Financial News
Understanding Car Insurance Discounts
Posted 2008-04-24
Trying to save money wherever you can is important to us all. Car insurance should be no different. Do not assume that your agent knows everything about you and your vehicle. Drivers should take advantage of all discounts that many...
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Equity Release Plans Becoming More Popular
Posted 2008-01-15
According to Mark Gettinby, of Help the Aged subsidiary intune group, people are increasingly using equity release plans. Equity release plans allow retirees to boost their finances by releasing tax-free cash from their homes. The two most common options are lifetime mortgages and reverse mortgages. Mr. Gettinby adds that more and more retirees are using equity releases to repay mortgages and other outstanding debts. He advises anyone considering an equity release plan to “seek independent advice from a specialist before proceeding.” Dean Mirfin, business development director of Key Retirement Solutions, expands on Mr. Gettinby’s advice by stating that without a specialist’s counsel, people can easily pay too much for the plan, as salespeople eager to make a sale cannot be trusted to assist with consumer in finding the best deal. ...
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Bank of England Rate Not Always Reflected in Mortgage Rates
Posted 2008-01-15
David Kuo, head of personal finance at the Motley Fool, took time to explain that the link between the interest rate set at the Bank of England and the interest rate set by mortgage companies is not iron-clad. He explained that while many consumers eagerly awaited the expected interest rate cut by the Bank of England, these consumers may not necessarily feel the reprieve in their own mortgage payments, as mortgage lenders can decide whether or not to pass on the lower rate to their customers. Unfortunately for many customers, he explained, mortgage companies are currently focusing on “rebuilding their battered businesses,” (referring to the negative impact the mortgage crisis had on many lenders). Although many experts expect the Bank of England to continue cutting the interest rate in an attempt to kindle the British economy, most experts still expect the rate of personal insolvencies to greatly increase for the 2008 year. ...
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The Savings Rate Debate
Posted 2008-01-12
With the Bank of England’s recent interest rate cut, many investors with money in a savings account have unfortunately seen their savings rate cut as well, by more than the .25% interest rate cut. Some of these lenders include Alliance...
Self-Cert Mortgage Sector Remains Unaffected
Posted 2008-01-12
With the recent news hype regarding mortgage disasters, many people may be wondering if they will have a problem receiving a mortgage. Andy Pratt, spokesperson for Alexander Hall, reassures the public that the crisis has been relatively concentrated to the...
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Budgeting Assists in Gaining Control Over Finances
Posted 2008-01-10
With Credit Action estimating that the total UK debt is £1,400 billion, many UK residents are urged to make a twelve-month budget to assist in sorting out their financial situation. The Consumer Credit Counselling Service (CCCS), recommends determining one’s budget by looking at quarterly bills, car insurance payments, and other monetary outgoings, setting an annual budget, and then dividing that by twelve. CCCS spokesperson, Frances Walker, explained that setting a budget and looking into income maximization can assist many individuals and families. She warns, however, that if 20% of your income is going towards monthly repayments, you are stretching yourself too thin. If this is the case, one beneficial option may be debt consolidation. ...
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Research into Loans Pays Off
Posted 2008-01-9
Contrary to what one may think, consumers can potentially save money by taking out a bigger loan than a smaller one. Mr. Defaqto, principal consultant of banking David Black explained this is because banks categorize loans into tiers, with highest interest rates on the lower tiers. As a result, consumers can pay more for a smaller sum of money. For this reason, Mr. Defaqto highly recommends researching interest rates for various size loans, as it can be extremely beneficial. He explains, “Researching the interest rates charged on different tier levels could save [consumers] a considerable amount of money.” In fact, taking a larger loan may require longer payments, but can save consumers as much as £1,000. In addition to researching interest rates for loans, it is advised for consumers to research credit card rates, as switching between credit card companies can be beneficial in some situations. ...
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DWP Suggests Brits Reassert Control of Finances
Posted 2008-01-9
As a result of poor financial planning, over 50% of UK residents overspend during Christmas, the Department for Work and Pensions (DWP) stated. This excess in spending results in financial difficulties for individuals and families, frequently causes an inability or struggle to pay bills on time or at all. The DWP suggests people make efforts to gain control of their finances if they find themselves in this situation, as it can ease anxiety. One such control mechanism that the DWP suggests is to consolidate debt. In related news, the DWP recently publicly stated plans to create a new child poverty division. According to their studies, the UK government has assisted 600,000 poverty-stricken children in the past ten years alone. ...
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Survey Finds Billions of UK Bills Unpaid
Posted 2008-01-9
Rising gas and electricity prices, in addition to the current credit crises are a few of the factors blamed in new reports showing the vast amount of UK residents who have gone without paying bills. According to a new survey by YouGov, for MoneyExpert.com, over six billion bills went unpaid since 2007. Some of the statistics included: 2.3 million either failed to pay their council tax bill or paid it late 1.3 million failed to pay energy bills Nearly 3 million failed to pay credit card bills MoneyExpert.com chief executive, Sean Gardner reflected, “Paying one bill late is not something to panic about. But if you find this is becoming something of a habit then you need to take action. Missing bills can have serious consequences, whether it’s losing a service altogether or even ending up in court.” ...
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Predictions of Increasing Insolvency Rates Abound
Posted 2008-01-8
With many reports clamouring about the expected increase in personal insolvency cases in 2008, and KPMG forecasting the number to increase by 30%, one expert chimes in on the matter. James Falla, director of Thomas Charles, a prominent advice service, confirms his corroboration with the research. However, Mr. Falla points out that expected increase in personal insolvency includes bankruptcies, Individual Voluntary Arrangements, and informal debt management plans. He notes, in addition, that it is impossible to accurately measure debt management plans. ...