Many households could benefit from cut in energy prices

Over the past year many households in the UK have seen their finances take a battering for one reason or another. One of the things that has really impacted on household finances is the rising cost of energy, which soared twice last year. Read more

Tags: reason, energy, mortgage, poverty, energy prices, british gas, benefit, energy cuts

Have you been seeking advice on child benefit?

For many people the subject of child benefit can be quite complicated, and as parents we don’t want to miss out on valuable benefit for our children, especially in the current financial climate. Whilst there is plenty of advice and information available relating to child benefit some consumers may have decided to use a helpline that was set up to answer queries about this benefit. The helpline is called Child Benefit Information, and is run by a twenty four year old businessman. Read more

Tags: Website, child benefit, thing, benefit, information

Nationwide stops PPI sales

The largest building society in Britain, the Nationwide, has stopped sales of Payment Protection Insurance with its financial products, after admitting that customers were not being properly advised with regards to PPI by staff members.

Payment Protection Insurance has been at the centre of controversy for some months after it was found that customers were being pushed into purchasing this non-compulsory cover, and that the cover was often being mis-sold inappropriately so that customers ended up purchasing a costly policy that they would never be able to benefit from.

The Financial Services Authority has been running a long term investigation into the sales of Payment Protection Insurance for two years, and is in the final phase of its review and investigation. The cover is designed to assist those that cannot keep up with repayments on their financial commitments due to accidents, illness, or redundancy, and is sold with products such as credit cards, loans, and other financial products that may need protection.

However, the review revealed that in many cases sales staff were mis-selling this policies, making the customer think that they cover was compulsory, and in some cases even adding PPI without the customers’ knowledge. This has led to a real crackdown on the sales of PPI after many people ended up purchasing policies that they were either not eligible to claim benefits on or that they were not even aware that they had purchased.

A Nationwide spokesman stated that the halt in sales of PPI is a temporary one, adding: ‘We did some mystery shopping and weren’t satisfied the sales processes were as robust as they should be, so they have been halted temporarily.’

Tom Smith
27th September 2007

Tags: policy, cover, fsa, payment, cost, Insurance, ppi, benefit, protection

Expat banking comes recommended

An expatriate lifestyle magazine has today mapped out some of the typical preferences regarding banking abroad for expats.

Rhiannon Williamson, director of ShelterOffshore.com, said that her clientele tended to gravitate towards established banking names because they were a “known institution”, and regarded banking using different currencies as a “bonus”.

Offshore savings accounts – favoured by expats – differ from conventional accounts in that they tend to calculate interest on a daily basis due to the account’s inherent increased flexibility, which tends to lead to lower interest rates.

“Expats seek flexibility and low charges when banking abroad,” Ms Williamson said.

She added: to have the ability to bank and transact – i.e. transfer money and pay bills – in various currencies is a bonuses and a benefit.

“In our experience at ShelterOffshore, those who do business internationally or who live, travel or work in more than one country have a strong requirement for bank accounts with a single bank in more than one currency.”

For more information, ShelterOffshore’s website offers a comprehensive overview of the positives and negatives of various different accounts suitable for expatriates.

Tags: Expat, lifestyle, benefit, savings accounts, expatriate, experience, Currency, single bank

Brits emotionally detached from their homes

The majority of British homeowners are not living in their dream home and remain emotionally detached from their property.

Research by Alliance & Leicester shows that just 2.3 million UK adults have found their dream property, while the rest are simply making do.

Mortgage holders were asked, on a scale of one to ten, how emotionally attached they were to their homes, with the average rating being just 5.83.

This means that most Brits see their current home as a halfway house and most would rather live somewhere else.

Alliance & Leicester suggests that this may be down to the fact that many people are so desperate to get onto the property ladder that they will accept anything.

The firm also points to an increasing number of new-build flats that lack character and are primarily seen as an investment by young buyers.

“It seems people are happy to move into a property that isn’t their ideal, in order to move up the property ladder and reap the benefit of rising house prices,” said Stephen Leonard, director of mortgages at Alliance & Leicester.

“More and more people seem to be looking for property on the basis of an investment, rather than buying their dream home.”

The research also found that location is the most important factor when choosing a home, followed by price.

Tags: Mortgage loan, first time buyer, basis, rest, Stephen Leonard, property, house prices

Rewards Credit Cards – Compare Credit Card Rewards Programs Online

Credit card users in the UK can enjoy a good choice of cards these days to suit all needs and circumstances.

One popular type of card is the reward credit card, and these cards are available from a wide range of card issuers offering a variety of rewards. With rewards credit cards you can earn points or rewards when you spend on the card, and these points can then be exchanged for goods, vouchers, or money off purchases depending on the type of card and reward that you choose.

As with other types of credit cards it is best to avoid making cash transactions on rewards credit cards, as card companies tend to charge hefty rates of interest and expensive charges on cash transactions. Also, no reward is received on cash transactions, and therefore you will not receive the full benefit of the card and may offset the benefits of the card through having to pay interest and charges on your cash transactions.

The interest rates, reward levels, and types of rewards offered on reward credit cards can vary from one credit card company to another, and this means that it is important to compare a range of cards in order to find the best one for you. Those that will benefit the most from these reward credit cards are those that repay their balance in full at the end of each month.

If you repay your balance in full each month rather than spreading the repayments you can earn the loyalty or rewards points on purchases that you make on the card but you won’t have to pay any interest, which enables you to really make the most of this type of card.

You can get all sorts of rewards credit cards, such as branded rewards credit cards and rewards based cards from supermarkets that enable you to earn store loyalty points.

The more you spend on your rewards credit card the more rewards points you can earn, and the better the rewards. For those looking to spread repayments on their credit cards a low interest or 0% interest on purchases credit card is probably more beneficial that a rewards card.

If you are looking to apply for a rewards credit card to earn points or rewards when you spend you should bear in mind that the terms and conditions as well as the rewards can vary. You can compare the range of rewards credit card easily and conveniently online, where you can also make your application.

Tags: Credit card users, reward credit card, business, month, benefit

FTBs benefit from landlords selling up

First-time buyers (FTBs) in the UK are benefiting from a trend which is seeing landlords selling their properties.

Statistics from Alliance and Leicester show that buy-to-let mortgage holders are beginning to sell some of their properties, with most making big profits.

According to the firm, ten per cent of landlords sold one property in the last two years, while 42 per cent of FTBs snapped up a landlord-owned house.

Head of specialist mortgages at Alliance and Leicester, Jeremy Claridge, is pleased that FTBs are taking their chance to get onto the property ladder.

“It is heartening to see that first time buyers are benefiting the most from the sale of buy-to-let properties with nearly half having bought from a landlord,” he said.

“With many believing the boom in buy-to-let has priced first time buyers out of the property market, the research highlights it is not all doom and gloom for first-time buyers. Instead, they are the group gaining the most.”

A quarter of landlords who sold their property in the last two years made a return of more than 30 per cent, with only two per cent reporting a loss.

This bodes well for the future of the buy-to-let market as does the fact that 29 per cent of landlord-owned properties sold since 2005 went to existing or new landlords.

Tags: benefit, half, Head of specialist, landlord, group, loss, cent, United Kingdom

London card holders redeeming £349

More and more people are using credit card reward schemes to make some money, with Londoners the best at taking advantage.

According to research by Goldfish credit card around 83 per cent of card holders in the capital have a loyalty scheme attached.

The study found that between November and January alone, 39 per cent of Londoners redeemed an average of £349 on their cards.

Most people saw this money in the form of vouchers, cash back or travel rewards, meaning card holders were given the extra bonus of having to spend it on a personal treat rather than clearing debts.

Although Londoners have been enjoying their rewards with vigour, it is a different story in the north of England, with fewer people claiming their rewards.

“Credit card reward schemes are a great way for cardholders to be rewarded for everyday spending, but there is no point in having one if customers do not redeem their points,” said Patrick Muir from Goldfish credit card.

“Savvy spenders should consider cards that offer them a tangible benefit or reward for their spending.”

The research also showed that women are more likely to hold a rewards-based credit card but men are more likely to claim the rewards.

Tags: way, london, scheme, rewards."Credit card reward, point, bonus, Savvy, benefit