Financial Packages Must Filter Through Says Age Concern

Thursday, November 20th, 2008

It is vital that governmental plans to lift the UK economy out of a recession provide adequate support for older generations, Age Concern has warned.targ

According to the charity, the government is at risk of plunging a generation of people into financial difficulty unless arrangements are made to protect them in the upcoming pre-Budget report. The group warned that because older people often face higher inflation costs and can struggle to meet the costs of keeping homes warm during the winter, there is a danger that they will be particularly hard hit if the UK enters into a recession.

It noted that while provisions such as lowering income tax will likely be welcomed by many families and workers, it will have very little impact on those of pensionable age. As such, Age Concern warned that specifically targeted measures were needed to support older people through this difficult period.

Among the recommendations made was the introduction of a higher winter fuel payment subsidy, in addition to increases in the basic state pension and pension credits. It noted that such a move was necessary to reflect the real rates of inflation that old people are commonly exposed too. By enforcing such measures, it is possible that older people could find the strain on their finances is reduced, allowing them to meet other costs such as food bills or outstanding personal loan and credit card payments more easily.

In the meantime, Age Concern warned that half of all pensioners are cutting back on essential items such as food and clothing in an effort to make ends meet, while some ten per cent have been forced into debt as the credit crisis and soaring inflation have become an indomitable burden.

Commenting on the situation, Gordon Lishman, director general of the organisation, urged: “Millions of older people will be looking to the government to deliver a pre-Budget report that lives up to its rhetoric on fairness and eases their financial pressure and uncertainty. Alongside tax cuts, which are unlikely to help the majority of pensioners, the chancellor must also announce specific measures to help pensioners such as increases in the winter fuel payment and pension credit that truly reflect the high cost of living. The government must ensure that its fiscal stimulus package does not ignore the needs of millions of older people who are quickly running out of ways to pay their bills.”

Meanwhile, Age Concern also called for improved protection for those who are nearing the end of their working life after research indicated that older employees are likely to bear the brunt of the majority of redundancies as the country heads into a recession. In such a scenario, it could be possible that more people are caught out by the pensions pinch. According to the Life Trust Foundation, increased life expectancy presents a growing risk that millions of older workers will be unable to save for their retirement. The group warned that the current economic climate has exacerbated this problem as people have begun saving less as their incomes are absorbed by food and fuel bills, in addition to other commitments such as mortgages, personal loans and credit card repayments.

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Homes Must Not Be Neglected In Battle To Protect Livelihoods

Tuesday, November 18th, 2008

As the country teeters on the brink of recession, Abbey has urged people not to forget the importance of home insurance cover as they attempt to safeguard their financial security.

The firm explained that while many consumers main priority may be incubating their nest egg during these difficult times, it is likely that as people become more hard done by, there is likely to be a rise in the number of burglaries.

According to the group, there is a historic link between the financial fortunes of the country and the rates of burglaries and other instances of theft. Its records show that during the last recession, between May 1990 and March 1992, the number of residential break-ins rose by 33.8 per cent. So too, official figures from the British Crime Survey also show a similar heightened risk of burglary.

And in recent months, home secretary Jacqui Smith has warned that Britain may again need to brace itself against an impending spate of burglaries as more people are driven to the wall financially. In a public letter written in August this year, she alerted homeowners to the link between economic adversity and rises in acquisitive crimes such as burglary, theft and robbery.

Meanwhile, Abbey warned that those consumers who lack adequate insurance could find the stress of being burgled compounded by the financial constraints of replacing stolen items. This in turn could impact on their ability to make mortgage contributions or pay off credit cards and personal loans. In a bid to prevent such a scenario, the group urged homeowners to take out cover quickly to avoid being caught out by the recession and a concomitant rise in crime.

Responding to Ms Smiths suggestion that burglary rates will rise seven per cent this year and a further two per cent in 2009, Thierry Campet, sales and marketing director at Abbey Insurance, said that the admission should serve as a warning to consumers without cover.

“When household budgets tighten and families look to cut back on financial expenditure there are the usual outgoings that people feel they can cut back on. Wrongly, many people believe home insurance is one of these. However during these times, protection is increasingly important and should not be overlooked. At this stage, not many insurance policies provide cover for an unlimited amount. Policies without this provision may not cover you for the full amount of your home contents. Look for peace of mind with an unlimited sum policy,” he advised.

For those without such cover, it is possible that structural repairs and replacement of items will have to be covered using personal loans or existing savings.

Consumers who are concerned about the rising risk of burglary may wish to apply for a home improvement loan in order to boost their home security. Indeed, such measures could prove particularly useful during the winter months. According to Halifax, there is a sharp rise in the number of break-ins witnessed during this period as burglars take advantage of the extended hours of darkness.

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The Richest Streets In Britain Revealed

Monday, November 17th, 2008

Britons who are on the hunt for a cheap property in the current adverse financial climate may do well to avoid Kensington and Chelsea, it has been revealed.

New figures from Halifax note that while the famous London borough has long been considered a haven for the rich and famous, half of all the top 50 most expensive streets in Britain are located there. And while there are plenty of high-value postcodes found in the area, residents in the Vale may take a certain satisfaction in knowing that they live on the most expensive road in the country. According to the financial services provider, the typical house price on this street totals 4.68 million pounds, more than 200,000 pounds dearer than its nearest rival, which is Ingram Avenue in Barnet.

For those people who are setting their sights a little lower as they look to put their foot on the first rung of the property ladder, taking out a cheap loan may prove an effective way to boost deposits and make their offer more appealing to lenders during this difficult period.

And for homeowners looking for cheap property in the capital, they may find plenty of houses that are out of their price range after Halifax figures showed that 39 of the 50 most expensive roads were located in London. Meanwhile, house hunters may also like to avoid the south-east and Poole in the south-west, as these areas filled out the remaining 11 positions in the top 50 most expensive postcodes.

Indeed, Panorama Road in Poole was the only street outside of London to make an appearance in the top five, with house prices there totalling a typical 4.16 million pounds, putting it in fifth position, behind two more Kensington and Chelsea postcodes which came in fourth and third.

Commenting on the preponderance of the borough of Kensington and Chelsea addresses in the list, Martin Ellis, chief economist at Halifax, said that the area had always been considered a cool place to live among celebrities, although in recent years house prices may have received a further boost from the financial sector.

“Chelsea and Kensington have some of the most expensive streets in England and Wales. The Royal Borough has been a highly fashionable area to live in since the swinging 60s. In recent years, its prime location in central London has attracted affluent celebrities and ultra wealthy foreign businessmen helping to drive up house prices,” he said.

For buyers who have struggled to get ahead in the property market in recent months as access to cheap mortgage lending has dwindled and acceptance criteria has tightened up, taking out a personal loan may prove a lucrative weapon in the battle to secure the keys to their own home. By boosting the size of their initial deposit, consumers could find they are able to encourage banks to extend a competitive mortgage deal for the purchase of a new property. Opting for a loan for this purpose may become increasingly important after the Council of Mortgage Lenders warned that the availability of home purchase loans may constrict further as the country moves towards a recession.

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Workers Queue Up To Ply Their Trade Abroad

Friday, November 14th, 2008

Nearly one third of Britons have been employed overseas at some point in their lives, new figures have shown.

According to Lloyds TSB, Europe is the most common destination for those who have jumped ship and earned a living abroad, with more than half (56 per cent) of people doing so. However, a fifth (20 per cent) of Britons have headed further east, going to work in Asia. Furthermore, nearly the same proportion (18 per cent) said that they had worked both in North America and the Gulf.

For those who are planning on heading abroad in the coming months, whether for work or leisure purposes, taking out a personal loan may prove an effective way to pay for travel and accommodation during the early days of such a trip. This type of loan may be of particular interest to those who are heading abroad to expand their career horizons, with nearly a quarter (24 per cent) of those Brits who have done so citing this as the primary reason for leaving. Meanwhile, 25 per cent said that working abroad was necessitated by a new job. However, nearly a third of people said they were drawn overseas to absorb new cultures and experiences.

However, Lloyds TSB was quick to point out, moving overseas to take on a new job sometimes left people in difficulty. While more than half (53 per cent) said that they had trouble being away from friends and family for extended periods, some experienced problems dealing with lifes financial practicalities. Of those questioned, a fifth said that they had difficulty setting up bank accounts, managing their mortgage and making payment arrangements on items such as credit cards, personal loans or other debts owed in the UK.

Commenting on the findings, Stephanie Cousin, head of operations at Lloyds TSB International, said: “Were certainly a nation of intrepid travellers and whether its to gain international work experience or simply escape the weather, its clear that many of us may be working overseas for part of our career. Living away from home can be stressful, so you need to do your homework and sort out the important things, like finances, before you depart.”

Doing so may be of particular importance to men after further findings from the group showed that they are almost twice as likely to work overseas as women are. While some 22 per cent of females said they had done so, 42 per cent of males said they had spent time abroad working.

Whether planning a winter getaway or preparing themselves for an occupational exodus, consumers who are planning on going abroad may wish to take out a personal loan to help cover costs. Meanwhile, a loan may also be of use to those who have got their sights set on overseas adventure after a study by Cater Allen Private Bank revealed that more than half (54 per cent) of British holidaymakers plan their trip with a view to doing some form of activity such as scuba diving, skiing or horse-riding.

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Clear Out The Car To Avoid Being Caught Out

Thursday, November 6th, 2008

While many Britons may be feeling the pinch at the moment, one car insurer has warned that failing to keep their possessions secure could end up putting their finances under further strain.

According to LV=, approximately a quarter of UK motorists have had their car broken into in recent months, with the group insisting that motorists may be driving this proportion higher due to a failure to make sure that valuables are kept out of sight or are removed from the vehicle. Research from the group indicated that as many as 80 per cent of UK motorists have left possessions for all to see in their car, with CDs being the most commonly displayed item. Some 55 per cent of respondents to the LV= study said they had left music on display while they were away from their car. However, nearly a quarter (23 per cent) may be putting themselves at greater risk by leaving expensive devices such as mobile phones on show.

The car insurance provider went on to claim that men are particularly negligent when it comes to removing valuable items, with a typical 380 pounds worth of possessions left inside vehicles owned by males. The national average was said to stand at 283 pounds.

For those who lack a robust car insurance policy, it is possible that they will have to dip into savings or apply for a personal loan in order to replace such items. This in turn could have a negative impact on their ability to make other payments such as mortgage contributions or electricity bills.

To avoid such a scenario, LV= warned that drivers should be particularly vigilant when leaving their car unattended in a residential area as this was found to be the most likely spot for a break-in to take place. Indeed, it noted that 40 per cent of such thefts occur when a vehicle is parked outside the owners home. Meanwhile, the group claimed that while many people perceive car parks as being crime hotspots, less than a tenth (nine per cent) of break-ins occur on this type of premises.

Emma Holyer, spokesperson for LV= Car Insurance, said: “These figures show a casual attitude amongst motorists when it comes to leaving their belongings in their car. The fact is that most car break-ins are by opportunist thieves who would probably not bother to break into the car if it looked as though it didnt contain anything to steal. Some car insurance policies will cover contents so motorists should ensure they have this cover so that if the worst happens they are not out of pocket. However, to avoid the hassle of having your car broken into, wed advise people not to leave any visible valuables in their car in the first place.”

For those who are looking for a new vehicle, taking out a car loan may prove an effective way to meet the cost. Indeed, this type of loan may also be useful in purchasing additional extras such as steering locks, immobilisers and alarms to act as a deterrent to intruders. Investing in such devices may be particularly important for those who are heading off to university after LV= last month warned that cities such as Manchester and London have the highest levels of car crime in the UK.

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Customer Satisfaction Plummets As Energy Prices Soar

Wednesday, October 29th, 2008

With two rounds of price hikes witnessed so far this year, customer satisfaction levels are plummeting for the UKs major energy suppliers.

Such is the claim of uSwitch, which has noted that while price rises have been a strong cause of discontent, Britons are becoming increasingly dissatisfied about a range of other services and facilities offered by the big six utility giants.

Overall, it found that consumers are less likely to recommend their energy provider to a friend or family member, while 41 per cent are distrustful of whether their company has put them on the best tariff. So too, fewer than half (46 per cent) of all energy customers said that their provider was offering good value for money.

For those consumers who have found themselves struggling to keep up with bill repayments as food, fuel and energy prices have risen, taking out a debt consolidation loan may prove an attractive option.

According to uSwitch, the recent price hikes - combined with a perceived slump in service levels - have caused growing resentment among customers, with more than two-fifths (41 per cent) of people saying that they are dissatisfied with their provider. At the same time last year, this proportion stood at 33 per cent.

The first company to introduce the hikes, npower, was said to have borne the brunt of consumer discontent, with an overall 17 per cent decline in satisfaction levels. It saw its customers grow increasingly unhappy with a range of services such as metering, customer support and billing options.

Commenting on the findings, Ann Robinson, consumer policy director at uSwitch, stated: “Price rises were never going to be a vote winner, but this years increases have hit people exceptionally hard and inevitably it has damaged their perception of the industry. Sadly this has undone a lot of the hard work suppliers have put in to improving service, setting them back to where they were a couple of years ago.”

However, she added that while energy suppliers need to do more to increase customer satisfaction, consumers have a role to play too.

“If you are not happy that you are on the best deal or getting value for money - speak to your supplier. If you are concerned about estimated bills then make sure you give your supplier an up-to-date meter reading,” Ms Robinson continued.

She concluded by advising that if, after this has been done, consumers are still unhappy with their supplier, they should consider switching to take advantage of a cheaper tariff.

For those consumers who feel they are unable to change suppliers because of outstanding repayment obligations, taking out a debt consolidation loan may prove an effective way to spread debt obligations over a longer period of time, thereby relieving the burden of large bills. Meanwhile, a home improvement loan may be of interest to those who are looking to upgrade household appliances as the winter draws in. According to a recent report from Confused, it is vital that consumers check that household heaters and other devices are in a good state of repair before bringing them into use for the colder months.

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Halloween Horrors Can Cause Costly Claims

Monday, October 27th, 2008

As Halloween draws near, consumers have been urged to protect themselves against a financial fright.

Tesco Personal Finance has pointed out that consumers can end up with hefty repair bills after being on the receiving end of pranksters tricks, with the group advising people to make sure their insurance details are up to date in an effort to avoid such an occurrence. For those who are short of protection and who are left to clean up the mess, they may have to resort to using homeowner loans or savings to cover repair bills.

As such, the group warned that whether people will be actively involved in the nights celebrations or will be hiding away from trick or treaters, they should not neglect to contact their insurer to check they are protected against acts of vandalism or other malicious attacks.

For those who are planning to indulge the ghouls and goblins roaming the street, the group urged them to make sure that they were well stocked up with sweets to avoid provoking the wrath of indignant imps and over-expectant ogres.

Meanwhile, homeowners who are not so keen on doling out the treats, Tesco urged them to turn off the lights at the front of their house to deter pranksters from knocking. As a further deterrent, the group urged people to download a “no trick or treat” poster from their local council website and display it prominently in front windows.

Residents who are worried that malicious trick or treaters will target their garden possessions in favour of the usual sweets, Tesco urged them to lock all valuable items away indoors or in the shed to limit the likelihood of being forced to claim belongings back on insurance. Meanwhile, for those without cover, stowing away valuable plant pots, statues or furniture may reduce the chance of having to dig into their own savings to replace the items. For those who do not have the cash to stump up for such possessions, taking out a homeowner loan may be necessary.

Jim Bruce, head of Tesco Home Insurance, urged people to get in contact with insurers to arrange cover, allowing them to avoid such a situation occurring.

“Halloween can be a fun time of year for most. However, whether accidental or intentional, some Halloween revellers get carried away and cause real damage to property as a result of their antics. If you get tricked rather than treated, its good to know that any serious damage done by others to your property is covered,” he said.

For those who are concerned about the safety of their property as all manner of ungodly creatures descend upon the streets at the end of this month, Tesco advised inviting friends and family over to provide an added sense of security. Meanwhile, new university students attending Birmingham, Bristol and Manchester may well like to give their insurer a call after LV= found that undergrads here are most at risk of crimes such as possessions and vehicle theft. For those who fall victim to such a crime without adequate protection, they may be forced to dip into their loan to cover replacement or repair costs.

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First Home Buyers Make A Comeback

Thursday, October 23rd, 2008

The residential property market has been buoyed by the return of first-home buyers, new figures have shown.

According to the National Association of Estate Agents (NAEA), new entrants to the market helped to push up total house purchase sales for the first time since January. Figures from the group indicated that while estate agents typically handled five home sales during August, this rose to seven in September. This increase was in part attributed to the abolition of stamp duty tax on properties worth less than 175,000 pounds last month, which was said to have encouraged cautious first-time buyers to put in bids on property.

Indeed, Chris Brown, president of the NAEA, said that for those who can secure finance in these difficult lending conditions, now is the perfect time to get their foot on the first rung of the property ladder. Consumers who are looking for an effective way to boost the deposit on the home of their dreams may find that taking out a personal loan is appealing.

However, he noted that many current homeowners are hesitant about making moves on the market at the moment.

“It is clear that certain factors are in motion within the property market, with a decision being made on stamp duty last month, but this is still not enough. As property prices continue to drop the government needs to take action and make some drastic changes to restore confidence. It is evident from the results that despite some positive indicators, consumers are still cautious, with many continuing to adopt a wait and see attitude and are only moving if it is necessary. Those who are not desperate to move are staying put in their homes and waiting for some stability to be restored across all sections of the market,” he said.

The group went on to point out that with many homeowners still nervy about plunging house prices, figures indicate that estate agents are now being forced to work harder to secure deals. While the average time between instruction and sale stood 8.64 weeks in September 2007, last month average turnarounds took 14.13 weeks. However, while many consumers are showing a reluctance to commit fully to moving home, the number of people showing provisional interest continued to grow.

According to the NAEA, the typical estate agent had 211 house hunters on its books in September, up from 207 in August and 192 in July. However, such a figure is still down considerably on the average 326 people on the search for a home registered with estate agents around the country in September 2007.

For consumers who are keen to put in an offer on a property but are finding it difficult to get finance from cautious mortgage lenders, taking out a personal loan may prove an effective way to increase the size of initial deposit and reduce the perceived risk of extending finance for the sale of a home. Potential buyers may be particularly interested in applying for a loan after the monetary policy committee slashed interest rates earlier this month.

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Bolts And Locks Needed As Clocks Go Back

Wednesday, October 22nd, 2008

With the clocks due to go back this coming weekend and nights getting longer, residents need to protect their belongings as opportunistic burglars go on the prowl.

Such is the claim of Halifax, which has warned that there is a 20 per cent rise in the number of burglaries during the winter months, with the average haul at each break-in said to be in excess of 2,000 pounds last year. And the group warned that residents in London, Leeds and Manchester may have particular cause to keep their homes locked up tight after figures showed that these three cities had the highest incidences of burglary in the UK last winter.

In an effort to avoid falling victim to thieves, the firm urged people to follow a number of tips to help make their property less of a target. Principal among these suggestions was hiding valuables in the home, as well as marking all valuable items with an ultraviolet pen to help the police return the valuables should they be recovered. The group also added that home insurance will automatically cover the cost of replacement.

However, for those who lack adequate protection, it is possible that they will have to meet replacement costs with savings or personal loans. This in turn, could have an impact on their ability to keep up with financial responsibilities such as mortgage repayment and utility bills.

For those who wish to avoid such a scenario, Halifax also claimed that investing in a safe can help to keep valuables away from intruders. Meanwhile, in an effort to keep burglars from entering the property in the first place, homeowners were urged to fit strong, visible locks to windows and doors, in addition to investing in an alarm system. Consumers wishing for a way to make such purchases before the winter truly gets underway, taking out a quick loan could be of interest. Such a loan could also be put towards raising walls or planting deep hedges, both of which Halifax recommended.

The firms senior claims manager Martyn Foulds commented: “We tend to see burglary claims start to rise around this time of year - and with the average burglary claim now reaching over 2,000 pounds it is certainly worthwhile taking some simple and cost effective measures to avoid becoming an easy target. Although home insurance will cover any financial loss, some items such as family heirlooms and items of sentimental value cannot be replaced, so its far better to avoid a burglary happening in the first place.”

Meanwhile, for those who are unfortunate to find their homes broken into, Halifax concluded by advising them to report the crime to police and insurers as soon as possible. Earlier this year, Newcastle Building Society also urged people to be more diligent to avoid such a situation arising. The group claimed that more than a tenth (11 per cent) of people admitted to leaving the house without locking the front door.

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Consumers Envisage Winter Of Discontent

Monday, October 20th, 2008

More than half the UK population is worried about the possibility of entering into recession in the coming months, new figures indicate.

According to Close Investments, the fear of imminent negative growth was usurped only by concerns about the lack of credit in terms of the countrys top anxieties. While 52 per cent of people said they were worried about a recession, 53 per cent claimed that the credit crunch was a top concern. And it seems that while a large number of Britons are weighing the prospect of a recession on one hand, 43 per cent are also worried about soaring inflation, meaning that many may be imagining that much bemoaned scenario of stagflation, where jobs and spending dries up while prices continue to soar.

While many seem to be worried about the immediate effects of the current economic downturn, it seems that longer-term considerations have been pushed to the backs of many peoples minds. Of those questioned, 11 per cent said they worried that they were missing out on the benefits of having investments. This was equal to the proportion of people who said that none of the subjects cited were of any concern to them.

Close Investments added that while Britain is commonly portrayed as a nation which places high value on its homes, a little over a quarter (26 per cent) said the housing market was a cause of concern for them. Meanwhile, it seems that access to credit cards and personal loans may be a more pressing anxiety for many, with 43 per cent of those questioned saying that they were worried about how the credit crunch would affect them personally.

For those who have found it difficult to secure a loan in recent months due to an adverse record on debt repayment, taking out a bad credit loan may prove an effective way to get back on a firmer financial footing. With the extra capital that a bad credit loan provides, people could find they are able to manage their outgoings more effectively and avoid defaulting on any further payment commitments.

Commenting on the findings of the report, Hannah Parkinson, assistant director of marketing at Close Investments, claimed: “The Close Investments survey highlights the concerns that people have about the economy. More than half of those surveyed believe that a recession is coming, but in particular those over 45 years were worried by a possible recession and inflation. Clearly people are worried about what the future holds for themselves and their families. No one likes to plan for the worst, but it is sensible to do so. Saving for a rainy day and for your future is prudent financial sense, but when markets are turbulent and uncertain it can undermine peoples confidence.”

Saving for later life may be particularly important for those who are getting on in years, after a study by the Life Trust Foundation published earlier this month claimed todays workforce could face a “pensions pinch” in later life as they fail to put enough aside to support themselves in their extended retirements.

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Kids Shun Gadgets Over Affections

Friday, October 17th, 2008

While children are often keen on getting hold of the latest toys and gadgets, parents may take comfort in findings suggesting that what all kids really crave is affection.

According to American Express (Amex), many children are already formulating plans to spend more time with their own families when they are adults, as todays parents highlight the stresses of working too much. The group insisted that while many parents may feel a burden to work harder in order to cater to their childrens desires, stepping off the gas and spending more time may in fact be the best way to make their young ones happy. And as inflation continues unabated and credit cards and loans dry up, the group claimed that more parents feel the need to up the number of hours they work each week.

However, by putting in overtime, many parents actually may be doing more harm to their relationships with their kids, Amex claimed. According to the group, more than half of those children who have seen their parents bring their work stresses home said they would choose to spend more time at home with their kids when they become a parent. Indeed, many kids said they would choose spending quality time together as a family over having a life that was entirely free from financial stresses.

And while many people may feel harried under the weight of rising costs and constricted credit, 93 per cent of children said they thought their worries about money and finances were causing them too much stress. As such, 87 per cent of kids said they would try to do things differently if they were to become the head of their own household.

For those parents who have been struggling to make ends meet and have found it difficult to make time for their home life as the bills mount up, taking out a debt consolidation loan may be an effective way to stretch repayments over a longer periods, thereby easing the monthly strain on finances and allowing them to spend a little more time with the family.

Indeed, taking out a debt consolidation loan may help to reduce overall stress levels, as 25 per cent of children identified managing outgoings as the biggest cause of anxiety among their own parents.

Commenting on the findings, Chris Rolland, head of American Express Insurance Services, said: “It seems that kids are wising up to the pressures their parents are facing; a quarter of kids think that the pressure of paying the bills is making their parents stressed - and almost two thirds of them wish they had more time from their mum and dad. Our research indicates that UK parents are struggling to re-focus their work life balance and keep their kids happy. To a growing number of working Britons, it seems there are never enough hours in the day and as work life begins to invade home life we understand that family time is more precious than ever.”

Elsewhere, Abbey has also identified beating bills as consumers biggest burden, with 41 per cent of people claiming this was now their top priority, above spending more time at home and saving for the future. For those who would like to get on top of their outgoings as bills soar, taking out a consolidation loan may be of interest.

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Consumers Warned To Get Prepared Before Winter

Wednesday, October 15th, 2008

As the nights grow colder and longer, it is important to make sure that heaters and other winter warming appliances are in good working order, it has been warned.

Confused has alerted Brits to the fact that failing to do so could leave them with a decidedly chilly feeling when looking at the costs of repairing damage done by faulty oil burners, electric blankets and similar devices. It urged consumers to make sure that they carry out a thorough safety check when bringing out appliances for the winter season. In addition to removing the gathered dust - particularly from elements - it is also vital that people check for frayed leads and cracked fuses to avoid a costly and potentially dangerous fault with the device. For those who find them to be in a state of disrepair, a personal loan may be an effective way to purchase a new appliance quickly before the cold weather gets into full swing.

In addition to making sure heaters are in good working order, the price comparison site also recommended a number of good practice guidelines when using heating devices. Making sure that they are not left on for extended periods of time was said to be particularly important, as was making sure they were situated away from any exposed flammable sources such as potpourri.

Meanwhile, to avoid the potential catastrophe of a fireplace fire, Confused urged consumers to make sure that their romantic visions of roaring log fires are seen through safety glasses. It pointed out that open fires can easily send sparks out of the hearth and on to any nearby carpets. As such, it advised Brits to make sure the surrounding fireplaces were kept clear to avoid the risk of a toasty night in resulting in a speedy departure into the cold night air. Furthering this, it urged consumers to invest in a fireguard to make sure such circumstances do not arise.

Confused also reminded people that while chimneys may be out of sight, they should not be out of mind as the winter months approach. Flues that have not been cleaned for a long period can develop dangerous levels of creosote residues which in turn increase the likelihood of chimney fires. So too, the deposits also cause chimneys to overheat, which can lead to cracked walls and fire damage, the group pointed out.

Darren Black, head of home insurance at the price comparison site, commented: “Dusty electric heaters, roaring fires and boilers which havent been turned on for most of the summer heighten the risk of claiming on your home insurance during the winter. We are also seeing the evenings getting darker earlier, which provides the perfect concealment for opportunistic burglars. In addition to being increasingly vigilant over the next couple of months, having the right home insurance is an integral part of securing peace of mind. Confused customers could save an average of 193 pounds per year on home insurance policies, which demonstrates the importance of shopping around.”

For those who are looking to overhaul their home heating this winter for safety and comfort, taking out a homeowner loan may prove an effective way to meet the costs of new equipment and installation. Meanwhile, those keeping an eye on energy costs may do well to shop around for a new provider in the coming months. Earlier this month, Confused claimed that Brits are potentially wasting billions of pounds because of a failure to do so.

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Consumers Seek Help As Winter Nears

Friday, October 10th, 2008

The number of people struggling with their home heating costs has escalated dramatically, Citizens Advice has claimed.

According to the organisation, there has been a notable increase in the number of people looking for advice regarding ways to keep energy costs under control as they slip into debt to their supplier. So too, as the number of cheap personal loan for house purchases has dwindled, instances of people slipping into arrears has also increased.

For those who are struggling with demands such as mortgages and utility bills as they eat into monthly expenditure, taking out a debt consolidation loan may prove an effective way to get finances back on track.

Meanwhile, Citizens Advice has called upon mortgage providers to show a little leniency during times of considerable financial turbulence and afford struggling homeowners the support necessary to keep them in their homes. Indeed, the group pointed out that lenders may need to begin extending assistance to more people after figures showed that the number of enquiries made about secured loans arrears assistance rose 35 per cent in the last 12 months.

And more short-term figures show that this problem has become particularly acute in the last few months. The group noted that in the second quarter of this financial year (July to September), the number of secured loans arrears enquiries shot up 51 per cent across Citizens Advice Bureaux across England and Wales when compared to the preceding three months.

Commenting on the figures, chief executive of the group David Harker said: “While we are pleased to see the number of consumer credit problems going down, the increase in the number of enquiries about basic essentials is worrying and these figures show how the current economic situation is hitting vulnerable and low income households the hardest. To prevent this situation worsening, it is vital that mortgage lenders and fuel companies do everything in their power to help people in arrears to come to a workable solution over repayment arrangements, rather than piling on extra charges. All creditors should treat borrowers in arrears fairly and sympathetically.”

He went on to say that anyone who is worried about the state of their finances should seek out professional and impartial advice immediately. It noted that while loans providers should always be flexible in their negotiations, it was important that people also sought guidance from free, fair and confidential services such as Citizens Advice or another similar organisations.

For those who have found it difficult to keep their feet on the ground in the recent financial shake up, taking out a debt consolidation may prove an effective way to stop financial obligations from spiralling out of control. Meanwhile, Co-Operative Financial Services pointed out last month that many consumers are smartening up to the benefits of the web in the fight against rising costs.

According to the organisation, more than two-thirds of Britons (68 per cent) have used online services in order to help get their finances order, with many citing the onset of the credit crunch as a principal reason for doing so.

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Buyers Need To Go Big On Deposits

Tuesday, September 23rd, 2008

Homeowners need to put in a big deposit when buying a new house in order to secure a competitive mortgage deal, Moneyfacts has warned.

According to the financial advice website, the availability of loans for house purchase for buyers with a small deposit has reduced dramatically in the last year. It reports that for those with a deposit of less than ten per cent of the total value of the home they wish to purchase, the number of mortgages on offer has shrunk by 45 per cent in the last 12 months. Indeed, it noted that 74.2 per cent of all deals on the market last year could be obtained by buyers with a loan-to-value (LTV) ratio of ten per cent or less. Now, 29.2 per cent of the mortgages available can be bagged by buyers in this situation.

For those who are finding it difficult to front the cash for a sizeable deposit, taking out a cheap low-rate loan may prove a quick and effective way to raise the funds and make sure that property opportunities do not pass them by. Applying for this type of loan may be of particular interest to consumers who are struggling to find a 100 per cent LTV mortgage after figures from Moneyfacts showed that just 0.5 per cent of all the deals available are being offered to consumers in such a position. In September last year, 100 per cent LTV deals were available on 13.4 per cent of mortgages.

In todays tightened lending environment, consumers are most likely to secure an arrangement if they are able to put down a deposit equal to between 20 and 30 per cent of the propertys value. Of all the packages on the market, 38.7 per cent are for consumers looking for a loan of between 70 per cent and 79 per cent LTV.

Commenting on the findings, Moneyfacts claimed: “Competition was one of the major factors when setting mortgages rates and best buys were awash with deals at 95 per cent LTV. Today, the overriding factor when setting mortgage rates is risk. Lenders are focusing much more on risk. They are making less products available to borrowers with a small deposit and making the few that are available much more expensive.”

Furthermore, as the reverberations of the recent financial crisis in the US ripple through the UK, Moneyfacts noted that a number of major lenders are already raising their rates further, with Northern Rock, Yorkshire Building Society and West Bromwich Building Society all upping the price of their 90 per cent LTV products.

“As house prices continue to fall, lenders may be worried that before the deal period ends, these borrowers may fall into negative equity, which poses a threat to the value of their recoverable security,” the advice site explained.

For those who are finding it difficult securing a mortgage deal, taking out a cheap loan may prove an effective way to increase a deposit and improve chances of being accepted. Doing so may be of particular interest to those consumers identified in a recent Nationwide study as finding it increasingly difficult to put money aside in todays financial environment.

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