | Updated: 22:01 BST, 6 April 2021 Buy now pay later small print is so long and complicated it could take up to an … Read more
Customers who have made a Section 75 claim with their bank or credit card provider could be waiting until next year for a refund, This is Money can reveal. One HSBC customer – who simply wants to be named as Ray – made a claim in August 2020 after a New York holiday scheduled for April … Read more
Britain’s largest guarantor lender Amigo Loans has been given the green light by the High Court to proceed with a scheme designed to cap the cost of compensation for mis-sold loans. Up to 1million current and past borrowers potentially given unaffordable loans as long ago as 2005 will now have until 12 May to vote … Read more
Regulators should crack down on ‘profiteering’ from card companies as Visa hikes interchange fees for shoppers buying from the EU by 475% Visa is the UK’s largest card provider with an 84% share of the card market It appears to be joining Mastercard in raising interchange fees by up to 475% European merchants are billed … Read more
Some of Britain’s biggest high street names look to be developing their own in-house challengers to buy now, pay later services like Klarna as they try and muscle in on the booming £2.7billion sector. John Lewis has launched an online payment method in partnership with French bank BNP Paribas that will let customers borrow up … Read more
Balance transfer bounce back continues: Banks boost 0% terms after credit card availability hit an all-time low There are now 59 balance transfer deals and 56 purchase deals available Although below pre-pandemic levels these are more than were around in 2020 Banks have increased their interest-free term lengths since the start of the year This … Read more
Treasury pledge to fund £3.8m no-interest loan pilot for hard-up borrowers ‘a step in the right direction’ say debt charities and lenders Scheme could help those who cannot afford to pay interest on loans It is based on an Australian-style community lending scheme Initiative was proposed by previous Chancellor Philip Hammond in 2018 As many … Read more
Loan gripes soar during the pandemic as families struggle to afford repayments By Amelia Murray For The Daily Mail Published: 22:01 GMT, 2 March 2021 | Updated: 22:01 GMT, 2 March 2021 Complaints about loans soared last year as families struggled to afford repayments in the pandemic. Guarantor loans, which are typically taken out with … Read more