Cutting your energy bills to save money

We have all had to make cutbacks over the past eighteen months or so in order to try and stay afloat financially, particularly with the global financial crisis and the recession still taking their toll. Read more

Tags: provider, Climate change, saving, energy costs, lot

Consumers warned over small print on forms

It has recently been revealed that many people that complete and submit both hard copy and online forms often do not really understand what they are completing because of the confusing information that can be found in the small print. Read more

Tags: office, understanding, reason, privacy, lot

Fuel poverty could affect a quarter of households

According to a recent report fuel poverty could be affecting a quarter of households in the UK by the end of next year, with huge hikes in energy prices over the course of this year resulting in an increase in the number of households that are paying 10% or more of their total household income towards energy bills. Read more

Tags: business, europe, lot, fuel, fuel poverty, nettle, Business Finance, business enterprise

Student debt “unlikely” to affect first time buyers

Having a student debt is “unlikely” to restrict students’ abilities to make their first steps onto the UK property market, one expert claims.

Financial solutions specialist Firstrung said that despite recent reports that student loans will be incorporated into people’s credit files, this is not likely to result in loans being turned down.

Paul Holmes, chief executive officer with company, said: “It’s unlikely to hamper students’ ability to buy, and secondly, I think quite frankly a lender would dismiss that kind of commitment in a month.”

He added that despite the figures the “media often likes to paint and shock and bore us with”, the reality of student debt is quite low when they come out of university.

However, although students’ ability to buy property is unlikely to be hampered, Firstrung expect finances to be “raked over a lot more intensely” due to the current economic climate.

Last week, mortgage company mform.co.uk warned that that more first-time buyers will be turned down for loans as student loans will be incorporated into people’s credit files.

Tags: student debt, debt consolidation, Firstrung expect finances, market, week, mortgage, lot

‘Unattractive’ interest rates increase premium bond popularity

Unattractive interest rates are responsible for the increase in the popularity of premium bonds, claims an asset management company.

Mark Dampier, head of research at Hargreaves Lansdown, said the tax free returns from premium bonds have also helped make them more attractive.

“It is based partly on the fact that interest rates had gone down so far that people stared to think: ‘Why not have a bet in the premium bonds’?” he said.

He added that premium bonds are popular with self-employed people started to take advantage of the tax free benefits.

“If you are lucky enough have quite a lot of money, premium bonds are often a port of call. You don’t have to put them on an income tax return form,” added Mr Dampier

From August 1st 2005 there were two £1 million jackpots drawn each month and, at the current odds, over a million other cash prizes. The winning bond numbers are selected at random each month.

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Divorcing couples need a ‘clean, simple solution’

Couples going through a divorce should list their combined assets and agree on how to split them to ease problems and conflict, say leading financial advisers.

Lowland Financial said couples should look for the most straightforward way of splitting assets in order to “find a clean, simple solution”.

Graeme Mitchell, managing director of Lowland Financial, said: “An awful lot depends on how they [people] react – often what you find is when people first part, they say: ‘We’re going to try to deal with this amicably’. Then as time goes on they get more and more bitter and twisted.”

He said that couples should start by listing all their assets which were already in place, then those which were accumulated while they were together.

According to the most recent government statistics, the UK’s divorce rate was 12.2 divorces per 1,000 marriages in 2006 following two consecutive years of falls.

The divorce rate is now at its lowest level since 1984.

Tags: Lowland, lot, Christian, couples, Social Issues, law, United Kingdom, place

Isas to be ‘increasingly’ popular

The growing popularity of individual savings accounts (Isas) in the past few years is a continuing trend, an industry expert has said.

According to Michael Brill, director of Baronworth Investment Services, people are increasingly putting their equity into Isas as traditional banking methods become more risky and less attractive.

He said: “If you go into a cash Isa then it is very safe. In a deposit account, one would have thought it is the safest you can get.

“If someone wants to make sure their money is saved and they are not playing with the stock market it is an excellent way to save tax free money and a lot of people are doing it.”

He added that, in the most part, cash Isas are “very flexible”, with consumers advised to select one that best suits them.

HM Revenue and Customs released figures this month showing the amount of money invested in Isas, which now stands at an impressive £208 billion.

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Many rely on credit in lead up to Christmas

People struggling to finance their purchases in the festive season will not think twice about relying on credit, AWD Chase de Vere said yesterday.

Susan Hannums, savings manager at the independent financial advisers, explained that it is the “norm” for a lot of people at this time of year.

She said: “The spending and the mortgage rates are going up … there’s a lot happening, and it’s a very worrying time. But the message really is that you’ve got to forward plan.

“We’ve got to get into the savings habit and get away from using credit cards day to day really.”

Furthermore, she said, people with young children will want to make it the “best Christmas possible”, but it is good to try to be “imaginative” and make savings on presents for friends and other members of the family without “splashing out”.

Research from Credit Action earlier this year showed that personal debt in the UK is rising by £1 million every four minutes. The average amount owed by every adult in Britain is a staggering £27,180 (including mortgages).

Tags: Chase de Vere, 1 million, season, habit, lot, adult, Susan Hannums, manager at the independent financial advisers

Students urged to check cover

Students departing for university this month have been urged to check that their parent’s home insurance policy provides enough cover before buying their own specialist insurance policy.

Insurer Cornhill Direct explained that many parents do not realise that their home contents policy will usually offer sufficient cover for their children at university, making it unnecessary to buy a stand-alone student policy.

Mike Bishop, of Cornhill Direct, said: “We know from insurance claims we receive from parents that the university lifestyle can leave students vulnerable to theft from their rooms.

“These days, students take a lot of electrical kit to university such as laptops, Mp3 players and mobile phones, so they do need to be insured.”

A survey of 1,000 students also revealed that almost a third of students spend more time drinking and socialising than studying, although 41 per cent admitted that they do often feel guilty about this.

Home insurance policies from Cornhill Direct, Nationwide, HSBC, NatWest, More Than and Norwich Union direct all over cover for possessions in temporary student accommodation.

Tags: specialist insurance, Mike Bishop, Than, lot, union, investment, Mp3 players, insurer

£54k spent in lifetime of moving home

We each spend £54,400 on moving home in our lifetime, with much of the money going to third parties.

According to Abbey Mortgages, the average Briton will move home between three or four times in their lifetime and will spend around 2.3 years’ worth of the average person’s salary.

The mortgage lender points out that this money could buy you a brand new one bedroom apartment in Bordeaux but what will grate most for consumers is the fact that a lot of the money does not go towards the property.

In fact, Abbey says that most of us will fork out around £16,000 on one move with the cash going to lawyers, estate agents, financial advisers, removal firms and stamp duty, as well as bringing the property up to a “saleable condition”.

“It’s no secret that moving home is an expensive business – in fact, I’m sure it’s one of the reasons why people don’t move that often. But it’s astounding when you consider just how much it amounts to over a lifetime,” said Nici Audhlam-Gardiner, head of mortgages at Abbey.

“With the average Briton expecting to spend over two years’ annual average salary just meeting the costs of professional fees and stamp duty of their three or four moves, homeowners clearly need all the help they can get.”

If you are considering moving home it is worth shopping around for the best mortgage deal that suits your needs.

Tags: grate, person's salary.The mortgage, lot, annual average salary, cash, third parties, average briton

Types of UK Car Insurance

If you think that the UK car insurance policy is stringent enough, then keep in mind that it is so to secure your own interest. The UK car insurance policy is generally targeted for the protection of any innocent victims of accidents. It is obligatory by law to carry the UK car insurance certificate for a user of the road. Read more

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