Money Advice

Debt and financial optimism in the UK continue.

Home A Loan
The number of homeowners taking out secured loans is set to slow down over the next five years according to analysts at Datamonitor. Over the past five years the market for secured loans has increased by over 50%, however .....
With £1.3 trillion pounds worth of debt in the UK, Scotland’s Citizens Advice Bureau ( http://www.cas.org.uk/ ) has welcomed a new Bill to regulate lenders and protect borrowers from creating un-repayable levels of personal debt.

Chief executive Kaliani Lyle said: "For years, Citizens Advice Bureaux have been dealing with case after case of ordinary people who have been enticed into unsustainable debt.”

"The existing legislation - the 1974 Consumer Credit Act - is simply too antiquated to deal with the explosion in aggressively marketed credit that has taken place over the past decade or so.”

Insurance Providers
We have just had the first year’s anniversary of the flash flooding which occurred at Boscastle in Cornwall. The floods saw some of the worst damage wrought by sudden rainfall in the UK for many years.

The .....
The Consumer Credit Act is set up to outlaw “extortionate” interest rates, however it has proved to be ineffective as it doesn’t actually define what is regarded as extortionate.

This coincides with an investigation being carried out by banking watchdogs, into suspected mis-selling of personal loans and credit cards at bank branch levels. Following on from the BBC’s Real Story programme which revealed banks are offering large staff bonuses to encourage sales of expensive loans, credit cards and other financial products. Staff at Lloyds TSB were shown to have encouraged customers to accept sums of money they could not afford to repay.

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Online Insurance
In their efforts to cut costs more and more finance companies are looking to use offshore call centres to provide their customer services and administration. This is especially prevalent in the insurance industry, where it seems as if there is a .....
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Which? ( http://www.which.net/ ) said it believed it was time the industry had a proper debate over sales incentive structures.
The BBC also criticised the expensive cost of the bank’s payment protection insurance and how credit cards were pushed onto customers.
Personal Finance Despair
Sorting out your personal finances can be a tricky and exasperating time. Whether you are looking to obtain money through a loan, protect your finances with life insurance, medical, travel or car insurance, .....
Graeme Millar, of the Scottish Consumer Council, said: “Consumers themselves need to act responsibly and ensure they are not asking for money they cannot afford to repay."
Tougher codes of practice imposing stricter standards on the way products are sold, and the use of financial information qualified financial advisers and from comparison web sites like Moneynet ( http://www.moneynet.co.uk ) can help to gain consumers the best deals, and reduce the risks of mis-selling.

Independent financial adviser, Alan Steele commented, “Debt has always been a problem for a minority of people. One of the current problems is the willingness of bank managers to hand out loans and credit cards, which means this minority has increased, but the majority are coping with their debt.”

It remains to be seen whether the nation’s optimistic mood, recently reflected in a Mori survey carried out for the Prudential, in its ability to cope with levels of personal debt is long or short term. The report showed consumers are still failing to save, with one in five people saying they had no plans to increase the amount they put away.
Student Finance Guide
Consumer research site, moneynet, has published its seventh online brochure in the series of personal finance product guides. The student finance guide, collated by two graduates at moneynet, was .....

Jackie Ronson, of the Prudential ( http://www.prudential.com/ ), said that many people are viewing their disposable income as decreasing, and yet they are happy to maintain their current level of debt, "add to that the continued concern about pensions in the UK, and we are looking at people who are likely to seriously struggle in retirement."


Life Insurance Caution
Life insurance is typically taken out to offer valuable financial protection for your family in the event of your death, upon which a payment is made to your financial beneficiaries, heirs or family members. The extent of this payment will depend on your insured sum and earnings .....


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