 |
 |
By Justin Schamotta
Staff Writer
2 October 2009
|
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (11 Sep 09)
A glance back at this week's personal finance news HSBC starts a mortgage war, Brown says 'no' to City bonuses and Brits finally start to pay off their debts.
Money News Roundup (04 Sep 09)
A glance back at this week's personal finance news Amex announce fine for occasional card users, cheaper loans are still hard to find but the mortgage approval rate is rising.
Money News Roundup (28 Aug 09)
A glance back at this week's personal finance news the biggest ever credit card fraud case, luxuries we won't go without in the recession and Cockney bank machines.
Money News Roundup (21 Aug 09)
A glance back at this week's personal finance news Visa cards for teenagers, disappearing reward schemes and Tesco's new scheme to encourage spending for Christmas.
|
PM loses patience with banks, secret power price hikes exposed, freshers face up to decades of debt and credit card companies invert order of payments in this week's money news roundup.
PM Tells Banks to Sort Out Bank Charges
GORDON Brown has told bank chiefs to resolve the long-running court dispute over bank charges "without further delay".
More than 1m reclaim requests over excessive bank fees and charges have been on hold since July 2007, following the start of a test case brought by the Office of Fair Trading against seven banks and one building society.
"By pushing for a negotiated settlement we could get a quick solution," said Martin Lewis of moneysavingexpert.com.
"This type of settlement will mean reclaimers won't need to go to court or the ombudsman. They will simply be able to write to their provider and request a payback."
Bill Scams Slammed
CONTROVERSIAL rules which allow power suppliers to hike up tariffs without telling customers for up to two months are potentially illegal, a leading consumer group claims.
Experts at Which? highlight previous rulings made by the courts and the Office of Fair Trading which say that contracts are unfair if they allow a company to increase a charge without notice.
If this is the case, people whose tariffs have been raised in the past without any prior notice may be able to launch a legal test case claim for substantial refunds.
In the meantime Which? is calling on the government and the industry regulator Ofgen to curb the practice.
"Surely it's not unreasonable for people to be warned in advance of price increases?" says Dr Fiona Cochrane, senior policy adviser at Which?
Fiona, we're with you.
Students Resigned to 20 Years of Debt
Almost a quarter of students think that it will take up to 20 years to repay what they owe, a survey has discovered.
The poll also found that more than half believe they will graduate owing more than £15,000. Just 7.5 per cent think they will emerge unscathed by debt.
"This survey points to the increasing strain that today's student is under," said James Crocker of insurance company Endsleigh, which commissioned the study.
Nationwide and Saga Promote Credit Card Best Practice
The industry-wide practice of banks penalising consumers by forcing them to pay off their cheapest debts first is being challenged by two credit card companies.
Nationwide and Saga have launched the campaign. Both companies allow their credit card holders to pay off the more expensive debt first.
This avoids an "adverse order of payments" where the more expensive debts last the longest, meaning that customers are forced into large interest payments.
"'Adverse payment order' particularly affects the most vulnerable - those who are facing difficulty and have to transfer debt between credit cards, or need to use their card for emergency cash withdrawals," said a Nationwide spokesman.
 Choose Money
Compare Credit Cards
Compare Loans
|
