MoneySavingExpert News

Loans

BrightHouse customer? Here are the latest need-to-knows following the rent-to-own firm's collapse

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.

2 November 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.

17 October 2022

Treasury deletes tweet after Martin Lewis slams projected stamp duty savings as 'nonsense'

A tweet suggesting people could save £12,700 a year following the mini-budget has been removed by HM Treasury following a complaint from MoneySavingExpert.com (MSE) founder Martin Lewis.

3 October 2022

Iceland now offers interest-free loans if you're struggling with the cost of living - but be careful as they will impact your credit score

Iceland has begun offering interest-free loans of up to £100 to those struggling with the cost of living, with the money to be used on your Iceland shop. But - as with any borrowing for everyday living expenses - be careful as you may get stuck in a cycle of debt.

19 August 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.

5 July 2022

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