Category Archives: Credit cards

June’s money and debt news

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Unexpected bills, payday loan complaints and debates over credit card limit increases were all hot topics in money and debt related news this month. 

In brighter news, for those hoping to get on the property ladder, chartered surveyors predict that house prices may fall over the next three months – the first fall in six years. And the final design for the new £5 note has also been revealed, and tests show that these new notes can withstand the washing machine much better than their predecessors!

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Credit card insurance compensation: could you be due a pay-out?

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Another case of insurance mis-selling has hit the headlines recently. As many as 2 million people in the UK may be entitled to claim compensation after being sold unnecessary fraud protection insurance for their credit card.

According to the Financial Times, 11 banks and credit card providers marketed the insurance from Affinion International Limited. These policies offered cover against the fraudulent use of lost or stolen credit cards for around £25 per year.

Taking out this extra insurance was unnecessary and meant that customers faced extra costs. Without insurance, customers are usually only responsible if their credit card is used for unauthorised payments of less than £50. Even then it’s paid only in certain circumstances, and only before they report the card lost or stolen.

The Financial Conduct Authority (FCA), the body which regulates the industry, hasn’t conducted a formal investigation, and Affinion hasn’t admitted any liability. However Affinion and a range of well-known banks have agreed to take part in the scheme to compensate customers who may have been affected.

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“It completely destroyed my life”: James’ story

posted by in Client stories, Credit cards, Income shocks, Payday Loans 1 Comment

Lots of people use credit in their day-to-day lives, and because they’re keeping up with the payments, trouble never seems like it’s round the corner. But that’s the thing about credit – it’s not a problem, until one day it is.

James* from Bristol had always stayed on top of his debts. He had a credit card with a small credit limit, and a car loan, which he regularly made payments towards. But things changed quickly when James developed a back problem which meant he was signed off work for months at a time. When his period of sick pay ran out, he started to receive Statutory Sick Pay.

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Credit card worries? Don’t just tweet about it!

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Twitter is abuzz with credit card statement tweets

Twitter is abuzz with credit card statement tweets

Around about the third week of January the soft thud of credit card envelopes echoes around the country. OK, so most people get their bills online but we don’t let the facts get in the way of a good bit of imagery.

Christmas may be a distant memory now but the credit card companies don’t forget that easily. This week we’ve seen loads of people go to Twitter to bemoan their January credit card bills… Continue reading »

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The bright side of Blue Monday

posted by in Credit cards, Debt, Special events 1 Comment

free from debt

Looking on the bright side…

It’s cold, it’s dark, and maybe it’s even snowing. It’s mid-January, Christmas seems an age ago, the only reminder is the credit card bills landing on your doormat, reminding you once and for all that this is the most depressing time of the year!

Blue Monday is (apparently) the most depressing day of the year. It’s the third Monday of January, when the credit card statements arrive in the post, a miserable reminder of just how much you may have spent over Christmas. However, we think there’s a bright side to this annual misery-fest.

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Make 2012 the year you get to know your credit report

posted by in Credit cards, Credit Files 12 Comments

James Jones is Head of Consumer Affairs at Experian and works on a range of initiatives to help promote public understanding of credit report-related issues.

credit report sample from Experian

Sample credit report from Experian

I know that for many people the checks that take place when we apply for credit are a bit of a mystery.

Indeed, for some the process is intimidating enough to set pulses racing. Myths and misconceptions abound. Am I on a blacklist? Will checking my information lower my credit rating? Will my record show a recent credit refusal?

Thankfully, the answer to all of these questions is a resounding ‘no’ and credit checks really aren’t as daunting as you may think. Let me explain…

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Black Friday + Mega Monday = Joyless January

posted by in Budgeting, Credit cards Leave a comment

Woman and shopping bags

Think what her credit card bill will be…

Apparently more money is spent online today than any other day of the year; this comes after last week’s Black Friday event, where online stores offer a multitude of one-off deals. What’s the result of all of this? A joyless January when the bill comes through.

The newspapers reported that it’s Mega (or Cyber) Monday, “usually one of the busiest online shopping days of the year as shoppers receive their final pay packet before the festive season.”

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