Weekly Round-Up

04/12/2009

Lloyds Bank announced this week that it will be asking local courts to dismiss thousands of overdraft cases lodged against them for the return of overdraft fees.

The claims have been 'on hold' since July 2007 when the Office of Fair Trading started a test case over the fairness of bank charges.

It comes in the same week that the UK Card Association says you can put pressure on your bank to ensure money transfers are made under a same day service.

They say even if the bank is not signed up to the faster Payments System, you can demand that your payments are re routed via a bank that is a member.
The latest stats show that consumers are borrowing the least amount of money since records began back in 1993, says the Bank of England.

We know you've had little return from your savings and these figures show people are paying off loans rather than saving during a time of low interest rates.

It comes as it's believed 1.4 million of us have taken time off work in the past 12 months because of money worries.

That's according to research by AXA.

More than one in ten of over 50's have consciously saved less into their pension schemes because they expect property values to rise.

It makes worrying reading as comparing house prices today with six months ago, only 37 per cent of the market is feeling any sort of recovery.

Hometrack said the average price is now 2.9% lower than they were a year ago when they were already sharply lower than 2007 highs.

British households should brace themselves for greater pain in 2011 than 2010, as the brunt of the Government's tax rises and spending cuts come into force, economists have warned.

Economists there have calculated that 2.5pc could be knocked off household income growth during 2011, compared with a 0.5pc fall in 2010 and a further 1.5pc reduction in 2012.

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