Repossessions increase by 15 percent

It has been reported recently that repossession numbers have increased by 15 percent in the UK, with the first quarter of this year reflecting the first quarterly increase since the third quarter of 2009. According to officials repossession figures have been in decline for the past five quarters. However, a range of factors has now seen this figure increase with many officials stating that it is likely to continue increase over the course of this year.

The Council of Mortgage Lenders released these figures, and it is officials from the CML that believe the number of repossessions will continue to soar over the coming year. In the three months to the end of March 9,100 property were taken back by lenders and it is predicted by the CML that this could rise to as many as 40,000 or more over the course of this year. Some people are coping at present simply because of the base interest rate being at its rock bottom low of just 0.5 percent. However, if this increases over the next few months, as many believe it will, more and more people could find their homes being repossessed.

Officials have highlighted a number of factors which are thought to be partly responsible for the increase in repossession numbers. There are concerns that more and more people are struggling with their finances and finding it difficult to meet mortgage repayments because of factors such as frozen wages, increased taxes, government cutbacks, and rocketing living costs.

The Council of Mortgage Lenders stated: ‘Looking ahead, the financial position of many households is likely to be stretched for some while, and some will inevitably find themselves in difficulty. Lenders have a range of options to nurse borrowers through temporary problems, but will clearly need to be mindful of the regulator’s concern that too much forbearance may be as bad as too little.’

Tags: increase, officials, while, March, concern, rate, repossessions

New pet owners should get their pets insured

With Christmas Day now over for another year there are many households that will have a new addition to the family in the form of a new pet, such as a cat or dog. However, whilst families will be looking forward to starting the New Year with a new member of the family it is also important to start thinking about the health and welfare of the pet as early on as possible.

It is important for new pet owners to start thinking about getting their pet some health insurance, so that if they pet falls ill or suffers an accident it can get treatment or medication without the owners having to worry about finding the huge amounts of money that this can cost without insurance cover.

Officials have advised new pet owners to compare pet insurance to find a good deal, and to make sure that their pet gets the protection of health insurance as soon as possible. This is particularly important for those that have had younger pets such as kittens and puppies, as they are more susceptible to health problems.

Whilst there are a number of insurance companies that offer competitive health insurance policies there are also some veterinary surgeries that offer their own pet cover, so when you get your pet registered with a pet – which should also be done as soon as possible – you can enquire about their own bespoke pet health cover schemes.

Without pet insurance cover in place it can be very difficult for pet owners if something happens to their beloved animal, but with cover in place pets will have the protection of being able to get treatment and medications quickly and easily if the need arises, and pet owners will be able to enjoy peace of mind.

Tags: pet, protection, welfare, Pet Emergency Management, Ownership

Homeowners advised to check insurance cover is adequate

Officials are warning consumers to make sure that they have adequate insurance cover in place as the cold weather sets in. The cold snap across the UK has already caused chaos, and with weather conditions set to get worse many people could find that it affects their homes as well as causing problems such as traffic issues.

Officials have warned that as the winter sets in homeowners need to make sure that they have the right insurance cover and the right level of cover in place in order to protect themselves against the damage that can be caused by freezing temperatures and heavy snow. Claims are said to shoot up at this time of year, and for those that find their cover is not adequate – or who have no cover in place – the financial implications can be huge.

Frozen pipes and broker down boilers are amongst the more common problems that can affect households at this time of the year. If homeowners do not have any insurance, do not have the right cover, or do not have an adequate level of cover, in place then getting these problems sorted out could be extremely costly. However, with the right cover homeowners can simply arrange for repairs to be carried out through their insurance provider.

Another thing that winter brings with it is the dark nights, making it easier for thieves to gain entry to houses without being spotted. Homeowners should therefore also ensure that they have the right level of cover in place to protect them in the event of damage and theft caused by burglars.

With Christmas coming up many thieves will be on the lookout for expensive gifts that households have received or have bought to give to others. Make sure that if you have valuable gifts in the home you are adequately insured, as otherwise you may not be able to claim for them.

Tags: officials, pipes, chaos, cold weather, United Kingdom

Consumers warned against locking into costly fixed rate energy tariffs

With winter now upon us it is not surprising that many people are getting concerned about their energy bills, and this is made even worse by the fact that energy usage prices are set to soar with the energy giants increasing their prices and adding the financial burden that many households are already experiencing. Scottish and Southern Energy has already announced an increase of 9 percent from the start of December, which could see the average annual bill rising by almost £70 a year.

Officials have said that it is likely that more of the UK’s energy giants will follow suit and increase their prices. However, they have also said that consumers should resist the temptation to lock themselves into costly fixed price energy deals, as this way they could end up paying hundreds of pounds extra each year. It is claimed that fixed tariffs are around 27 percent higher than online tariffs, and this could add over £230 to the average annual energy bill.

EDF Energy announced yesterday that it would be freezing standard gas and electricity prices until March 2011. However, the annual cost of this comes to £1098 a year, compared to £867 a year for its best online tariff, reflecting a difference of 27 percent.

Ann Robinson from the price comparison service uswitch.com said: ‘Fixed tariffs can be expensive; it is only worth paying the extra if you are confident prices will increase by that much. There are two key steps to keeping a lid on your energy bills – make your home more energy efficient, and switch to a competitive energy plan so you pay less for the energy you use. This could save around £422 per year.’

Tags: price comparison service, fixed rate, price, officials, tariff, Renewable energy, EDF, Ann Robinson

Older women pay far more for car insurance

A recent report has highlighted how women can suddenly see the cost of their car insurance rocket when they hit the age of sixty, with a study revealing that once they hit this age they can end up pay around £80 a year more than men for their cover. Younger women generally get charged less than men for their vehicle insurance cover because they are considered to be safer drivers.

According to reports insurance firms believe that the abilities of women decline faster than those of men as they grow older, and because of this they are seen as a higher risk when it comes to driving. This means that as women get older they can see their insurance premiums increase, and once they hit sixty they will find that they may be paying considerably more than men.

The study was carried out by the consumer watchdog group Which?, and officials from the group said that sixty seemed to be the point at which women started paying more than men rather than the other way around. The officials involved on the research used a price comparison service and obtained quotes from five difference vehicle insurance companies to work out what the cost differences would be.

The research showed that after the age of sixty a woman could end up paying around 28 percent more than a man for the same policy with the same car and the same personal circumstances. The group said that of the insurance firms that were looked at only one gave a similar price for men and women after the age of sixty.

A spokesperson from Which? stated: ‘Gender is one of the factors that has an influence on the premium we offer. The difference is correct based on our estimates of the level of risk the two customers would represent to us as an insurer.’

Tags: men and women, way, insurance premiums increase, risk, research, officials, level, price comparison service

Consumers’ hopes were falsely raised over assistance with mortgages

According to officials from the Conservative Party, the hopes of consumers across the UK were falsely raised by the Prime Minister, Gordon Brown, due to the delay with the Homeowner’s Support Scheme. Read more

Tags: Homeowner Mortgage Support Scheme, officials, homeowner, council of mortgage lenders, shadow housing minister, leader

New Banking Act comes in

The Bank of England is to get new and improved powers under the new Banking Act, which is due to come into force soon, according to a recent report. Read more

Tags: wider impact, regulatory framework, enhancement, officials, stop banks

Fraudsters using bank charges to commit crimes

A warning has recently been issued by the Office of Fair Trading after it was discovered that some fraudsters are using the bank charges situation in order to try and obtain personal details from vulnerable and naïve consumers and then commit a crime through the use of these details.

The fraudsters are actually pretending to be officials from the Office of Fair Trading when they call consumers and try and obtain their details.

According to recent reports the fraudsters are calling consumers and stating that they intend to help them to reclaim their bank charges. They are then asking for account and card information stating that this is necessary, and in some cases have managed to retrieve this from the consumer. This information is then used to fraudulently order items, steal, or commit other crimes.

Officials from the Office of Fair Trading have confirmed that this is a scam, and that no official from the agency would ever phone and ask for personal details in this way. Consumers are warned never to give out card or account information to anyone on the phone unless the call was initiated by themselves. Such sensitive information should not be given in response to an email either, and consumers should avoid accessing what looks to be their bank’s website via an email link.

Officials have urged consumers that receive such phone calls to avoid passing on any details, to treat the call with suspicion, and to contact the OFT and report details of the call. This appears to be the latest scam used by fraudsters across the UK due to the OFT’s involvement with the controversy over bank charges, which has erupted over the last year or so.

Tom Smith
9th October 2007

Tags: consumers, fraud, calls, officials, claims, crime, charges, bank, telephone