Payday loan firms have gone from barely existing, to surging popularity, to regulation and possible extinction in less than a decade. Wonga - poster boy for the industry - collapsed into administration last summer, while Wage Day Advance and Juno Loans also disappeared. "These irresponsible firms fell to the weight of unaffordable mis-selling claims and the regulator's price cap," MoneySavingExpert.com's Martin Lewis explained in his weekly newsletter . But that means if you, or anyone you know, has taken out a loan there is very little time left to see if you're owed cash back from dodgy practices. "If you were mis-sold and a firm is solvent you get the full amount back, but if it goes bust you're just one of the creditors, and will be lucky to get a few pence per pound. So hurry," Martin explained. What you need to do, fast The first things payday loans customers need to do is work out if they can claim. The good news is a lot of people can. "Lenders must examine your finances to … [Read more...] about Martin Lewis issues urgent warning to anyone who’s ever had a payday loan
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PUBLISHED: 13:03 17 November 2017 | UPDATED: 13:03 17 November 2017 Martin Lewis, founder of moneysavingexpert.com Archant If you bank with Lloyds, Halifax or Bank of Scotland, listen up. You’re one of more than 20 million people across the UK who’ve had their overdraft charges changed and for some it can mean paying £100s more a year. Yet at the same time the overdraft market has never been more competitive with three banks offering 0% overdrafts. The changes to the Lloyds Banking group’s charges hit a couple of weeks ago – and now people are seeing their statements my mailbag is filling up, with many shocked at the cost. Danny tweeted me to say: “New overdraft fees are £3.18 per DAY. I’m £2,500 overdrawn! Way beyond simple change in terms... HELP!” This has been a root and branch reform of charges. Before, some of its brands charged a flat daily fee, others a monthly charge and daily interest. Now it’ll charge 1p … [Read more...] about Martin Lewis: Are you one of 20 million customers whose overdrafts fees have just changed?
PUBLISHED: 09:36 06 April 2018 | UPDATED: 09:36 06 April 2018 Martin Lewis, founder of moneysavingexpert.com Archant Congratulations and commiserations. If you’re an employee aged 22 or more, earning over £10,000 a year, you’ve likely just had a hidden pay rise and a hidden pay cut at the same time. Changes to pension laws mean you may have to save more every month... but so will your employer. Picture: Getty Images/iStockphoto. Congratulations and commiserations. If you’re an employee aged 22 or more, earning over £10,000 a year, you’ve likely just had a hidden pay rise and a hidden pay cut at the same time. This may sound a bizarre possibility, but it is all about the pension auto-enrolment law. This says every firm must automatically opt-in all employees (aged 22 or more and earning at least £10,000) to save from their salary towards a private pension – to provide money for later life – on top of the state pension. And the … [Read more...] about Martin Lewis of Moneysavingexpert: This tax change means you’ve probably just had a pay rise
Couple with laptop sitting on floor at new apartment and working together, white background This content is subject to copyright. This is a warning to everyone with a mortgage. Martin Lewis, founder of moneysavingexpert.comThe rates on new mortgage deals are getting more expensive, and there is a plausible chance of UK base rates increasing. If you have a mortgage, you should check urgently if you can slice the rate down – you may gain £1,000s right now. Less than a year ago the very cheapest two-year fix was under 1%. The similar cheapest deal is now around 1.35%, and five-year deals are up a similar amount too. This is happening because the City’s long term view of interest rates is rising. In the short term too, many analysts think the UK base rate will rise soon. If it does go up by an expected 0.25 percentage points, anyone on a variable-rate mortgage will pay almost £200 a year more per £100,000 of outstanding mortgage.Huge savings are possible … [Read more...] about Martin Lewis of Moneysavingexpert.com: Your five-step plan to a cheaper mortgage
Debt is like fire. It’s a useful tool, but get it wrong and it burns. If you need to borrow, nothing is cheaper than interest-free. And if you know what you’re doing, 0% loans are possible. ■ Step 1: The key questions to ask yourself before borrowing Just because you can borrow cheaply doesn’t mean you should. Ask yourself: Do I really need to borrow? Be tough. If possible, it’s better to wait and save. If you do borrow, keep the amount to the minimum. Is it a planned purchase? The worst borrowing is where you repeatedly do it to fill gaps in your income. This risks a debt spiral. Only borrow for a one-off, planned, necessary purchase, such as paying for annual car insurance as it’s cheaper than monthly. Have I budgeted for affordable repayments? Do the numbers. If you can’t afford it, don’t do it – even if you really need it. It’s likely to make life worse, ruin your credit score and add stress. Can’t get a … [Read more...] about How to get a loan for only 0 per cent, reveals Martin Lewis