NationsFinance.co.uktag:www.nationsfinance.co.uk,2008://12008-07-03T14:19:42ZMovable Type 3.32Summer newlyweds warned of insurance risktag:www.nationsfinance.co.uk,2008://1.16192008-07-03T14:19:42Z2008-07-03T14:19:42ZSummer is the most popular season for couples to marry but some are failing to check their home insurance policy covers the gifts they receive, a new report shows.A study released by Halifax urges couples to check they are covered...
insurance policy covers the gifts they receive, a new report shows.
A study released by Halifax urges couples to check they are covered both in the run-up to the big day and afterwards.
Items such as a wedding dress, designer clothes and presents for the bridesmaids can dramatically increase the value of a home's contents, it notes.
Furthermore, at the wedding, couples may be "showered" with gifts, meaning the value of their possessions will rise, the report adds.
It states: "Most insurers offer sum insured policies, which means the onus is on the customer to notify their insurer if the cost of their home contents increases significantly."
This means couples may find they are underinsured if they claim around this period.
Research recently released by Alliance & Leicester shows many Britons fail to correctly estimate the cost of their wedding celebrations, with the average couple believing it will cost them £16,000 and the average day costing £19,400.]]>
Biking Brits warned to insuretag:www.nationsfinance.co.uk,2008://1.16182008-07-03T14:19:17Z2008-07-03T14:19:17ZSome Britons are turning to bikes to cut down on fuel costs but one advice source recommends they check they are insured.Price comparison website moneysupermarket.com notes many people are using bicycles as an environmentally-friendly means of getting around.However, it urges... Price comparison website moneysupermarket.com notes many people are using bicycles as an environmentally-friendly means of getting around.
However, it urges consumers to add their wheels to their home insurance policy or consider purchasing separate bike cover.
Peter Gerrard, head of insurance research at moneysupermarket.com, states: "With petrol prices hitting astronomical heights there seems no better time than now to get peddling. However, it's important to consider how well insured your bike is, just as you would your car."
Specialist cover can be pricey but often has additional incentives, such as emergency recovery and protection when cycling overseas.
Recently, Halifax warned cyclists to protect their vehicles from thieves, highlighting statistics released by the British Crime Survey which show one bike is stolen every 65 seconds.
It noted the average cost of replacing a bicycle is £337.]]>
Consumers warned of rising loan coststag:www.nationsfinance.co.uk,2008://1.16172008-07-03T14:18:52Z2008-07-03T14:18:52ZIt may no longer be possible for consumers to find low-cost personal loans as lenders are struggling to raise the money, a new report warns.Analysis released by price comparison website Moneyfacts shows a personal loan of £10,000, lent for a...
loans as lenders are struggling to raise the money, a new report warns.
Analysis released by price comparison website Moneyfacts shows a personal loan of £10,000, lent for a period of five years, now costs £423 more than it would have two years ago.
Consumers are being offered considerably higher rates, the website notes.
"It is highly probable that lenders are passing on the increased costs through payment protection insurance, as a way of keeping the rate down," it notes.
However, Moneyfacts acknowledges this may hit consumers hard, particularly those seeking to consolidate debts to reduce the cost of their borrowing.
Recently, Defaqto warned the average deal open to consumers now is considerably higher than previously, with lenders focusing on security rather than client acquisition.
It noted the rejection rate for unsecured loans has increased rapidly.]]>
Credit card providers 'failing to check repayment ability'tag:www.nationsfinance.co.uk,2008://1.16162008-07-03T14:18:27Z2008-07-03T14:18:27ZCredit card providers have to check borrowers' incomes or risk lending sums they may not be able to repay, an expert remarks.James Falla, managing director of debt consultancy firm Thomas Charles, states this is not a new development, adding that...
Credit card providers have to check borrowers' incomes or risk lending sums they may not be able to repay, an expert remarks.
James Falla, managing director of debt consultancy firm Thomas Charles, states this is not a new development, adding that people have been given unaffordable spending facilities on credit cards for a "long time".
However, this has led to some consumers applying for a new credit card when they need to make repayments on an existing card, he continues.
"So robbing Peter to pay Paul is, unfortunately, quite a common occurrence in people who have got credit difficulties," Mr Falla adds.
The situation is likely to develop and could well lead to credit companies not being able to retrieve their lending.
Recently, uSwitch.com published research which revealed over the last 12 months, 84 per cent of successful credit card applicants were not required to provide proof of income in order to gain new plastic.]]>
Smoking: Drivers risk financial hittag:www.nationsfinance.co.uk,2008://1.16152008-07-03T14:18:02Z2008-07-03T14:18:02ZDrivers who light cigarettes while driving should be made aware that doing so can lead to a fine and make the vehicle harder to sell, an insurance provider has warned.Insurance supplier Direct Line notes that, despite the risk of a...
insurance provider has warned.
Insurance supplier Direct Line notes that, despite the risk of a financial penalty, many drivers continue to smoke behind the wheel.
Kate Syred, head of Direct Line for business, urges those driving for work especially, to remember the smoking ban causes financial and legal concerns.
"Smoking in a smoke free premises or vehicle carries a fixed penalty notice of £50 or a fine by a court of up to £200," she explains.
Last month, swiftcover.com conducted research which showed many Britons do not understand that if they crash while smoking or eating, they could be deemed at fault and have their payout considerably reduced.
The insurance provider warned smokers that a driver's reaction time can be reduced by half when they are smoking or eating.]]>
Shoppers prefer 'debit to credit cards'tag:www.nationsfinance.co.uk,2008://1.16142008-07-02T14:19:44Z2008-07-02T14:19:44ZConsumers continue to use debit cards in preference to credit cards, a new report reveals.Research conducted by Apacs, the UK payments association, show £354 billion was spent using plastic last year.Of that, it notes, 62 per cent was made through...
credit cards, a new report reveals.
Research conducted by Apacs, the UK payments association, show £354 billion was spent using plastic last year.
Of that, it notes, 62 per cent was made through debit cards.
Sandra Quinn, director of communications for the organisation, remarked that debit cards are increasingly overtaking cash, cheques and other plastic cards as consumers' favourite way to pay.
"Interestingly the report also shows that last year debit cards even gained ground in areas where credit cards have traditionally had a firm hold - particularly on the internet," she explained.
However, Ms Quinn reminded consumers that for some purchases, credit cards provide them with greater levels of protection than debit cards.
Earlier this month, financial comparison website Moneyfacts recommended shoppers use their credit cards "wisely" to ensure they are not paying over the odds for their borrowing.
It urged consumers not to succumb to temptation and repay only the minimum figure each month, noting this can cause them to pay more than twice as much.]]>
House prices in June '6.3% down on last year'tag:www.nationsfinance.co.uk,2008://1.16132008-07-02T14:19:18Z2008-07-02T14:19:18ZAverage house prices last month were 6.3 per cent lower than at the same time in 2007, according to a new survey.However, the rate of falling prices has slowed, with prices decreasing by 0.9 per cent in June compared with... However, the rate of falling prices has slowed, with prices decreasing by 0.9 per cent in June compared with 2.5 per cent in May, according to Nationwide.
It adds mortgage rates have been increasingly changing together with market expectations of increases in bank rates.
Fionnuala Earley, Nationwide's chief economist, feels demand for mortgages has been hit by more general consumer concerns over the economy as well as the "tightening of credit conditions over previous months".
She suggests the historically low level of housing transactions make any rapid turnaround in the housing market "unlikely" in the coming months.
A survey from Alliance & Leicester last week found more than three million homeowners intend to move house in the next year.
The data suggested one in five homeowners will carry out home improvements in an attempt to make their properties more saleable. ]]>
Car modifications 'may increase premiums'tag:www.nationsfinance.co.uk,2008://1.16122008-07-02T14:18:53Z2008-07-02T14:18:53ZMotorists should be aware that modifications to their vehicle may increase their car insurance premiums, according to an industry expert.The cost of insurance may rise because any modifications may make a claim more likely, Jennifer Culley of Direct Line Car...
insurance premiums, according to an industry expert.
The cost of insurance may rise because any modifications may make a claim more likely, Jennifer Culley of Direct Line Car Insurance said.
For safety reasons, she also advised drivers to ensure any work is carried out by a qualified professional as there can be implications an amateur may not have considered.
Ms Culley said: "Generally, any modifications to your car that increase the performance, value or its desirability to a thief will attract increased premiums as they may raise the risk, value or likelihood of a claim."
She reminded policyholders to check their policy after the modifications have been carried out, to make sure their car insurance still provides sufficient cover.
In March, the Insurance Daily reported findings from confused.com which suggested modifying a vehicle can increase the car insurance premium by up to 139 per cent.]]>
Home insurance for holiday residences 'easy to find'tag:www.nationsfinance.co.uk,2008://1.16112008-07-02T14:18:28Z2008-07-02T14:18:28ZIt is no more difficult to obtain insurance for a second home than for your own residence, according to an industry expert.There are insurance companies specialising in the provision of insurance for second homes, Malcolm Tarling from the Association of...
insurance for a second home than for your own residence, according to an industry expert.
There are insurance companies specialising in the provision of insurance for second homes, Malcolm Tarling from the Association of British Insurers (ABI) said.
He went on to stress the importance of ensuring the home insurance policy covers the full value of contents at the property.
Commenting on how best to reduce costs, Mr Tarling advised people with second homes to "make sure they don't have items in the property other than those that they need".
He added the premium will reflect the risks of any particular property, such as if it is left unoccupied for long periods of time or whether it is part of a secure complex.
Mr Tarling's comments come after recent findings from Zurich Private Clients, which suggested one in ten Britons with holiday homes do not have any home contents insurance. ]]>
Ethical finance market 'growing'tag:www.nationsfinance.co.uk,2008://1.16102008-07-02T14:18:03Z2008-07-02T14:18:03ZEthical personal finance products are increasing in popularity with UK consumers, according to an industry spokesperson.Last year, ethical finance grew by 15 per cent, Andy Hammerton from Co-operative Financial Services said.He added the figure is in line with a more... Last year, ethical finance grew by 15 per cent, Andy Hammerton from Co-operative Financial Services said.
He added the figure is in line with a more general upward trend in ethical consumerism, which was up nine per cent.
Mr Hammerton suggested individuals should do their own research to ensure any products they are considering will represent the best deal for both financial and ethical reasons.
He added: "More consumers are more willing to consider an ethical finance product than they were several years ago."
The Co-operative Bank has reported the UK’s overall ethical market was worth £32.3 billion in 2007, up nine per cent from £29.7 billion on the previous year.
Meanwhile, the Ethical Investment Research Service said £8.9 billion had been invested in Britain’s green and ethical retail funds by December 2007. ]]>
People in north Norfolk 'best savers'tag:www.nationsfinance.co.uk,2008://1.16092008-07-01T14:18:52Z2008-07-01T14:18:52ZPeople living in the north Norfolk area have the largest amounts in their savings accounts as a proportion of average earnings of any region, according to a survey.Savers in north Norfolk have amassed average savings of £9,883, which equates to... Savers in north Norfolk have amassed average savings of £9,883, which equates to 55 per cent of the local average salary, research from Halifax suggests.
The highest average savings account balances were in the City of London, although as a proportion of average local income Londoners as a whole had the lowest amounts in their savings accounts of any region.
Martin Ellis, chief economist at the Halifax, referred to the importance of pension contributions and stressed the need for people to ensure they have a sufficient income in place for retirement.
He added: "Savings play a key part in that planning process, particularly in the current economic climate."
Separate research last week from the Abbey suggested children are now making significant savings of their own.
It found the average 11 to 15-year-old has £475 deposited in a current or savings account. ]]>
Credit card reward schemes 'offer value'tag:www.nationsfinance.co.uk,2008://1.16082008-07-01T14:18:27Z2008-07-01T14:18:27ZCredit cards with reward schemes can offer consumers long-term value for money, an expert has remarked.Donald MacLeod, head of cards at Sainsbury's Credit Cards, suggested the way in which providers and consumers use plastic is changing, with some offering more...
Credit cards with reward schemes can offer consumers long-term value for money, an expert has remarked.
Donald MacLeod, head of cards at Sainsbury's Credit Cards, suggested the way in which providers and consumers use plastic is changing, with some offering more than a borrowing facility.
"It's moving it away from being a pure borrowing item...to actually being a transactional product that's rewarding you with every transaction," he argued.
However, consumers may be attracted to a card because it offers a low introduction rate but not all plastic will also offer them a reward scheme, Mr MacLeod added.
Apacs, the UK payments association, reports that during 2007, Britons had 165.4 million payment cards, of which 67.4 million were credit cards.
It notes 62 per cent of adults possessed some form of payment card, making a total of 1.9 billion purchases.
Apacs figures shows each such purchase had an average value of £63.22. ]]>
Debit cards 'prove popular with consumers'tag:www.nationsfinance.co.uk,2008://1.16072008-07-01T14:18:02Z2008-07-01T14:18:02ZDebit cards are the favoured way to pay for products, new figures reveal.Research from payments body Apacs found that in 2007 debit card spending accounted for 62 per cent of all plastic card use.The Way We Pay 2008: UK Plastic... Research from payments body Apacs found that in 2007 debit card spending accounted for 62 per cent of all plastic card use.
The Way We Pay 2008: UK Plastic Cards also showed that spending on plastic cards has more than tripled in the past ten years and was ten per cent higher than in 2006.
Card payments to retailers, merchants and service providers equalled £354 billion last year whereas in 1997 some £103 billion was paid out on plastic.
Director of communications at Apacs Sandra Quinn explained that debit cards "have increasingly become consumers' first choice" for payments.
In 2007, debit cards were used in 4.9 billion transactions in the UK and APACS estimates show this could rise to more than nine billion in 2017.
Last year, the debit card celebrated its 20th birthday, when it was reported that 41 million people in the UK were holders of the technology.
]]>
Brits 'go green amid rising fuel prices'tag:www.nationsfinance.co.uk,2008://1.16062008-06-28T14:19:19Z2008-06-28T14:19:19ZMore than 50 per cent of homeowners intend to be kinder to the environment in order to save money, according to a study.Rising fuel bills will result in increased environmentally-friendly actions, research from Tescocompare suggests.Any consumers hoping to avoid using... Rising fuel bills will result in increased environmentally-friendly actions, research from Tescocompare suggests.
Any consumers hoping to avoid using their credit cards or taking out loans amid rising prices may be interested in the company's comments that Brits could save considerably more money by changing their everyday activities such as taking a shower instead of a bath or not over-filling the kettle.
Paul Baxter of Tescocompare says: "Going green takes a little bit of effort but can reap huge rewards in the long and short-term."
He suggests turning off gadgets at the mains is a sure-fire way to reduce both carbon footprints and fuel bills.
The advice ties in with comments last week from government energy minister Malcolm Wicks, who stated gas and electricity bills are "very likely" to see significant rises. ]]>
Credit cards 'offer incredible flexibility'tag:www.nationsfinance.co.uk,2008://1.16052008-06-28T14:18:53Z2008-06-28T14:18:53ZCredit cards are an incredibly flexible way of managing your finances, an industry insider suggests.When used responsibly, they enable consumers to make big purchases and pay them off when they get paid without incurring any interest charges, Sainsbury's head of...
Credit cards are an incredibly flexible way of managing your finances, an industry insider suggests.
When used responsibly, they enable consumers to make big purchases and pay them off when they get paid without incurring any interest charges, Sainsbury's head of cards Donald MacLeod says.
He argues credit cards are a particularly user-friendly way of spending money and managing personal finances.
Mr MacLeod gives the example that if he had the funds available, he would be able to spend £1,000 this weekend and avoid any interest by paying it off in ten days.
He continues: "It gives me a line of credit and allows me to buy things and pay them off, and I can do that quite sensibly and avoid lots of user charges."
Figures from Apacs, the UK payments association, suggest £133.2 billion was spent on credit and charge cards last year.
Apacs found the number of personal credit and charge cardholders dropped to just under 31 million, representing 62 per cent of the adult population. ]]>
A study released by Halifax urges couples to check they are covered both in the run-up to the big day and afterwards.
Price comparison website moneysupermarket.com notes many people are using bicycles as an environmentally-friendly means of getting around.
Analysis released by price comparison website Moneyfacts shows a personal loan of £10,000, lent for a period of five years, now costs £423 more than it would have two years ago.
James Falla, managing director of debt consultancy firm Thomas Charles, states this is not a new development, adding that people have been given unaffordable spending facilities on credit cards for a "long time".
Insurance supplier Direct Line notes that, despite the risk of a financial penalty, many drivers continue to smoke behind the wheel.
Research conducted by Apacs, the UK payments association, show £354 billion was spent using plastic last year.
However, the rate of falling prices has slowed, with prices decreasing by 0.9 per cent in June compared with 2.5 per cent in May, according to Nationwide.
The cost of insurance may rise because any modifications may make a claim more likely, Jennifer Culley of Direct Line Car Insurance said.
There are insurance companies specialising in the provision of insurance for second homes, Malcolm Tarling from the Association of British Insurers (ABI) said.
Last year, ethical finance grew by 15 per cent, Andy Hammerton from Co-operative Financial Services said.
Savers in north Norfolk have amassed average savings of £9,883, which equates to 55 per cent of the local average salary, research from Halifax suggests.
Donald MacLeod, head of cards at Sainsbury's Credit Cards, suggested the way in which providers and consumers use plastic is changing, with some offering more than a borrowing facility.
Research from payments body Apacs found that in 2007 debit card spending accounted for 62 per cent of all plastic card use.
Rising fuel bills will result in increased environmentally-friendly actions, research from Tescocompare suggests.
When used responsibly, they enable consumers to make big purchases and pay them off when they get paid without incurring any interest charges, Sainsbury's head of cards Donald MacLeod says.