The Bank of England has tried to help mortgage borrowers, and prevent a further decline in the economy from a repeated fall in house prices by reducing interest rates earlier this year. Interest rates currently remain unchanged for the time being and stand at 5 per cent…

What does the Credit Crunch mean for Mortgage Borrowers?
Unfortunately, many mortgage lenders have been unable to pass these savings onto home-owners because of the uncertainties in UK economic growth and in some cases (such as the difficulties experienced by Northern Rock in August last year) because the cash has quite literally run out to fund their current housing stock at the same lower interest rates. What is potentially more worrying for home-owners is that interest rates are unlikely to reduce any further in the near future because of rising inflation which currently stands 1 per cent above the UK Government’s target of 2 per cent – there is even the possibility that they may rise again. All this means that there exists an economic stalemate for the time being, with market predictions bringing little joy to home-owners, businesses and employees over the next few months, and possibly well into 2009.

What the Credit Crunch means for mortgage borrowers is uncertain. Banks other than Northern Rock have also felt the ‘credit crunch’. Such a case is that of Bradford and Bingley, the latest bank that has found itself being unable to fund its Buy-to-Let business as the cash it requires is simply not available from their traditional avenues of finance. As a result, Bradford and Bingley has recently suffered massive falls in its stock share price because of a profits warning for 2008 – more and more of their mortgage customers are increasingly missing their monthly repayments on property that is potentially decreasing in value as average house prices continue to fall month on month. These figures also echo a steep rise in repossession figures for the first quarter of 2008…

Credit Crunch Budgeting and Financial Planning for Everyone
For many, one way to cut a path through these difficult times, when cheap re-mortgaging and low fixed rate deals are harder to come by, is to revise how they manage the money that’s already in their pockets, ensuring that they make the most of every pound by making savings and reductions wherever possible. Ensuring that sensible financial budgeting is at the forefront of everybody’s minds is very important, as well as keeping both eyes open for the best deals on mortgages rates, the banks’ current account deals and where it is possible to save money, on the highest interest savings accounts.

Most banks want you to deposit money regularly with them due to their shortage of cash liquidity, so high interest rate accounts are being offered to tempt you to give them your business.

Here are some recommendations for mortgage accounts, personal bank accounts, business bank accounts and high interest savings accounts available online

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Tags: Accounts, Bank, Banking, Current Account, Money Management, Mortgages, negative equity, Savings

Bank charges are specific fees set by the bank, when you fail to follow the agreed terms of the bank. When you approach any bank to open an account or apply for a credit card, you have to enter into an agreement and abide by that bank’s rules. In UK, bank charges are also called as penalty charges. Some of the reasons for penalty charges include:

1. Cheque Bounce
2. Exceeding the limit of credit card
3. Direct debit, which exceeds the overdraft limit
4. Failing to pay bare minimal payment on the credit card

However, bank charges have to reveal factual charges incurred by financial institutions.  A recent study depicted that, if your cheque gets bounced, some banks charge around £39 and £12 for missed payments on credit card and £28 each day, if your account does not have adequate balance.

These charges are far above the authorised charges that banks may charge you. If you are a victim of such unfair penalty charges or bank charges, then you can always fight your way to get the refund. It will involve taking legal action against the bank.

Procedure To Reclaim The Bank Charges:

1. Take out all your bank statements of past six years and see for any levied or penalty charges remarks. You cannot claim the bank charges that were charged before six years. You may obtain the past statements of last six years from the bank by writing letter to customer service section of the bank.
2. If your bank authorities tell that they will charge you for this information then state them clearly that as per Freedom of Information Act, you have the right to access the monetary information and this service is free.
3. Sum up the charges of past six years. If you think your bank has been unjust to you and has unduly charged you, then write a mail to bank demanding the repayment. Request the bank to repay the amount within 28 days and mention that if it fails to agree, then you will file a legal action against them.
4. Post this letter by register delivery to make sure that financial institution receives it. Send the letter to address of customer service section of the bank.
5. Bank will respond to it by either fulfilling your claim partly or fully or it may refuse to meet the claim entirely.
6. If the bank refuses to meet the claim or agrees to give only a percentage of your claim, directly move to court for some legal action.

Internet Court Service:

Visit any Internet court service, enter your information, and claim the amount. You will have to pay some fee to seek this service, but it will help you to obtain the claim.

Your case will be in court for hearing and bank will be obliged to defend their case. Next, if the bank decides refrains from defending the case, then it will have to pay the entire claim along with the court fees that you had incurred over the time.

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Tags: Accounts, Bank, Banking, Cheques, Current Account, Debt, Money Management, Savings, UK Credit Cards

You can maintain your finances and stay away from debt in an effective manner by creating a budget and maintaining or sticking to it. The word budget brings the thought of figures and money into your mind.

Budget is the best way to balance your expenditure and ensure you do not spend more than what is required. It is not a difficult task to create and maintain a budget.

Start the budget in a very simple way. Pick up a plain paper. Divide it into different columns. Devote one column to include details of monthly income. Besides the salary, include benefits such as child benefits and tax credits. In case of dual finances, mention the partner’s salary as well.

Be Honest:

Write down the monthly expenses in the next column. If you have not retired, then this column will be lengthy than the previous column. This is not a reason to panic. Be honest and mention all the expenses. This way, you will become aware of unwanted expenses, if any.

Make a list of key commitments as such rent service charges, house tax, council tax, and entertainment utility charges (TV). In addition, you may also mention life insurance premiums, maintenance payments and pension contributions. In case of having a vehicle, calculate the expenses that you spend on (Ministry of Transportation) MOT, vehicle insurance and maintenance services. Any loan, second mortgage, repayments also need to be mentioned. Now, calculate the total expenditure. This will give you the total cost of your important expenditures.

The next column will consist of your everyday spending. If you have kids, then mention the costs of childcare and toys and cloth expenses. Mention a real estimate of toiletries, monthly food, parking expenses, petrol costs and public transport. Mention the expenses over leisure such as newspaper, books, DVD purchase, gym membership, magazine bills and rentals. Do not forget to mention your expenses spent on visits to health clinics, and your hairdresser.

Also, mention detail expenses of your bar bills that include lunchtime food purchased during working hours and trips. If you are a chain smoker, mention the cigarette expenses too. Write down the food expenses of the pets, if any. People who are passionate about electrical gadgets, retail therapy and electronic gadgets will spend lot of money on them. Mention these expenses too. Finally, calculate the total costs.

Big Picture:

Now, add all the above sub totals. This will provide you with the grand total and subtract this from your total income. This will give you an idea, if your spending is more than the income and if yes, then you will get to know how much it is. Set aside certain amount for emergency purposes.

One good practice is to review the standing orders and direct debits. Cancel the gym membership, magazine subscriptions, phone contracts you do not use. Get a list of standing orders and direct debit and review them on a regular basis.

Creating budget is not enough, as you have to maintain and stick to it, to summarize unwanted expenses and keep the finances intact.

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Tags: Accounts, Bank, Banking, Current Account, Debt, Money Management, Savings, UK Credit Cards

People incur debts due to various financial deficits. This is not an embarrassing situation. To have anything in excess is a part of human nature. However, there is a possible risk of becoming a defaulter. To avoid such circumstances, you may take loans to repay the debt. You can repay the debts with the help of debt consolidation loans. This type of loan helps to merge all your existing debts into one single loan.

Debt consolidation loan has low rate of interest in comparison to other loans that debtors take to repay their debts. However, debtors need to take care, because by consolidating the loans, the duration of debts will increase along with the repayment amount. On the other hand, with this process, you can control your monthly cash flow.

Types of Debt Consolidation Loans:

You will be able to combine your debts with the help of taking unsecured or secured debt consolidation loans. Unsecured debt does not require you to provide any security. You will be able to take unsecured debt consolidation loan quickly in comparison to secured debt consolidation loan. There are various websites offering unsecured loans based on individual circumstances.

Debt consolidation loans in UK are targeted towards people with credit issues, which enable them to combine different loans into a single loan. Debt consolidation loan in UK has very less advantages in comparison to conventional loans. People with poor credit rating will find it easy to get this loan. They are sometimes even offered good rates in comparison to other loans, which normal people can also apply for.

Procedure Of Debt Consolidation In UK:

In UK, you will have to apply for a debt consolidation loan through individual lender or a bank. There are certain organisations that specialize in offering such kinds of loans, whereas others specialise in conventional loans such as auto loans or home loans. Most of the times to apply for consolidation loans, you will have to show income statements, information on various debts, collateral or security and a stable residence proof.

After the approval of the loan, you may consolidate it in many ways, as per your convenience. In certain cases, the lender takes care of the payment process or you may receive a credit or check and will be responsible for debt repayments on your own.

Either way, you will use the money borrowed to clear debts. You will not have to pay the outstanding debts. However, you will have to make a payment of a particular sum needed for the repayment of loans.

Generally, debt consolidation loans are given in the form of secured loans in the United Kingdom. It means, to get a debt consolidation loan in UK, you will have to provide some kind of security or collateral such as valuables or precious items. The purpose of taking the collateral is ensuring repayment of the loans. If you are not able to repay the loan, then the lender has full authority to sell the collateral and recover the money you owe.

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Tags: Accounts, Bank, Banking, Credit, Current Account, IVA, Money Management, Savings

Savings account ensures that your money is safe in bank and you will obtain specific interest each month. In addition, savings is very different from that of investing. In investing, you get higher returns, but it involves risk of losing some amount of your money.

Therefore, if you do not wish to take chances by investing, you can always go for savings. Here are few best tips to help you know the secrets of getting the most from your savings.

Pay all the pending debts

If you have, any debts such as personal loan debts or debts related to credit card, then pay off all the debts before planning to save money. However, many banks will charge you with redemption charge, if you opt to pay the loan before the due time, so it is always wise to check out the situation first.

The interest on outstanding amount is usually higher as compared to interest that you may earn on the savings. Study these issues and try to pay off the loans.

Use These Tips:

Obtain Cash ISA (Individual Savings Account): Cash ISA are same as that of regular savings account. However, the interest that you earn is free of tax. Cash ISA helps, in case you are a high taxpayer. With this type of savings account, you can even save about £ 3,600 every year. Do not forget to check latest cash ISA offerings to obtain the best buys.

Open a regular savings account: Regular savings bank account pays higher interest rate as compared to that of a standard account. You can check the latest interest rates offered by different banks before opening a regular account.  You can also make frequent payments in the regular account through your current account. If you study in depth about the interest rates, you will find that you can save around £ 250 each month.

Fixed bond: If you are willing to combine the money for fixed duration, you will obtain higher interest rates.

Notice accounts: if you wish to save your money for a period of 90 days or 180 days, then notice accounts are best way to tie your money for a few fixed days to obtain high interest rate. Check the schemes of different bank and choose the most feasible one.

Have one Internet savings account: Internet accounts offer higher interest rates, because here, banks do not need to pay for their employees or branches to manage such savings accounts. 

Opt For Consistency:

If you do not want to shuffle your savings from one bank account to another in every few months with a hope to obtain higher interest rates, then you can check the list of most consistent banks or types of bank accounts that offer higher interest rates. Consider the bank’s performance in the last 18-36 months before opening an account in it.

If present Cash ISA is not giving you an updated interest rate, then transfer it in some other ISA, which gives better interest rates. Always consider the difference between the bad and good Cash ISA, because best cash ISA may give you £129 in interest each year than bad cash ISA.

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Tags: Accounts, Bank, Banking, Current Account, Debt, Money Management, Savings, UK Credit Cards

Since, last few years there has been a tremendous increase in cases of identity thefts in the United Kingdom. However, with identity theft insurance, it is now possible to protect yourself from such type of intrusion. Identity theft insurance will help you to resolve any doubtful activities, thereby giving you a mental harmony.

In case you become a victim of identity theft, your insurance company will help with the potential problems that may arise and assist you in bringing the financial life again on the track

What Does It Include?

Identity theft insurance covers all the expenses, which you will have to incur, if some one steals your identity. It includes bearing the entire legal cost for defending the criminal charges connected with the identity theft, lost wages (in case you need time to reclaim the identity), cost of telephone calls, redundant loan application charges and so on. Next, if you do not possess identity theft insurance, then you will have to bear all these expenses on your own. Therefore, it becomes very important to have such an insurance policy.

Several financial institutions offer identity theft insurance. To obtain such insurance, you will be required to pay annual fees or monthly fees through direct debit. Most policies cost around £ 3.75 to £ 6.99 each month or £ 45 to £ 84 each year. The insurance company then access your credit report and notifies you by sending alerts, if they come across any changes made to the credit report. Thus, if you have not applied for a loan and your credit report shows the loan details, or if changes occur in the bank account, then insurance company will immediately contact you and will lend a helping hand.

Although, identity theft insurance offers good value, there are typical criticisms about the same, which includes:

1. Identity theft insurance policies give the customers a false sense of protection, as they do not do anything to prevent the identity theft at first sight.
2. These policies do not offer full coverage to the victim. For instance, you may have to incur other expenses such as travel cost, stationery cost, phone bills and so on.
3. At times, you may find it troublesome to claim the amount
4. Some policies do not provide you with legal fees
5. Many policies may not give you lost wages

However, it is always better to shield yourself from the perils rather than regretting later.

Overview:

If you cannot afford to cope up with the money loss, if you lose your credit cards or debit cards and do not know as what to do, having identity theft insurance will be really worth at such times. To obtain the policy, simply contact the insurance provider and obtain details of policies offered by different companies and choose the company, which offers good services and help you with recovering the loss in an easy and quick way.
Thus, although, the cost of having identity theft insurance seems affordable, the benefits it offers are quite limited

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Tags: Accounts, Bank, Banking, Current Account, Debt, Identity Theft, Insurance, Money Management, Pre Pay, Savings, UK Credit Cards

You can follow easy steps to improve your credit score. Many people follow certain simple advice or tips to bring about improvement in the overall credit score. It is not possible to improve the credit rating overnight.

Before you begin, check the standing on your present credit rating and check the areas that need focus. Some of the ratings on the credit score may appear without your fault. Certain ratings on the credit score may be due to someone else’s fault such as people, who were staying at your address previously.

Things You Should Know To Improve Your Credit Score:

The lender will receive the credit scores and reports from major credit bureaus. They may use this credit score to act on your loan application. You may ask all your queries regarding the credit score to your lender.

You will be scored by the lender on 5 basic things, which are:

1. The amount of your outstanding debt
2. The kinds of credit cards you use
3. The latest credit request
4. History of payments
5. The general length of credit history

The payment history and outstanding debt constitute around 65 % of the credit score. Therefore, make sure they are correct. There are certain steps you can take to improve your credit score and some of them are:

1. Examine the credit report frequently: If you find any wrong information on the credit report, it is your responsibility to correct it as soon as possible. Wrong information on a credit report gives an invalid indication of the credit consumer.
2. Know the present status of your credit score present on the credit report: You may contact the agencies, who provide credit reports. These agencies make the credit report available to you in return of a meagre fee. Note that the credit rankings you receive from each of these agencies may have differences in the scores they provide.
3. Do not keep too many accounts of credit cards in an open state. Do not open unnecessary accounts that you do not wish to operate. Your score will decrease depending on the number of accounts you have. It does not matter if it is an account with zero balance. Therefore, even if you have multiple zero balance accounts of various banks, it is viewed in the form of possibility of debt at any time.
4. Avoid keeping huge balances on credit card accounts: Huge balances on credit card accounts will have a negative effect on your credit score and your credit score may decrease. In addition, chances are high for you to miss on monthly repayments of debts.
5. Make the bill payments on time: You will find previous outstanding payments mentioned on the credit report. Generally, you will be given a time limit, for instance 60 days to clear all your late bill payments, before they are listed on your credit report. In case, you are not able to make payments of the bills on the due date, inform the creditors quickly stating the reasons for your inability to pay those bills on time.

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Tags: Accounts, Bank, Banking, Current Account, Debt, Money Management, Pre Pay, Savings, UK Credit Cards

Many people find great difficulty, while dealing with debt related issues. Some of them even think of filing for bankruptcy as the final and only solution to get rid of debt issues. However, with the relaxation in the bankruptcy rules, you need not have to consider bankruptcy as the only resort.

You may solve the debt related issues through various ways, and some of them are:

1. Admit that a problem exists: Calculate your assets and borrowings to get an idea of the financial crises you are facing. You may visit several charity websites, who give free advice on debt management. They will also help you examine your debts.
2. Do not be scared of debt collectors: Stop getting intimidated by people demanding payment over the phone. Such collection agents are being investigated by Office of Fair Trading or OFT, if you complaint them regarding highhanded strategies used by these collectors for recovery.
3. Prioritise your Debts: Give priority to debts and mortgage secured on the property, because you may lose your home and money or any other valued assets you possess by defaulting on any of your loans.
4. Seek informed and free advice: Take expert help or advice from people, who do not charge any money for it. You may consult or take help from different debt organisations. You may also contact the helpline for National Debt on their toll number to seek help.
5. Be careful of commercial companies that offer help with debts: There are number of companies providing help with debts to make money. Beware of such companies, as they have been attacked by loan consolidation and debt management organisations for charging expensive fees for their service.
6. Be careful of organisations providing substitutions for bankruptcy: There is a significant increase in people joining voluntary arrangements. However, such organisations are legally binding and can offer a repayment plan for five years with your creditors. However, such kind of plan may be suitable for certain minority debtors. The fees of such schemes are up to £ 7,000.
7. Maintain Discipline: Several big banks are offering contracts to customers facing difficulties in handling and consolidating their debts to make it a single loan. This process will help you only if the spending is brought under control.
8. Look at alternative and cost effective methods to get rid of debts: Consumer credit counselling service and other organisations can help with setting up free management plans to handle your debts. These organisations will organise payments and negotiate with credit card organisations and banks on your behalf to take care of your monthly payments.
9. Contact your creditors: After you are aware about the amount that you are ready to pay or can afford, contact the creditors regarding the situation and inform them about your status. You may offer them to clear the debts in an affordable manner. Do not offer to pay if the amount is not affordable. Do not assume that your future payments will take care of the remaining debts.

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Tags: Accounts, Bank, Banking, Current Account, Debt, Money Management, Pre Pay, Savings, UK Credit Cards

IVA or Individual Voluntary Arrangement is a formal (legal) debt solution or lawful binding arrangements that permit you to pay back all the debts in reasonable monthly payments over a period of five years. It helps you to remain updated with priority payments such as mortgage, living costs without fearing for the legal actions from your creditors.

After deciding to go for IVA, you will have to submit an application letter to licensed IP (Insolvency Practitioner) firm. Next, you have to disclose your monetary situation and attach copies of pay slips, property valuation, creditors’ statements and latest bank statements. Later the company with which you are dealing will contact you to discuss about the situation.

Procedure In Detail:

If the IP firm accepts your IVA application, you will be included in an IVA programme, wherein the company will assign an IP team for you. That IP team then represents you and contacts your creditors to notify them that they are representing you.

Later, the IVA proposal is drafted, which includes every details such as the amount of money that you need to pay. If you have kept your assets as mortgage with creditors, the IP works on to acquire a stay order that will abstain the creditors from auctioning your assets. The IP also prepares Nominees report, which presents a practical and professional opinion whether the prepared IVA presents an authentic offer or not.

After this process, IP team fixes a meeting with your creditors. This meeting is held to cast vote on decision whether to move ahead with the IVA or not. If creditors cannot make it to the meeting, they can send their opinions through fax or mail. If more than 75% of your creditors vote in favour of the IVA, then it implies that your IVA is going to be accepted.

As soon as your IVA is accepted, you can hold all your monthly payments. After this, the creditors cannot contact you over phone or in person. Also, all the interest as well as charges on your debt gets frozen and you can pay the debts in an easy manner as charted out in the IVA, for a period of five years.

However, if you fail to make payments on time it can lead to the termination of IVA, and you may become bankrupt. Moreover, your home is also at risk, if the IVA fails.

Important Notes:

People who wish to apply and benefit from IVA need to possess the following:

1. They need to be bankrupt
2. They need to have insignificant debt
3. They ought to have enough money to make payments,
4. They need to afford making a payment of £ 200 each month for a period of five years
5. Finally, they have to be employed

IVA is different from bankruptcy. You do not have to advertise in newspaper about IVA. However, IVA is a good mode available to you, as you are not only able to pay your debt properly, but it also gives you respite from those constantly harrowing calls of creditors.

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Tags: Accounts, Bank, Banking, Credit, Current Account, IVA, Money Management, Savings

Pre pay credit card is an alternative to credit card and debit card. Here, you need to load the pre pay card with any specific amount and then use it to make purchases or pay the bills.

There are certain costs attached with pre pay cards. Moreover, several financial companies have introduced their pre pay cards and the cost of cards also varies from one company to other. You need to consider the cost on pre pay credit cards before planning to choose the right type of card according to your needs. The cost that pre pay cards carry is segregated as below:

Loading fees: Some companies charge certain amount of fee each time you load money in your card, while some may not.

Upfront fees: When you visit any financial company to buy a pre pay card you will be required to pay the upfront fees. The upfront fees may also vary from company to company. For instance, the upfront fee of Post Office travel card in UK is £10 and that of Splash card is £ 6.99.

Other Costs Involved:

Monthly fees: Pre Pay cards also carry monthly fees or maintenance fees. The monthly fee of Cash Plus pre pay card is £ 4.95 and in case of a 360-money card, and £ 1.99(for premium card).

Transaction fees: Whenever you use the card, the company deducts certain amount from your card. It may depend on the percentage of total amount that you spent or flat rate (flat rate is the sum, which remains constant regardless of the amount that you spent). For instance, the transaction fees on Western Union Travel pre pay card is £ 1 for every transaction.

Next, the loading charges also depend on the amount that you credited in the card. Pre Pay cards such as Bluecorner will charge you £ 1 to load amount between £ 20 to £ 30. The loading charges may rise to £ 3 in case you credit above £ 100.

If using ATM: In case, you intend to use ATM, then pre pay card issuers will charge you with certain amount every time you withdraw amount from an ATM outlet.

Using Foreign exchange: If you wish to use a UK pre pay card overseas, then you will be charged with specific sum. It may be around 2.75% or 4% depending on your transaction amount. If you are using a travel pre pay card such as eorozone in your own home country, then you will not be charged according to foreign exchange.

Overview:

Sometimes, using pre pay cards can be more expensive than using credit cards or debit cards. However, the biggest benefit of such cards is that you cannot fall into debt. These cards are ideal for students or travellers, who cannot open a bank account immediately in UK.
Thus, in short, the concept of this card is same as that of pay as you go phone. You can talk as long as there is sufficient balance in your phone and as your phone balance gets over you need to refill it to continue talking.

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Tags: Accounts, Bank, Banking, Current Account, Money Management, Pre Pay, Savings, UK Credit Cards