Payday loans worth £45m borrowed by NHS staff

It has been revealed that employees of the National Health Service collectively borrow on average a staggering £45 million in payday loans each year, according to recent statistics published in the past week. What does the data reveal? The analysis on the payday loan industry was carried out by fintech company FairQuid and based on data by CashLady, and it revealed that NHS employees made up the highest proportion of payday loan applications across the country. This equates to about 3.5% overall. The main reason that was given as to why the applicant had decided to take out a payday […]

Read more »

Payday loan complaints soar to 5 year high

The Financial Ombudsman Service has recently revealed in new statistics that complaints against payday lending providers across the country have risen to a staggering five-year high. How many complaints have been filed? The industry watchdog has said that a whopping 40,000 new complaints against payday lenders were brought against them last year. This is a dramatic rise, representing an increase of 130% (17,000 complaints were made in the year previously). The industry body, the Consumer Finance Association (CFA) has said that the majority of these filed complaints had dated back to a number of years. What were the complaints about? […]

Read more »

Why January is the worst month for people in debt

It is fair to say that most of us are aware that the last month of the year, December, ends up costing many of us a considerable amount of money. With so many costs to consider in the run-up to Christmas (as well as preparing for New Year’s too…): buying presents for loved ones, food for the multiple dinners and parties during the festive season, transport costs to see friends and family near and far, many of us end up struggling finance wise.  Taking this into account, why do experts still consider January to be the month that people struggle […]

Read more »
No-deal Brexit: what would happen to your savings?

No-deal Brexit: what would happen to your savings?

It has only been a few days since Theresa May received the biggest veto in democratic history regarding her withdrawal agreement for the UK to exit the European Union, meaning the UK government and opposition are going back to the drawing table for further discussions regarding Britain’s future, and whether or not Article 50 should be extended or not. At this moment in time, there are a number of potential outcomes, and this includes a no-deal Brexit, especially after the Brexit package was voted down. If this ends up taking place, what could that potentially mean for your savings? We […]

Read more »