20 Extreme Ways of Saving Money

Everyone wants to save money these days with money getting tighter all the time. Costs are rising and more and more people are finding themselves out of a job. It is little wonder that a money saving craze is sweeping across Britain. Some are taking radical steps to curb their spending. Read more

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Rows erupt over energy bills increases

According to recent report a number of rows have erupted over direct debit payments on energy bills, with many concerned that people are being charged way over the odds on their direct debits by the energy giants, which is resulting in increased profits for the energy firms but leaving many consumers unable to keep on top of their monthly direct debits for their energy bills. Read more

Tags: Consumer Focus, debit payments, use, energy giants, scale, energy bills, Financial services, hiking

Norwich Union pulls out from comparison sites

Insurance giant Norwich Union has recently announced that it is pulling out of placing deals on price comparison sites. Many insurance providers allow their deals and packages to be viewed on one of a range of price comparison sites that have come into play over the past couple of years. A large number of consumers use these sites to see at a glance whether they can cut the cost of cover or to find the most competitive insurance deals. Read more

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Competition Commission plans to look into PPI

PPI, which stands for Payment Protection Insurance, is a type of cover that is often sold with loans, credit cards, and other forms of credit. The purpose of the cover is to make repayments on the debt for a certain period of time if the policyholder cannot work and earn money due to illness, accident, or redundancy. The cover is often costly, but can prove valuable to those that can use it, as it offers peace of mind. However, it has been found that the cover has often been sold to those that can never claim on it, such as retired people and those that are self employed. Read more

Tags: cap, payment protection insurance, advertising, use, rocket record deposits, direct advertising, U.S. Producer Price Index, payment

Consumers ’should help prevent credit card fraud’

Consumers and financial institutions have a joint responsibility to prevent card fraud, claims one expert.

Although banks have a “definite responsibility” to protect consumers, individuals should also be more stringent with their financial information.

Danny Harrison, a fraud expert from life assistance company CPP, commented that people should be careful when using chip and pin because others could “look over their shoulder – fraudsters have been sold some devices that use cameras which can get the pin number”.

Other tips from CPP included people making sure that their post is secure and taking care that credit and debit cards do not leave their sight in restaurants and shops.

A potential problem can also be caused by writing down passwords and pin numbers.

Card Watch reported that in 2007, £535.2 million was lost as a result of credit card fraud.

However, CPP also found that almost three-quarters of those surveyed believe it is the sole responsibility of the banks or credit card companies if a problem arises through their products.

Although 74 per cent thought individuals should be responsible for minimising the risk of card fraud, 65 per cent also thought that responsibility lay with the banks.

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Number of people driving with no insurance “extremely worrying”

Motorists driving without insurance should face stiffer penalties, states an expert website.

Statistics from Moneysupermarket.com revealed that up to one in seven motorists have driven their vehicles without any insurance coverage.

Further figures from the Motor Insurers’ Bureau (MIB) last year calculated that drivers without insurance were more likely to have been charged with drink driving by up to ten times.

Vehicles in the control of uninsured drivers were 6 times more likely to be deemed unsafe.

Deborah Williams, managing director of Confused.com, said the statistics were “extremely worrying”.

She is calling for more effective deterrents such as those introduced to combat mobile phone use while at the wheel.

“Perhaps more rigid penalties and greater education should be pursued for similarly dangerous offences such as speeding, driving without due care and attention, and for driving without insurance which is in essence, fraud,” added Mrs Williams.

Driving uninsured causes up to 160 deaths per year reveal MIB statistics.

Tags: moneysupermarket, driving without insurance, Technology Internet, rigid penalties, Drunk driving

Young women can save and still ‘have a good time’

With careful budgeting young women can “have a good time and still plan for the future” says an industry expert.

Young women think that saving for the future will mean they have to cut back on spending in the present.

However, MDM Associates claims that if they work out what their outgoings are then this may not necessarily be the case.

Lisanne Mealing, director for MDM Associates, said: “You know you’re going to go out, you know you’re going to spend money on clothes: budget for it, so that you have a clear indication at the end of the day of how much you can afford to save.”

She added that an Isa is “definitely the best place to start” when it comes to saving due to the flexibility of access and use that it offers.

Research from online bank Egg found that one in five women earn more than their partner – a rise from one in ten in 2002.

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Charity credit cards ‘help children in need all year round’

Consumers are advised that charity credit cards can help them reach children in need every day of the year.

Today, Children in Need is celebrated around the UK with nationwide collections in expected to reach into the millions.

However, according to the Fair Investment Company, charity credit cards allow a donation to be made each time the card is used with no extra cost to the user.

There are many options, with a variety of children’s charities available at which consumers can effortlessly direct their generosity.

The Co-op offers The Children’s Society Card, which donates £5 with every account opened, with further donations when the card is used.

Meanwhile, Halifax supports two children’s charities through card offers, Save the Children and the NSPCC. Halifax donates at least £20 on the first use of the card and after that 0.25 per cent of any spending on the card.

Director at Fair Investment Company, James Caldwell, commented: “If you want to support a charity, a charitable credit card will allow you to donate every time you make a purchase.

“Charity credit cards can also make a real statement; each time you use the card it is good publicity for the charity.”

Tags: use, time, finance, CardHub.com, card it, Credit Cards, user

Brits hiding their cash around the house

A recent report has revealed that an alarming number of Brits like to hide money around their homes in order to have ready cash when they need it rather than having to go to a building society, bank, or cash machine in order to get their hands on the money. Read more

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Online banking ‘good for all ages’

Online banking is for savers of all ages, according to a finance expert.

Nick Staib, a spokesperson for HSBC, said that age was no barrier to internet banking and revealed that internet banking was outstripping bank account sales.

UK payments association Apacs recently published figures that showed the number of adults using online banking had increased by 174 per cent from 6.2 million in 2001 to 17 million last year.

This figure included 350 per cent increase in use amongst the over 55s.

Mr Staib said that there was a steady growth in customers going online and added that while internet banking was readily adopted by young people, the older generations saw it as “natural” to bank online.

“There is no reason why people of any age can’t use the online banking, as long as they can send an email to somebody,” he said.

“If we didn’t [have internet access for banking] I don’t think we would be able to sell hardly any bank accounts at all.”

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Being added to electoral roll boosts credit rating, expert says

Performing simple tasks such as registering to vote for elections can boost customers’ credit scores, a financial expert said today.

Financial services advisors Experian recommended that customers add themselves to electoral rolls, so that companies can more easily verify their identity.

Consumer affairs manager James Jones said that being added to the roll particularly when you move is important, because “lenders use [the information] to check your name and address”.

“It will affect your credit score if you’re not on there,” he claimed.

Mr Jones offered more general advice to prospective credit card holders saying that “it’s a good idea, for a start, to actually look at your credit score and make sure it’s accurate and up to date and that you’re happy with it.

“Just use credit wisely”, he counselled. “Make at least the minimum repayments on your credits every month so that you don’t have any arrears recorded on your credit report.”

According to statistics from Checkmyfile, 1.6 million Britons are not currently registered on electoral rolls.

Tags: credit rating, James Jones, Credit report monitoring, Credit card holders, finance

Online loans ‘fuelling credit refusals’

The number of people being refused credit for a personal loan has surged to 1.4 million – with the use of online loan sites fuelling the total, according to a new report.

Research by an independent financial comparison website found that the number of applications being turned down for personal loans could be boosted by the availability of online loan deals, which rely on electronic forms to check credit ratings.

The site found that, of the 89 possible personal loans available on the market, 31 could be accessed online.

And experts have moved to point out to people seeking a personal loan that while an instant deal online can be attractive, it can also provide an instant rejection – something that will affect future credit ratings.

Sean Gardner, chief executive of the site behind the research, warned: “Loan providers are getting tough so applicants shouldn’t assume that, just because the loan is available online, acceptance is automatic.

“The same rigorous rules apply however you request credit and if you’re rejected too often it’ll be your credit rating that suffers.”

Ways of getting round this include using an online credit profiling tool, which could give an indication of whether a loan offer could be accepted, without the risk of being rejected.

Tags: personal loan, finance, use, rejection, credit, credit rating, chief executive

Landlords rely on mortgage advisers

Landlords in the UK rely heavily on mortgage advisers when it comes to investing in a property.

That is according to the latest research from Alliance & Leicester which found that 74 per cent of landlords seek advice.

In total, 28 per cent admitted to relying on an adviser “a great deal”, while 46 per cent use them “a fair amount”.

The buy-to-let market is seemingly dominated by landlords who use an adviser, with 55 per cent admitting to relying on one to make them aware of new deals and arranging the actual mortgage.

“From our research, it is clear that advice plays an important part for buy-to-let investors,” said Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester.

“Landlords need their advisers to obtain information that they can’t easily get hold of themselves as well as helping them get the best mortgage product for their needs.

“The fact that half of landlords taking advice (49 per cent) remain loyal to one adviser shows just how much they really do value this relationship,” he added.

The research also found that over a third (40 per cent) of landlords meet with their mortgage broker every month, while nine per cent meet with them on a weekly basis.

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