£2bn bank charge claim back on cards
A pot of £2.12 billion is waiting to be claimed by consumers who have been charged by credit card issuers.According to uSwitch, 18.96 million British consumers has been charged a total of £4 billion in bank charges and more than half have not claimed their money back.The price comparison site estimates that 52 per cent of customers have not reclaimed money charged by their banks and credit card providers, equalling £2.12 billion in unclaimed fees. Campaigners claim that charges as much as £30 are unlawful, as banks are only supposed to charge fees to cover administration costs.Consumers are being urged to reclaim bank charges, for bounced cheques and exceeded overdraft limits, as banks have been automatically refunding fees rather than see potentially damaging test cases taken to court. Thousands of pounds has already been paid to consumers in overdraft and other fees, with many people downloading pro-forma letters from internet sites.Nick White, director of financial services at uSwitch, said: "While the majority of banks are bending over backwards to refund bank charges to those consumers that take the initiative to fight back, this is not because the banks have gone soft in the last couple of months."Banks are reported to be considering imposing annual fees for standard current accounts, but 83 per cent of the 4,450 consumers polled by YouGov on behalf of uSwitch said that they would ditch their bank if annual fees were introduced.
UK jobless total to reach 3.4 million
A number of forecasters have revisited their jobless figures for 2009 with many revising their figures higher. The general consensus seems to have moved substantially upwards with many forecasting the UK jobless total to peak at 3.4 million in 2009. As we await jobless figures this week it will be interesting to see the extent to which the UK slowdown is being translated into the jobs market and t...Read More
Is inflation as important as people say?
While we hear an awful lot about the rate of inflation and what impact it can have on everyday life and the economy is it really as important as people make out or are there more important things for the economy?
Inflation is this the rate at which a product, service, cost or an income increases in the future and is vital for the prosperity of economies around the world. If for exam...
FSA tracks repossessions increase
Repossessions rose sharply over the second quarter, new figures from the Financial Services Authority (FSA) have shown.The regulator said that over 11,000 homes were taken back by lenders across the three months.This is 71 per cent higher than the total for April-June 2007.The FSA also found that 16 per cent more people were over three months in arrears with their repayments, compared with last ye...Read More
Paul Krugman hails UK economy as best in Europe
Nobel prize-winning economist Paul Krugman has today rode to the defence of Gordon Brown by suggesting that the UK economy is the best placed for recovery in Europe. Krugman believes that the various economic policies introduced by Gordon Brown over the last few months have been both intelligent and "pretty good" with a distinct possibility of a strong recovery in the UK economy in due course.
PwC uncovers debt concerns
Borrowing on credit cards and through unsecured loans climbed by six per cent over the year to September, PricewaterhouseCoopers (PwC) has said.According to the accountancy firm, many Britons are also concerned about their ability to pay off debt.The new PwC report showed that around one in four are worried about their future debt repayments - while 16 per cent are facing problems with the payment...Read More