More people putting money towards funerals instead of savings

According to a recent report an increasing number of consumers are now putting money towards their funeral costs rather than putting it into savings. It appears that the recession has caused a new trend to emerge, and rather than leaving their loved ones to foot the bill should the worst happen many people are already putting money aside for their funeral rather than putting their spare money into a savings account. Read more

Tags: london, report, year, space, savings, service, money

OFT wants review of bank accounts market

The government watchdog, the Office of Fair Trading, has been calling for a review of the bank account system in the UK, claiming that consumers are often getting a raw deal because arrangement that are currently in existence when it comes to the eight billion pound bank account market were simply not adequate. The OFT went on to state that banks were not clear enough about the charges that were applied to customers’ accounts, which makes things confusing for accountholders. Read more

Tags: year, bank fees, space, number, rocket, trading, uk

Debtors should not “hide the problems”

People facing serious financial difficulties should not try to “hide the problems” or assume that they can solve them themselves by using their credit cards even more, says an expert.

A recent report has found that 400,000 people took out new solutions for unsecured debt in 2007, with over half (58 per cent) deciding to refinance or remortgage.

David Kuo, head of personal finance at Fool.co.uk, has advised people to ask their lenders for help to try to solve the initial problem of having borrowed too much money, which they cannot repay in the time period stipulated by the lender.

A possible solution is to extend the length of a mortgage which will lower monthly repayments making it more affordable in the short-term and giving the borrower “breathing space,” although the total amount to be repaid will be higher.

However Mr Kuo advises against taking out secured and unsecured loans, since they may compound the problem.

“Sometimes people are a little misguided about how they solve their problems and they try and throw money at them,” Mr Kuo concluded.

As debt problems increase for many people and lenders tighten their criteria, a survey has found that 18,000 applications for credit cards are being rejected each day, according to MoneyExpert.com.

Tags: space, money, time, expert, possible solution, breathing space, half, David Kuo

Cold snap may cause chaos

If you have already put away your winter coat for the year you may find yourself caught short as the Met Office warns that a cold snap is fast approaching.

Freezing temperatures, wind and snow are expected and, aside from having to get our coats out again, we are being warned that our homes may suffer with the weather.

Halifax is warning that we may suffer damage to our homes as the temperature changes, particularly with burst water pipes causing problems.

The cold can lead to water inside exposed pipes freezing and expanding, leading to cracks which will leak water once the ice thaws.

“A sudden unseasonal drop in temperature can wreak havoc on people’s homes and gardens if they are unprepared for it,” warned Vicky Emmott from Halifax Home Insurance.

“Water from a burst pipe in a loft space can very quickly cause damage to plaster ceilings, walls, kitchen units, electrical wiring and decoration.”

We are being advised to get a home insurance policy so that we are covered in the event of a disaster and Ms Emmott also has some handy tips to prevent the worst happening in the first place.

She says that we should insulate any exposed pipes, ensure loft insulation is placed above water tanks and leave the loft open if going away.

Tags: space, halifax, year, people's homes, Physics, vicky