Warning for payday loan companies

The payday loan industry faces fines and closures if it does not improve the way it does business. An interim report by the Office of Fair Trading (OFT) says that many payday lenders are not operating by the rules particularly when it comes to lending policy and the collection of debts. The full report will be published in February when the OFT has completed its’ investigations, however the interim report, published yesterday, has fuelled concerns about the practices of some payday lenders. Payday lender concerns The interim report comes after the OFT visited the 50 largest payday loan lenders, but it will be expecting ...

How to avoid falling into the Interest Only mortgage trap when you retire

No surprise as interest rates on hold for another month_istockNew research, from the Independent on Sunday newspaper, has found that more than a quarter of a million people with Interest Only mortgages could retire by the end of this decade whilst still having the debt outstanding. Popularity of Interest Only mortgages Interest Only mortgages were very popular in the 80’s and 90’s when they were often set up with Endowments or ISAs (Individual Savings Accounts) as repayment vehicles. However, ...