MoneySavingExpert News

Loans

Customers of collapsed rent-to-own firm BrightHouse unlikely to receive any form of refund - here are all the details

Customers of collapsed rent to own company BrightHouse are unlikely to get any money back after the firm's joint administrators said the cost of refunding people would "far exceed" the money available.

16 May 2022

Amigo borrowers have until 5pm today to vote on their preferred mis-sold loans redress scheme

Thousands of Amigo borrowers who were mis-sold loans they couldn't afford are being given the opportunity to vote on two different redress schemes: one that will see borrowers get back an estimated 41p per £1 owed and allow the company to continue operating, and one that will see borrowers get back 33p per £1 owed but will result in the closure of the loans firm. Here's all you need to know.

10 May 2022

Bank of England increases base rate to 1% – what the rise means for your mortgage and savings

The Bank of England has increased base rates to 1% from 0.75% after the Monetary Policy Committee (MPC) voted in favour of a rise. The base rate is used by the central bank to charge other banks and lenders when they borrow money – and influences what borrowers pay and savers earn.

10 May 2022

Klarna will share your buy now, pay later borrowing data with Experian and TransUnion from June - here's what it means

Shoppers using Klarna's buy now, pay later (BNPL) services will have their repayment data shared with two of the UK's biggest credit reference agencies from 1 June, so how you manage your repayments could affect your ability to get credit in future.

4 May 2022

Almost 80,000 QuickQuid borrowers will get back just over half of what they're owed for mis-sold loans

Around 78,500 QuickQuid and Pounds to Pocket borrowers, who were mis-sold loans they couldn't afford, will receive refunds of some of the interest and fees they were charged at a rate of 53.5p to every pound owed, it's been confirmed. Pay outs are expected to be sent within the next two weeks.

26 April 2022

Over 30,000 247MoneyBox borrowers to receive redress for mis-sold loans this week – but they’ll get back less than 10% of what they’re owed

Over 30,000 247MoneyBox borrowers, who were mis-sold payday loans they couldn't afford, are to receive refunds of some of the interest and fees they were charged by this Friday (15 April). But they'll get back less than 10% of what they are owed.

14 April 2022

Student loan interest rates could rise to 12% for some this September

Student loan interest rates are set to rise for many from September – though the changes are yet to be finalised by the Government.

13 April 2022

Provident confirms payouts for borrowers – but they'll get back less than 10% of what they're owed

Provident borrowers who were mis-sold loans they couldn't afford will receive refunds of some of the interest and fees they were charged this July, it's been confirmed. But they'll get back less than 10% of what they're owed.

13 April 2022

Martin Lewis: 'This is a big increase to the cost of uni' – Government makes sweeping reforms to the student loan system in England

Changes include lowering the repayment threshold to £25,000 a year and increasing the length of time over which graduates repay their loans by 10 years.

24 February 2022

Plan 2 students to pay £4,500 more as Government freezes repayment threshold until 2025

Students on Plan 2 repayment schemes will pay back thousands more of their loan, after the Government announced the threshold will remain frozen until 2025.

24 February 2022