Archive for February, 2008
Savers need to keep an eye on interest
The two recent interest rate cuts applied to the base rate by the Bank of England have been welcomed by many borrowers with variable rate mortgages, but have not benefited savers, who have seen interest rates on savings accounts come down. However, savers are being urged to keep an eye on interest rates, with officials stating that in some cases the interest rate on savings accounts has come down by way more than the base rate cut.
Popularity: 38% [?]
Scottish power energy prices rise
Following in the footsteps of several of the other major energy suppliers in the UK Scottish Energy recently announced that it would be raising its energy usage costs as a result of increased wholesale energy prices. Scottish Power made the announcement about its price hikes after similar announcements by other energy giants, including EDF Energy, NPower, and British Gas. Scottish Power is raising its prices by 15% for gas usage and 14% for electricity.
Popularity: 35% [?]
APACS to start from scratch on same day payments system
The payment clearance agency APACS has announced recently that it will have to start from scratch with regards to its same day payment clearance system, which was due to be launched by the end of this year. In an earlier announcement the payment clearance agency had stated that a new, improved system was to be launched ready for the end of the year, and that this system would enable phone and Internet transactions to go through far more quickly.
Popularity: 25% [?]
Man receives gas bill for £11 million
A landlord from Dorset in the UK was shocked recently after he received a gas bill from British Gas – asking for £11 million. The man, Denis Dixon, owns just a two bedroom rental flat in Dorset, and realized that the bill was, of course, a mistake. However, he said he was stunned to have received the bill, particularly considering that he had already settled his £500 quarterly bill.
Popularity: 31% [?]
Interest rates go up on overdrafts
Banks are trying to claw back more and more of their charges by adding or increasing various fees for account holders, and according to recent data one of the charges that has been increased by many if the UK’s bank is the interest fee charged on an overdraft facility. According to recent data over the past year a variety of banks increased their overdraft interest rates, which means that borrowing in the form of an overdraft will cost the consumer more money.
Popularity: 24% [?]
Surge in water bill complaints during last financial year
The last financial year saw the number of water bill related complaints surge in the UK according to recent reports. Billing complaints have surged with many utilities from energy companies and Internet providers to phone providers – and water companies have not escaped this trend, with certain water providers pushing up the total number of complaints. Figures show that the number of complaints made to the official watchdog were at their highest in thirteen years during the last financial year.
Popularity: 35% [?]
Judge has not yet delivered ruling on bank charges
Over the past couple of years the rows and controversy over the charges that banks apply to the accounts of customer’s have been getting more pronounced. The charges referred to are those for exceeding the credit limit, and for bounced cheques and returned direct debits. Campaigners claimed that dealing with these things only cost the banks between £2 and £5 yet the banks were applying fees of around £30-£40 per charge to the customer.
Popularity: 51% [?]
Experts give their views on interest rates
In December of last year the Bank of England cut interest rates by 0.25%, which was the first rate cut in two years, and came after a series of five 0.25% hikes between August 2006 and July 2007. Earlier this month the Bank of England cut interest rates by a further 0.25% taking the base rate to 5.25%, which came as a relief to many struggling homeowners on variable rate mortgages.
Popularity: 43% [?]
Energy suppliers need to take complaints more seriously
Officials from the consumer campaign group Energywatch have stated that energy suppliers in the UK are taking far too long to deal with customer complaints, adding that it was taking some of the energy giants over seven months to deal with some complaints, which had resulted in customers dissatisfaction levels rocketing to 97%. Energy companies are now being urged to take customers complaints more seriously and get these issues dealt with more efficiently and quickly.
Popularity: 31% [?]
Egg’s actions could benefit some borrowers
The recent decision of the online lending giant Egg could actually benefit some customers according to a recent report, enabling them to prove their creditworthiness as a result of having their account closed. Egg recently announced that around 161,000 would have their credit card accounts closed, claiming that those affected were people whose credit profiles had deteriorated since they opened their credit card accounts.
Popularity: 48% [?]