Should you pay your rent upfront to save money?

Over the past year renting has become increasingly popular, as many people have struggled to get a mortgage and buy a home, making the option of renting far more appealing. Also, difficulties that sellers have had in selling their properties in the current financial climate has resulted in an increase in the number of properties coming up for rent, which has resulted in increased choice and better value for money for many consumers. Read more

Tags: rent payments, landlords, tenants, best deal, council of mortgage lenders

Long haul package holidays being slashed in price

With the global credit crunch still underway and soaring household bills and living costs impacting on consumers’ budgets it is little surprise that many people have decided that they either cannot afford to take a holiday at all or that they can only afford to take a break somewhere local within the UK rather than heading to some far flung destination that costs a small fortune when it comes to flights, accommodation, and all the extras. Read more

Tags: advance, way, fuel, different deals, bargain, trip, holidays

Barclaycard acting irresponsibly

Credit card provider Barclaycard has been accused of acting irresponsibly after it was found that the financial giant had been contacting customers in order to try and encourage them to take money out on their credit cards. With many consumers strapped for cash in the current financial climate Barclaycard appears to have been taking advantage of the situation by trying to talk its credit card customers to use their cards in order to get their hands on instant cash. Read more

Tags: recent additions, worst periods, card fraud barclaycard, student, advance, limit, letter, bad advice

Look to remortgage in advance

With conditions within the financial markets currently volatile, one expert has suggested that homeowners looking to remortgage ought to review their options months before their existing deal runs out.

Ray Boulger of John Charcol said that lenders are choosing to change their mortgage rates “increasingly quickly” and most new rates tend to be “higher than the ones they replace”.

The expert advised borrowers wanting to remortgage to “investigate their options as much as six or seven months before their current deal ends, because some mortgage offers are valid for six months, although others only last three months”.

Mr Boulger also suggested that people seeking to buy a new home ought to speak to a broker first to find out what mortgages are currently available, given increasingly tighter lending criteria.

Commenting on the decision taken by the Bank of England to keep the base rate of interest at 5.25 per cent, David Kuo, head of personal finance at Fool.co.uk, said that the news will be “disappointing” for homeowners.

Tags: advance, head, interest, tighter lending, decision

Young drivers offered premium break

A leading car insurance firm is offering young drivers a financial break if they sign up to its Safe Driving Agreement.

NFU Mutual is offering youngsters a £100 discount on premiums if they sign the document which requires them to take care on the roads.

As part of the deal, drivers will promise to adhere to the rules of the road, only drive at certain times and avoid eating and smoking at the wheel.

“They must promise to confirm their destination in advance, to drive only between agreed times of the day, to ensure they and their passengers always wear seat belts, never drink or take drugs and drive… not use a mobile phone whilst driving and avoid being distracted through fiddling with the stereo,” said NFU Mutual’s Laura Wood.

The deal has been drawn up in conjunction with the Royal Society for the Prevention of Accidents and follows a speech by the Association of British Insurers (ABI) which called for more action from the government.

Ms Wood added: “Young drivers are more likely to crash than older more experienced drivers, in part due to their lack of driving experience but also due to their attitude to the road and being unaware of potential dangers.”

Young drivers generally pay higher insurance premiums as they are deemed to be more likely to be involved in an accident.

Tags: Traffic collision, care, document, whilst, NFU

Banks extend credit card cash advance charges

Customers are being urged to be as savvy as possible when using their credit card, with many providers believed to have extended the remit of cash advances.

Such an action could be tough on consumers, with the interest rate on purchases such as gift vouchers and online betting often being double that of usual cash transactions.

Nick White, director of financial services at price comparison site uSwitch, has described the way in which cardholders are being “bamboozled” by the banks’ tactics.

“They don’t know whether they will be charged at the much higher cash withdrawal rates on a whole raft of credit card transactions unless they scour the small print in their terms and conditions,” he told This is Money.

The measures are believed to have been implemented by many financial providers to recoup finances as a result of an Office of Fair Trading decision last year, which compelled banks to cap penalty fees at £12.

According to the Association for Payment Clearing Services, cash withdrawals on credit cards in the UK totalled £8.22 billion last year.

Tags: action, Credit card, Clearing, Financial services, Association, advance, penalty, uswitch