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Tips to beat the credit crunch – Part Four

October 21st, 2008 by admin | 0 Comments | Filed in Daily News, Global Credit Crisis, Money Management, Recession, Saving

Get supermarket smart

All the high profit margin goods are placed at eye level in supermarkets. So you know that the cheaper goods are higher up and lower down. Try to pick your products from these areas. Always have a list before you go shopping and never go shopping on an empty stomach.

Get a great deal on utilities

Try www.uswitch.com to go through all your utility providers and try to find a cheaper one. This can save you a small fortune every month.

Have a ruthless budget

If you don’t have a budget that you use, you are missing a huge opportunity. Each week or each month, keep a strict eye on what you’re spending and cut out any excess spending to increase your savings or pay down debt faster.

Get rid of debt

Get rid of the most expensive debt first, usually credit cards. Once you’ve done that, get rid of loans and then start to build up your savings account. Start with high interest cash ISA and work from there. Once you’ve maxed that out, it’s time to start to invest. Believe it or not, this is a great time to invest. It isn’t just supermarkets that are having sales….stocks and share have rarely been cheaper than they are right now, so if you have a decade or two to sit on your money, you could grab a real bargain right now.

Try to get free nights out

Go to book launches, free lectures, art exhibitions, local band nights…anything that doesn’t require a cover charge and where you can bring your friends and have a bit of fun. It doesn’t have to cost money to be enjoyable!

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The Lender from hell…is it the UK Government?

October 21st, 2008 by admin | 0 Comments | Filed in Daily News, Debt, Global Credit Crisis, Loans

Few could believe the facts and figures that spewed forth from the housing charity “Shelter” last week. The government is easily the most aggressive lender on the high street when it comes to kicking people out of their homes. As well as that delightful titbit, Northern Rock also has some of the worst savings rates and the highest mortgage rates! Who said the government couldn’t run a bank? They remind me of the infamous East End landlord of the 60’s, Peter Rachman. Is the government guilty of Rachmanism?

Not according to them they aren’t. (Shocker!) But the figures speak for themselves. In the three months to the end of September 2008, Northern Rock repossessed 4201 homes. This figure is higher than many other mortgage lenders and a 20% rise on the previous quarter.

So, should we immediately tar and feather the government for their uncaring attitude at this time? Well, not really. You see, the reason that the Northern Rock had to be saved in the first place was because its loan book was already very shaky. They lent out thousands of mortgagse at 100% and 125% of the value of the property and now that prices have started to come down, it should be no surprise that the mortgage holders are getting into difficulty and defaulting in droves. It isn’t that the government is being really mean and nasty to these borrowers; it’s that Northern Rock, which had to be rescued, has a far higher percentage of these borrowers than most other banks….hence the need to be nationalised.

The situation may yet get worse as the Rocks 2 year fixed rate comes to an end on the 31st of October and members are moved onto the 7.34% variable rate from the fixed rate of 3.99%. That’s not only going to hurt them as well as taxpayers, but property prices will come under increased pressure from the likely defaults and repossessions that will arise from this. Assume the crash position.

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Payday Loans – Irresponsible Lending

October 5th, 2008 by admin | 0 Comments | Filed in Global Credit Crisis, Loans, Money Management, UK Bank Accounts

Finance watchdogs are about to tighten the rules on payday loans as the first stage of an investigation in to irresponsible lending comes to a close.

Payday loans are generally loans of less than £1,000 taken out to pay bills until the workers are paid again at the end of the month.

The industry has exploded from a fringe operation only a few years back to a huge high street and online industry as hundreds of lenders have moved in to the UK after US authorities restricted their activities or shut them down in several states.

The Office of Fair Trading announced payday loans one of their targets in their current review of irresponsible lending – and debt counselling organisations have been lining up to complain during a public consultation period that ends on October 24 (2008).

Payday loans are under attack from debt counselling organisations claiming the lenders charge interest rates as high as 2,000%.

As the credit crunch bites and people with poor credit histories find loans harder to come by, business has boomed for the payday lenders.

“The OFT is undertaking a project looking at what constitutes responsible lending under the Consumer Credit Act and how this affects companies’ holdings of consumer credit licences.
“This project will examine several areas of consumer lending, including payday loans,” said an OFT spokesmen.

A quick Google search throws up more than 500,000 results for ‘payday loans’ in the UK.
Typically, the lenders offer £300 available the same day without any credit checks providing the borrower:

  • is aged over 18 years old
  • has a full-time job
  • takes home pay of more than £750 a month
  • has a valid bank debit card

The interest payment is £25 per £100 borrowed or 1845% APR.

 

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Lending has come a long way: advancements in loan services

September 25th, 2008 by admin | 0 Comments | Filed in Debt, Money Management, UK Bank Accounts, UK Credit Cards

The lending business has come a long way from the days of illegal loan sharks and shady business transactions. In fact, taking a loan has become a common and beneficial financial choice for thousands of people around the UK. These people, like you, are looking for some financial assistance to help them get through a difficult time or achieve their life’s goals.

Looking Back on Lending

Of course, no one can really say where the history of lending began. It is likely that people have been creating loans for as long as there has been the concept of ownership. Yet, the official history of loans has been documented for at least several thousand years; forms of creating loans were evident in ancient Greek and Roman times, and monetary loans are even mentioned in the Bible.

One of the earliest forms of lending is the indentured loan (otherwise known as the “indentured servitude”). It was initially practiced in the Middle Ages and throughout the 19th century. Indentured servitude allowed poor individuals to borrow the money they needed for expenses such as travel and real estate. The money was usually borrowed from a wealthy individual, such as a land owner, and the borrower would have to work off their debt over the course of several years.

Unfortunately and predictably, many land owners were dishonest and would greatly inflate the debt or would continue to add provisions to the debt long after it had been repaid.

The Advent of Banks

It eventually became very clear that dishonesty in indentured servitude was becoming a rampant and a growing problem. As an alternative, individuals known as “moneylenders” became an important part of money lending and loans. In fact, it is from these moneylenders that today, people use the terms “bank” and “bankrupt”.

These moneylenders, who were initially Italian, would set up benches in the local marketplace or “banca”, known as bank in English, and would charge interest on their loans at a rate that they set. Sometimes these moneylenders would become successful and very wealthy. However, those who did not become wealthy and left the business became known as “banca rupta”, or in English “bankrupt”.

Modern Loans: The Evolution

Fortunately, things have come a long way since those marketplaces in Italy. The business has become more refined and respected – and most importantly – fair to its customers. Interest rates are much more controlled, and detailed regulations must be met. The modern banks, finance companies, and online lenders that provide loans to the public and private sectors provide a great service to the world economy.

Today, lending has never been easier and simpler. No longer are people financially wasted by taking out a loan – loans can actually help build wealth. Best of all, you won’t be put to work on a wealthy landowners’ farm to work for several years! Lending has sure come a long way.

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