Information about the Car Scrapping Scheme

The 2009 budget announced an initiative by the government to get as many old cars off the roads and highways of the UK in what they termed a car scrapping scheme. In this plan, anyone who trades in an older model car and purchases a new one could receive a £2000 discount towards the purchase. This “bangers for cars” scheme, as it has been called, is an attempt to bolster the ailing automotive industry that has been hit with heavy losses in the recession. Read more

Tags: government, discounts, cash, age, beat, car scrapping, anyone, government car scrap

Switching Health Insurance Policies

Many UK residents are scratching their heads in disbelief as the renewals for their health insurance policies come due. The premiums have risen and in many cases by as much as 10%. Since having health insurance cover is vital, many people think they have no other choice but to pay the higher premiums. Such is not the case and there are ways of relieving this type of financial pain. Read more

Tags: health insurance costs, health insurance premiums, age, Social Issues, streamlined health insurance policy, health insurance

Credit crunch results in loss of sleep for many

A recent report has suggested that the effects of the ongoing global credit crunch is resulting in many of us losing sleep through worries over our finances and our futures. Read more

Tags: worse nights, group, finanicial stress, half, credit crunch, age, credit, heating bills

More being saved by younger Brits

Although the current financial and economic climate has made it increasingly difficult for many of us to put money aside into savings, a recent report has indicated that younger people in the UK appear to now be saving more. Read more

Tags: report, age, younger people savings, savings amounts, abbey

UreLife promotes “earn before you spend” mentality

Consumers should be careful with their finances and manage their money sensibly during the current credit crisis, advises UreLife.

The Urelife card, which combines prepay Visa debit with proof of age and a colour photo of the cardholder, encourages an “earn before you spend” mentality, according to Mark Dalton, a spokesperson for the company.

Since the market is moving away from credit facilities, consumers should be looking to set a monthly budget which they do not exceed.

“Increasingly, people have been maxing out their credit cards and the prepay debit card is the ideal product for people who want to take full responsibility for their finances,” Mr Dalton comments.

Credit Action recently said that although credit card spending is still a “very popular” form of borrowing, the growth rate has slowed over the past year.

This is partly due to banks tightening their lending criteria, however it also suggested that consumers are becoming more aware of the importance of managing their finances in a sensible way.

Tags: Debit cards, credit facilities, rate, Visa Debit, action, borrowing, age, money

Up to half of under-30s ‘aim to buy homes’

Around 50 per cent of young people in the UK regard buying a home as a realistic goal for them before they reach 30, new research has shown.

Findings from Alliance & Leicester reveal that the timing of achieving this milestone is pertinent with the average age of a first-time buyer being 29, a figure which has risen from 28 in the early 1990s.

Richard Taylor, head of mortgage products at Alliance & Leicester, said that reaching 30 is milestone for many as it is a deadline for certain ‘achievements’ such as owning a property, getting married or starting a family.

“Even in an uncertain housing market we’re seeing those under the age of 30 feeling confident and optimistic about the prospect of getting onto the property ladder before they say goodbye to their twenties,” he continued.

Renting is the option for those living away from home before attempting to climb the property ladder says the research.

Meanwhile, young people are being urged to should begin their savings “in the cradle” by savings experts with the Scottish Widows.

Tags: leicester, age, mortgage products, Renting, Mortgage loan, property ladder, option

Car insurance premiums rise by 5%

Car insurance premiums have risen by five per cent over the course of the past year, according to new research.

Findings from Sainsbury’s Bank revealed that the average premium was £497.26 in December 2007, compared with £472.52 in December 2006 which saw an increase of 5.24 per cent.

Joanne Mallon, Sainsbury’s Car insurance manager, said: “Car insurance premiums continue to rise which makes it all the more important for motorists to shop around for competitive insurance.”

She added that “the trick” is cutting your costs without cutting your cover.

Those motorists aged between 40 and 50 saw an average rise of seven per cent, which was the highest of any age group, higher even than the under 25s who had rises of just 6.59 per cent.

According to bank’s figures, men continue to pay more for their car insurance than women on average – £525.35 compared with £453.38.

Meanwhile, the bank has also warned drivers to be wary of ‘frosting’, a technique thieves use to take advantage of drivers who leave their cars unattended while warming up the engine.

Tags: course, Sainsbury, car insurance premiums, car, Insurance, trick, sainsburys, age

Mortgage lenders ‘targeting better qualified people’

The mortgage crunch has prompted mortgage lenders to target “better qualified people and lower risk people”, according to industry experts.

FirstRungNow.com said that products such as guarantor, professional, joint and graduate mortgages are now “coming to the fore”, as market conditions has made lenders keen to use these services.

Helen Adams, director of FirstRungNow.com, said: “The lenders aren’t necessarily put off by people being credit averse or being in debt despite the market conditions.”

Lenders have confidence that graduates and professionals will be able to pay their mortgages off, she said.

Ms Adams stated that lenders take a “holistic view” about earning versus debts and “won’t lend unless they think that the risk is reasonable to them.”

Scottish Widows, one of the leading banks in the graduate mortgage market, currently offers a 102 per cent mortgage to graduates.

This is open to all graduates of recognized universities under the age of 40.

Tags: age, graduate mortgage, view, averse, mortgage, credit averse, guarantor, debt

Figures show increase in bankrupt pensioners

Recent figures have shown that the number of pensioners in the UK that are going bankrupt has doubled in the space of five years.

There are now twice as many pensioners declaring themselves bankrupt as there were five years ago according to the figures. In the past year around 7% of bankruptcies were made up of pensioners, but in 2002 the number of pensioners that made up total bankruptcy figures equated to just 2% according to records.

Some experts have stated that it is increased life expectancy that has had an impact on the finances and savings of pensioners, tipping many over the financial edge and resulting in bankruptcy. This, state experts, has been made worse by the rises in the cost of living, fuel, and other areas, which has put further strain on pensioners’ finances. The research also shows that there appear to be more pensioners going bankrupt in rural areas compared to urban areas.

One insolvency expert stated: “More and more pensioners are going bankrupt as they struggle to repay debts when their pension is their sole source of income. Although attitudes towards bankruptcy have changed dramatically since the days of debtors’ prisons, the older generation still feel the stigma of bankruptcy and are reluctant to ask for help until it’s too late.”

Around 1250 bankrupts around the UK took part in the research. It is thought that the reason for the higher concentration of bankrupt pensioners in rural areas is the result of fewer work opportunities and higher transportation costs.

Some industry officials state that the cost of food – on which many pensioners spend a large proportion of their income – is contributing to the financial strain faced by many in this age group. Food price inflation rose from 2.5%in July to 2.8% in August according to figures.

Tom Smith
3rd November 2007

Tags: longer, finances, life, debt, bankrupt, old, plan, pensioners

Cats of any age ’should be covered by insurance”

Cat owners have been advised that they should purchase insurance no matter how old their pet is.

Maggie Roberts, head of veterinary services for feline welfare charity Cats Protection, argues that vets’ bills can “soon mount up” and that “even the most well looked after cats can develop unexpected illnesses”.

Ms Roberts also said that having a pet undergo treatment or surgery can be emotionally draining. She said that having to worry about treatment costs can be an “added burden” for cat owners who have an ill animal.

The head of veterinary services continued that costs can be generated in a number of areas, listing that pet owners could find that their animal has to undergo surgery, hospitalisation or be referred to a specialist.

In its latest report on pet insurance in the UK, market research consultancy Defaqto found that less than one in five cats (17 per cent) in the UK are covered by pet insurance.

Tags: ill animal.The head, pet, age, specialist, insurance policy, Retroviruses

Early 30s in most debt

People in their early 30s, known as the Friends generation, borrow more money than any other age group.

New research shows that they have the highest borrowing, including mortgages, and are more likely than other generations to miss repayments.

A study, carried out by Alliance and Leicester, shows that the Friends generation, named after the popular US sitcom, have an average unsecured debt of around £5,863.

That stands at 29 per cent above the national average and the fact that they often miss payments means that the situation is getting worse.

Alliance and Leicester does point out that the age of the Friends generation does not help their cause as many are now seriously making moves to settle down.

This means many are buying their first home, with 63 per cent currently owning a property.

“The early 30s are a transitional age where careers are taking off and before family responsibilities kick in,” explained Chris Rhodes from the bank.

“Many are buying their first homes at this point, but are also enjoying rapidly rising salaries and are keen to enjoy life to the full.”

Things look much better for the so-called Club 18-30s generation, with fewer people in this age range having consumer debt.

It is not all rosy however, with student loans having a major affect on this generation’s finances.

“The picture for the under-30s is dominated by student loans,” continued Mr Rhodes. “A hangover of student debt is constraining their appetite for other borrowing and delaying their ability to get on the housing ladder.”

Tags: age, consumer debt, point, cause, appetite

Making Sure You Get The Cheapest Pet Insurance Available

With recent changes in veterinary treatment and technology, it is now very possible to incur veterinary bills in the thousands of pounds. If, therefore, you are thinking of taking out pet insurance to cover and illness or accident that your pet may suffer, this may not only be one of the wisest decisions you make on behalf of your pet, but could also be one of the most financially astute decisions you make. Read more

Tags: cheapest pet insurance, main types, The, pet insurance providers, age, something, place

5 Ways To Reduce Your Student Car Insurance Policy Payments

One in every five students in higher education in the UK either owns their own car or has access to a car that they can drive to university. If we take it as given that higher education students have very tight budgets to live on, the following are five ways to help reduce your student car insurance policy payments and help you to save money: Read more

Tags: car insurance for students, age, way, cheaper student insurance, chance, dad, student car insurance, insurance provider