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Universities having to bail students out
As the delay in student loan payments has continued, it has been revealed that three quarters of the universities in England have helped struggling students out with emergency funds.
This year thousands of students have experienced delays in receiving their student loan payments, and have struggled to make ends meet in their first weeks at university.
If you or your son or daughter still hasn’t received the full amount of student loan, then speaking to the Student Support Services or Welfare Office at university is definitely worthwhile. Universities are aware of the problems that students have experienced this year and they have systems in place to try and help students out. It is also important to keep in touch with Student Finance England on 0845 300 5090 to keep track of your application.
Here is a review of the other top money stories of the past week commencing 16 November 2009.
Tuesday 17th November
Church's Christmas message: 'use cash not credit cards' – The Church of England has told shoppers not to use credit cards this Christmas if they want to 'stop a great Christmas becoming a terrible new year'. The advice, given in a three-part videocast of 3 minutes each and shown on the internet, is presented by Dr John Preston, the Church's national stewardship officer, and is entitled Wishing You an Affordable Christmas. However, whilst it's not true to say that people should never use credit cards for their Christmas shopping, it is best to only use them if you know you can pay the bill off relatively quickly when it arrives in the New Year. The best way to ensure that your Christmas spending is affordable is to only spend the money you've got, yet having a credit-free Christmas is a challenge for most people!
Inflation rises – The latest inflation figures from the Office for National Statistics (ONS) have shown that in October the Consumer Price Index (CPI) - a measure of inflation - rose to reach 1.5%. The CPI measures how fast prices are rising and this is the first time since February that the CPI has increased.
This year thousands of students have experienced delays in receiving their student loan payments, and have struggled to make ends meet in their first weeks at university.
If you or your son or daughter still hasn’t received the full amount of student loan, then speaking to the Student Support Services or Welfare Office at university is definitely worthwhile. Universities are aware of the problems that students have experienced this year and they have systems in place to try and help students out. It is also important to keep in touch with Student Finance England on 0845 300 5090 to keep track of your application.
Here is a review of the other top money stories of the past week commencing 16 November 2009.
Tuesday 17th November
Church's Christmas message: 'use cash not credit cards' – The Church of England has told shoppers not to use credit cards this Christmas if they want to 'stop a great Christmas becoming a terrible new year'. The advice, given in a three-part videocast of 3 minutes each and shown on the internet, is presented by Dr John Preston, the Church's national stewardship officer, and is entitled Wishing You an Affordable Christmas. However, whilst it's not true to say that people should never use credit cards for their Christmas shopping, it is best to only use them if you know you can pay the bill off relatively quickly when it arrives in the New Year. The best way to ensure that your Christmas spending is affordable is to only spend the money you've got, yet having a credit-free Christmas is a challenge for most people!
Inflation rises – The latest inflation figures from the Office for National Statistics (ONS) have shown that in October the Consumer Price Index (CPI) - a measure of inflation - rose to reach 1.5%. The CPI measures how fast prices are rising and this is the first time since February that the CPI has increased.
Wednesday 18th November
New campaign targets bogus doorstep traders – Almost three million people have fallen victim to a rogue doorstep trader, according to new research conducted by YouGov. While people of all ages were found to have fallen foul of the rogues, losing an average of £600, the oldest were hardest hit with those over 55 years losing almost £1100 each on average. The research also found that of those who were approached by doorstep sellers, 49% said they felt uncomfortable or intimidated. While canvassing on the doorstep is not illegal and there are many legitimate businesses selling to people in the home, rogue doorstep trading is an ongoing problem. Already this year, Consumer Direct, the advice service managed by the Office of Fair Trading (OFT), has received almost 4,000 complaints about cold callers offering home repairs - a rise of 18% on the same period last year. While it might be tempting to agree to attractive prices being offered on the doorstep, the OFT's new campaign 'Your Doorstep Your Decision' is warning people to think twice.
Guarantees of support for young jobless – Today the Prime Minister unveiled four 'guarantees' of support for young jobseekers. The pledges include offering all under-17s a place in training from January; a 'day one guarantee' offering training or work experience to jobless young people at the start of their claim for Jobseekers Allowance; and an internship or training place to any graduate out of work for six months. The fourth, and most expensive pledge, would bring forward a promise to offer work or training to any young person out of work for more than a year.
New campaign targets bogus doorstep traders – Almost three million people have fallen victim to a rogue doorstep trader, according to new research conducted by YouGov. While people of all ages were found to have fallen foul of the rogues, losing an average of £600, the oldest were hardest hit with those over 55 years losing almost £1100 each on average. The research also found that of those who were approached by doorstep sellers, 49% said they felt uncomfortable or intimidated. While canvassing on the doorstep is not illegal and there are many legitimate businesses selling to people in the home, rogue doorstep trading is an ongoing problem. Already this year, Consumer Direct, the advice service managed by the Office of Fair Trading (OFT), has received almost 4,000 complaints about cold callers offering home repairs - a rise of 18% on the same period last year. While it might be tempting to agree to attractive prices being offered on the doorstep, the OFT's new campaign 'Your Doorstep Your Decision' is warning people to think twice.
Guarantees of support for young jobless – Today the Prime Minister unveiled four 'guarantees' of support for young jobseekers. The pledges include offering all under-17s a place in training from January; a 'day one guarantee' offering training or work experience to jobless young people at the start of their claim for Jobseekers Allowance; and an internship or training place to any graduate out of work for six months. The fourth, and most expensive pledge, would bring forward a promise to offer work or training to any young person out of work for more than a year.
Thursday 19th November
Queen's speech sets out plans to tackle public debt – The Government outlined two new bills in the Queen's Speech yesterday, which are designed to strengthen financial regulation and reduce the nation's debt levels. The Financial Services Bill would create a new Council for Financial Stability and give the Financial Services Authority (FSA) greater powers to regulate banks. The Council would consist of Treasury, the Bank of England and FSA officials, and would analyse risks in the financial sector to ensure the recent financial crisis is not repeated in future years. The bill would give the FSA the power to stop excessive banking payments and would cancel pay packages for bankers that appear to reward undue risk-taking. Plans have been outlined for a new national money guidance service, delivered by a new Consumer Financial Education Body, which would make it easier for consumers to take action against financial institutions. The second bill announced is the Fiscal Responsibility Bill which would commit the Government to halving its annual budget deficit - the difference between government spending and income - within four years. It has risen sharply recently and is predicted to be at least £175 billion this year. Detailed plans for cutting the deficit are expected to be set out in next month's pre-Budget report.
Queen's speech sets out plans to tackle public debt – The Government outlined two new bills in the Queen's Speech yesterday, which are designed to strengthen financial regulation and reduce the nation's debt levels. The Financial Services Bill would create a new Council for Financial Stability and give the Financial Services Authority (FSA) greater powers to regulate banks. The Council would consist of Treasury, the Bank of England and FSA officials, and would analyse risks in the financial sector to ensure the recent financial crisis is not repeated in future years. The bill would give the FSA the power to stop excessive banking payments and would cancel pay packages for bankers that appear to reward undue risk-taking. Plans have been outlined for a new national money guidance service, delivered by a new Consumer Financial Education Body, which would make it easier for consumers to take action against financial institutions. The second bill announced is the Fiscal Responsibility Bill which would commit the Government to halving its annual budget deficit - the difference between government spending and income - within four years. It has risen sharply recently and is predicted to be at least £175 billion this year. Detailed plans for cutting the deficit are expected to be set out in next month's pre-Budget report.
