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 ...

Mortgages: University debt hits first time buyers

New research has shown just how hard graduate, first time buyers, are hit by the debts built up during their years at university. New figures from the Royal Bank of Scotland (RBS), have shown that not only will first time buyers with student debt, find it harder to save for a deposit,  the loans will also impact on the size of mortgage they can afford to repay. Harder to save for a house deposit The figures from RBS show that student loan repayments will eat up 7% of the disposable income available to a graduate first time buyer, after essential bills are paid....