Daily Archives: August 23, 2011

Debts, Financial, Financial Services, Loans, Money, Personal Finance

Payday Express Remains Strict on Fraud

The Fraud Liaison Team at short-term loans provider Payday Express has spoken out to warn potential fraudsters that just because customers can expect a quick service online, it does not mean that security will be compromised – and offenders will be prosecuted wherever possible.

Much of the payday loan industry has risen to meet customer demand for speedy digital services, which do not require paper-based applications, meaning that funds for loans till payday can be received quickly – often within as little as an hour.

Such practices can attract the attention of online fraudsters, who are keen to grab credit online wherever possible without the need to forge documents. However, forward-thinking fast payday loans company Payday Express has tackled this risk head-on by implementing a variety of identity verification checks and other measures designed to prevent fraud via its online application system. This means that the vast majority of fraudulent applications are declined at the outset.

Payday Express Operations Manager Sarah Carroll said: “It is impossible to stop all fraudulent applications, but our dedicated Fraud Liaison Team is able to make life a great deal easier for anyone who has been a victim of identity theft in connection with one of applications – and a great deal harder for any criminals attempting to exploit the quick and easy online service we offer our customers.”

The Fraud Liaison team assists fraud victims, investigates suspicious circumstances, and liaises with the police and the Serious Organised Crime Agency (SOCA) to report fraudulent activity. Reporting instances of fraud and attempted fraud helps to ensure that fraudsters are prosecuted wherever possible.

Employee Militza Smith has played an important role in the team, including assisting in breaking a fraud ring earlier this year through working with the police.

Militza said: “Seeing a fraud ring uncovered shows the value in victims of identity theft reporting the matter to the police.

“At Payday Express we work very hard to uncover any trends and links to other applications and accounts, to be able to provide as much information as possible to help the police to investigate identity theft and bring the perpetrators to justice.”

Via EPR Network
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Checking & Savings, Financial, Financial Information, Financial Services, Investment, IRA, Money, Personal Finance, Retirement

Standard Life Reveals University Debt Headache For Parents

Standard Life has revealed that more than half of parents potentially underestimate the maximum amount of debt their child could leave university with.

When asked to take into account the increase in tuition fees to a maximum of £9,000 per year from 2012, and any other debts accumulated from living expenses, student loans, bank loans etc. 58 per cent of parents think the maximum debt their children could leave with is £40,000 or under, including many who think this would be a lot less. This total is well under the maximum figure of £54,000 calculated by the long-term savings and investment company Standard Life.

Despite this, a fifth (21 per cent) of parents have started to make regular savings to help ease the costs of their children’s university education, and nearly a quarter (23 per cent) of parents are putting money aside on special occasions (e.g. birthdays or one-off windfalls).

Julie Hutchison, head of technical insight at Standard Life, said: “The findings of our research are positive as they show that parents have identified the need to save for their children’s time at university. Unfortunately their expectations of what that cost could be and therefore the target amount they want to save might actually be too low.”

Parents who have longer to save are taking full advantage, as more than half of parents (55 per cent) with children aged 0 to 9 are putting money aside for their child’s university costs. Conversely seven out of ten (70 per cent) parents with children aged 14 to 17 aren’t doing the same.

Julie continued: “Attending University is of course a worthwhile pursuit but can be expensive with the costs of tuition fees, living costs and course material all adding up over the years. Even though a student loan can be taken to cover all these outgoings, parents can also seriously help reduce these costs.”

More than half (53 per cent) of parents who save on a regular basis are saving less than £50 a month towards their child’s university costs, 27% are saving £50 – £100, 7 per cent are saving £101 – £200 and 4 per cent of parents are saving more than £200.

Out of the 56 per cent of parents who are not saving for their children’s university costs, almost two-thirds (63 per cent) say they can’t afford to at the moment, with one in ten (10 per cent) having just not considered it.

The research also looked at the saving attitudes of grandparents of children under 18, with one in ten (9 per cent) saving for their grandchildren’s university education on a regular basis, 16 per cent on occasions and 2 per cent as a one-off lump sum. Of those not saving, a quarter (24 per cent) have just not considered it, with 15 per cent thinking the child’s parents are saving up sufficient funds.

Regionally parents in the Midlands are saving the most with 52 per cent putting money aside for their children’s university costs. It’s followed by London (48 per cent), Scotland (44 per cent), Southern England and East of England (both 42 per cent) with the North of England saving the least (39 per cent).

Via EPR Network
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Confused.com Finds 1 In 3 Young People Are More Likely To Date A Car Owner

Confused.com has revealed the results of a new survey that shows many young adults feel that owning a car helps to get a date. More than 1 in 3 young adults (34%) feel that young people who can drive and have a car are sexier than non-drivers, and more likely to get a boyfriend/girlfriend.

More than 1 in 3 (35%) told Confused.com that having a car and being able to drive will improve the chances of getting a date. It doesn’t matter too much what kind of car it is though; only 12% of young adults admit to dating someone because of the car they drive with the majority (65%) say that it’s ‘really shallow’ to date someone because of the car they drive.

Well over 1 in 3 young adults (40%) told Confused.com that they felt getting a boyfriend or girlfriend is more likely for those who have a car and can drive, while 12% think that the better the car, the better love life you have. Women are more likely than men to look for a partner who can drive, with 39% of 17-25 year olds saying they are more likely to date a driver than a non-driver, compared to just 24% of young men. 1 in 2 young men (51%) think that they are more likely to get a girlfriend or boyfriend if they have a car, compared to just 36% of young women.

When it comes to making love, 18% of young men think that the better car you drive, the better love life you have, while only 9% of women surveyed think this is true.

The cost of driving and insurance costs are the highest barriers among young people wanting to get behind the wheel; higher even than the cost of buying the car. Other common barriers, as rated by 17-25 year olds in the UK include passing the driving test, the cost of petrol and fees associated with learning to drive.

Gareth Kloet, Head of Car Insurance at Confused.com said: “Getting a car is a sign of growing up and becoming an adult for many people in their late teens and early twenties. The cost of insurance shouldn’t stand in the way of that process. 50% of under 25s could save up to £571 on car insurance by shopping around on Confused.com, leaving them more money to wine and dine a partner.”

Via EPR Network
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Checking & Savings, Financial, Financial Information, Financial Services, Investment, IRA, Money, Personal Finance, Retirement

Prudential Reports Pensioners Set To Lose £2.9 Billion Of Spending Power Over Next 12 Months

Prudential has reported that pensioners in the UK with additional savings held in cash ISAs, savings accounts and current accounts could see their spending power fall by an average of £278 each in the next 12 months, according to new analysis. The calculations show that the combined effects of increased inflation and low interest rates will erode pensioner buying power by a total of £2.9 billion in the coming year.

Pensioners are seeing their cost of living rise 44 per cent faster than the current rate of inflation. This is because a greater proportion of their income is spent on goods and services with prices that are rising ahead of inflation, like fuel and food.

The average pensioner has £19,664 in additional savings, but is likely to see their purchasing power fall considerably as the gap between the interest rates paid on savings and the rate of Silver RPI eats into the value of cash nest eggs in real terms.

According to recent research by Age UK, the average annual inflation recorded by the Retail Prices Index (RPI) has been 3.1 per cent in the period since January 2008. Silver RPI over the same period has averaged 4.6 per cent – resulting in an annual rate of inflation for pensioners that is nearly 50 per cent higher.

Vince Smith Hughes, Head of Business Development at Prudential, said: “Low interest rates and rising Silver RPI mean that many pensioners are particularly feeling the squeeze, and for those who rely on interest paying savings accounts to top up their income the challenge is even greater.

“As most people in Britain feel the financial pressure of rising living costs, pensioners on fixed retirement incomes are facing even higher levels of inflation and are suffering disproportionately.

“We strongly encourage people to speak to a financial adviser to ensure they are making the best use of income-generating investments, bonds and pension funds where relevant, in order to ensure their income has the potential to rise and combat increasing inflation and living costs.”

Via EPR Network
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