Barclaycard has been caught in a customer service firestorm as it tries to defend slashing the limits of some loyal credit card customers by 90 per cent or more. Stories of limits being slashed emerged last week, with those longstanding customers affected who had never missed a payment angered by the proposed moves and saying … Read more
Plans to regulate Britain’s booming £2.7billion buy now, pay later industry will be released within weeks, This is Money understands. A consultation on draft regulation affecting platforms like ClearPay, Klarna, Laybuy and PayPal is expected to be published in early May, after an amendment to credit legislation was passed in parliament this week. A Financial … Read more
Barclaycard cuts customers’ spending limits by as much as 80% even if they have never missed a payment By Fiona Parker For The Daily Mail Published: 22:01 BST, 13 April 2021 | Updated: 23:17 BST, 13 April 2021 Barclaycard has slashed credit limits by thousands of pounds, leaving some customers with half the spending power … Read more
Around 45,000 investors in the now-defunct peer-to-peer lender RateSetter have had their accounts closed and their money returned after it was taken over by Metro Bank last August. Customers began receiving emails from last Tuesday after the High Street lender in February gave investors two months’ notice that it had bought £384million worth of loans … Read more
Hady Ahmad with his mother I’m an engineer in the oil industry who has to travel a lot for work to countries like Qatar. Towards the end of last February my income dried up as a result of the pandemic as countries imposed travel restrictions and the price of oil fell. As a result, I … Read more
The buy now pay later small print that can take up to an hour for shoppers to read By Fiona Parker For The Daily Mail Published: 22:01 BST, 6 April 2021 | Updated: 22:52 BST, 6 April 2021 Buy now pay later small print is so long and complicated it could take up to an … Read more
Customers who have made a Section 75 claim with their bank or credit card provider could be waiting until next year for a refund, This is Money can reveal. One HSBC customer – who simply wants to be named as Ray – made a claim in August 2020 after a New York holiday scheduled for April … Read more
Britain’s largest guarantor lender Amigo Loans has been given the green light by the High Court to proceed with a scheme designed to cap the cost of compensation for mis-sold loans. Up to 1million current and past borrowers potentially given unaffordable loans as long ago as 2005 will now have until 12 May to vote … Read more
Regulators should crack down on ‘profiteering’ from card companies as Visa hikes interchange fees for shoppers buying from the EU by 475% Visa is the UK’s largest card provider with an 84% share of the card market It appears to be joining Mastercard in raising interchange fees by up to 475% European merchants are billed … Read more
Some of Britain’s biggest high street names look to be developing their own in-house challengers to buy now, pay later services like Klarna as they try and muscle in on the booming £2.7billion sector. John Lewis has launched an online payment method in partnership with French bank BNP Paribas that will let customers borrow up … Read more