TUI Credit Union’s Post

Banking giant Lloyds has set aside £450m to cover the potential cost of an investigation into car finance deals by the UK's financial regulator. A probe into whether people had been paying too much for cars was launched by the Financial Conduct Authority (FCA) last month. Brokers who arranged car financing earned commission on the interest rates that they set for customers. Lloyds revealed the provision as it announced a big rise in annual profits. The bank said pre-tax profits jumped to £7.5bn last year, which was higher than expected and up 57% from the year before. The FCA announced last month that it would investigate whether people who believe they were charged too much for car loans were owed compensation. Meanwhile, the Financial Ombudsman says it has received 17,000 complaints to date about motor finance commission. Lloyds is seen as the most exposed of the major banks to any claims, as it owns one of the UK's largest motor finance providers, Black Horse. Under what were called discretionary commission arrangements, some lenders had allowed car dealers to adjust interest rates on loans, which would improve the commission they received. In short, the higher the interest rate, the higher the commission. Read more ➡️ https://buff.ly/4bNEuHT The Scottish Chambers of Commerce Network is here to support your business - reach out to share your views, concerns and opportunities. #SCCnews #businesssupport #businessnetwork #businessvoice #businessleader Sign up for the Scottish Chambers of Commerce enewsletter at https://buff.ly/3CpsQnu

ABCO FCU: Credit Card 101 - Understanding Your Plastic Powerhouse Credit cards offer convenience and flexibility, but responsible use is crucial. Navigating the world of credit cards can feel overwhelming at times, but understanding the basics empowers you to make informed financial decisions. Let's explore Credit Card 101 with ABCO FCU. 1. Understanding Key Terms: 🔹 Credit Limit: The maximum amount you can borrow on your credit card. 🔹APR (Annual Percentage Rate): The yearly interest rate charged on your outstanding balance. 🔹Minimum Payment: The smallest amount you must pay each month to avoid late fees (not recommended for long-term use). 2. Using Your Credit Card Wisely: 🔹Budget and Track Spending: Set a realistic budget and track your expenses to avoid overspending. 🔹Pay Your Balance in Full: This avoids interest charges and maximizes the benefits of using your credit card. 🔹Maintain a Low Credit Utilization Ratio: The ratio of your credit card balance compared to your credit limit. 3. Building and Maintaining Good Credit: Using your credit card responsibly and making timely payments is essential for building and maintaining good credit. Good credit opens doors to better interest rates on loans, mortgages, and insurance in the future. Learn more about ABCO FCU’s Visa® Credit Card: https://bit.ly/2FqzGxU #NewJersey #CreditUnion

Reminder - British Business Bank’s Growth Guarantee Scheme now open! https://lnkd.in/eTKzAuqz . With a new lender joining the scheme offering facilities to £350k, are you ready to unlock opportunities with the British Business Bank’s Growth Guarantee Scheme? If you’re a small to medium-sized UK business aiming to expand or bolster your working capital, we have the right lenders who can offer your business access to the GGS. APPLY WITH CLARATUS TODAY! Key Features: 💷 Loan Amounts: Up to £2 million 📈 Products: Term loans, overdrafts, asset finance, invoice finance ⏳ Term Lengths: 3 months to 6 years 🔒 70% government-backed guarantee (borrower remains 100% liable) Eligibility Criteria: ✅ Turnover Limit: Up to £45 million ✅ UK-based: Must be carrying out trading activity in the UK, with over 50% of income from trading activity. ✅ Viability Test: Must have a viable business proposition ✅ Business in Difficulty: Must not be in relevant insolvency proceedings. ✅ Subsidy Limits: Must confirm GGS facility won't exceed allowed subsidy limits. ✅ Applicants may have an existing BBLS, CBILS, CLBILS or RLS facility, although the amount borrowed under these schemes may limit the amount that can be borrowed through this latest version of Government growth scheme. 🔗 LINK IN BIO TO APPLY TODAY 🔗 📞 Call Claratus Now: 0207 294 7500 📧 Email Claratus Now: info@claratus.com Why choose Claratus? Navigating the application process can be complex. At Claratus, we streamline the process, ensuring you meet all criteria and submit a compelling application. Our expertise increases your chances of securing the funding you need. With a 70% government-backed guarantee, this scheme offers favourable terms for eligible businesses. For more details, visit the British Business Bank. The British Business Bank administers the Growth Guarantee Scheme on behalf of the Secretary of State for Business and Trade. Claratus is a credit broker, not a lender. #claratus #claratuscf #commercialloan #commercialloans #BusinessGrowth #FinanceOpportunity #SmallBusinessUK #ClaratusFinance #GrowthGuaranteeScheme #UKBusiness #businessloans

When comparing Motor Finance Products like #PCP and #HP one of of the main things to consider is the Overall Cost of the funding and not just the monthly payment. Whilst I appreciate the monthly payment is very important it's not the only thing to consider. I have recently looked at a possible fund for a customer and our finance on paper was £10 a month higher than the dealer monthly cost. The dealer was also providing a £250.00 deposit contribution. The dealer presented it on that basis. They hadn't provided a full breakdown of the overall costs just the monthly payment and the fact they were giving them £250.00. What actually transpired was that the dealer was quoting over 5% APR more than what we could provide which meant that assuming the customer kept the car for the full term they were paying over £8000 more in interest. Please therefore always ask for a full representative quote to enable you to compare like for like across providers. Anglo Scottish Prestige Finance is a trading style of Anglo Scottish Asset Finance Ltd. We are a Credit Broker and not a Lender. We can introduce you to a limited number of lenders and their finance products. We are not an independent financial advisor; we will provide details of products available, but no advice or recommendation will be made. You must decide whether the finance product is right for you.    Our aim is to secure finance for you at the lowest interest rate you are eligible for from our panel of lenders.    We do not charge a fee for our services. Whichever lender we introduce you to, we will typically receive a commission from them (either a fixed fee or a fixed percentage of the amount you borrow) and different lenders pay different rates. For certain lenders, we do have influence over the interest rate, and this can impact the amount you pay under the agreement.    All quotes provided are subject to underwriting criteria.     We reserve the right to withdraw our acceptance at any time in the event that material adverse change has taken place regarding the status of the customer, if previously provided information proves to be inaccurate or false, any information provided fails our post acceptance verification checks, including the customer holding all appropriate licences.    Anglo Scottish Asset Finance Ltd, Unit 12-14 Lumley Court, Drum Industrial Estate, Chester-le-Street, County Durham DH2 1AN.    We are a licensed credit broker authorised and regulated by the Financial Conduct Authority FRN 629574.  CRN: 06099866, registered in England and Wales. VAT number: GB 916 0421 55 

TSB launches 3-year product, Step One Finance loosens second charge criteria https://lnkd.in/eVgYMz4E

British Government Reduces Stake in NatWest Group, Eyes Full Privatisation The British government has sold £1.24 billion ($1.58 billion) worth of shares in NatWest Group (NWG.L), further reducing bank ownership. This transaction decreases the government's stake from nearly 26% to 22.5% as part of its ongoing efforts to completely divest from the lender. This latest move comes alongside an announcement from the Treasury, confirming that plans to offer shares to the general public have been postponed until after the July 4 general election. "A retail offer will not happen during the election period," a Treasury spokesperson told Reuters on Friday, corroborating earlier media reports. The sale marks another step in NatWest's gradual return to private ownership following its state rescue during the 2008 financial crisis. In contrast, the U.S. had sold its major investments in bailed-out banks by 2011. The British government's plan involves selling shares in the market until August 2025, with no pause in connection to the recent off-market purchase. Finance Minister Jeremy Hunt has pledged to fully privatise NatWest by the end of 2026. NatWest bought back 392 million shares from the government at 316 pence per share in an off-market purchase, part of an existing contract with the state. Following the announcement, NatWest shares saw a slight uptick of 0.35%, reaching 317 pence by 10:30 GMT on Friday, having gained approximately 45% this year. The government's stake in the bank, previously known as the Royal Bank of Scotland, peaked at 84% following its bailout in 2008. By March of this year, the government had reduced its stake below 30%, no longer holding a controlling interest. The off-market purchase will settle on June 4, according to a government statement. This comes after NatWest reported a first-quarter profit drop of 27%, which was less severe than analysts had anticipated, despite a sector-wide squeeze on income.

Pro rata is a calculation that determines the fair distribution of a fixed amount. These calculations are common for issuing dividends and rebates. It is a process where whatever is being allocated will be distributed in equal proportions, meaning that every contribution made earns interest according to the month deposited.

“End the SME savings penalty” says new campaign backed by Britain’s small businesses Richard Davies, CEO of Allica Bank, said:  “It is a scandal that SMEs are missing out on more than £7.5bn of interest on their hard-earned cash every year, leaving small firms short changed and holding back vital funding from local economies. “The variation in interest rates offered to companies of different sizes exploits both the lack of transparency in the market and the limited time many small business owners have available to optimise their finances. “This campaign will bring attention to that fact, and our goal is for there to be a much greater focus on savings rates for small businesses, in the same way there has been from politicians and regulators on savings rates for consumers. “We are determined to drive change in the business savings market – Britain’s established businesses deserve better.” https://lnkd.in/gc_jtPdz James Heath Ravneet Shah Conrad Ford Niv Subramanian Mitch (Munish) Trehan Alan Dunmur Nick Baker Chloe Fenton (née Vaidya) #FFNews #Fintech #Finance #Banking #Paytech #Payments #Insurtech #Insurance

🚨Crazy Deal Alert 🚨 May beckons in bank holidays, better weather (debateable) and usually one or two deals that become the deal of the summer. This year I believe we have it on the 🆕 A35 Touring Edition all the power 💥 and looks 😍 you could ever need for…wait for it…£499pm 🤪🤪🤪 Not only that but take delivery of the car before the end of June and get 2 years free servicing🤯 Contact me now while stocks last to secure yours 📲 Total Cash Price: £42,000 Based on 48m PCP 6kpa £525 Deposit £499.99pm Total payable: £47,384.41 Guaranteed Future Value: £22,850 4.2% APR City West County Limited t/a Ora South West t/a Mercedes-Benz of Exeter, t/a Mercedes-Benz of Plymouth t/a Mercedes-Benz of Taunton, t/a Mercedes-Benz of Truro, t/a SMART of Exeter, t/a SMART of Plymouth, t/a SMART of Taunton, SMART of Truro is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486). Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender. We can introduce you to a limited number of finance providers. We do not charge fees for our Consumer Credit services. We may receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with them, typically either a fixed fee or a fixed percentage of the amount you borrow. The payment we receive may vary between finance providers and product types. The payment received does not impact the finance rate offered. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over, Guarantees may be required.

Always lots of funding enquiries on the BMW product and especially the M product. It's really important to check the finance rates that a broker can offer when compared to the dealer offering. My funding products like #PCP and #HP work in exactly the same way as the dealer products with the same outcomes and options at the end. If you would like to see how my rates compare then please just drop me a line and we can go from there. Anglo Scottish Prestige Finance is a trading style of Anglo Scottish Asset Finance Ltd. We are a Credit Broker and not a Lender. We can introduce you to a limited number of lenders and their finance products. We are not an independent financial advisor; we will provide details of products available, but no advice or recommendation will be made. You must decide whether the finance product is right for you.    Our aim is to secure finance for you at the lowest interest rate you are eligible for from our panel of lenders.    We do not charge a fee for our services. Whichever lender we introduce you to, we will typically receive a commission from them (either a fixed fee or a fixed percentage of the amount you borrow) and different lenders pay different rates. For certain lenders, we do have influence over the interest rate, and this can impact the amount you pay under the agreement.    All quotes provided are subject to underwriting criteria.     We reserve the right to withdraw our acceptance at any time in the event that material adverse change has taken place regarding the status of the customer, if previously provided information proves to be inaccurate or false, any information provided fails our post acceptance verification checks, including the customer holding all appropriate licences.    Anglo Scottish Asset Finance Ltd, Unit 12-14 Lumley Court, Drum Industrial Estate, Chester-le-Street, County Durham DH2 1AN.    We are a licensed credit broker authorised and regulated by the Financial Conduct Authority FRN 629574.  CRN: 06099866, registered in England and Wales. VAT number: GB 916 0421 55