Just spotted Martin Lewis on the News of The World site, he’s got some tips about finding cheap credit and avoiding PPI claim territory. He’s found a credit card with a 5.6% interest rate and tells you how to use a card in place of a loan and make massive savings at the same time. Check it out…

One of the major High Street Banks, Royal Bank of Scotland, has said that the Financial Services Authority (FSA) is investigating the way the bank deals with customer complaints. Needless to say the bank has made it clear that they will co-operate “fully” with the investigation although it’s not clear what aspects the FSA will investigate.

The reason the FSA are looking at the big banks is because of the high proportion of complaints they are receiving, the FOS revealed that in the past six months alone RBS has received over 7,000 complaints from customers. Many of the complaints relate to overdraft fees, payment protection insurance and credit cards.

You may have heard about the scandal of PPI claims and gross mis-selling of policies to many UK banking consumers, but what’s it all about? Well…

PPI or Payment Protection Insurance as it’s also known has been included in over 20 million credit agreements over the last 6 years as a way of helping people repay debts if they are unable to themselves. The thing is, it’s not been performing this task and lenders and insurance providers have left people high and dry with no way to repay their debts.

This has happened because 2 million of the 20 million policies have been mis-sold by eager sales teams looking for commission. In many cases PPI was included with the borrowing without the customer knowing, needing or wanting it and in other instances people were paying for PPI that they couldn’t use if they wanted to because they were inelligable. It’s no wonder then, that so many people are looking to get their money back.