Credit card fraud increases

The flexibility and ease that credit cards provide have made them hugely popular amongst consumers in the UK, and many people now have one or more credit cards, which they use for making purchases on the High Street, by phone, and online. However, whilst these cards do offer the ultimate in freedom and flexibility they can also pose a danger if users are not vigilant.

Credit card users are being warned that they need to be more vigilant when using their credit cards and with their credit card information. This is because figures have shown that the level of credit card fraud has increased, with 6.4 percent of plastic cardholder falling victim to fraud in the past twelve months compared to 4.7 percent in the previous year.

The figures were released as part of the British Crime Survey, and the rising level of card fraud has made many people concerned about falling victim to this type of activity. In a survey 53 percent of cardholders said that they were concerned about becoming a victim of plastic card fraud.

With fraudsters now using a range of sophisticated methods to conduct this type of criminal activity, cardholders are being urged to be extra vigilant when using their credit and debit cards. It is also advisable for cardholders to check their statements carefully and also check copies of their credit reports in order to look out or any suspicious transactions.

One credit card holder stated: “I used to do a lot of shopping online with my credit card, and I’ve never been a victim of fraud. However, these days I often think twice about shopping in this way because the level of card crime in the UK really worries me. I think it is vital that shoppers are really careful when they use their cards.”

Tags: Credit Cards, credit card holder, plastic, Visa Inc., flexibility

Mortgage deals keep disappearing

Since the latter part of 2007 the world of mortgages has seen a lot of changes, and the sector has been in turmoil ever since this time. Read more

Tags: Northern Bank, Mortgages, property, low level, no-deposit mortgage loan

CAA: Travel insurance may not cover you if the airline goes bust

Holidaymakers are advised to look for insurance that covers against insolvency as many people may find they are not protected if their holiday company goes out of business, says the Civil Aviation Authority (CAA).

David Clover, a spokesperson for the CAA, said people travelling abroad this summer should try to find an insurance policy that provides a range of protection.

Even if a policy does cover insolvency, it may only provide limited protection so customers may receive a refund for a lost flight but not for the cost of additional flights or accommodation.

According to holidayadvice.org.uk, more than 25 airlines have gone bust since 2000 and it is unlikely that customers received a refund if they booked directly with them rather than going through a tour operator.

Mr Clover advises: “You need to shop around for an insurance policy which can give you a varying range of protection; you need to look very closely at the small print.”

Tags: Civil, holiday company, authority, refund, range

Bradford & Bingley: Arrears on the up

UK lender Bradford & Bingley has said that mortgage arrears are continuing to rise as more borrowers are facing difficulties in repaying their loans.

Britain’s ninth-biggest listed bank said that it expect increased payment strain and falling house prices to result in higher impairment provisions, according to Reuters.

Hours after meeting with Alistair Darling, the mortgage lender, which makes over 50 per cent of its home loans to buy-to-let landlords, said its margins were under pressure and it is starting to pass the higher costs on to customers.

Yet the bank also said that the buy-to-let area of its business is performing well, suggesting that it is homeowners who are being hit hardest by the credit crunch.

Those faced with arrears will be pleased with Abbey National’s announcement earlier this week that it will cut rates on its two-year tracker and flexible mortgages by 0.1 per cent.

“We will continue to review the cost of funding and will look to reflect further changes in our mortgage range going forward,” said a spokesman for the bank, adding that it hopes other lenders will follow suit and take action to stimulate the mortgage market.

Tags: loan, announcement, house, Alistair Darling, crunch

Halifax launches new fixed-rate deal

Mortgage provider Halifax made its new 25-year fixed-rate deal available today.

This represents a response from lenders to Gordon Brown’s call for long-term fixed-rate mortgages as a way of alleviating home buyers being priced out of the market. Halifax’s new deal will lock in the holder’s interest rate until 2032.

The provider will be counting on customers gambling on further interest rate rises, as its rate of 6.39 per cent is much higher than the majority of variable rate deals, which are in line with the current base rate of 5.75 per cent.

A spokesman for Halifax said that the new mortgage “means homeowners can balance the security of a fixed interest rate with a range of flexible features built into the product”.

The provider added that it hoped to “radically change the consumer’s view of longer-term products”.

The Bank of England decided today to leave the base rate as it is for this month.

It has risen five times since last August, however, and most industry analysts predict further rises before the year is out.

Tags: view, Floating interest rate, longer-term products, consumer, month, spokesman, range, response

Public liability ‘number one reason’ for wedding insurance purchases

Couples looking to take out wedding cover should try to apply for the policy well before booking venues, M&S Money advised yesterday.

The provider said that many marriage venues now demand public liability insurance before they allow bookings.

Public liability covers the venues for injuries to wedding guests as well as any property damage that might occur.

Media relations manager at M&S Money Liz Neild said that the growth of the wedding insurance industry was “primarily” due to the fact that “far more venues are insisting on public liability cover”.

Everybody used to get married at the local church or registry office, but now you can have it in a castle or on a boat or god knows where”, she commented.

“Major venues are insisting that anyone who books a wedding is actually covered by public liability insurance. That’s the number one reason.”

The insurer also revealed that other main occurrences that people need cover for range from damage, to the wedding cake to the possible need for photographs having to be re-taken, to the cancellation of the whole event.

Tags: Cover version, photographs, range, major venues, M&S Money, public liability insurance, bookings.Public liability, need

Medical insurance popular with Brits

More and more of us are choosing to take out private medical insurance (PMI).

The latest figures from the Association of British Insurers (ABI) show that 2006 saw a 1.8 per cent increase in PMI subscriptions compared to the year before.

In 2005, 1,012,000 people signed up to PMI, while in 2006 this number jumped to 1,030,000.

The ABI points out that this means 5.9 million adults and children in the UK are now covered by PMI and says that the benefits are clear to see.

“Private medical insurance offers people greater choice of treatment and other services for a wide range of medical conditions and injuries,” said Nick Starling, director of general health and insurance at the ABI.

“It also takes pressure off the NHS, so by buying PMI, people are effectively reducing the burden on Britain’s hard-pressed health service.

“It is encouraging that more individuals are choosing to buy PMI for themselves and their families. PMI bought by companies on behalf of their employees has continued to increase in popularity too, helping to ensure that people can get back to work sooner after illness or injury,” he added.

Tags: range, Insurance, subscriptions, increase, greater choice, director, United States, PMI subscriptions

What kind of coverage can I expect with home insurance?

Home insurance was created, and is provided in order to insure a person’s possessions. As you can imagine this can potentially be a vast list of items ranging from do-it-yourself appliances to the kitchen sink. Read more

Tags: check, Types of insurance, range, choice, home insurance coverage, redress, equipment, mind