FOR the growing number of people who have a history of poor credit, work part-time or are self-employed, a mortgage feels way out of reach and there is a huge fear of rejection. Ben Link was rejected for a mortgage last year after he and his fiancée decided to buy the home they were renting. But it didn’t stop the pair getting on the housing ladder thanks to the hard work of a specialist mortgage broker. Ben and Kathrynn Topps, 25, a teaching assistant, had been renting the two bed terrace in their hometown of Cheltenham for five years. The landlord, a childhood friend of Ben’s, wanted to sell up and gave the couple first dibs on making an offer on the house. Their offer of £158,000 was accepted. But in the back of his mind, Ben, a project manager for an aviation company, knew he might have problems getting a mortgage. Ben, 30, has a blemished credit history following a bunch of defaults on payday loans and personal loans as well as two county court judgments … [Read more...] about Couple refused mortgage due to bad credit history find way to buy £158k two-bed house – here’s how you could do it too
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“The signs were all there,” says reader Bill – it’s not his real name but he’s embarrassed to have fallen for the scam and doesn’t want anyone to know. “But I was having a rough day.” He’s talking about the London Loan Bank, a dodgy-as-hell company we first reported on back in October . Bill isn’t alone. Newly published figures from the Financial Conduct Authority (FCA) show that more than £3.5 million was lost to loan fee fraud last year alone but that 72% of the public don’t know about the risk. And the London Loan Bank was a prime example of how these scams work. Through its incredibly professional-looking website and social media presence, this site lures desperate people in with the promise of easy borrowing, with no credit checks or guarantors needed. Then it snares them when they are at their most vulnerable. The Financial Conduct Authority (FCA) issued a warning about London Loan Bank a few weeks ago, … [Read more...] about How one reader got trapped by the new loan scam that’s sweeping Britain
Most motorists dream of driving home a shiny new car, enjoying the latest technology – and jealous stares from their neighbours. But buying the most up-to-date reg plate with cold hard cash is something few of us can afford, and many drivers have to turn instead to finance schemes, such as hire purchase, car leasing and loans. In fact, in the last five years, there has been a 580 per cent increase in personal car leasing across the UK. However, for the thousands of people around the country that have previously struggled with debt and loan repayments, a ‘poor’ credit rating can put the brakes on their plans. To find out more, we spoke to industry experts, Eureka Leasing, who specialise in providing finance to drivers with a less-than-perfect borrowing history. Find out their answers to our FAQs below. What is a credit rating or report? And what makes it ‘poor’? A credit report contains an individual’s personal and financial information, and is used … [Read more...] about How to lease a car when you have a bad credit rating
ALL workers received a pay boost when the National Living Wage was increased on April 1 this year. But the amount is still below the Real Living Wage, a voluntary scheme to which thousands of employers including retailers, local authorities and charities have got involved. What is the National Living Wage and when was the 2018 increase? The National Living Wage is the amount of money all employees aged over 25 are legally entitled to. It used to be known as the National Minimum Wage, but it was re-branded in 2016. The National Living Wage increased from £7.50 to £7.83 for those aged 25 and over. The 33 pence-an-hour rise was introduced on Sunday April 1, 2018. The compulsory National Living Wage was introduced in 2016. The first National Minimum Wage was set in 1998 by the Labour government. Mr Hammond is aiming to get the wage to £9 by 2020. What is the National Minimum Wage? The National Minimum Wage is the amount which workers aged under 25, but of … [Read more...] about What is the National Living Wage 2018, when did it increase and how much is the UK minimum wage for 16, 18 and 25-year-olds?
I WITNESSED the devastating grip that debt can have from an early age. Coming from the very poorest in society, and being made homeless several times, I saw first-hand the damage done by having to pay through the nose for credit. For 20 years, my mother paid money each week to a doorstep lender, an agent of one of the big lenders to the poor. He would call every Friday, smiling happily, and would be given a certain, regular payment. She paid hundreds and hundreds of pounds over the years - how much I won’t hazard to guess. If she needed school uniforms, white goods, or whatever else she used the money for, she had to go to specific shops recommended by the lender. On one or two occasions, having fallen behind, the man became loud and demanding. Fortunately, my mother had six sons and a husband to get him into behaving himself, but I dread to think what happens to women on their own. What people often forget is that it is very, very expensive being poor. Today, there are … [Read more...] about Big Issue boss John Bird reveals mum’s run in with loan sharks and vows to bring them down