People ‘to spend less on insurance’

Consumers are hoping to reduce their spending on insurance products, research suggests.

Among consumers who buy insurance through price comparison sites, 26 per cent are looking to reduce their insurance spending, according to the survey commissioned by business advisory firm Deloitte.

One-fifth of those who hope to reduce their spending on insurance aim to cut their payments on payment protection insurance (PPI), which provides coverage if the borrower is unable to make repayments on products like loans, mortgages and credit cards in the event of ill-health, unemployment or death.

David Rush, insurance partner at Deloitte, said: “At a time when households have less disposable income, it is understandable that many will look at how they can reduce their spending.

“However, consumers should think carefully about which types of insurance they most need in a down-turn.”

Mr Rush suggested that people are most likely to need PPI cover if the economy enters a difficult period.

In related news, Sainsbury’s Bank has suggested that consumers should check with their car insurance provider before they drive abroad to ensure that they are fully covered.

Tags: One-fifth, period.In related news, need, comparison, car insurance, insurance aim, credit, Credit Cards

Reducing your credit card debts

Over recent years the UK has become a nation that has become more and more reliant on using plastic to pay for items. There are many reasons why people turn to credit cards for their purchases. Credit cards are far more convenience and far easier than having to carry cash around or deal with cheques. Credit cards also enable us to make purchases without having to pay up front, and we can even make purchases and spread the repayments, fuelling the buy now and pay later culture that has become so popular in the UK. Read more

Tags: period, appeal, rise prospect, buy, expensive purchase, control, credit card debts, repayments

Finding the right bank account for your needs

For many people a bank account is just a bank account – somewhere to pay their salary in each month and from which to withdraw cash or write cheques. However, these days the world of banking is more competitive than ever and many of the popular banks now offer a choice of accounts and a range of perks and conveniences. In order to ensure that you get a bank account that will not only suit your needs but will make life easier and more convenient, there are a number of things to look out for. Read more

Tags: account, monthly bank, bank accounts, appeal, amount, bank account tips, monthly bank charges, facility

First-time buyers face bigger deposits

First-time buyers are now having to stump up bigger deposits than before to buy their first home, even though property prices have been falling in recent months, it has been reported. Read more

Tags: mortgage deposits, first time buyer, belts, home, property, cash, Mortgages

Improve your credit rating, advises expert

People who do not have a very good credit rating should make an effort to improve it, an expert has advised.

Richard Brown, the chief executive of Moneynet.co.uk, has said that lenders will not want to give out loans to consumers who have poor credit ratings, regardless of their job or earnings.

“At the moment, lenders are only really lending money to people who are demonstrating that they can repay it, so the ground rules have changed dramatically in the last 12 months or so,” Mr Brown commented.

He advised people with poor credit ratings to make an effort to improve them by making regular repayments on loans every month and trying to pay off more than just the minimum amount.

According to Credit Action, the average amount of interest paid by each household on their total debt is about £3,790 a year, which is up by £343 from a year ago.

Tags: repayments, ground, finance, Credit Action, credit rating

Fixed-rates “still” popular

New research has revealed that fixed-rate mortgages continue to be popular among homebuyers even though they have become more expensive in recent months. Read more

Tags: personal finance, purchase, Homebuyers, Stephen Smith, fixed rate mortgages, series, future

50% of Brits don’t seek financial advice

More than half of people in the UK have never sought professional advice regarding their finances, a new study has revealed.

Research from Zurich has shown that 57 per cent of all Brits and 84 per cent of those aged 18 to 24 years old have never asked for financial advice.

Half of the people surveyed said that one of the reasons they have not approached anyone for advice about their money situation is that they feel is would not be of much value to them as they do not have a large disposable income.

Tony Solomon, director of Life Marketing at Zurich, said: “The sheer number of people walking blind into their financial decision-making presents a disturbing trend in society and an alarming picture for the future.”

Figures from Credit Action have revealed that the households pay an average interest of £3,790 each on their total debt every year.

Tags: professional advice, Zurich, Credit Action, GBP, Brits, picture, Human Interest, solomon

Inflation hikes are making life “tougher”

With inflation rising higher this week than analysts predicted it would, an expert has said that the situation is making life “tougher” for many people.

According to Ann Robinson, director of consumer policy at uSwitch.com, some consumers have seen their food, energy and other essential bills increase by 20 per cent over the past year.

Ms Robinson commented that many people are feeling the pinch as living costs continue to rise yet salary increases lag behind.

“We are working harder than ever before but we are not getting any richer.”

Ms Robinson warned: “With inflation misery set to continue this summer, this is a difficult time for consumers.”

Earlier this week inflation went over three per cent and Ms Robinson advised consumers to carefully review their household budgets and try to make savings wherever possible.

She pointed out that people could save an average of £1,500 on essentials by doing so.

Tags: time, inflation, essential bills increase, consumer, percentage, salary increases, Business Finance, food

Garden thieves take average of £291

People who leave their gardens and sheds unsecured can expect to lose an average of £291.30 if someone breaks in, according to Sainsbury’s Home Insurance.

Neil Laird, manager at the company, said that the number of burglaries of gardens is on the up and homeowners should be wary of leaving their garden sheds unlocked.

According to Confused.com, people leave an average of £800 worth of items in their garden sheds.

Furthermore, Mr Laird warned that some homes may be targeted by burglars more than once.

“Homes seen to have ‘rich-pickings’ that are left unsecured, may be targeted again so as well as tightening up security, it’s worth picking a home insurance policy that allows you to benefit from and protect your no claims discount,” he commented.

According to the research from Sainsbury’s Home Insurance found that 11 per cent of items stolen from gardens are worth between £401 and £1,000.

Tags: Confused.com, home, burglaries, picking, home insurance, garden, Sainsbury's Home

Credit squeeze hitting savers

Consumers are increasingly feeling that they are unable to save as much as they might like to due to the current economic downturn, according to Nationwide Building Society.

Matthew Carter, Nationwide director for savings, said that although three in four people believe it is important to put money away in a savings account, some do not feel “they can afford to save as much as they need to” because their finances are being squeezed by the credit crunch.

New research from the building society has revealed that 57 per cent of people would like to be able to save more than they are currently doing.

Mr Carter pointed out that it is a good time to save at the moment because there are a number of accounts with attractive rates.

“The products available mean it’s a good time for savers so it’s incredibly unfortunate that would-be savers haven’t the spare money to put aside.”

Meanwhile uSwitch.com has said that the credit crunch and rising inflation are making life “tougher” for many people.

Tags: Business and Economy, economics, Business Finance, matthew carter, time, consumers, moment

« Previous Page — Next Page »