‘General’ News
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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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. ...
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Pet Insurance Can Save Money
Posted 2008-01-4
Owning a dog can certainly be expensive; proper food, grooming, and care for when you are out of town all add up. One of the most expensive costs in owning a dog can be the trips to the veterinarian, which can easily tally in the hundreds. Tesco Pet Insurance has stated that for the 5.2 million dog owners in the U.K., financial planning for both unexpected and expected costs is important. The company reports that only 12% of dog owners take out insurance policies for their pets, even though they can drastically reduce bills at the vet’s office. Tesco hopes that the 38% of pet owners who stated that they felt they could not afford veterinary treatment for their pet will consider Tesco’s new discounts in pet insurance. The company is offering a 20% discount for purchasing pet insurance online, and 10% off for purchasing pet insurance over the phone. ...