Tag Archives: money

Another £400m Into RBS’ PPI Compensation Fund, Says Missoldppiclaims.info

The Royal Bank of Scotland has earmarked an additional £400m to cover the cost of compensation and refunds relating to mis-sold payment protection insurance (PPI), says leading PPI Claims Company Missoldppiclaims.info.

The nationalised bank has released figures for the last quarter showing a pre-tax loss of£1.26bn, a proportion of which is due to the allocation of a further £400m to its PPIcompensation fund. In a move echoed around the banking industry in recent months, RBS now has increased its total PPI allocation to now stand at £1.7bn. However, it is unlikely to be the end of the compensation claims for the beleaguered bank.

Its recent computer problems resulted in significant numbers of RBS, Natwest and Ulster Bank customers being locked out of their accounts for days, a mistake which has cost£175million so far with a further £50m of compensation put aside.

RBS is also part of an investigation by regulators in the UK, US and Asia – including the fraud division of the US justice department – over the part it played in the manipulation of the LIBOR inter-bank lending rate. With settlement negotiations imminent, the fines that could potentially be applied RBS believe could have a “material” impact on the company.

Despite the problems, RBS showed operating profits for the third quarter increased from£650m to £1bn, while bad debt fell by £159m and staff costs were 5% lower due to a 7% reduction in staff.

Stephen Hester, chief executive of RBS, said: “The extraordinary challenges which RBS faced following the financial crisis are being worked through successfully. The five year restructuring plan is now in its later stages with important work still to do, including an emphasis on dealing with reputational issues now that the bank’s safety and soundness has advanced so well.”

A spokesperson for leading PPI Claims Management Company, Missoldppiclaims.info said: “It’s good to see RBS recognising its responsibilities towards customers that were mis-sold PPI policies, in particular the responsibility to put customers first and treat them fairly. This can be seen in its decision to increase lending to its business customers even though there was a downturn in loan applications, but it would be good to see a similar helpful response to borrowing for its non-business customers with personal loans and residential mortgages.

The reputational issues Mr Hester refers to are likely to be industry criticisms that RBS customers play second fiddle to the short-term interests of shareholders and staff. As a result, RBS has relaxed its lending position towards its small and medium (SMEs)businesses, which has led to a an increase of new lending by 3% since the second quarter despite a 25% drop in SME loan applications due to the Olympics and doubts over the stability of the UK economy.

Analyst Richard Hunter, head of equities at Hargreaves Lansdown, said: “There is no doubting the immensity of the task RBS has faced in executing its turnaround plan, nor indeed the progress made so far.”

Via EPR Network
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Payday Loans Paid Enter the UK Payday Lending Market

Paydayloanspaid.co.uk has entered the payday loans online market in the United Kingdom. With a team of financial experts who bring with them an inordinate amount of experience in the unsecured loans sector in the UK, they aim to bring something different into the challenging internet, payday lending sector.

Head of online operations, Jenny Statham explained, ‘’Many payday loan applications are declined from a number of the main lenders in the United Kingdom due to their reliance on passing one application. Our payday loans are slightly different in that we can use our strong relationships with some of the payday lenders to ensure the majority of the applications are approved.”.

Payday loans are a somewhat sensitive subject and have featured heavily in the mainstream British press in recent times, but it appears they could be featuring in the UK lending sector for some time. With some APR’s of payday loans surpassing 4 figures, they have – in some quarters – been rightly criticised. Jenny Statham added, ‘’ we try to make sure any potential applicant are fully aware of the associated costs that come with the payday loan agreement they enter into.  Our advice to people who are considering entering into a payday loan agreement with  a lender they have sourced through Paydayloanspaid.co.uk is to primarily focus on the repayment terms, if they are unable to meet the repayments costs then it is important they do not take on the payday loan.”

With a plethora of payday loan operators frequenting the internet it can be difficult to decide what lender to choose from.  Jenny Statham advised, ‘’if you are looking to secure a payday loan, it is important not to use the first lender you find. Spend some time researching the different providers to ensure you get the very best deal. As there are so many in competition with each other now, there could be some great deals to be found out there”.

Paydayloanspaid.co.uk is one of countless payday loan lenders in the United Kingdom in what some commentators are calling a ‘’saturated market”. They hope, however, to hit the ground running with an easy to use online portal, quality customer service and modest acceptance rates for new applications. Jenny concluded, ‘’we hope to attract people to our online portal who may not have used a payday loan, but have the capacity to service the loan, as new applications will typically have a greater chance of being accepted for a payday loan through our approval system”.­­­­­

Via EPR Network
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Paydayloansavailable.com Aiming to Decrease Application Times

Paydayloansavailable.com is the latest online payday lender to have adapted an online lending portal to service UK residents who may be in need of an unsecured lending facility. With the onset of broker style lending,  payday loans are now being processed online in the UK by many service providers using state of the art ‘’Pingtree” technology, working in unison with the UK’s leading payday lenders, and the application facility now being operated by Paydayloansavailable.com is certainly no exception.

The application harnesses secure technology to enable new and existing applicants to push their details through to a panel of lenders after submitting one application form online. The details are transmitted through to the lenders via the application and the subsequent decision is made by one of the chosen payday loan lenders. Jenny Davis, applications manager at Paydayloansavailable.com explained, ‘’we have decided to integrate a Pingtree style application within the site to give applicants a credible opportunity to access funds. The main advantage we have is that all of our applications are submitted to different lenders. The payday providers will then either accept the loan application based on the data that has been submitted, or it will be declined. Either way there is a reduced time implication which can only serve to benefit our customers”.

Online payday lenders are now entrenched within the UK’s unsecured finance sector and it is evident the increased competition has not always culminated in an improved service provided. But, Paydayloansavailable.com aims to at least serve their customers quicker than ever before, as well as giving them increased opportunity to secure short term, unsecured funding online. Jenny Davis added, ‘’there is still a real need in the UK for short term loans and unfortunately there is not the availability of funding through the mainstream lending channels. Whilst we do not condone irresponsible lending, it is important to acknowledge there is a need for credit and we hope to be able to provide an opportunity for finance”.

Paydayloansavailable.com is aiming to make an impact on the lending sector in the UK. Despite their relatively short time operating online, by implementing cutting edge technology into their service provision, they may well be making a positive statement of intent.

Via EPR Network
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Pensioners Suffering As The Money Runs Out, Says Debt Solutions Company Trust Deed Scotland

A new report reveals that pensioners across the UK are being left penniless as their money disappears every week in a whirlwind of bills, says Debt Solutions Company, Trust Deed Scotland.

An income of £207.15 per week is typical for most pensioned couples, but a report by Standard Life shows it goes straight back out the door as £207.24 is spent on food, fuel, housing and transport.

The report highlights rising inflation as the reason why the average pensioner has difficulties making ends and are being hit hard – many are having issues even affording a new pair of shoes, a holiday or a present for a grandchild.

While the Consumer Price Index remained the same in September at 4.5%, the Retail Price Index was hovering at 5.2% and threatening to rise again. Pensioner have a fixed income that doesn’t change from month to month, and that combined with inflation and large energy rises from utilities companies means turn some have turned towards credit cards to make ends meet.

A spokesperson for Scottish Debt Solutions Company, Trust Deed Scotland, said:
“According to Age UK, British pensioners are the fourth poorest in Europe, with the worst off set to lose up to 22% of their household income because of cuts to local authority services and changes to the tax and benefits system. This report highlights the dire position our parents and grandparents are in. At a time when they should be relaxing after a lifetime of working, they are pinching pennies and worrying about what the future will hold for them.”

The day before Standard Life published its report, the Institute of Fiscal Studies issued a warning about how ‘real’ inflation was hitting pensioners much harder than younger age groups.

“The Insolvency Service reported the fastest rising group of people claiming insolvency is pensioners,” said the spokesperson. “They are six times more likely to go bankrupt or take out a debt solution such as a Scottish Trust Deed or Debt Arrangement Schemethan they were just a decade ago. The number of people entering retirement with unpaid debts has increased, and when combined with increased life expectancy, the recession and limited options to increase income when you retire, it adds up to a lot of older people in real trouble”.

According to the Consumer Credit Counseling Service the average unsecured debt of newly retired pensioners is £21,370 and few have any savings at all. Once all the bills have been covered, there’s just £85 left at the end of the month.

“There are numerous reasons why pensioners are entering retirement in debt,” said the spokesperson. “Previous good house values led to many people remortgaging for home improvements or to loan to children or grand children for house deposits. There’s also the issue of divorce, where one partner will often buy the other out of their share of the property by extending their mortgage. And then some people are marrying and having families much later in life or having second families in their fifties.”

“For many life as a retiree in today’s world is just as expensive as it was when they were working, but now they have less income to live on.”

Via EPR Network
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M&S Money Announce Winner Of M&S Travel Money Loyalty Points Competition Prize

M&S Money has announced the winner of M&S travel money prize. The Bolton mum-of-four is celebrating after winning one million M&S loyalty points worth £10,000 to spend in store.

Janet Smith was delighted when she received a call to tell her she was the lucky winner of the competition organised by M&S Money.

Anyone buying M&S travel money using their M&S credit card or chargecard between 1 May – 30 June 2008 was entered into a prize draw to win one million M&S points. There were also five prizes of 100,000 M&S loyalty points worth £1,000 each.

Janet was entered into the draw after buying Canadian Dollars from the bureau de change at the M&S store in Bolton. Janet and her husband Paul used the currency during a trip to see their daughter Jennifer, who emmigrated to Canada two years ago.

Janet said: “I was in the shower when I got the call to tell me I had won – I couldn’t believe it. It’s a wonderful prize and I’m looking forward to spending the money at my local store. I’m going to start by treating my mum for her 88th birthday next week. I’m so glad I bought my travel money at M&S.”

Fraser Millar, M&S Head of Travel Services, said: “We had a tremendous response to the competition with over 100,000 entrants. We hope Janet enjoys spending her points in M&S.”

M&S Money offers the same currency exchange rates across all services including telephone and online ordering ensuring that customers get the same deal however they decide to purchase their currency. The bureaux also offer a commission-free currency buy back service with a wide range of currencies available.

M&S Money has been continually expanding the availability of the Travel Money service. Currently Travel Money is available at bureaux de change in over 100 M&S stores, as well as by telephone and online through the M&S Money website.

About M&S Money
M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers insurance for homes, cars, travel, pets and weddings, as well as loans, savings and investments.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 76 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer – quality, value, service, innovation and trust.

Via EPR Network
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