MoneySavingExpert News

Loans

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

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

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

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

Provident to wipe loans for tens of thousands of borrowers - what it means for you

Tens of thousands of borrowers with high interest loans are set to see their remaining debts cleared as doorstep lender Provident and short-term lender Satsuma officially shut shop and stop collecting payments.

15 February 2022

Buy now, pay later shoppers could be due a refund if they were charged a late payment fee, under new FCA proposals

Shoppers using certain buy now, pay later services may be due refunds after wrongly being charged late payment fees.

14 February 2022