Financial news

• Unpaid internships damage long-term graduate pay prospects

  29-07-2017 23:01 via theguardian.com
  Study shows working for free leads to salary disadvantage Almost every graduate taking an unpaid internship can expect to be worse off three years later than if they had gone straight into work.That is the shock finding of the first survey of its kind of the career trajectories of tens of thousands of students over a six-year period. Continue reading...
  
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• ‘I wonder if it’s worth getting up’: life in Corby, the debt capital of Britain

  29-07-2017 17:00 via theguardian.com
  In the Northamptonshire town, charities and council workers face the daily consequences of the rising spiral of borrowing sweeping across the UKCorby in Northamptonshire has taken on a few notable titles over the years. It has been dubbed “Little Scotland” to reflect the Scottish workers who flooded in during the last century for jobs in its now defunct steelworks. More recently, Corby emerged as the fastest-growing borough outside London, its population now swelled by EU migrants an
  
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• Student Loans Company criticised over 'penalty interest' on funds

  29-07-2017 09:40 via theguardian.com
  SLC put more than 33,000 people on to a ‘non-compliance interest rate’ of 3% for ‘losing touch’ with companyThe Student Loans Company has been criticised for adding more than £8m to student debt through “penalty interest” on tens of thousands of loans in the last financial year.Figures seen by the Guardian showed that the SLC put more than 33,000 people in England and Wales on to a “non-compliance interest rate” of 3% for failing to respond t
  
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• Leasehold tycoon: man whose firms control 40,000 UK homes

  29-07-2017 09:00 via theguardian.com
  As controversy grows over revelations that leaseholders are being trapped by spiralling ground rents, we look at the property empire of James TuttiettHe does not appear on any rich list but he has built a property empire that rivals that of the Duke of Westminster. Companies controlled by James Tuttiett, aged 53, have quietly snapped up the freeholds of tens of thousands of houses and flats in almost every city in Britain, which are now at the centre of controversy over spiralling ground rents.T
  
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• We have to end the horror of this feudal leasehold system

  29-07-2017 08:00 via theguardian.com
  We could publish horror stories every week – and not just on doubling ground rentsThe entire parasitic structure of leasehold in England and Wales is, finally, beginning to wobble – and with a bit more prodding we could see it crash. The long campaign led by Sebastian O’Kelly at the Leasehold Knowledge Partnership has had its first success, with the government proposing a ban on new leasehold houses, while new flats will see ground rents cut to zero. But we need to go
  
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• Victory! New-build leaseholds banned … but what of those already trapped?

  29-07-2017 08:00 via theguardian.com
  The government has proposed a total ban on new-build leasehold houses, but existing homebuyers say they remain trapped, forced to pay large fees. We report on the latest twists in the growing scandalMany leasehold homeowners face being charged hundreds of pounds just to obtain permission to switch to a new mortgage, Guardian Money can reveal. And some must even hand over a fee to the freehold owner if they want a pet. It’s the latest twist in the growing scandal of unfair and outrageous de
  
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• Graduate anger mounts over ‘nightmare’ Student Loans Company

  29-07-2017 08:00 via theguardian.com
  Our story last week about the SLC quadrupling someone’s interest rate sparked a new wave of complaints• Share your stories of working while studying at universityWhen Gary Ashworth moved to Botswana in 2013 to try to start a design business, he immediately told the Student Loans Company that he would be out of the UK. Despite updating the company with his earnings, as requested, last year he discovered that £930 was being demanded by a firm of debt collectors.The reason for this
  
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• Goodbye 25-year mortgages, but are we walking into a borrowing trap?

  29-07-2017 08:00 via theguardian.com
  Taking out a deal lasting 35 years or more is becoming standard among younger buyersOne in six borrowers is taking out a mortgage lasting 35 years or more, official figures show – meaning many will still be paying off their loans well into their 70s.The data prompted one leading broker to declare that the traditional 25-year mortgage is “a thing of the past”, particularly when it comes to first-time buyers. But what are the pros and cons of opting to “go long”? Is i
  
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• Is bulk-buying food worth the extra effort?

  29-07-2017 07:59 via theguardian.com
  We could use lower food bills but are worried we’ll just end up with loads of tinsEvery week a Guardian Money reader submits a question, and it’s up to you to help him or her out – a selection of the best answers will appear in next Saturday’s paper.This week’s question: Continue reading...
  
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• Digital railcards could be just the ticket to avoid penalty fares

  29-07-2017 07:59 via theguardian.com
  Now your card can be on your smartphone rather having to carry a paper cardPenalty train fares imposed because a passenger left their railcard behind should soon become less frequent after rail companies announced the introduction of a digital version that can be stored on a smartphone via an app.Within the next few weeks, young people buying the popular 16-25 Railcard will be offered the digital one for the first time. Next will be the Network Railcard, which provides discounts on trains across
  
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• After scandal, UK-based Libor financial benchmark nears end ... - Business Insider

  29-07-2017 06:33
  After scandal, UK-based Libor financial benchmark nears end ...
  Business Insider
  LONDON (AP) — British regulators suggest that the end is near for Libor, the financial benchmark that was at the heart of a global market-rigging scandal.en meer »
  
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• Almost 2 MILLION pensioners still have to file a tax return, figures show

  29-07-2017 01:01 via feedproxy.google.com
  AROUND 1.7 million pensioners had to file a tax return last year, according to new research.
  
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