Many fail to take out travel insurance cover

It has been reported that many people who are setting off on their travels do not bother to take out any form of travel insurance cover, putting themselves at risk of crippling financial costs in the event of accidents, illness, theft, loss or theft of belongings. Figures were released by the travel association ABTA, showing just how many people do not bother about taking out travel insurance.

The company claims that nearly 20 percent of travellers do not take out travel insurance cover, with nearly one in five British travellers said to have not bothered with this important cover. The company also said that many travellers have real misconceptions when it comes to travel insurance cover.

The travel firm carried out a survey and found that around 16 percent of those polled thought that in the event of a medical emergency the government would pick up the tab if there was no travel insurance cover in place. The results showed that 26 percent of younger travellers thought that any medical and related expenses would be funded by the Foreign Office if there was no medical cover in place.

The number of people failing to take out any insurance cover whilst holidaying in the UK was particularly high, coming in at 55 percent. The survey also found that 17 percent of consumers did not consider travel insurance to be important. However, officials have said that this sort of cover is vital for travellers, as it covers things such as medical expenses, treatment, replacement of lost cash, cancellations, delays, damage to belongings, theft, and a myriad of other things.

One industry official said: “It’s amazing how many people go off on their travels without taking any insurance out. However, it’s only when something bad happens that they realise just how expensive a mistake this can be, and how avoiding paying a few pounds for cover can end up potentially costing them hundreds or even thousands of pounds.”

Tags: uk, Insurance, finance, travel insurance, foreign, sort, abta, office

Record numbers having to take on part time work

Recent figures have shown that record numbers of people in the UK have had to take on part time work through the recession as a result of being unable to get any full time employment. Whilst the rising number of people taking on part time work has helped to bring unemployment figures down for many of these workers the hours that they are working are not bringing in adequate income to continue keeping on top of their bills, rent or mortgage, and financial commitments. Read more

Tags: office, Types of unemployment, total, economics, record numbers, recessions, part time work, unemployment

Banks make agreement following pressure from OFT

Following continued pressure from the Office of Fair Trading the banking industry in the UK has agreed that it will not only make current account charges clearer for customers but will also make it easier for customers to switch to another provider should they wish to do so. Read more

Tags: bank agreement, Banking, damaging reports, banks compensate customers, office of fair trading, office, fault

Christmas clubs increasing in popularity in current financial climate

A couple of decades ago Christmas clubs in the UK were extremely popular amongst consumers that wanted to ensure that they had enough put by for the Christmas period when they would have to spend a fortune on gifts and food. Read more

Tags: christmas, christmas clubs, Credit Cards, office, spending, north midlands

Consumer spending hits fresh lows

Recently released figures have shown that consumer spending in the UK has hit fresh lows, with household spending falling to its lowest level since 1980. Read more

Tags: return, spending money, National Statistics, Office for National Statistics, consumer confidence, british economy, consumer spending

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: understanding, Information Commissioner, Gobbledygook, reason, office, Google, lot, privacy

Holidaymakers boycott Europe due to value of euro

As most people are aware the value of the pound against the euro has plummeted over the past couple of months, and for holidaymakers that normally head to place such as France or Spain for their holidays this has come as bad news. Recent reports have shown that holidaymakers from the UK are not prepared to be stung by the tumbling pound against the euro, and many have decided instead to head to pastures new rather than be left with little in the way of spending money by having to take out euros. Read more

Tags: non-Eurozone countries, pound value, Impact, office, industry official, mexico cuba, holidays, Association

Increase in household spending

Figures from a recently released report have shown that household spending levels have increased enormously over the past five years in order to cope with rising household bills and living costs. The figures were released some weeks ago by the Office for National Statistics, and showed that the average weekly household spend had gone up by around 13 percent in the past five years. Read more

Tags: energy usage costs, interest rates, gas, inflation, household spending, office, economics, GBP

Banks find out that their charges are most likely unfair

Over the past couple of years the bank charges applied to accounts by banks have been at the centre of controversy, with some banks charging close to £40 per fee when the customer went over their overdraft limits and for returned direct debits and bounced cheques. Officials from the Office of Fair Trading were concerned because the charges were far too high, because they did not in any way reflect the costs incurred by the bank, which amounted to just a few pounds. Read more

Tags: memo, decision, Law Crime, rbs, bank charges, office, oft

Watchdog to probe sale and rent back

The UK’s watchdog, the Office of Fair Trading, recently announced that it would be launching an investigation into sale and rent back scheme, which have been gaining popularity over recent months due to the rising levels of people facing repossession due to high mortgage arrears. Whilst the sale and rent back industry has claimed that this is an ideal solution for many struggling homeowners, many campaigners have expressed concern over how fairly sale and rent back customers are treated. Read more

Tags: sale and rent back, office, bank, home insurance, public improved protection

Prospect of monthly bank charges unpopular with consumers

According to a recent report the vast majority of consumers do not want to see the introduction of monthly banks charges even if it means that there will be a fairer system in place with regards to penalty fees for unauthorised overdraft use, bounced cheques, and returned direct debits. Research was recently carried out by MoneyExpert.com, and showed that nearly 60% of consumers did not want to see monthly account fees brought in even if there were caps placed on penalty fees. Read more

Tags: presiding judge, United Kingdom, OFT states, recent announcement, bank charges, notice

Cover yourself on a stag do, advises expert

People heading abroad on a stag do which may involve dangerous activities need to check that their insurance policy covers them in the event of something going wrong, Designaventure has said.

The stag and hen weekend specialist said that Britons going to a friend’s pre-wedding do need to closely inspect the clauses included in their policies so that they know whether they will be covered for taking part in dangerous activities such as machine gun shooting.

Anna Makin Made, project manager of Designaventure, said: “We advise everyone to take out their own insurance and check that they are covered for the activities that they’re doing.”

Figures from the Foreign and Commonwealth Office from 2005 revealed that 70 per cent of young British people go abroad for their stag or hen weekends and 57 per cent of them left the travel details down to the organiser, with nearly half of all them travelling without valid insurance.

Tags: machine gun, Anna Makin Made, valid insurance, cent, Exmoor, Types of insurance, office, finance

On yer bike for cheap insurance, says AA

AA Insurance has said that people can save money on their insurance premiums by switching from cars to motorbikes.

The insurer went on to say that using a motorbike “makes sense” for other reasons, such as being able to get around inner city areas more easily.

Bikers can also benefit from not having to pay the congestion charge in London and bikes are easier to park as well as being “somewhat cheaper to insure” than cars, according to AA Insurance public relations manager Ian Crowder.

The idea has already crossed some people’s minds, as 14 per cent of women have said they would consider swapping their car for a motorbike to save money, according to statistics released by the Post Office this month.

Almost a third of people (29 per cent) who ride motorcycles said they did so because it was cheaper than keeping a car.

However, Mr Crowder said he did not think there would be a vast increase in the number of bikes on the roads

“People aren’t abandoning cars in favour of bikes, what they are doing is perhaps getting a bike so they can commute because riding a motorbike is a solitary occupation.”

Tags: london, Insurance, city, cars, office, number, public relations

CAB: People struggling to meet basic living costs

The Citizens’ Advice Bureau (CAB) has said that more people are seeking help because they are struggling to pay basic household bills as the credit crunch tightens.

A spokesperson for the charity said the combination of soaring household expenses and rising housing costs is putting extra pressure on people’s budgets.

The CAB said that the number of people approaching the organisation for advice on mortgage arrears problems rose by 35 per cent in the first two months of 2008 compared with the same period last year.

Many people are also having difficulties paying for essentials such as gas, electricity, water and council tax.

“We believe these trends reflect recent increases in the cost of living, suggesting a significant number of households are struggling to meet their most basic living costs,” said the spokesperson.

According to the Office for National Statistics, UK consumer inflation reached its highest level in 13 months in April due to high food and fuel costs.

Tags: spokesperson, statistics uk, number of households, Citizen's Advice Bureau, credit crunch tightens, mortgage, economics, office

Student finances not ‘greatly’ affected by credit crunch

The National Union of Students (NUS) has announced that finances for this year’s intake of students were not ‘greatly’ affected by the credit crunch.

A spokesman for the NUS said that there has been little evidence to suggest that banks are overly worried about students.

He said: “The risk outlay on students is that much less than for giving out a mortgage and they also take the view that a graduate is likely to be a customer for the rest of their life and they are willing to take that risk.”

HSBC’s adding of interest to graduate accounts is the only evidence of a tightening of credit he commented.

Statistics published by the Office for National Statistics show that the maximum amounts available to new students in 2007-8 are 76 to 85 per cent higher than they were ten years ago.

The NUS is a voluntary membership organisation comprised from student representative organisations in colleges and universities from across the UK and Northern Ireland.

Tags: office, finance, voluntary membership organisation, life, economics, nus, evidence, National Statistics

Customers can save for Christmas with the Post Office

Over the last few years the Post Office in the UK has diversified into a variety of different areas, and in a recent announced the Post Office has stated that consumers will be able to start saving for Christmas 2008 with a Christmas savings club that is to be launched by the Post Office service.

The service will allow consumers to deposit their cash into any of the fourteen thousand branches of the Post Office, but they will not be able to access the money again until November of next year.

Once they have saved the money consumers will be able to spend it either by using vouchers or via a pre-paid debit card that will be accepted by over two hundred retailers. The account provided by the post office will be protected, and will only be accessible by the customer. Those wishing to save through this scheme will receive a Christmas Club card, which can be used to make deposits at Post Office counters.

There will be a minimum deposit level of £5.00 and a maximum level of £500. Savers will be able to put away a maximum amount of £1000 per club card. According to officials from the Post Office service there is a gap in the market for this type of scheme since the collapse of Farepak last year. Members that use this scheme will be able to access their funds from 1st November 2008.

One Post Office official stated: “As one of the UK’s most trusted brands with an unparalleled retail network, we are responding to the need for a safe and convenient way for people to put money aside for Christmas.”

Tom Smith
25th November 2007

Tags: club, spend, save, interest, earn

ABI: Security measures help lower premiums

Taking measures to reduce the risk to property will not only improve security but will lower insurance premiums.

According to the Association of British Insurers (ABI), factors such as security lights and gravel contribute to much-needed security that will keep home insurance to a minimum.

Kelly Ostler, a spokesperson for the ABI, said: “Having gravel pathways can help because they make a noise so you can hear intruders. Keeping your perimeters secure, so if you’ve got a garden gate, keeping it locked.

“Security lights combined with gravel tends to be quite good. Different insurance companies will ask different things but you can give them extra information.”

She added that crime levels in the area will also affect premiums but, aside from joining the neighbourhood watch, there is little that can be done about that.

Furthermore, making sure the property is well maintained is a necessary duty and it may help avoid the possibility of any claims being declined, Ms Ostler advised.

According to the Home Office’s crime reduction website, in two out of ten burglaries entry to the property is not forced with the majority of thefts executed by opportunistic thieves.

Tags: crime levels, Home Office, duty, gravel, Insurance, different things, office, crime reduction website

Overdraft claimants’ cases put on hold

Bank customers’ hopes of reclaiming what they see as unfair and excessive charges for going overdrawn took a serious hit today.

Industry watchdog, the Financial Services Authority (FSA), announced that banks would be allowed to only give money back when their investigation was finished, which is anticipated to be towards the end of this year.

Previously, it was agreed that high street banks and the Office of Fair Trading would allow courts to decide on whether the fees were illegal or not.

The British Bankers’ Association (BBA) welcomed the news in a statement “Banks believe the fees customers pay for unarranged overdrafts are fair and clear. However, this is clearly an issue where customers, as well as the banks, would welcome legal clarity.”

The OFT strongly disagrees with this position, saying that banks are contravening unfairness laws and that it is “seeking to establish this legal principle in court”.

Banks have paid out an estimated £200 million this year to customers claiming repayment of the controversial charges, which have affected some of the most vulnerable, debt-ridden customers in the UK.

The backlash against the charges has been immense, with almost two million downloadable claims forms being accessed online by irate customers.

Tags: Overdraft claimants, hit today.Industry watchdog, GBP, Financial Services Authority, financial, debt-ridden customers

Dry weather causing subsidence threat

Climate change could have an effect on the number of home insurance claims made in Britain.

New research shows that the 80 per cent of garden centres in the country have seen an increase in people enquiring about subsidence of their property in the last year.

This is thought to be down to the hot weather which has led to soil drying out and tree roots moving to find water, leading to the ground beneath properties being destabilised.

“Last year’s water restrictions highlighted the threatening conditions for subsidence,” said Neil Curling from Halifax Home Insurance.

“With Britain having already experienced unprecedented high temperatures in 2007 and an extremely dry April, we are concerned that increasing numbers of properties could be affected and are urging householders to be vigilant to this threat.”

The Met Office is predicting above average temperatures for the summer ahead, which will only exacerbate the problem, but homeowners’ habits could also be having an effect.

Around 76 per cent of garden centre managers say that demand for exotic plants and trees has increased in the last 12 months but Halifax is warning buyers to do their research first.

“Green-fingered Britons planting new exotic species, should carefully research the impact they could have on their garden and their home,” continued Mr Curling.

“Britons may be unaware of the appropriate distance to plant an exotic species away from their property to ensure the tree or shrub’s root system does not cause subsidence later down the line as the roots take water out of the soil.”

Halifax says that something as simple as trimming a tree or shrub can keep protect a property from subsidence.

Tags: office, Britain, britons, ground beneath properties, High-pressure area

NI bankers may get interest-free overdrafts

People who do their banking in Northern Ireland (NI) may soon benefit from interest-free overdrafts.

That is after a report released by the Competition Commission which has been looking at ways of increasing competition and lowering charges in the NI personal current account market.

A list of “proposed final remedies” has been published by the commission and one of them is to force banks to give customers interest-free overdrafts.

Some banks in the province have admitted that the charges they impose on some customers are not directly derived from costs and it has also been found that many are being subjected to charges which are not present elsewhere in the UK.

All of this was discovered by the Office of Fair Trading two years ago and now the commission has come up with its remedies.

Among the ideas are calls for the provision of easy-to-understand descriptions of account services, clear explanations about charges and increased amounts of information on statements.

The Competition Commission would also like to see customers being provided with an annual breakdown of charges and interest charged, an annual reminder that they have the right to close or switch their current account and improvements to the switching process.

Tags: government, payment protection insurance, reminder, Competition Commission, competition, provision, trading, office

Do’s and Don’ts of Travel Insurance

Travel insurance is bought by many types of people in different industries. Because travel insurance has more rules and regulations than home or car insurance policies, there are many facts that need to be considered before purchasing travel insurance. Read more

Tags: medical care, Insurance, office, medical coverage, single trip policy, role

ID theft avoidance guide

Millions of Britons are leaving themselves open to identity theft because they are failing to face up to the reality of the problem.

That is according to the Information Commissioner’s Office (ICO), which says that all of us need to change our behaviour if we want to protect our finances from con artists.

The ICO has published a guide to help us avoid becoming a victim and it comes on the back of the release of some alarming data.

CIFAS, the UK fraud protection unit, has revealed that the number of ID theft cases rose by 19.91 per cent between 2005 and 2006, while one-in-five Brits think they may have already been targeted.

It is possible for thieves to pretend to be another person by stealing items such as bank documents and credit card statements. This information can then be used to open bank accounts and take out loans in their victim’s name.

“We are living in an age where protecting your personal information has never been so important,” said David Smith, from the ICO.

“Almost every day we give out our personal details which can leave us open to identity theft, unwanted marketing and a loss of privacy.”

The ICO guide tells us to keep all personal documents safe and ensure that mail is redirected when moving home. It also says to make sure your home computer is secure before going online and to never give out secret passwords or pin numbers.

We should also check our credit card and bank statements regularly to see if any unfamiliar transactions have taken place and the most important piece of advice is to shred all unwanted personal documents.

Tags: United Kingdom, identity, ID theft cases, fraud protection unit, name, place, david smith, office

The Pros And Cons Of Payment Protection Insurance

Lenders are always eager to convince borrowers to protect their repayments for loans, credit cards, store cards, mortgages and other financial products. And they have a point. People in the UK are saving less and borrowing more, with a high rate of debt. Read more

Tags: trading, fair, claimsoft, ppi, credit, Loans