Happy New Year – 2015: A New Payday Pig!!!

To mark 2015 we have launched a New Look Payday Pig.

The new year heralds new changes for the payday loan industry, with fairer pricing for consumers. More changes are in the pipeline and we aim to be at the forefront of these. More news to come soon…

The 2015 Payday Loan Rules Made Simple

Great news for customers of Payday Loans! In November 2014 the Financial Conduct Authority confirmed the following change to the rules governing payday loans:

From 2 January 2015, no borrower will ever pay back more than twice what they borrowed, and someone taking out a loan for 30 days and repaying on time will not pay more than £24 in fees and charges per £100 borrowed.

In line with this, all the lenders on our panel have lowered their interest rates and have confirmed they operate within these new rules.

Money-saving mobile apps cited as key to financial wellbeing

Money-saving mobile applications that allow Brits to shave valuable pounds off the price of everyday expenses really are worth their weight in gold.

That's according to one of Britain's biggest savers, Sandra Purser, who relies on discounts and various cost-cutting techniques to earn a living.

Ms Purser's frugality has caught the attention of thisismoney.co.uk, who allowed the Norfolk stay-at-home mum to compile a list of her best ways to save money.

She believes that smartphone and tablet owners can always drive down the cost of living due to the sheer amount of money-saving apps on the market. Ms Purser points to the example of Shopitize, which sends through notifications for saving money on groceries such as cereals, crackers, cheese and soap.

Shopitize.com says both Android and iOS users can save at least

Money issues to fuel onset of generation rent

Rising house prices and a lack of available finance will force Britain to become a nation of renters, according to a new survey.

A report from Halifax shows that half of Brits believe the next generation will see households focusing on renting quality property rather than attempting to purchase their own homes.

One of the least optimistic groups in the survey turned out to be the youngest, as one in five 23 to 27-year-olds said they had no plans to move out of their rented accommodation.

A review of the study at aol.co.uk attributes this to a reluctance among younger Brits to live in a poorer-quality house while they save up enough money to purchase a home.

Meanwhile 57 per cent of prospective homeowners say they would love to purchase their own property if only the finance was available.

Craig McKinlay, mortgages director at Halifax, says Britain is heading for a period where the aspiration to own a nice home will simply be replaced by one to never own one outright.

He told moneyfacts.co.uk: “It seems that people are now beginning to accept a lifetime of renting and this would not only change the way the property ladder looks in the future, it could even bring into question whether or not it will exist at all for some people.”

Three-quarters of low income families can't afford five-a-day

Three-quarters of Brits earning less than

Brits hit by rising cost of moving house

Shocking figures reveal that Brits are now required to pay an average

Public sector workers wait for big improvement in wages

Workers in the public sector are being forced to wait patiently for a sizeable increase in their wages as private employees speed ahead.

The latest Household Finance Index from Markit indicates that UK households are actually under the least amount of financial pressure in over five years. However, this does take into account a huge rise in wages for private sector employees.

According to thisismoney.co.uk, Markit recorded a 1.9 per cent increase in wages over February compared with the same month in 2013, with inflation hitting 1.7 per cent.

Though while private sector workers saw above average growth in their salaries, those from the public sector saw an increase of just 0.9 per cent over the year to February.

Markit is also claiming that public sector workers are a lot more pessimistic about their financial prospects than employees of private companies.

Public sector professionals are being forced to carry a degree of optimism into the future after seeing limited change in their pay over the last 12 months. In the meantime, workers in thriving private sectors such as IT and manufacturing are said to be the most optimistic about their finances going into the next year.

Reuters.com says Markit's Household Finance Index displayed a reading of 43.1 in April, up from 41.9 in March thanks to a combination of lower inflation and the possibility of higher pay.

UK property market "out of control" amid fears of housing bubble

Analysts are warning that yet more growth for house prices across Britain could spell trouble for people wanting to get their first foot on the property ladder, reports theguardian.com.

New data from the Office for National Statistics (ONS) shows the average price of a home in Britain rising 1.9 per cent over February, which allowed year-on-year growth to hit 9.1 per cent.

First-time buyers have been dealt a hammer blow over the last year and are now facing up to the prospect of spending an average of

Four in ten families 'one paycheque away' from losing homes

Just one paycheque worth of savings stands in the way of four in ten families (44 per cent) losing their homes if made redundant, according to new research.

Cited by bbc.co.uk, a survey of 7,500 working adults indicates that a huge proportion of families would have just one month to get enough money together to keep their accommodation after becoming unemployed.

A further 29 per cent would be plunged into even deeper trouble if ever they lost their jobs, being immediately unable to afford their mortgage or rent, with this proving just how close some families are to a financial collapse.

The study comes courtesy of housing charity Shelter, which is demanding the government provide better short-term financial support for families with children under the age of 18.

Liz Clare, a helpline adviser at Shelter, says that families are putting themselves at risk by failing to save up enough money to aid them in the event of bad luck. However, Ms Clare believes addressing this issue is easier said than done.

“Sky-high housing costs and stagnating wages mean that saving is becoming a thing of the past for many people.” she told scotsman.com.

“Most of us simply don't have enough money in the bank that we can rely on for long enough to get back on our feet.”

The Department for Work and Pensions (DWP) currently spends

Charity says over 1,000 Brits ask for financial help every day

A charity claims that more than 1,000 Brits come for help every day because they're struggling to pay their bills.

According to aol.co.uk, a report form Stepchange reveals that over 15 million Brits are 'living on the edge', despite the fact the economy is improving. Many of these people rely heavily on credit to get by and would not be able to cope if they lost their job or interest rates rose.

Last month, around 13 million people didn't have enough savings to cope if their income happened to drop by a quarter, Stepchange estimates. Moreover, nearly three million Brits are in such bad debt that they have to continue taking out credit just to keep up with existing debts, reports dailymail.co.uk.

Stepchange's chief executive, Mike O'Connor, says millions of people are not prepared for the future.

“Even with economic growth, consumers are likely to face interest rate rises and increases in costs of essential goods and services,” he explains. “Unless we can improve families' financial resilience, it is likely that people will be pushed over the edge – often as a result of resorting to high cost credit.”

The charity says that people already in debt should be given time to pay off their debts instead of lenders making their situation worse. This may mean halting extra charges or freezing interest rates.