Loans

Millions of students and g raduates will be charged more interest on their student loans from September, because the inflation measure these rates are linked to has increased sharply.

The Bank of England cut the base rate - which underpins savings and many borrowing rates - from 0.5% to 0.25% last week, after seven years of no change. It also hinted the rate may fall again this year and cut its growth forecast for the UK economy.

MPs have debated the retrospective hike in student loan payments, following a call from MoneySavingExpert.com founder Martin Lewis for people to get their MP to show their opposition to the changes.

A petition signed by more than 130,000 people calling for the end of retrospective changes to the student loans agreement has triggered a parliamentary debate.

The Government's U-turn on a promise to increase the threshold of student loan repayments was debated in the House of Commons yesterday, with MPs expected to decide today whether a petition on the subject will trigger a further debate.

The Government has rejected a petition about the retrospective hike in the cost of loans for more than two million students, despite it receiving more than 128,000 signatures – but it may still end up being debated in Parliament.  

Stark survey results showing some creditors and debt collectors continue to add charges despite knowing those repaying are in financial difficulty have sparked renewed calls for a 'breathing space' scheme for people struggling with debt.

MPs are likely to debate the Government's retrospective hike in the cost of loans for more than two million students after a petition quoting MoneySavingExpert on the subject collected more than 100,000 signatures.

University students across the UK need to get a shift on if they want to guarantee getting their loans in time for the start of the September 2016 term.

Payday lenders will no longer be able to advertise on Google after the technology giant decided to take a stand against how "unaffordable payment and high default rates" negatively impact its users.