The Latest Personal Finance News
Uninsured Drivers Costing £500m
Posted 2008-05-6
It is estimated that uninsured drivers are costing over £500m a year, according to the Motor Insurers’Bureau, which pays compensation to the victims of uninsured drivers involved in accidents. And the cost of the compensation, the bureau claims, is adding...
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Understanding Car Insurance Discounts
Posted 2008-04-24
Trying to save money wherever you can is important to us all. Car insurance should be no different. Do not assume that your agent knows everything about you and your vehicle. Drivers should take advantage of all discounts that many...
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Equity Release Tempting More Homeowners
Posted 2008-01-15
More UK homeowners are taking advantage of equity release to boost disposable incomes, according to financial services experts. Mark Gettinby, of Help the Aged subsidiary intune group, said more and more people were also using the products to repay mortgages and credit card debts. However, he warned people interested in equity release should always seek advice before taking it up. He said: “It‘s true there is a general lack of understanding of equity release with the general public. “As equity release is a major financial decision we would always encourage the public to seek independent advice from a specialist before proceeding.” Dean Mirfin, business development director at Key Retirement Solutions, also said recently that retired homeowners should talk to advisers to ensure they do not end up paying too much for equity release plans. He added providers looking for sales are unlikely to always point retirees in the direction of the best deals. ...
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£9bn To Be Moved in Balance Transfer Rush
Posted 2008-01-14
A massive £9 billion will move in credit card balance transfers in 2008, research says. An Abbey survey of over 1,000 adults found around three million British credit card users are planning to switch plastic provider. The average balance transfer...
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Debt Issues Mean ‘2.6m Will Switch Credit Cards’
Posted 2008-01-13
2008 is expected to be a busy year for credit card holders and companies with 2.6 million Brits planning to switch plastic provider. However, about 6.6 million will be sticking with their current cards, paying an average of 16.82 per...
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Nationwide Demands Savings Rate Warning
Posted 2008-01-12
Nationwide Building Society is demanding people are warned when introductory savings rates expire and accounts fall to low rates. Many banks and building societies offer high initial rates of interest on savings, running for about a year, before they drop...
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More House Buyers Advancing their Plans
Posted 2008-01-12
One in ten people thinking of buying a house have brought their plans forward, a survey says. The report by fool.co.uk said that of the people currently planning to buy property, 38 per cent want to do it in 2008 and 34 per cent are planning to do it in 2009. David Kuo, personal finance boss at Fool.co.uk, said: “The long-overdue correction in the property market will allow many people who have been waiting to move house to finally realise their dream. “Often people ask how much they can borrow when they want to buy, but they should be asking themselves how much they can afford to repay.” The report also suggests that over the next five years for every four people trying to buy a house five will be trying to sell. Fool.co.uk is a company trying to get people to change the way they look at money issues. ...
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House Purchases Could be Hit by Environmental Issues
Posted 2008-01-11
The arrival of the Energy Performance Certificate could mean environmental issues affect house purchases, experts warn. The Home Builders Federation (HBF) said the new scheme will raise issues such as energy efficiency levels and insulation. John Slaughter, the federation’s external affairs director, said: “I think we have to assume the certificate will have some influence on perceptions of purchases. “Obviously, if you go back to the point about hiking energy prices at the moment, then people will always take more notice of those things in that climate.” He also said the certificate had benefits as it will “actually raise awareness of the benefits of good levels of energy efficiency and insulation would – not just in terms of running costs but in comfort of the house.” The government is trying to encourage greener homes through its ”Building a Greener Future” policy, offering stamp duty exemptions for carbon-neutral homes. ...
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Annual Budgeting ‘may sort out finances’
Posted 2008-01-10
Cash-strapped Britons need to spend more time planning ahead, a counselling service says. People with outgoings such as annual car insurance payments or quarterly bills could find it useful to work out 12-month plans, the Consumer Credit Counselling Service said. Frances Walker, spokesman for the service, said people need to sit down and do a budget, saying: “You need to do a yearly budget and divide it by 12 so you take account of everything and it’s also a good time to look at income maximisation.” She added people paying over 20 per cent of their income towards monthly repayments are overextending themselves. Britons are currently carrying a total of £1.4 billion in debt, according to Credit Action figures. ...
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Big Loan Equals Big Savings?
Posted 2008-01-9
Taking out bigger rather than smaller loans could actually save people money, financial researchers say. People should pay close attention to the tier size loans falls into, claim product research firm Defaqto Higher interest rates tend to be placed on...