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Look out for hiked up packaged account fees

Consumers are being urged to look out for hikes up fees on packaged current accounts from banks, with a number of banks having recently increased the fees on these accounts in preparation for a possible cap on bank charges following the recent victory for the Office of Fair Trading in the High Court test case into bank charges. Many officials have been speculating as to whether banks will now start charging monthly account fees on all current accounts in order to try and recoup some of the losses, and whilst this is a strong possibility there are some accounts for which banks already charge fees, and these are known as packaged current accounts. Read more

The next step in the bank charges battle

Just weeks ago the nation found out the results of the first stage of the bank charges high court test case, when the presiding judge ruled in favour of the Office of Fair Trading and gave the agency the power to assess banks’ terms and conditions – including charges – for fairness. However, at present no further action has been taken, as the banks are being given time to appeal. The ruling is only the first stage of the process, as the banks can appeal, and even if they do not appeal the result of the OFT assessment will still have to go through. Read more

What’s in store for energy bills?

For the past couple of years energy prices in the UK have been at the centre of controversial debate, with price hikes affecting consumer finances enormously and concerns over anti competitive practices amongst energy firms. Over the past couple of years gas and electricity prices in the UK have been soaring, and this has resulted in household finances becoming increasingly strained, particularly given that between August 2006 and July 2007 interest rates went up five times by 0.25% each time, making the financial situation even worse for many. Read more

What does the appeal from the banks mean?

The High Court test case into banks charges, which took place in January of this year, received plenty of publicity, and both consumers and industry sectors waited with bated breath for the decision from the presiding judge, Justice Andrew Smith. However, this decision did not come for three months, but in April the judge, having considered all of the facts that had been presented to him, ruled in favour of the Office of Fair Trading, allowing the agency to assess banks’ terms and conditions – including bank charges – for fairness. Read more

UK consumers don’t want to see bank fees come in

The battle between the Office of Fair Trading and the UK’s major banks has been raging for some time in relation to bank charges, and this year saw the issue end up in the High Court, with the Office of Fair Trading stating that the fees charged by banks for unauthorised overdraft use, bounced cheques, and returned direct debits were not a true reflection of the charged incurred by the bank, making them unlawful and unfair. Read more

How safe are you when you shop online?

Britain has become a nation of consumers that like nothing more than total ease and convenience, and this has been reflected in the shopping habits of British consumers over recent years. Many people now enjoy the ease and convenience of making purchases online, buying everything from the weekly groceries to one off gifts, holidays, gadgets, clothes, cosmetics, entertainment, and more. However, whilst online shopping certainly can save us time and hassle, it is vital for consumers to consider how safe they are when they shop online with their credit and debit cards. Read more

Could credit union provide the solution to your financial needs?

Many consumers these days have found that as a result of the tight credit conditions in operation getting any sort of finance from mainstream lenders has become increasingly difficult, and in some cases impossible. However, just because availability to finance has been reduced it does not mean that consumers’ need for finance has been reduced, and this is why many people have found themselves looking for an alternative method of borrowing when the going gets tough. Read more

Bank charges verdict in

Since January of this year many people have been waiting with bated breath the hear what the verdict would be in relation to bank charges for unauthorised overdrafts, returned direct debits, and bounced cheques. In the past, banks have charged hefty fees for such oversights, with some banks charging up to £40 per fee. However, over the past couple of years bank charges have been at the centre of controversy, with the Office of Fair Trading branding them unlawful and unfair, because the fees were sometimes ten times the costs incurred by the banks. Read more

Checking your bills could save you money

Many households are currently struggling to keep on top of repayments as a result of rising living costs, high mortgage and rent payments, and other rising financial commitments that are placing a real strain on household finances. However, according to industry officials many of us may be paying out more than we need to on our bills simply because of an error by the provider, which could be easily sorted out if we are more vigilant about the amounts that we are being charged on various bills. Read more

Can online bankruptcies work effectively?

The word bankruptcy send shivers up the spines of many people, and quite rightly so, as this is a process that can have a severe and long lasting impact on your financial future. Not only this, but the whole bankruptcy process can be difficult, time consuming, costly, and stressful, involving reams of paperwork and dealing with the bankruptcy courts. It is, perhaps, these points that put some people off filing for bankruptcy, persuading them instead to look at another more suitable solution, which could save them from a very difficult financial future. Read more

Add structure to your debt and bill repayments

Whilst being in debt is never a good thing, as it can leave you with limited disposable income and can make financial management difficult, you could find that adding structure to your debt repayments could help to make things more affordable and a little easier. In some cases borrowers have a wide range of debts to deals with, and this in itself can become stressful and time consuming, as well as confusing. To make matters worse the repayments on some debts such as credit or store cards can vary from month to month, and this means that there is even less structure in the way that your debts are paid, making the whole process a little chaotic. Read more

Can Northern Rock turn itself around?

Many people remain unconvinced with regards to whether the ailing and recently nationalised bank, Northern Rock, can turn itself around after the crisis that it went through last year, coupled with the global credit crunch that is affecting all financial markets. As the credit crunch took a hold in the UK last year, Northern Rock was forced to borrow billions from the Bank of England in order to fund its lending, but this loan quickly became public knowledge and this swiftly led to chaos for the bank. Read more

Be careful with your plastic

Becoming the victim of some sort of fraudulent activity is something that many of us have become increasingly worried about over recent years, and with levels of plastic card fraud on the rise it has become more important than ever to try and protect ourselves as much as possible. Of course, there are some situations that we have not control over, such as banks and other agencies losing our personal and financial data, putting us at increased risk of becoming the victims of identity fraud and theft. However, when it comes to the safety of your plastic you can exercise some simple common sense in order to increase safety. Read more

Retirement could be a long way off for some older consumers

A shocking and disturbing recent report has revealed that many of Britain’s older generation who are now nearing retirement age could find that they are not able to afford to retire when the time comes, leaving many having to work well into their seventies in order to repay debt and avoid struggling financially in what should be their golden years. It is estimated that today’s consumers who are in their late fifties and early sixties have debts amounting to four time the amount that the same age group had ten years ago, and this has seriously affected their ability to be able to retire at the traditional age. Read more

Spreading the cost of your family holiday

At this time of the year many families start thinking about booking up their family holidays, but before they can take the plunge they need to ensure that they have the cash to make the booking. Family holidays can be very expensive depending on where you are going, and in many cases you may not have all of the cash that you need upfront. However, there are a number of ways in which you can try and spread the cost of your holiday so that the financial impact is not too severe. Read more

Consumers plan to cut back on interest payments with balance transfer cards

A recent survey has revealed that many consumers in the UK are planning to try and avoid paying interest over the coming months by transferring their balances off high interest credit cards onto 0% balance transfer cards. These balance transfer credit cards have become increasingly popular over recent years, and have enabled those with high balances on high interest cards to avoid paying interest for a generous period of time. Recent research shows that millions of people in the UK are planning to go through this process over the coming months in order to save some of the money that they would otherwise spend on interest. Read more

Billions to be spent by Brits abroad this year

Brits are set to spend a fortune abroad with the use of their plastic over the coming year, and according to recent reports around £23 billion will be spent on British plastic cards abroad. This invariably means that card providers and banks will be raking in the cash as a result of the various fees, charges, and interest charges that are levied on card transactions abroad, and some consumers could end up paying a fortune in various foreign transaction fees. Read more

Is now the right time to get a new credit card?

A great many of us rely on credit cards both for day to day spending and to make one off purchases, and a recent report has shown that many Brits have five or more credit cards, and despite the credit crunch and turmoil in the financial markets they are continuing to spend on their credit cards. Of course, whilst frivolous spending and debt accumulation is not advisable credit cards can prove enormous ease, convenience, and flexibility to card holders, and you can enjoy a good choice of credit cards these days from a wide range of banks and car providers. Read more

The HBOS crisis – what was it all about?

Just before the Easter break there was chaos in the stock markets in the UK, with HBOS dominating the headlines following rumours that it was on the brink of collapse. However, it emerged that what had actually happened was an alarming scam involving rumours started by unscrupulous stock brokers determine to make a profit on the stock market no matter what it takes. Read more

Finding the right interest free credit cards

Interest free credit cards have become hugely popular over recent years, with many consumers saving a small fortune on interest charges by using these cards. There are two types of interest free credit cards, and this includes interest free balance transfer credit cards and interest free purchase credit cards. Read more

Saving money on your holiday costs

Once Christmas and New Year are over many of us start thinking about booking our holidays in order to escape the bleak weather and give ourselves something to look forward to. Of course, most of us could do with a good holiday in order to cheer us up, but as always money can be a real issue and it is important that you take the time to look around and save as much as possible on the cost of your holiday otherwise it can end up costing you a fortune. Read more

Is Northern Rock now a safe bet?

Over the past six months Northern Rock has dominated the financial headlines, having become the victim of the first run on a British bank in 150 years, been in talks over the sale of the company for many months, becoming a high profile victim of the global credit crunch, and finally passing into public ownership. When it was discovered that the Rock had taken an emergency loan from the government last year panic set in amongst customers of the bank who feared that Northern Rock was on the verge of collapse. As a result of this over £2 billion was withdrawn by savers in a matter of days, bringing the ailing bank to its knees. Read more

Are banks using sneaky tactics to make more money?

Recently the online lending giant Egg delivered news that shocked many of its customers – new of its intention to withdraw credit card facilities from around 160,000 customers. The lender claimed that the customers that would be affected were those whose credit rating had deteriorated since they had opened their credit card accounts. Read more

Why you need to compare credit cards

The credit card market has become fiercely competitive over recent years, and these days there is a wider choice than ever available to those looking to take out a credit card. However, with such a wide choice of credit cards on offer and such a range of deals from lenders it is more important than ever to compare a range of cards from different providers in order to get the best deals. You will find all sorts of credit cards to choose from, such as rewards based cards, interest free credit cards, 0% balance transfer cards, cash back credit cards, and more. Read more

Is it the end of the road for cheques?

For the middle aged and older consumers amongst us the use of cheques in the past was an everyday occurrence in some cases. Many people used to use cheques for everything from paying for the shopping to making purchases at the local petrol station. However, with credit and debit cards taking over as increasingly popular methods of payment it seems that paying by cheque is quickly becoming a thing of the past. Read more

Increasing security when banking online

Over the past decade we have started to conduct more and more of our business online. From booking holidays and applying for finance to arranging insurance to finding the best deals on utilities, the Internet has become an invaluable tool for most households. Over the past few years an increasingly number of people have also eliminated the need to keep going to their bank, and this is because they conduct most or all of their banking transactions online. Read more

Egg won’t be backing down

Several weeks ago the Internet financial giant Egg shocked customers and industry professionals when it announced that it was withdrawing the credit card facilities of 161,000 customers. Egg officials said that the customers whose credit had been withdrawn were either a high credit risk or were heading in that direction. The decision was made after Egg reviewed over two million credit card accounts following the takeover by Citibank. Read more

Are packaged current accounts worth the money?

Many UK banks have started to offer packaged current accounts over recent years, and these accounts are the same as current account but they offer a range of extra benefits in exchange for a monthly fee. The fee that is charged for these packaged accounts can vary, but generally ranges between £12 and £25. More and more banks have started offering this sort of account over recent years, with the name of the account differing from one bank to another, such as the Barclay’s Additions Account, or the Lloyds TSB Gold Account. Read more

Are your personal details at risk when you use social networking sites?

Over recent years many consumers have started to make new friends and socialise with existing friends via social networking sites, such as myspace and Facebook. These sites have been increasing in popularity, with many people creating their profiles online, and chatting to both existing and new friends openly. However, what may sound like harmless fun has now been highlighted as a potential hazard that could put consumers at risk of becoming the victims of fraud and identity theft – and even burglary – according to some officials. Read more

Why keeping your credit clean is more important than ever

Over recent years most of us have learned how important it is to keep our credit files and ratings in check. More and more of us have become reliant on finance to fund certain purchases, and this has meant trying to keep our credit clean so that we do not struggle to get finance. In the past, those with damaged credit have sometimes struggled to get credit, particularly unsecured finance such as credit cards and unsecured loans. In fact having bad credit has made many people’s financial futures very difficult. Read more

Bank of England tries to balance concerns over rising inflation and slowing economy

Over the past couple of years the Bank of England has faced tough decisions when it comes to the base rate, with a slowing economy to consider on one hand, which has been fuelled by higher interest rates and lower spending levels, and rising inflation to consider on the other hand. Whilst the Bank of England has cut rates twice over the past three months this followed a series of five rate hikes between August 2006 and July 2007, which left many homeowners struggling to keep up with mortgage repayments. Read more

Judge has not yet delivered ruling on bank charges

Over the past couple of years the rows and controversy over the charges that banks apply to the accounts of customer’s have been getting more pronounced. The charges referred to are those for exceeding the credit limit, and for bounced cheques and returned direct debits. Campaigners claimed that dealing with these things only cost the banks between £2 and £5 yet the banks were applying fees of around £30-£40 per charge to the customer. Read more

Avoid being the victim of credit card fraud

When it comes to credit cards consumers can look forward to a wide range of benefits, ranging from interest free credit and total convenience to flexible repayments and even a choice of rewards with some cards. However, there are also pitfalls to watch out for with credit cards, and one major concern for many people is the risk of credit card fraud. Read more

What Type Of Car Insurance Do You Need?

Car insurance is a compulsory form of insurance cover in the UK for any driver, and this type of insurance is designed to protect other parties who may suffer loss, damage, or injury as the result of an accident that was your fault. This insurance also protects your vehicle against certain things depending on the level of cover that you take out. There are different types of car insurance cover, and you can select the one that best fits in with your needs and pocket. Read more

Finding the right travel insurance

Anyone that travels abroad without travel insurance in place risks having to pay out dearly in the event that they get sick or injured whilst away, and they also don’t have the benefit of cover against losses, damages, or theft of their belongings. It is therefore vital that you take out travel insurance cover if you are travelling abroad, both for peace of mind and for protection. Read more

Do you need a basic bank account or a current account?

An increasing number of banks have started to offer basic bank accounts over recent years, and these basic accounts are often known by different names depending on which bank you go through. A basic bank account, as the name suggests, is a more basic version of a current account, and let you run your day to day finances but with certain restrictions in place. Read more

The importance of having car insurance in place

If you drive a car in the UK it is a legal requirement that you have car insurance in place, both to protect you and to protect others. Car insurance is designed to protect other parties that may suffer loss, damage, or injury as the result of an accident that was your fault, and if you have comprehensive cover your vehicle will also be covered even if the accident was your fault. Read more

Finding a good deal on pet insurance

Pet insurance is a type of insurance cover that is designed to protect the health of your pet, much in the same ways as health insurance and medical insurance covers people. In the event that your pet is injured or gets sick your pet insurance plan will help to cover the cost of treatment or surgery, so that you do not have the added stress of financial worries. Read more

What does the bank charge High Court test case mean for consumers?

Earlier this week the eagerly awaited High Court test case relating to bank charges in the UK began. Bank charges have been at the centre of controversy for a couple of years now, ever since campaigners and regulators pointed out that banks were charging consumers far more than it was actually costing the banks for exceeding overdraft limits, for bounced cheques, and for returned direct debits. Some banks were charging consumers close to £40 per fee, whereas the actual cost to the bank is thought to be between £2 and £5. Read more

Are you living a champagne lifestyle on beer money?

There comes a time in most people’s lives where they start spending over and above their means, and this is a habit that can quickly lead to serious financial problems and spiralling debt. In the current economic climate, and in light of the state of consumer debt levels in the UK, it has become increasingly important for consumers to ensure that they live within their means so that they can avoid financial problems and debt as much as possible. Read more

Making use of price comparison sites

Price comparison websites have become extremely popular across the UK over the past couple of years, and these sites have made it easier and more convenience for consumers all across the nation to save a huge amount of money on a variety of services. These price comparison sites are one of the many services that have been made hugely popular as a result of the booming popularity of the Internet, and millions of people now access these sites in order to save money and increase convenience. Read more

Will banks start charging for current accounts?

Most banks in the UK offer a choice of bank accounts to suit different needs, and this includes basic bank accounts, current accounts, and premier accounts. The most popular of these is the current account, which is the type of account that the majority of people use to deal with their day to day financial transactions. Current accounts offer a range of facilities and services for banking customers, enabling them to smoothly manage their finances, and to both receive and pay out money. Read more

Energy prices on the up again

Just as the Bank of England cut the interest rate, enabling homeowners in the UK to breathe a sigh of relief, energy companies knocked consumers back down by announcing that they would be putting up the cost of energy usage again early in the New Year, and as promised one energy supplier, Npower, has already done this, with the other major suppliers expected to follow suit in the coming weeks. Read more

The easiest way for homeowners to organise their finances

Anyone that has a large number of debts to juggle each month is likely to find financial management difficult, time consuming, and frustrating, with an increased chance of missing payments or making late repayments and risking the chance of future credit. Read more

Are price comparison sites all they are cracked up to be?

The term price comparison site is something that we have all become used to over recent years, and the UK has seen a wide range of price comparison sites spring up over the last couple of years. The idea behind these sites is to enable consumers to compare prices on a range of services and products so that they can get the best deal possible, and many consumers have started using these sites for everything from loans and credit cards to utilities and insurance cover. But are price comparison sites really as effective as they make out? Read more

Thinking of booking your annual holiday?

With Christmas and the New Year now over many people will be thinking about getting their annual holiday booked up, whether it is a spring vacation to help shake off the cobwebs of winter or a fantastic summer holiday in some far flung destination. One problem that many of us encounter at this time of year however is finding the cash to pay for a holiday. Having shelled out for the expenses of Christmas and the New Year most of us are struggling to find money to pay the bills never mind book a holiday. Read more

Getting the right bad credit loan

Having bad credit can create many problems when it comes to getting credit in the future, but this does not mean that you will never be able to get a loan again if you have a damaged credit rating. Actually getting credit as a bad credit customer can be very difficult, so don’t expect loans and credit to just fall into your lap. However, with some research and the help of the Internet you should be able to find finance to suit your needs even if you do have damaged credit. Read more

Things to avoid when selling your home

Selling your home can be a difficult task at the moment, with a combination of a slow housing market, lower first time buyer interest, falling house prices, and tight credit conditions all working against those wishing to sell up and move on. Read more

Is 2008 going to be a good year to buy for first time buyers?

Over recent years first time buyers in the UK have really had to suffer when it comes to getting onto the property ladder, with many finding it impossible to get themselves onto the property ladder because of the increasing costs involved. In fact, figures have shown that fewer and fewer people are finding it possible to get onto the property ladder for the first time without having to pool funds with family or friends, which brings with it its own problems. Read more

Why your home is at greater risk over Christmas and New Year

We all know that there are certain times of year when your home is at greater risk from one disaster or another. When you go on holiday and forget to redirect post of cancel milk or paper potential burglars can quickly see that the home is most likely empty. During bad weather conditions, homes in certain areas are likely to be at far greater risk of severe damages. And during the Christmas period homes in all areas are at greater risk, not just from burglars but also from accidental damage that could prove very costly.
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