Social networking sites being targeted by debt collectors

Whilst we all consider social networking sites like Facebook and Twitter to be associated with the entertainment, communicating with friends, or simply making comments to let others know your thoughts, there are some people that use them for strictly business purposes. This includes those that want to find out information or try and make contact with people for something more than just adding them as friends!

It has been revealed that in some cases debt collectors have been targeting people that owe money through the use of social networking sites, posting messages on these popular sites. However, officials are concerned that people could soon find embarrassing and confidential details about their debts and finances making their way onto the Internet if this practise continues. There are concerns that messages posted on these social networking sites by debt collection firms could be seen by friend, family and even work colleagues of the person that the message has been left for.

With this in mind the Office of Fair Trading has now warned the debt collecting industry about using these social networking sites to contact people that owe them money. The OFT has now updated its guidelines with regards to debt collecting firms, which were last updated in 2006. The debt collection industry has also been warned about contacting people at locations that are deemed inappropriate such as hospitals.

An official from the OFT said: ‘In the present economic climate, with many people, including those who may be particularly vulnerable, in financial difficulties, it is crucial they are treated fairly by companies recovering their debts. This updated guidance makes clear the standards the OFT expects of all businesses involved in debt recovery, including debt collectors, banks and law firms.’

Tags: mind, debt collection firms, Technology Internet, whilst, official, twitter

Debt affecting the lives of many students

There is little doubt that the high levels of debt that students have to get into in order to get an advanced education have affected their abilities to do many things in life. For many people that leave university with high levels of debt the next decade or more could be spent focusing on repaying the debt, with everything else having to be put onto the back burner.

A study that was recently carried out has revealed the extent to which many students are having to put their lives on hold in order to focus on their student debt after leaving university. As a double whammy, many now not only face the prospect of having to spend over a decade repaying their student debt but also face very bleak prospects of getting a high paid job because of the current climate.

Uswitch.com carried out research to show how many students are having to put their lives on hold in order to repay their student debt. Over 30 percent had been unable to start a pension when they wanted to according to the reports and nearly 50 percent had been forced to put off buying a home. Nearly 60 percent of students had been unable to save money because of their debts and close to 30 percent had delayed plans for marriage.

One industry official said: “The fact that graduates have to put their life on hold because they are knee deep in student debt is a sorry state of affairs. And as fees go up, students risk running up even bigger debts. But without a degree, getting a job in today’s stagnant market may be even harder.”

He added: “Going to university used to be the norm, but it is now becoming a catch 22. It is also worrying that students are going to university blind to the financial implications. Higher fees and lack of job prospects may be out of your control, but if university is right for you it’s more important than ever that you are as financially prepared as possible.”

Tags: official, life, Higher fees, debts, Financial services, study, Student loan, fact

Mortgage markets still look bleak

According to a leading industry group the mortgage market in the UK still looks bleak, with the lenders stating that it has become ’stuck in a rut’. Over the course of February it is claimed that the low levels of lending have continued. Officials have said that the level of lending for the month of February were nearly as low as they were for January, with around £9.5 billion of gross lending.

The Council of Mortgage Lenders released the figures, and they have stated that it is likely that this year will continue to be a challenging and difficult one when it comes to the mortgage and property sectors. Another survey has revealed how the cost of renting has shot up as a result of so many people being unable or unwilling to get a mortgage, which has resulted in a higher demand for rented property.

The Council of Mortgage Lenders has said that part of the problem stems from restrictions amongst lenders when it comes to granting mortgage finance. However, the group also said that there was a definite drop in consumer appetite for new borrowing, with many people too worried about their financial situations and their job security to risk taking on a huge mortgage.

One official also commented on the increase in rents and demand for rented property, stating: “The fierce competition among renters in many areas of the country has cut short the traditional lull we tend to see between December and February. The consistently constrained level of lending to home buyers has bolstered demand – and rents – in the private rental sector during what is typically a slower period. With the mortgage market even more sluggish since the start of 2011, this backlog of frustrated buyers has increased even further and rents have risen correspondingly.”

Tags: job security, council of mortgage lenders, Mortgages, industry, huge mortgage, official, drop

Consumers could be paying for their banking services

One consumer watchdog official has recently said that the idea of free banking in the UK is nothing more than an illusion, and that more and more of us are ending up paying for our banking services in one way or another. The spokesperson, Oliver Morgans, who is from Consumer Focus, said that banks were managing to extract money from current account customers in one way or another, so even if the account is advertised as being a fee free account the average consumer will still end up paying.

Morgans said that in addition to having to pay for our current accounts in one way or another, consumers in the UK were also putting up with poor service and performance standards. He said that whilst people liked the idea of getting something for nothing, most were not getting this, and were in fact compromising on the service that they were receiving to boot.

A number of practices have been highlighted as providing banks with the ability to make cash from their customers for having a credit account. Overdraft charges are one way in which banks are making their money, and many charge huge fees when the accountholder goes over the limit. Another way in which banks make money from current account holders includes having a packaged account, which can be quite expensive each month.

Another consideration that consumers will have think about is interest on their current accounts – or lack thereof. A rising number of banks have now stopped paying interest on debit balances for accountholders, and this means that accountholders are missing out on this money.

Figures have shown that in the last four or five years the interest on overdraft charges has increase, the number of packaged accounts that are active has doubled, and a rising number of banks now pay nothing at all in interest on customers’ current accounts.

Tags: official, poor service, huge fees, consumer watchdog official, credit account, uk, money figures, cash

Consumers could benefit from consolidating debt in 2011

According to industry experts many people that are hoping to streamline their budgets over the coming year may be able to benefit from consolidating their debts with the use of a low rate consolidation loan. With New Year coming up there are many people whose resolution will be to sort out their finances after a very challenging year financially, and consolidation is something that may be able to help with this.

Consumers who want to reduce the amount that they are paying out each month, cut the interest that they pay overall on their combined debts, and reduce the number of repayments that they have to make very month may find that a consolidation loan is the ideal solution, as this can eliminate all three of these problems.

Those that are considering consolidation can look at wrapping all of their unsecured loans, credit cards, store cards, and other unsecured debts into one loan, which means that they benefit from increased convenience, less work due to having to deal with fewer creditors, and hopefully lower repayments by finding a low cost consolidation loan.

Those that want to consolidate their loans are advised to shop around for the right loan, as there are a number of providers and lenders that offer these loans, but things like the interest rate charged and the eligibility criteria can vary from one provider to another.

One industry official said: “The start of the New Year is often a great time for people to make a fresh start with things like their finances, and finding a low cost consolidation loan to wrap up existing finance and streamline the budget could benefit many consumers as long as they find the right deal.”

Tags: creditors, Unsecured loan, right loan, Budgets, consolidation loan, official, rate consolidation loan, rate

Scottish consumers want more choice when it comes to banks

According to a recent report consumers in Scotland would be keen to see increased competition when it comes to High Street banks, and would like to see a greater choice of High Street banks. A survey was carried out by accountancy firm Deloitte, and the results showed that consumers would like to see more banks entering the market so that they have more choice with regards to which bank to use.

This comes despite the fact that consumer confidence in the banking industry is still low following the global financial crisis and the recession. However, whilst consumers are looking for more choice when it comes to the banking industry it also emerged that many would be worried about handing their money over to a new entrant in the market, especially in the current financial climate.

The Independent Commission on Banking has already launched an investigation into the state of competition in the UK’s banking system, and there is particular concern over competition amongst banks in Scotland because the Royal Bank of Scotland and Lloyds TSB are the dominant players in the sector.

The survey showed that around 30 percent of Scottish consumers wanted to see more choice when it came to High Street banks, and around 17 percent have switched some part of their banking to a rival provider, such as their savings accounts or mortgages. Deloitte officials said that these factors showed that there was room for new entrants to the banking sector in Scotland.

One official from the accountancy group said: “Our findings suggest that consumers will look to more established and recognised brands who extend into banking, with one in 10 saying they would be happy to bank with any large ‘household brand’. Further, consumers are more likely to take out certain products such as savings accounts from new entrants, but remain cautious about committing to longer term products such as mortgages.”

Tags: confidence, bank, official, savings accounts, recent report, high street banks, whilst, lloyds tsb

Comparing breakdown cover can save you money

It has been revealed that drivers who take the time to compare breakdown cover with different insurance companies are able to save more money in the long run than those that just automatically take the cover offered to them by their car insurance provider or simply go for the first breakdown cover plan they come across.

Over recent years an increasing number of people have started to take on vehicle breakdown cover plans, with more and more of them realising just how valuable this cover can be in the event of a breakdown either at home or whilst out and about. There are different levels of cover available, including plan that include home start, where someone will come out to you even if you break down in your own home.

There are now more vehicle breakdown providers than ever, as demand for these services has resulted in a surge in the number of companies that are offering cover. This means that drivers now have far greater choice, and can find a breakdown cover plan that offers them the level of cover that they need for a price that is highly competitive.

A study was recently carried out, and the results showed that people that took the time to compare different breakdown cover plans and providers were far more likely to get affordable breakdown cover than those that did not compare the different options available.

One industry official said: “The cost of breakdown cover plans can vary quite widely between different providers, and you may end up paying far more for your cover with one company than you would for exactly the same level of cover with another provider. This is why it is so important to browse and compare a number of plans and providers before you commit.”

Tags: car insurance, whilst, official, time, insurance provider, music, affordable breakdown cover, vehicle breakdown cover

Insurance company wins award

A leading insurance company that deals with private medical insurance has won an award that could see it becoming an even more popular choice amongst companies and individuals that are looking for a private medical insurance plan. The award was won by the insurance giant Aviva UK which won the award for health insurance company of the year at the recent Health Insurance Awards that were held in London.

The winner last year for the same award was Bupa, but Aviva pipped the rival provider to the post and took the crown for this prestigious title. The company also won two other awards during the evening, and this could really boost its profile and increase its popularity, both on a personal basis and a corporate one. Bupa also lost out when it came to the international private medical insurance award, which it has won for nine years in a row – this year it lost out to IMG Europe.

Aviva officials have said that they have been focussing on making healthcare easier for their customers by providing them with a range of tools and resources to make it easier for them to take care of their health effectively.

One official from the insurance giant said: “Aviva has developed several online tools such as a BMI calculator and MyHealthCounts to help our customers better manage their health.”

More and more people are becoming interested in private health insurance cover, as they become more conscious about their health. There are a number of providers offering competitive deals on private medical insurance cover, and it is important for anyone that is considering taking out this sort of cover to make sure that they compare different deals in order to get the most competitive price and the most suitable plan.

Tags: prestigious title, official, corporate, IMG Europe, Health Insurance Awards, insurance company, Health care

Grandparents struggle so they can help the grandkids

It has been reported that millions of grandparents in the UK are prepared to struggle financially so that they can use their money to provide for their grandchildren. Read more

Tags: family, Grandparent, quarter, clothes, retirement, spoilt

Cash strapped shoppers turn to out of date goods

According to a recent report many shoppers who are struggling to make ends meet financially are trying to save money by going to websites that offer out of date food on the cheap. Many people are now looking to bag a bargain by buying food that has passed its official sell by date and is available for a fraction of the normal price. Read more

Tags: out of date food, Shelf life, food, official, date food

Bogus pricing at centre of crackdown

Supermarkets and travel companies have found themselves at the centre of a crackdown over bogus discount pricing after a number of complaints were made by consumers. Read more

Tags: bogus discounts, bogus discount pricing, whilst, sound, price crackdown

Problems in housing market for younger Scots

It has been claimed that in the current financial climate many younger Scots are suffering problems when it comes to getting onto the property ladder. Read more

Tags: deposit problems, percentage rate, scottish housing market, housing market, first time buyer, official, house prices, first time buyers

Consumers can earn money for trading in old appliances

Earlier this year the UK government brought in the car scrappage scheme, which enables those with vehicles that were at least ten years old to get up to £2000 towards a new car for scrapping their old one. Read more

Tags: success, Consortium, trading, fridge freezer, official

Improvement in High Street sales seen in June

According to recently released figures June saw an improvement in High Street sales levels, partly fuelled by consumers heading out to buy new clothes following the short but significant heat wave seen during that period. Read more

Tags: shopping, addition, High Street, homeware, high street sales, official, consumer spending, British Chambers of Commerce

Successful start to car scrapping scheme

The car scrapping scheme that was launched by the Labour government last month has shown initial signs of success according to recently released figures. Read more

Tags: monthly registrations data, Labour, industry, car insurance, new cars, scheme, showroom traffic, official

Lack of confidence in banks spells success for building societies

Recently released figures have shown that whilst consumers have been losing confidence in banks, and banks have been losing customers hand over fist, the UK’s building societies have emerged as winners in the current financial climate. Read more

Tags: whilst, official, bank of england, influx, bank confidence, outflow, building society, The

Rising number of Brits could head to New Zealand

Whilst many Brits may have jetted off to New Zealand for a long vacation to enjoy the beauty, natural surroundings, and sights, it has been revealed that many have made their minds up to go there and not bother coming back. Read more

Tags: 50p personal tax, 50p, year, new zealand, super tax, traditional occupations, official, unemployment

Home loans are not going to become more readily available yet

Industry experts have recently confirmed what most people have already worked out for themselves – that the availability of home loans in the UK is not likely to increase anytime soon. Read more

Tags: council of mortgage lenders, Mortgages, mortgage, mortgage deals, availability, personal finance, market, official

Credit crunch alters eating habits of Brits

A major credit card provider has recently carried out a study, and claims that the results of the research show that the global credit crunch, which continues to take a hold in the UK, has had a dramatic effect on the eating habits of Brits. Read more

Tags: credit crunch, eating habits, official, uk, crunch, abbey credit cards, eating out, british eating habits

How safe is your job?

Many of us thought that 2008 was a rocky year, but there is a lot of evidence pointing to the fact that this year could be even more turbulent, not least because of the number of jobs losses that are expected. Read more

Tags: Economic history, number, year, global credit crunch, official, unemployment, property sales

100,000 a month could lose their jobs

Over recent weeks there has been rising concern over unemployment levels in the UK, with the recession and the current financial climate already have seen many jobs lost or threatened. Read more

Tags: unemployment, colleagues, April, hundreds of thousands, variety, job losses, official, 100

Potential perks for A&L new customers

New customers signing up for a current account with the Alliance and Leicester could be in for a number of perks, after the building society launched what has been described as a current account war amongst banks by offering a range of incentives to get new customers to sign on the dotted line and open an account. Read more

Tags: interest free overdraft, alliance and leicester, investment, street banks, official, order, current accounts, OFT court

Interest only mortgages being affected by price falls

The house price falls that have been ongoing for over twelve months have had many adverse effects, and according to recent reports these price falls could result in real problems for those that have interest only mortgages. These are mortgages where the monthly repayments are all put towards the interest owed on the loan with the actual loan balance remaining the same until the end of the mortgage term, at which point it needs to be paid off. Read more

Tags: Loans, money, official, actual loan balance, property

Unsold homes results in decreasing rents

Recent reports have shown that the number of unsold homes in the UK are resulting in the amount of rent being charged on rental properties being driven down. Over recent months more and more homeowners that were hoping to sell their properties have found that in the current climate they are unable to secure a sale for their properties, and with many unable to keep on top of mortgage repayments a large number of these sellers decided to put their homes up for rent on the market. Read more

Tags: current accounts, house market, unsold homes, Renting, Affordable housing, landlord

New packaged accounts launched by Abbey

Spanish owned High Street bank, Abbey, has recently launched two new packaged accounts for its customers, and according to reports has started a new packaged current account war amongst banks that are vying for the business of consumers. After taking a 28% share of the mortgage market this year, the ambitious bank is now looking to increase its share of the current account market by offering these packaged accounts, which offer a range of benefits for consumers. Read more

Tags: Payment systems, biggest criticism, abbey, mortgages institution, official, current account war

Two building societies to merge

It has recently been revealed that two building societies, the Yorkshire and the Barnsley Building Societies, are to merge, with the larger Yorkshire building Society agreeing to the merger with its smaller rival in a form of rescue bid. This is one of a number of recent mergers and takeovers in the world of banking in the UK. The smaller building society, Barnsley, approached its rival with a view to a merger after losing a possible £10 million in the Icelandic bank collapse. Read more

Tags: december, nothing, end, Yorkshire Building Society, building society, official, exposure

Did Darling know about the Icelandic bank collapse?

Earlier this month UK consumers were shocked after the collapse of Icelandic bank Landsbanki left many fearing for the savings that they had placed in UK branches of the bank. Many had been persuaded to put their cash in Icelandic accounts such as Icesave over the past couple of years due to the high rates of interest that were being offered. In fact Icesave spent a considerable amount of time at the top of the best buy tables because of the interest rates offered. Read more

Tags: banks, darling, iceland banks, deal, Icelandic financial crisis, official

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: child benefit, official, Website, information, thing, credibility officials, regulator

What’s going on with house prices and mortgages?

There is no doubt that both the housing and the mortgage market have been going through a very turbulent time over the past year. House prices have been falling month on month, and mortgage availability has become increasingly tight. However, amidst all of the chaos that has been going on in these sectors many people may have become confused over what is actually going on in these markets. Read more

Tags: time, favour, house prices, three-bed home, bedroom, Mortgages

A great way to save money on your holidays

For most households in the UK money is tight due to the effects of the global credit crunch, higher living costs, soaring inflation, and rocketing bills. However, even when finances are looking a bit sorry for themselves many of us still want to try and find a way to get away from it all by booking a holiday, especially with things as stressful as they are in the current climate. Read more

Tags: flexibility, holiday costs, uk, person, description

Increasing number of rental properties coming onto the market

Over recent years consumers that were looking to rent a home in the private sector often found that the properties were being snapped up before they even had a chance to arrange a viewing, leaving them to start from scratch and select another property from the limited choice available. However, with the problems that have hit the housing and mortgage sectors recent figures show that a rising number of rental properties in the private sector are coming onto the market. Read more

Tags: present, RICS, rental properties, duty, Business Finance, Mortgages, official, rent

Supermarket giants try to entice customers back

With food prices having soared out of control, in addition to the range of other hikes in bills and living costs, many people have been struggling to make ends meet when it comes to the household budget. Consumers have tried to make a range of cutbacks in order to try and make their money stretch further, and for many this has meant switching from the more expensive supermarket giants such as Tesco, Sainsbury’s, Asda, and Morrison’s, and turning to discount grocery stores such as Aldi, Netto, and Lidl. Read more

Tags: credit crunch, recent additions, supermarkets, Asda, official, tesco, price

Unemployment levels could rise due to housing slump

The housing slump in the UK has been making the headlines on a regular basis over recent months, with house prices already having tumbled and with predictions that they will fall further over the coming months. This in itself has put potential buyers off because many are worried that house prices will continue to fall once they have purchased a property, and that they could then be left facing negative equity. Read more

Tags: estate agents, cannot, gas bills, rocket record deposits, onset, unemployment, official, decorators

Women urged to think of pensions early

Women need to pay particular attention to their financial futures, because pension arrangements often work to their disadvantage.

With longer life expectancy and a greater likelihood of taking extended breaks from working during their lives, women need to think about pension saving even earlier than men, NFU Mutual has warned.

The insurer cites data from the Official for National Statistics, showing that in 2002, the average value of pension funds of men aged 50 to 54 was £116,000, compared to just £60,000 for women of the same age.

“Really the solution is simple: women should take full advantage of the tax relief on offer to build up a decent pension to provide through what will hopefully be a long retirement,” urged pensions specialist Shelagh Hamer.

“Don’t put off pension planning. By starting to fund a pension early, you have a much better chance of building up a sizeable fund for your retirement. Also, regularly review your arrangements to make sure they are in tune with any changes in your career and lifestyle.”

Tags: life, GBP, longer life expectancy, personal finance, greater likelihood, National Insurance, official, Don