Brits don’t know how to detect ID theft
June 27, 2007 by admin
Filed under News, News-Credit-Cards
Almost all of us are aware that ID theft is a problem in the UK but worryingly, 42 million of us do not know how to check if we have been targeted.
New research by Capital One reveals that large numbers of us are clueless about how to discover if we have become a victim of the crime and only ten per cent know what action to take if our ID has been stolen.
“It is concerning how many people we asked had no idea how to tell if their ID had been stolen, or what to do about it if they had unfortunately become a victim,” said Sanjiv Yajnik, principal managing director at Capital One.
“The tell-tale signs of ID theft often include unexplained items appearing on bank and credit card statements, receipt of bills and receipts of goods or services you haven’t asked for, being told you are already claiming state benefits you weren’t aware of or being refused a financial service despite having a good credit history.”
The study found that 99 per cent are aware of what ID theft is and 41 per cent are concerned that they will become a victim.
However, despite this, millions of Britons fail to take precautionary action to protect themselves from ID thieves.
Around 2.5 million people still throw confidential documents away without shredding them, five million leave personal information lying around and 4.5 million regularly carry personal documents around with them in wallets and handbags.
Capital One points out that this is leaving many people open to ID theft which can lead to thieves getting credit cards and loans in your name.
This in turn can lead to problems for the victim when it comes to getting a mortgage or other financial product in the future.
Don’t let ‘money fear’ take grip
June 27, 2007 by admin
Filed under News, News-Banking
Sainsbury’s Bank is encouraging Britons not to put their heads in a financial sandpit and to face the reality of their banking problems.
Research carried out by the group suggests that some 2.8 million consumers, or six per cent of the adult population, purposefully ignore the state of their financial situation.
According to Kevin Barrett, head of channels at Sainsbury’s Bank, almost two million Britons refrain from divulging their financial positions with partners because they are worried about the potential reaction.
Over one in ten people also claim to have left credit card and bank account statements unopened as a means of procrastinating over financial matters.
Mr Barrett said: “Our advice to people suffering from this condition is not to put your financial management off, problems can arise if you don’t keep an eye on things.”
He added: “For example, without regularly monitoring your statements you won’t be able to identify issues such as identity theft. Take control of your finances now, look at your expenditure, plan your budget and by all means, seek advice or counselling if you need to.”
To avoid getting into the situation of ‘money fear’, Sainsbury’s Bank calls for consumers to face up to their financial situation, to prioritise debts and to plan a budget and stick to it, among others.
Customers should enjoy ‘positive payments’ order
June 27, 2007 by admin
Filed under News, News-Credit-Cards
Nationwide is calling for credit card customers to enjoy a positive order of payments.
Research carried out by the group indicates that over two-thirds of consumers do not know which order their payments are allocated to their account.
Almost a fifth believe that the longest outstanding debt is paid off first, while over one in ten believe that that the highest interest items are paid off first.
Nationwide claims that less than a third of Britons know how their repayments are allocated; that is, with the lowest interest items being paid off first.
Although the group has welcomed government action which mean that from October next year all credit card providers will have to draw attention to the order of payments they use, it worries that the practice is not well understood by consumers.
Nationwide is calling upon the industry to make changes now and to treat their credit card customers fairly by adopting a positive approach to their order of payments.
July move ‘popular’ among older Britons
June 27, 2007 by admin
Filed under News, News-Mortgages
July is regarded as the most popular month for people over the age of 50 to move house, according to Saga Home Insurance.
Figures released by the group indicate that more people in the over-50s bracket have moved house in July in the last five years than any other month.
Downsizing appears to be popular among over a third of respondents in the poll, with many wanting to move to a smaller home.
Some 34 per cent of respondents also cited the desire to be closer to family as a motivating factor to move.
Andrew Goodsell, chief executive of Saga, said: “We can see that family is a key influencer on where future retirees will migrate to, but we can also get a sense of just how people plan to spend their retirement – with shopping and social activity as key attractions when searching the area to retire to.”
Mr Goodsell said that people moving home might consider taking on Saga Home Insurance, which might help them minimise the stress of moving home.
Holidaymakers miss home within 10 days
June 25, 2007 by admin
Filed under News, News-Insurance
Brits holidaying abroad begin to miss home within nine to ten days of arriving at their destination.
That is according to new research by Halifax Travel Insurance which shows that holidaying Britons often take a number of ‘British’ items abroad with them to remind them of home.
The top items include teabags, British beer, cornflakes, ketchup and biscuits but many holidaymakers also pack DVDs of British shows as they are not keen on the prospect of foreign TV.
According to Halifax, this could potentially lead to financial loss for many if their travel insurance policy does not cover the loss or damage of these things.
In addition, many travellers could get themselves into trouble by not checking regulations in particular countries regarding the importation of specific items.
“Holidaymakers who do not check regulations regarding the importation of food and drink into a country could find items being confiscated and destroyed,” said Vicky Emmott from Halifax Travel Insurance.
“Visiting the FCO [Foreign and Commonwealth Office] website before departure can help travellers avoid delays and incidents when taking consumables abroad.
“Travellers taking expensive DVDs and music abroad should also ensure that it is adequately covered should it be damaged in transit or stolen,” she added.
The research showed that people from Wales, the Midlands and eastern England are the most likely to miss home while abroad.
Ex-smokers pay less for insurance
June 25, 2007 by admin
Filed under News, News-Insurance
England is set to go smoke free by the end of this week (July 1st) and many smokers may find that kicking the habit will benefit them in more ways than one.
As well as the money saved on not stumping up for cigarettes, ex-smokers will also see the premiums they pay for life insurance plummet.
The average 35-year-old male who regularly lights up can expect to pay around £13.50 per month for a £100,000 term assurance policy providing cover for 20 years.
However, if the same person were to quit smoking, within a year he would see his monthly payments fall to around £7.90.
“This shows just how important it is to shop around for an annuity which meets your individual needs and also takes into account lifestyle or health issues,” commented Matt Ward from financial research company Defaqto.
Insurance firms require applicants to have been smoke free for at least a year before they can be considered an ex-smoker and it is not easy to pull the wool over their eyes.
Many insurance firms carry out a cotinine test which detects nicotine in blood, urine and saliva.
Council tax rises by 91% in 10 years
June 25, 2007 by admin
Filed under News, News-Mortgages
Increasing council tax bills are putting the squeeze on mortgage holders throughout the UK.
According to research by Halifax, the average council tax bill has risen by 91 per cent in the past ten years.
This huge increase is clearly going to cause trouble for many homeowners, particularly first-time buyers who may be struggling to keep up with mortgage payments anyway.
Halifax points out that the average annual bill currently sits at £1,078, almost double the £564 that most people paid in 1997-98.
The largest percentage rise has been seen in Monmouthshire, where council tax has increased by 184 per cent in the last decade.
People living in Richmond-upon-Thames pay the most council tax in Britain, with a bill of £1,665.
Halifax points out that the 91 per cent average increase is well above percentage rises in other areas, with average earnings goring by 51 per cent and the Retail Price Index growing by 31 per cent in the same time period.
“Council tax bills have increased significantly faster than either average earnings or retail prices over the past ten years,” said Martin Ellis, chief economist at Halifax.
“Bills diverge across the country. Growth rates over the last decade differ by a wide margin between billing authorities too.”
People considering getting a mortgage are advised to ensure that they have calculated their finances properly before signing up to ensure that they will have enough cash to pay for things such as council tax and household bills on top of their mortgage payments.
Where have all the fivers gone?
June 22, 2007 by admin
Filed under News, News-Banking
You may have noticed in recent months that the humble £5 is in short supply.
It may not seem like a particularly pressing issue but the lack of fivers in circulation at the moment is causing a headache for many people.
When it comes to banking, a £5 note can be particularly useful and shoppers in particular like them so that they are not carrying around too much change.
However, the Bank of England claims that it has a large surplus of the notes in storage but is having difficulty dishing them out to banks which prefer not to store them in their ATMs.
Bank of England governor Mervyn King revealed in a speech to City bosses that banks find it more economical to have £10 and £20 notes in their cash machines and this has led to the lifetime of an average £5 note doubling.
He described how many fivers are “noticeably soiled and scruffy” and revealed that he would be seeking urgent talks with banks over the issue.
“There is a need for an adequate supply of low denomination notes that can be used for small transactions where cash is the predominant means of payment,” he said.
“Such mutual convenience is a public good and may not correspond to the private interest of commercial banks.”
Mr King hinted that incentives may need to be put in place so that banks store more £5 notes in their cash machines.
Mortgage lending may be easing
June 22, 2007 by admin
Filed under News, News-Mortgages
Mortgage lending has continued to grow, with figures for May breaking records for the month.
The Council of Mortgage Lenders (CML) says that May lending figures reached £30.6 billion, a 12 per cent increase on the £27.4 billion that was lent in April.
The figure was also a five per cent increase on the £29 billion that was lent in May 2006 but the CML says that this shows that the market is easing.
Despite breaking records, the year-on-year growth of five per cent is well below the typical 12-15 per cent increase we are used to seeing.
Although this is a clear sign of the market easing up, the CML says that May’s figures remain very strong.
“While today’s lending figure is a new record for the month of May, it does indicate that the market is slowing down following the rapid and sustained growth we saw last year,” said Michael Coogan, director general of the CML.
“Going forward we expect lending to ease as we progress through the year, but the market will remain in good shape.
“Although further interest rate rises will continue to dampen demand, we are still on course to meet our prediction of a record £360 billion of lending during 2007,” he added.
Some experts are expecting the introduction of Home Information Packs into the property market from August of this year to help boost house prices.
Londoners most keen on living abroad
June 22, 2007 by admin
Filed under News, News-Mortgages
People living in London are the most likely in Britain to take out a mortgage on a foreign property.
New research by Bank of Scotland International (BSI) shows that eight per cent of Londoners already own a home abroad.
In addition, a further 52 per cent have considered making a move overseas, putting Londoners well above the British averages of four per cent and 42 per cent respectively.
Those in the capital who already own a foreign property are closely followed by the South East, where seven per cent of people are already on the foreign property market.
The most popular foreign destination to set up home for Brits is Australia, with ten per cent saying that they would consider upping sticks and moving down under.
France is the top European destination and is closely followed by Spain.
“Londoners certainly are the most active when it comes to moving abroad or buying a home abroad,” commented Tony Wilcox, managing director at BSI.
“When looking to live temporarily or permanently abroad it is important to have the right products and services in place.”
Moving abroad can have many financial benefits for Brits who have had enough of the high property prices in this country, however, careful consideration and planning must go into the move for it to be a success.
