News, Information and Articles

Bank of Scotland hit with £4.2m fine for mortgage failings

Posted on Wednesday, 31st October, 2012 by Mobile Money

The ailing reputation of the banking sector has been dealt another blow after the Bank of Scotland was hit with a £4.2 million fine for keeping erroneous mortgage records. A ruling from the Financial Services Authority (FSA) has stated that the bank has breached the third of the FSA Principles for Business, which requires a firm to organise and control its affairs responsibly and effectively, as ...Continue Reading

Rising bills ‘forcing consumers to ration energy use’

Posted on Friday, 19th October, 2012 by Mobile Money

The financial burden of ever-increasing energy bills could force UK homeowners to switch off their heating this winter just to make ends meet. A survey carried out by price comparison site has revealed that 87 per cent of respondents – equivalent to 22 million households across the country – will be rationing their energy use this winter as a means of reducing their financi...Continue Reading

UK energy customers hit by fresh batch of price increases

Posted on Wednesday, 17th October, 2012 by Mobile Money

Energy customers across the UK are likely to find their finances becoming even more constrained in the coming months following a wave of price hikes by major providers. Scottish Power has announced an increase to gas and electricity prices by an average of seven per cent, effective from December 3rd 2012, with customers using pre-payment meters and those paying monthly by direct debit set to be wo...Continue Reading

Study: Consumers lose out when using quick sale house firms

Posted on Wednesday, 10th October, 2012 by Mobile Money

Britons looking to sell their homes could lose out on up to 25 per cent of the value of a property if they decide to complete a transaction through a quick-sale company. That is according to new research published today (October 9th) by, which has warned people to be wary of this option. Over the course of the last five years, the average time it takes to sell a house has risen by mor...Continue Reading

Graduate wages down by 13.2%, research finds

Posted on Monday, 8th October, 2012 by Mobile Money

Graduates are currently receiving significantly lower starting salaries than the corresponding period last year, a new study has revealed. Research published today (October 8th) by the Association of Professional Staffing Companies (APSC) established that people leaving university who took on such a role this summer have typically been awarded an annual salary of £22,800. This represents a declin...Continue Reading

End of free banking ‘would drive millions into financial exclusion’

Posted on Friday, 5th October, 2012 by Mobile Money

UK consumers fear that the potential end of the free banking system would have a negative impact on their already fragile financial stability, according to a new survey. Research carried out by price comparison website uSwitch has revealed that 75 per cent of people in Britain are against the idea of banks charging a fee for current accounts, with 81 per cent of poll respondents saying they would ...Continue Reading

UK wages ‘will not get back to 2009 levels until 2021’

Posted on Thursday, 4th October, 2012 by Mobile Money

Working people across the UK are unlikely to see their wage levels recover from the impact of the recession for almost a decade. This is according to new wage analysis from the Trades Union Congress (TUC), which suggests that average UK salaries are currently only one-quarter of the way through a 12-year dive. A challenging economic climate and unexpectedly high levels of inflation have conspired ...Continue Reading

British car owners ‘making cutbacks to keep driving’

Posted on Wednesday, 3rd October, 2012 by Mobile Money

The parlous state of many British people’s personal finances has been highlighted in a new study showing that some are having to make cutbacks simply to keep their cars on the road. A survey carried out by price comparison website has revealed that 70 per cent of car owners are eliminating discretionary purchases in order to cope with the rising costs of running their ve...Continue Reading

Consumers voice complaints about high-street banks at public event

Posted on Friday, 28th September, 2012 by Mobile Money

British consumers have been given a chance to explain the depth of their disillusionment with traditional banks and lenders at a recent public event. Organised by consumer rights group Which?, the event saw members of the public speaking directly to representatives of the Parliamentary Commission on Banking Standards, which has been tasked with considering issues arising from customer experiences ...Continue Reading

Six million English homes ‘will cut back on heating this winter’

Posted on Tuesday, 25th September, 2012 by Mobile Money

Millions of people across England will be cutting back on essential heating over the cold winter months due to rising worries about their financial stability. This is according to a new report from Consumer Focus, which has revealed that 39 per cent of English households are worried about their ability to afford their energy bills over the winter period. Of these people, 70 per cent said they are ...Continue Reading

189.9% APR Representative

If you borrow £1,000 over 18 months at an interest rate of 111.3% per annum (fixed)

you will make 18 monthly payments of £116.31 with a total amount payable of £2093.58.