Financial Fraud Action UK found in a recent survey of over 2,000 UK adults, that 23% had received a cold call asking for personal or financial information.
Furthermore, 39% of those surveyed stated that they were unable to tell the difference between a so-called vishing phone scam – where fraudulent callers attempt to extract a victim’s personal details illegally – and genuine callers, from e.g. their bank.
According to new research by the Citizens Advice, at least 76 per cent of people who have lodged cases with them in relation to payday loan companies in the first six months of this year, have grounds for an official complaint to the Financial Ombudsman.
There were a number of different reasons cited for customers’ complaints to Citizen Advice, including potential fraud cases. A whopping 20 per cent of the complainants were reportedly being chased for payments on money they had not actually borrowed.
It’s probably fair to say that very few people would relish the thought of taking out a payday loan to make ends meet for that last, pesky week of the month.
Infamous for the sky high interest rates, payday loans can easily lead to a downward spiral of increasing debt, so approach with caution!
If you need some fast cash, the first things to do is consider all the potential alternatives – and if you do go ahead with a payday loan, make sure you will be able to pay it back on time, as per the original agreement.
Or quite a lot of help, as the case may be – with UK households reportedly borrowing around £2,000 each from family and friends in order to make ends meet.
According to the Aviva Family Finances Report, the average household debt has risen by 40 per cent, from £9,000 a year ago to £13,000 now, with around £2,000 of the latter being owed to family and friends.
If you are thinking of borrowing money from someone close to you, it might be worth checking if there is a better solution to help you get on top of your finances.
Add-on insurance is insurance that is offered at the point of sale of for example holidays, or a car – and they can often be marketed quite aggressively.
Some of the things the FCA will be investigating is whether customers are made aware that they have a choice and can shop around; whether the insurance represents good value for money; and if the consumer is clear on what the insurance does (and doesn’t) cover.
Are you sometimes a bit ditzy when it comes to bill payment dates, and making sure you have enough money in your bank account?
If so, the news that seven high street banks have decided to wave penalties for missed payments, provided the customer tops their account up later that same day, might cheer you up.
The banks, which include Barclays, HSBC, RBS and Santander, have agreed to a “retry payment”, later in the day that the payment was due, instead of automatically applying a ‘missed payment’ penalty fee.
Up until now, banks have made £200m a year from penalty fees on so-called “unpaid items”, like bill payments that failed due to insufficient funds in a bank account, and customers might also have been charged extra by the supplier, whose bills were not paid on time.