Adequate insurance needs to be arranged by winter sports fans

With winter now here there may be many people that are planning on heading out for a break to enjoy the exhilarating thrill of winter sports. This is the type of holiday that is hugely popular with many people, but is also the type of break that comes with increased risks due to the higher risk of injury. There are also higher risks posed because of the costly equipment that holidaymakers on winter breaks have to take with them, which can cost a fortune in the event of loss, theft or damage.

Officials are now urging consumers to ensure that if they do decide to take a break involving winter sports they take the time to take out the right level and type of travel insurance. Whilst some people may already have travel insurance or may take out a standard policy it is necessary to take out a special policy when participating in winter sports. Without this, the holidaymaker may find that they are not covered and in the event of an accident, injury or issue with equipment this could prove to be extremely costly.

When arranging travel insurance for winter sports holidaymakers need to make sure that not only are they covered against the increased medical and health risks that come with winter sports but that they also ensure that their costly equipment is also covered. With standard travel insurance a large percentage do not provide cover for any type of winter sports, which is why travellers need to check their policy before they head off on a winter holiday.

One official stated: “To ensure they get the right type and level of cover for their trip, people need to focus first and foremost on pinpointing the features they need.”

Tags: health, whilst, policy, winter holiday, break, event

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: twitter, debt collection firms, family, whilst, mind, Technology Internet, office of fair trading

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: savings accounts, bank, high street banks, recent report, lloyds tsb

Personal loans – strike whilst the iron’s hot

Over recent years the cost of borrowing by way of a personal loan has been spiralling, and even though the base interest rate has been at a record low of 0.5 percent for the past two years personal loan rates have remained high, especially on loans of £5000 or less. However, recent reports have suggested that the cost of borrowing has been falling, which means that consumers may now be able to get a better deal on their borrowing.

However, some industry experts do not believe that the decreases in personal loan interest rates will continue, and that the trend could quickly reverse, with rates going back up again. It is therefore worth considering looking at personal loans now if you think that you may need to take out a loan over the coming months, as you may find that if you strike now you could get a fairly good deal but if you wait around loan rates may start to rise again.

It is especially important for consumers to compare personal loan rates now that the level of interest is said to be coming down, as it increases competition and boosts the chances of being able to get a loan that is competitive and affordable. However, if the base rate increases over the coming months or lenders start to put their rates up again due to the uncertain climate many could find that they have to pay far more for their borrowing.

The internet makes it easier to compare different loans and lenders, and this means that you won’t have to do to any unnecessary hassle in order to weed out the most competitive loans. You can browse and compare loans with ease via the Internet, and you will be able to see at a glance whether the loans available are affordable for you or not.

It is important to act quickly, as many experts think that loan rates will stop falling and could start rising again, which means that you could miss out on a far more competitive rate simply because you decided to wait a couple of months before looking for your personal loan.

The rates are said to have fallen in particular on loans of over £5000, so those considering taking out a larger loan could find that they can make a significant saving on repayments due to lower interest rates by looking for a loan now rather than later.

Tags: percent, unnecessary hassle, trend, base rate, finance, whilst, base interest rate, hassle

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, official, affordable breakdown cover, music, whilst, vehicle breakdown cover

Interest only loans do serve a purpose

An industry expert has stated recently that interest only loans do serve a purpose and can prove invaluable for some borrowers. Her comments came as lenders clamp down on interest only loans and the UK’s finance regulator, the Financial Services Authority sets up new proposals that could wipe out these interest only loans altogether.

The FSA is putting together proposals that would see interest only mortgage loans coming to an end, with lenders being told that they will have to continue asking for large deposits and other measures being proposed that could seriously affect the ability of many people to get a mortgage.

Paula John from Your Mortgage said that the FSA was right in trying to put together regulations to stop irresponsible lending and reduce the risk of consumers taking out loans that they could not afford to repay. However, she also said that it was important to take into consideration that interest only loans did serve a purpose and could prove invaluable for some people.

Her comments came after a statement was made by the Intermediary Mortgage Lenders Association, which said that if the FSA regulations were put into force interest only loans could be made obsolete.

Ms John added that whilst it was right of the FSA to express concern over borrowers taking on mortgages and loans that they could not repay it was also a valid point by the IMLA that it could be a mistake to get rid of interest only mortgages altogether because some people could really benefit from them.                               

She stated: “I think [the IMLA] is right in sounding a warning bell that we could throw the baby out with the bath water and see the end of interest-only mortgages altogether.”

Tags: finance, FSA regulations, mortgage loans, mortgage, business, Financial Services Authority, whilst, Interest-only loan

Should Brits take out loans for weddings?

As most married couples will already know getting married can be an expensive affair if you want all the trimmings, and those that are looking to have the perfect wedding, entertain guests, provide food and entertainment, and round things off with a romantic honeymoon will know that the cost can run into thousands of pounds.

In the current financial climate it can be difficult for couples to save the kind of money that they need for a wedding within a reasonable space of time, particularly if they also want to put a deposit down on a property. It would therefore be natural to think that many couples look into taking out a loan for their special day.

Many couples do turn to personal or wedding loans in order to pay for the big day, and those that do are advised to look for the best rate of interest and the best deal possible, although some people may be put off from starting their married life in debt.

Whilst those getting married may consider a loan for their big day, recent research has shown that attendees are far less likely to take out a loan in order to pay for expenses at the weddings of their loved ones. In fact, Santander carried out research showing that only 1 percent of Brits would actually take out a personal loan to fund the cost of going to the wedding of a loved one.

Emma Roberts from Santander said: “It’s easy to overlook the cost involved in being a wedding guest but the outlay can be significant, both before and during the big day. The last thing people want to be thinking about when preparing for a loved one’s wedding is the expense involved but costs can quickly mount up.”

Tags: interest, Brits, whilst, Marriage, property, wedding

Have things improved for first time buyers?

Over recent years things have gone from bad to worse for many non-homeowners that may have been hoping to get onto the property ladder. After years of soaring property prices many would be first time buyers will have been pleased to learn that prices starting plummeting following the onset of the global credit crunch in the latter part of 2007.

However, just as things looked as though they were on the up first time buyers were hit with a plethora of new problems, with the global financial meltdown resulting in severe restrictions on mortgages. This also led to banks increasing the level of deposit that they wanted from first time buyers, making it impossible for many people within this group to scrape together the minimum deposit that lenders were demanding to get an affordable mortgage.

The global credit crunch and he recession left many first time buyers hoping that their luck had changed and that things would ease off. For many this marked the chance of being able to get a property at last. However, this is not what has happened according to recent reports. Despite the recession being over and reports that banks were being more relaxed over lending first time buyers are still in for a bad time.

A number of reports have claimed that the banks are being increasingly cautious about mortgage lending and are still only offering their best deals to those that have a fairly sizeable deposit. This means that first time buyers need to be able to stump up a fair amount of cash towards a property if they want to get a mortgage that is affordable.

A number of things are thought to be affecting the decision of banks to continue their caution when it comes to mortgage lending. One has been the uncertainty over the running of the country resulting from the hung parliament following the general election recently. Whilst this is some way to being sorted, with leader of the Conservative party, David Cameron, now named as Prime Minister the country still finds itself in a situation that it has not seen for decades in the form of a coalition government formed with the Liberal Democrats.

Another of the factors thought to be affecting mortgage lending is continued uncertainty over jobs, with banks loathe to take the risk of lending in a climate where the risk of job losses is high.

Tags: loan, last, finance, Mortgage loan, whilst, mortgage, first time buyer, time buyers

Sharp fall in retail sales for January

According to recently released figures January saw a sharp fall in the level of retail sales, with sales levels falling at their sharpest level in a year and a half. Read more

Tags: double dip recession, retail sales, Office for National Statistics, whilst, recessions, cash flows, food sales, bashing

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 discount pricing, price crackdown, whilst, official, sound, office of fair trading, Pricing, bogus discounts

More first time buyers try and get mortgage advice

According to a recent report more first time buyers are now looking to get mortgage advice, as the market continues to throw hurdles in the way of the average first time buyer. Read more

Tags: council of mortgage lenders, first time buyers, low, whilst, Mortgages, business, latest figures, mortgage advice

Recovery of economy being affected by two major factors

Industry officials have recently stated that the recovery of the economy in the UK is being seriously hampered by two major issues, which have been highlighted as rising unemployment levels and the rising number of swine flu cases. Read more

Tags: new money, breakdown, state, publicity, industry officials, economic recovery, whilst

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: The, bank of england, outflow, influx, building society, official

Ban on age discrimination could cost drivers and travellers

According to a recent report both drivers and holidaymakers could find that the cost of getting insurance will soar as a result of a government initiative to try and ban age discrimination in these industries. Read more

Tags: cost, whilst, government, Association of British Insurers, holidaymakers, car insurance

Safeguard your pets and your pocket with pet insurance cover

There are many different types of protective insurance policies available these days to cover all sorts of different circumstances, and all of these are designed to provide peace of mind, protection, and financial backup for the policyholder. One type of insurance cover on the market is pet insurance, and this type of cover is available at different levels. Read more

Tags: vet bills, pet cover, whilst, harm, pet insurance, excess, pet, pet medical charges

Mortgage rationing could get worse states CML

The Council of Mortgage Lenders has recently warned that mortgage rationing in the UK could continue to get worse, adding that mortgage lending has already been restricted for the past year due to the effects of the global credit crunch but that the restrictions on lending levels could get even worse over the coming year. A senior official from the CML, Michael Coogan, said that things could get increasingly difficult for many people as a result of the ongoing restrictions on mortgages. Read more

Tags: mortgage rationing, first time buyers, Banking, mortgage, whilst, deposit requirements, lending levels, loan

Where should you head on your holidays?

Whilst most of us are trying to make cutbacks wherever possible in the current difficult financial situation, most of us do not want to give up our annual treat of some time away on holiday. Read more

Tags: bank, advice, shorter period, whilst, holidays, family

Will you be cutting back on your heating this year?

With energy prices having rocketed twice over the course of this year, it seems that an increasing number of us will have to cut back on our energy usage in order to cope with rising bills. Many elderly people will be doing just that, and recent surveys have revealed that millions of elderly people will be heating up just one room in their homes or even staying in bed in order to try and keep warm over the winter months. For many the colder months are set to be miserable ones. Read more

Tags: home, whilst, energy bills, order, christmas, heating costs, money, Household

Why aren’t the energy firms reducing gas and electricity bills?

Over the past year the UK’s energy giants have increased gas and electricity bills twice, leaving many consumers paying a fortune for their energy usage and resulting in an increased level of fuel poverty amongst UK households. Many are concerned that energy companies are very quick to increase energy prices when oil prices and wholesale energy prices rise but when prices fall they are slow to pass on any price cuts. Read more

Tags: UK's energy giants, electricity costs, environment, energy suppliers, whilst, boost, cut, energy prices

Saving money on energy bills

Over recent months the cost of heating has soared, and this is the result of energy companies hiking up the cost of energy usage twice since the start of this year. Households, many of which are already cash-strapped, have found that they can barely afford to make ends meet as a result of the various rises in bills and living costs. All of the major energy firms have now increased the cost of energy usage, and this move is set to plunge many people into fuel poverty. Read more

Tags: Building engineering, whilst, central heating, boilers, assistance, Insulated glazing, Household

RBS announced higher number of branches to open on Saturday

The Royal Bank of Scotland, which also owns NatWest, has recently announced that there will be a greater number of branches for both RBS and NatWest opening on a Saturday, which will provide consumers with increased ease and convenience if they need to visit their bank. Officials from RBS said that the decision to increase the number of stores opening on a Saturday was down to increased demand from its customers. Read more

Tags: Banking Services, demand, Financial services, Banking, royal, convenience, whilst, Ulster Bank

Who is the best ‘pilot’…Brown or Cameron?

Following a highly controversial and frank interview given to a national newspaper by the Chancellor, Alistair Darling, with regards to the state of the economy earlier this week, the Justice Secretary Jack Straw has now spoken out to BBC reporters about his take on the situation. In relation to the interview that Darling gave, Mr Straw stated that he did not think that Darling had spoken out of turn when he gave the interview, but he added that the chancellor had, in fact, been referring to the global economic situation and not specifically to the economic crisis facing Britain. Read more

Tags: prime minister, whilst, david cameron, interview, economic management, global economic situation, gordon brown

Price of oil and food could remain high for some years

Consumers have been given a stark warning over the past couple of weeks, with officials stating that the cost of food and oil in the UK could remain high for years, which means that household finances will continue to remain strained. The warning came in a report from the government, with officials from the Treasury warning that shortage of supplies couples with growth in both population and world economy could result in many years of higher oil and food prices. Read more

Tags: credit, uk, higher borrowing costs, today, whilst

Insurance price comparison sites could contain errors

According to officials from the Financial Services Authority some insurance based websites that allow consumers to run price comparisons on insurance products could contain certain errors, such as outdated information or incorrect data. Read more

Tags: motor insurance policies, home car, whilst, accuracy, insurance comparison website

Uninsured drivers “think they can get away with it”

With as many as 350,000 uninsured motorists on the roads last year, there is concern that people do not view driving without insurance as a serious crime, believing instead that “they can get away with it,” says the British Insurance Brokers’ Association (BIBA).

One reason for this may be that the government has never come out with a campaign condemning uninsured driving and whilst people are aware that they should wear seatbelts, tax their cars and not drive after drinking, this issues does not seem to be on “everybody’s radar”.

Graeme Trudgill, technical and corporate affairs executive for BIBA, said: “People just don’t see it as a serious crime, they think they can pay £500 in insurance, or drive without it and if they get caught, they pay a £100 fine and that’s not too scary.”

According to MoneyExpert, 18 to 24-year-olds are the most likely to drive uninsured and 11 per cent of uninsured drivers say they can’t afford the premiums

BIBA says a new enforcement agency is going to be launched next year which will make uninsured driving more difficult and police now also have the power to seize vehicles if the driver is not covered.

Tags: everybody's radar".graeme trudgill, police, finance, Driving, power, government, british, whilst

Don’t bodge it yourself (BIY)

Homeowners are being encouraged to avoid partaking in any bodge it yourself (BIY) over the Bank Holiday weekend.

According to Halifax Home Insurance, we spend £607 million on repairing the damage we do to our homes while trying to fix them up.

Traditionally the UK goes DIY mad over the Bank Holiday and this is often when the majority of damage is done.

However, Halifax is warning people not to take on a job which they are not qualified to do as it could end up costing a lot more to fix the job than it would have to have got a professional in originally.

“Whilst well planned and executed home improvements can add significant value to a home, getting it wrong can be a disaster,” commented Vicky Emmott, senior manager of underwriting at Halifax.

“We’d advise anyone planning any major improvements to their home to employ qualified and reputable tradesmen, rather than going it alone.

“Indeed trying to tackle certain areas that you are not qualified for, such as electrics or plumbing, could invalidate your home insurance and leave you liable for the cost of any subsequent damage,” she added.

DIY enthusiasts are encouraged to make sure there house is properly covered before embarking on a project.

Tags: bank, home insurance, holiday, home improvements, whilst, homeowners, major improvements, majority

Calls for financial education receive support

Calls from the British Bankers’ Association (BBA) for improved financial education in the UK’s schools are receiving widespread support.

The BBA claims that by educating youngsters in personal finances, they are more likely to be able to manage their money in later life.

This in turn will improve the nation’s financial capability and, hopefully, means that fewer Brits will find themselves in debt due to poor management of credit cards and other types of loans
in the future.

“We believe the best way to help people make sound decisions about what to do with their money depends on education. This should start young,” said Angela Knight, chief executive of the BBA.

“Until teachers can no longer choose between teaching financial literacy or not and whilst it remains un-assessed, it is hard to see how we can move from excellent pilot schemes to a complete roll-out across every UK school.”

The BBA’s stance on this issue has been well received by many industry figures who back the idea that personal finance should become a core part of the national curriculum.

“We are pleased that the BBA recognise the importance of personal finance becoming part of the core curriculum in schools and the fact that this should be examinable,” remarked Phil Hall, spokesman for financial education charity ifs School of Finance.

Even if you have already left school it is not too late to learn about money and how you can improve your financial situation.

Tags: fact, core, whilst, british bankers association, literacy, pilot, debt, turn

Young drivers offered premium break

A leading car insurance firm is offering young drivers a financial break if they sign up to its Safe Driving Agreement.

NFU Mutual is offering youngsters a £100 discount on premiums if they sign the document which requires them to take care on the roads.

As part of the deal, drivers will promise to adhere to the rules of the road, only drive at certain times and avoid eating and smoking at the wheel.

“They must promise to confirm their destination in advance, to drive only between agreed times of the day, to ensure they and their passengers always wear seat belts, never drink or take drugs and drive… not use a mobile phone whilst driving and avoid being distracted through fiddling with the stereo,” said NFU Mutual’s Laura Wood.

The deal has been drawn up in conjunction with the Royal Society for the Prevention of Accidents and follows a speech by the Association of British Insurers (ABI) which called for more action from the government.

Ms Wood added: “Young drivers are more likely to crash than older more experienced drivers, in part due to their lack of driving experience but also due to their attitude to the road and being unaware of potential dangers.”

Young drivers generally pay higher insurance premiums as they are deemed to be more likely to be involved in an accident.

Tags: NFU, society, advance, whilst, document, abi, care, Traffic collision

Men splash cash on romantic gestures

The size of the rock is clearly a concern for couples thinking of getting engaged, with nervous suitors now spending as much as four months’ salary on getting the perfect ring.

Many men splash out more than £4,000 on engagement rings, breaking the traditional convention that one should choose a ring that costs about one month’s salary.

Research from specialist insurer Hiscox shows that nearly two thirds of married and engaged men spent three months’ salary on a ring, whilst a further 11 per cent spent even more.

Despite the rising spending on the symbol of intention, 13 per cent of women surveyed admitted to still being disappointed with the ring they received, saying they either had wanted a different style or a bigger stone.

A representative for Hiscox, Kevin Kerridge, cautioned that despite the amounts being spent, purchasers are not taking out insurance or assume it falls under their house insurance policy, which may not necessarily be the case.

“Having spent so much hard earned cash you stand to lose a small fortune if it is not insured properly,” he said.

“The golden rule is to check your policy carefully – never assume an item of that value will be covered under your standard policy unless your cover is with a more specialist household insurer.”

And try and be sure she’ll say yes!

Tags: three months, convention, engagement, two thirds, Business Finance, perfect ring.Many men, whilst, engaged men

Shoppers spend Xmas savings

Christmas savings were plundered by UK shoppers at the end of 2006, according to findings from Birmingham Midshires’ Saving Britain campaign.

Although on average Brits saved a total of £2,246 during the year, more than half of this was spent during the final few months.

The study also found that Brits were more able to save during the final three months of the year than at any other time.

Birmingham Midshires’ director of savings, Jason Robinson, said: “Our research shows that gifts and impulse purchases were the reasons for raiding our savings accounts.”

He continued: “Whilst this is to be expected during the festive season, we would urge people to think carefully about a realistic amount they can set aside each month so they avoid regularly plundering their account.”

There was a marked difference between regions in the willingness of people to plunder their savings over Christmas. People in the Midlands and Wales raided the most, a worrying £2,697, while those in the north took out a more restrained £926.

Tags: Midlands, shoppers spend xmas, christmas savings, Midshires, uk shoppers, jason robinson, whilst