Payday Loan Clampdown, Luxury Med School, College Bathroom Ban…
Payday loan costs clamped
So, even though payday loans are seriously just not worth it – the amount that lenders can charge customers has been cut. Score one for the little guy!
Under the new rules, customers will never pay back more than double the amount they borrowed – even though that’s still pretty high. Fees for late repayments can now not exceed £15 per missed date.
The Financial Conduct Authority hopes the new rules will protect customers from ridiculously high repayment costs and debt - but lenders warn fewer people will be accepted for credit as a result.
Our take: Well, it’s about time. The need for money now is a problem a lot of people can relate to, but please be wary of payday loans. There are so any other options out there, and ways you can budget to avoid being desperately short on cash. You may need £50 now, but can you afford £100 next month?
Students warned of loan payment scams
Yay! It’s almost loan payment time! Before you start to celebrate and plan all the things you’re gonna buy (textbooks, yeah?), remember your Internet safety and avoid being a victim to phishing scams.
The Student Loans Company (SLC, or angels/devils in disguise) are reminding students to look out for suspicious emails pretending to be from their official account.
The SLC will never email and ask you for your bank details or additional information so you can get your hands on that sweet, sweet money. If you receive an email of this nature, your best bet is that it’s a mean fraudster trying to get your textbook money.
Our take: You’re probably rolling your eyes at this one – but every year, students are caught out in this scam as they are so desperate to get their loan. Remember – safety first!
£36k a year medical school opens in Buckingham
Wanna go to medical school? If you can afford debts of £160,000 (compared to £50,000 or so for a medical degree at a normal uni) then pack your bags and get to the University of Buckingham!
Yep, they’ve opened a private medical school.
‘Who would pay that much money?!’ we hear you cry.
Well, a lot of people want to apparently. They have received 500 applications for just 67 places. The uni promise small group sessions and personal support… which you would expect if you pay that amount of money.
Our take: So much money, it has the ability to make wallets cry. People clearly want to go, so in four-and-a-half years (the length of a medical degree, don’t cha know) we will see if private unis can work. Still, makes your £9,000-a-year fees look like an Argos Value toaster, doesn’t it?
Bank Fashion in administration
It’s horrible when a high street store goes in to administration. 🙁
The latest victim is Bank Clothing, which sells brands such as Jack and Jones, Lipsy and DKNY (basically, brands we dream of whilst living in Primark clothing).
The shops are still open as normal but aren’t accepting gift cards or returns/refunds – but they are having a huge liquidation sale online!
Hopefully a buyer will be found soon, least not for the employees.
Our take: It’s only the first week of January and already a company is in administration! You can take advantage of their sale for the meanwhile, but best of luck finding a buyer and saving jobs.
College bans students going to bathroom alone
Yup. Seriously. Students at Solihull Sixth Form College who are taking an exam are not allowed to go to the bathroom on their own – an invigilator must go with them. Oh, and the student has to keep the toilet door open.
The principal of the college is hoping this will reduce cheating during tests. It may, however, increase stage fright...
Our take: Really?! It’s an extreme way to do things, but it will no doubt decrease cheating. However, it will increase the number of students who desperately run towards the toilet after an exam…