MoneySavingExpert News

Loans

New Government-backed interest-free loan scheme to be rolled out across the UK from September – here’s how it works

Vulnerable people who have been rejected from borrowing will apply to apply for a one-off no interest loan scheme (NILs) from September. The scheme aims to reach 20,000 struggling to pay off debt, with them being able to borrow anything from £100 to £2,000 – here’s how it’ll work.

23 June 2022

Buy now pay later regulation confirmed - but Martin Lewis warns that action is 'far too slow'

Plans on how buy now, pay later services will be regulated have today (20 June) been announced by the Government. But MoneySavingExpert.com (MSE) founder Martin Lewis warns that legislation is taking "far too long" to take force with borrowers being left unprotected during the cost of living crisis.

20 June 2022

Student loan interest rates to be capped at 7.3% from September

Student loan interest rates are set to rise from 4.5% to 7.3% for many from September, the Government has announced. The change will affect current students in England and Wales, as well as former students with outstanding loans who started university in/after 2012.

11 June 2022

Two in five borrow from credit cards, overdrafts or family and friends to pay off buy now, pay later purchases

More than half of 18 to 34-year-olds are borrowing money to help pay off their buy now, pay later debt (BNPL), according to research from charity Citizens Advice. If you're struggling to pay what you owe, we've things to try to see if they help.

8 June 2022

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

From today, 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, so how you manage your repayments could affect your ability to get credit.

1 June 2022

Applying for a loan? Beware being asked to pay an upfront fee as Lloyds says scams have more than doubled

If you're applying for a loan, or have recently done so, beware being asked to pay an upfront fee in advance. The warning comes as fraudsters increasingly target people looking for financial help amid the cost-of-living crisis. Here's what to watch out for and what to do if you've been scammed.

30 May 2022

Mis-sold an Amigo loan? Redress could soon be on its way after High Court approves complaints scheme

A compensation plan put forward by Amigo Loans to return at least £112 million to borrowers it wrongly mis-sold high-interest loans to has today (23 May) been approved by the High Court. The move is a significant win for borrowers and follows a previous proposal that was rejected by the Court.

23 May 2022

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