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.

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.

Student loan interest rates are set to rise for many from September – though the changes are yet to be finalised by the Government. Current students in England and Wales, for example, could see the interest rate they're charged jump from 4.5% to 12%. Many former students with outstanding loans are likely to see rates rise too.

The Government has announced sweeping changes to the student loan system in England that will drastically increase the cost of education for those attending university, including lowering the repayment threshold to £25,000 a year and increasing the length of time over which graduates repay their loans by 10 years.

Current and former students on Plan 2 loans face much higher repayment costs following sweeping changes made by the Government today (24 February). These students will end up paying roughly £4,500 more over the life of their student loan on the back of further freezes to the repayment threshold.  

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. Borrowers can still submit claims for mis-sold loans though, but you'll need to be quick. 

Shoppers using certain buy now, pay later (BNPL) services may be due refunds after wrongly being charged late payment fees. Providers Clearpay, Openpay and Laybuy have all agreed to repay borrowers following involvement from the financial regulator.

Those who started university in and after 2012 should beware of 'hidden' student loan costs coming in from April, MoneySavingExpert.com founder Martin Lewis warns. Watch the latest clip from The Martin Lewis Money Show Live, in which he explains what is happening and questions the Chancellor on it. For more info on student finance, see Martin's Student Loans Decoded one-hour video, Student loan mythbusting, Should I overpay my student loan? and Beware dangerous Student Loans Company statements.

Research commissioned by MoneySavingExpert.com shows the majority of Brits would opt out of the Government's new compulsory £200 energy scheme if given the choice, with MSE founder Martin Lewis calling on the Chancellor to scrap the 'loan-not-loan' scheme.

Debt is often depressing, dangerous and debilitating. When I used to do TV money makeovers, one of the first things I'd do was total someone's debt. Often it caused them at best a sharp intake of breath, and at worst tears.