Negative equity forces couples to live together

Charity officials have recently stated that there are many estranged couples that are being forced to live together under the same roof as a result of the property still being in negative equity, which means that they are unable to sell their home and move on as a result of the relationship ending. Read more

Tags: partner, negative equity, Personal life, Homelessness, finance, charity, Social Issues, percent

Charities Get Only A Small Percentage of Charity Christmas Cards

With Christmas just around the corner many consumers in the UK will be looking to buy charity based Christmas cards, which allow them to not only get the Christmas cards that they need for the festive season but also to give to a worthy cause without any real effort having to be put in. Read more

Tags: generous, charity christmas cards, case, consumer campaign, charirty donations, charity cards, card deals, charity

More help for elderly required in recession

It has been reported that more help is needed for elderly people in the UK during the recession, with charities for the elderly claiming that there are a number of measures that could help to make the lives of suffering pensioners easier. Read more

Tags: charity, Age Concern, Seniors, pensioners, charities, Help the Aged

Can you afford to give to charity?

Just a couple of years ago many of us were happy to give generously to a range of worth causes, and we were prepared to whip out our debit or credit cards whenever there was a charity appeal, sign up to monthly donations for charities, and make one off payments to worth causes. However, household finances have been hit hard over the past year, and households have had to cut down on their expenditure in order to keep their heads above water financially. Unfortunately, for many this has also meant having to cut back on the amount of money that they are able to donate to charity. Read more

Tags: advice, high rates, Big Society, charity, Charities Commission, Social Issues, fuel

What will happen to charity cash invested in Icelandic banks?

Following the collapse of Icelandic banks a number of charities that had money invested in these banks because of the high rates of interest being offered have come forward with concerns that they may have lost millions of pounds. The UK government has given a 100% guarantee on UK consumer savings in these banks after the Icelandic government failed to do so, but there was no indication given with regards to whether this guarantee would be given to charities and authorities with money in the banks. Read more

Tags: KSF, voluntary organisations, cat, charity, Politics, iceland banks, banking crisis

Credit crunch affect charities

According to recent reports around 25% of charities in the UK have seen the level of money coming in from consumers drop over the past twelve months, as cash strapped households rein in their spending in a bid to try and weather the effects of the global credit crunch. Many people are apparently unable to give to charities in the same way as before because money is so tight due to higher living costs, tighter credit conditions, and soaring inflation. Read more

Tags: higher demands, charity, level, homeless charity, uk, credit crunch, meeting, bid

Tighten your belts as household costs rise, says expert

Consumers are being told to be careful with their money and ‘tighten their belts’ because of the rising costs of many essential household items and bills.

Money education charity Credit Action has said people have grown accustomed to relatively low food and petrol prices but they will now have to adjust their budgets as these costs are increasing.

According to Capital Economics, food inflation is expected to remain at its current rate of six per cent for the next few months, while water and council tax bills are set to rise.

Gas bills are predicted to increase by around ten per cent and electricity by eight per cent in the second half of the year.

“For most families and people trying to manage their money and trying to budget carefully, that’s going to become much harder because there’s going to be far more cost associated with just the basic day to day living expenses,” said Chris Tapp, director of Credit Action.

Tags: rise, day, Tighten, tax, consumers, charity, belts, water

Having multiple credit cards ‘can be confusing’

Having a number of different credit cards can be “confusing” for spenders, claims a consumer guidance charity.

The Consumer Credit Counselling Service (CCCS) said that there are many reasons for people having more than one card – plastic may be used for work, one could have a transfer balance with a low interest rate and another one could be used for purchases.

However, James Ketchell, spokesperson for the CCCS, said: “It can become confusing and people have to really stay on top of their credit card spending and finances as a whole”.

He adds that in the UK, the economic model is similar to the US more than Europe due to the ease with which credit can be obtained when making purchases.

According to a report by Datamonitor, the average Briton held 1.4 credit cards at the end of 2006.

This figure is twice as many as second place Norway, while the UK has the highest number of payment cards overall – 2.8 credit or debit cards each.

Tags: Credit card, Debit cards, charity, different credit cards, US

One consumer may be down nearly £200,000

As the government and the banking industry step up the search for consumers that have lost track of their savings over the years one account has been discovered lying dormant for nearly two decades, and has a balance of over £180,000.

This spears to be the largest dormant account found so far. The banking industry and government are already launching a campaign to try and find the owners of lost accounts, where the money is lying dormant.

A dormant account is being classed as an account that has not been touched for fifteen years or longer. Some of the accounts that have been discovered by the banking industry date back to the 1800s, and in some cases the accounts may have clocked up a fair amount in interest over the years, even where the amount deposited was a relatively small one. The British Bankers’ Association is urging those wishing to make a claim on their lost account to contact them via the website or by phone.

The account that has been lying dormant with over £180,000 has been untouched since 1990. The owner last made a transaction in 1990, and the account has not been touched since that time. The government and the banking industry now want to take steps to help as many people as possible to trace their dormant and lost accounts. In many cases it is thought that the consumer may have lost track of the account after moving home and failing to advise the bank about their new address.

In the meantime the government is planning to use the money from these dormant accounts to fund a variety of youth and community projects in the UK, and a committee has been set up to oversee this. However, experts state that this will not affect the consumers’ right to claim at any time, and there is no time limit placed on when a claim must be made by.

Tom Smith
14th September 2007

Tags: holders, accounts, balances, bank, dormant, touched, address, charity

NS&I pulls out of treasurers accounts

National Savings & Investments has announced that it will no longer be running Treasurer’s Accounts, which are designed for non-profit organizations and charities to make deposits.

The move means that around one thousand organizations and charities will have to find alternative accounts with other companies. No further Treasurer’s Accounts can now be opened with NS&I, and from August 10th no further transactions other than account closure can be made on existing accounts.

Launches in 1996, the number of Treasure’s Accounts and the amount of money invested in them has declined over the years. In 2003 there were 992 of these accounts running with NS&I, with total investments of £67 million. This has now dropped to 932 accounts with total investments of £61.3 million. Officials from NS&I state that it is necessary to make this move, as it is more cost effective for them to now concentrate their efforts on personal savings accounts.

Peter Cornish, director at NS&I, said: ‘The Treasurer’s Account has been in decline for some time which has prompted our decision to close the account. Banks and building societies offer similar accounts for non-profit-making organisations so there are plenty of alternatives available in the market place.’

He added that to continue offering this sort of account a substantial investment would need to be made, and that because of this it was no longer worth the company taking on these accounts.

Amongst those that have Treasurer’s Accounts with NS&I are various charities, and a range of clubs and societies, including youth groups, church groups, and other non-profit organizations. The accounts were thirty day notice accounts, with minimum investment levels of £10,000 and maximum investment levels of £2M.

Tom Smith
26th May 2007

More information: Treasurer’s accounts no longer available

Tags: charity, closed, alternatives, investment, bank

FTBs struggling more than ever

It is more difficult for a first-time buyer (FTB) to get onto the property ladder now than it has ever been before.

That is according to housing charity Shelter which has carried out a study into FTBs and found that increasing house prices are leaving them without a chance of making a purchase.

Shelter found that it is nearly twice as hard for an FTB to get onto the property ladder today than it was ten years ago.

This conclusion is based on the gap between how much people earn and the costs of a mortgage, with the gap today being larger than ever.

“These figures show the gulf between those who can afford to buy and those who can’t is widening at an alarming rate,” explained Adam Sampson, chief executive of Shelter.

“For first-time buyers, the housing ladder is becoming a housing tightrope. Buying a home is becoming an ever-more distant dream for first-time buyers and as housing becomes increasingly unaffordable, repossessions are likely to spiral and more families will face the nightmare of homelessness.”

Although the outlook is bleak for the majority of regions in England, Shelter points out that the South East and the East Midlands have shown slight improvements in affordability.

Tags: outlook, Economy of the Republic of Ireland, ladder, repossessions, study, charity, gulf, Shelter."For first-time buyers

Bank of mum and dad calls in its debts

University graduates are still reliant on their parents to help them get onto the property ladder but the bank of mum and dad is getting stricter.

According to new research, 39 per cent of graduates rely on money from their parents to get a deposit on a new home.

However, more and more parents now expect their children to pay them back rather than simply offering the money as a gift.

Scottish Widows Bank says that in 1996 38 per cent of parents gave their graduate children the money for a deposit as a gift but this has fallen to just 32 per cent today.

The reduction in charity from parents may be a symptom of poorer finances for most people and this is supported by the fact that the number graduates needing a loan has also increased.

In 1996, nine per cent needed to turn to their parents for money, while today that figure stands at 18 per cent.

Another contributing factor is high rental costs which Scottish Widows says are forcing many graduates to turn to their parents for financial help.

“Rental rates are so high for some that it is very difficult to put enough money aside to save for a deposit meaning many graduates have to rely on their parents to fund that first step onto the property ladder,” said Richard Clark from the bank.

“House prices and affordability are huge barriers for first time buyers but they should be aware that there are other options available to them – both lenders and the government need to keep working on ways to solve this ever growing problem.”

Tags: charity, Parent, house prices, loan, poorer finances, Business Finance, money