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Checking & Savings

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LV= Research Reveals That Homeowners Hoping To Recoup Some Of Their Mortgage Costs Are Fuelling A Rise In Risky Renting

The findings of new research from LV= reveals a 56% rise in properties available to rent over a three month period, with the vast majority (86%) coming from homeowners choosing to let their properties rather than sell in a depressed financial climate.

But home insurer LV= is warning that these reluctant landlords are putting themselves and their tenants at risk, with the findings showing that just 27% have signed up to a compulsory tenancy deposit scheme (TDS) designed to protect tenants and landlords from disputes over the lease. This is despite it being a legal requirement for landlords to ensure deposits are protected by the Government approved scheme.

Introduced in April 2007, the TDP scheme was set up to prevent legal disputes over deposits at the end of a tenancy. All rental properties where a deposit has been taken since April 2007 are legally covered by the scheme.

The high numbers of landlords not signing up means thousands of tenants and landlords could run into trouble at the end of a tenancy. The findings show that 77% of renters have previously had some or all of their deposit money unreasonably withheld, while 13% of tenants have refused to pay rent towards the end of their contract.

With the research showing that 20% of tenancies end in dispute, LV= is warning tenants and landlords to take the correct precautions, and ensure they have legal protection cover included in their policy.

John O’Roarke, Managing Director of LV= Home Insurance, said: “This research highlights the numbers of new landlords entering the market, many of whom may not be aware of their legal obligations. It also illustrates the need for the Government to raise the profile of legislation such as the Tenancy Deposit Scheme and for these to be more strictly enforced, to protect both renters and landlords, as awareness is currently very low. Although the majority of private landlords are undoubtedly honest, our research shows that many tenants have experienced problems getting their deposit money back in the past, and are worried this could happen again.

“The average deposit is over £500, which is a significant amount of money, so renters and landlords need to make sure they know their rights. Renters should also always ensure they have home contents insurance in place, as they are more likely to be burgled than home owners and some polices will include a legal advice helpline, which could be used in the event of a contractual dispute.”

About LV= 
LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs over 3,500 people, serves more than 2.5 million customers and members, and manages around £8 billion on their behalf. LV= is also the UK’s largest friendly society **** and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

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New Research Shows That 15% Of Homeowners Taking Out A Remortgage In Late September And Early October Either Had Deals Turned Down Or Moved Onto Their Lender’s SVR

Financial solutions company Think Money have advised homeowners who are looking to remortgage that speaking to a professional mortgage adviser has become more important in recent months, as the availability of mortgage deals has remained lower than 2007 levels.

The new NMG Research Survey, carried out for the Bank of England, showed that at the end of September and beginning of October, 15% of people who had taken out a remortgage had previously either had applications turned down or had moved onto their lenders’ standard variable rate.

Standard variable rate mortgage deals – a lender’s basic mortgage rate – tend to be noticeably more expensive than the lender’s discounted variable-rate mortgages at any given time, according to a mortgage expert for Think Money.

“Most mortgage deals advertised in the shop window or online are introductory deals,” she said. “Fixed-rate mortgages are usually priced based on the lender’s own long-term projections, but most new variable-rate deals are actually discounted from the standard variable-rate. So the only time homeowners will usually pay the standard variable-rate is when the pre-agreed terms finish – unless they remortgage.”

The Think Money spokesperson added that the recent base rate cuts by the Bank of England have meant that remortgaging can save homeowners a significant amount of money.

“The base rate has fallen from 5.75% to 2% in just under a year and a half, and while mortgage rate cuts have not been quite so pronounced, they still represent good savings for people who entered mortgage deals two or three years ago.

“For example, while at the peak of the market in July 2007 the best mortgage rates stood at around 6% to 6.5%, we are now typically seeing rates of 4.5% to 5%, and even 4% for homeowners with a particularly high LTV (loan-to-value) ratio.

“To put that in perspective, on a typical £120,000 mortgage, a homeowner moving from a 6% interest rate to 4.5% can save around £104 per month, or £1248 per year.

“What’s more, many economists are predicting further base rate cuts – so homeowners with tracker mortgages could benefit even more in the future.”

The spokesperson was keen to emphasise the importance of mortgage advice in the current market. “With lenders still cautious about offering mortgages, it can take a little longer to find the right mortgage deal compared with, say, 2007. That may explain why so many people questioned for the Bank of England’s report had been turned down by some lenders.

“A professional mortgage adviser can take a look at the homeowner’s circumstances, and based on that can search a range of lenders for the best mortgage deal available to the homeowner.”

The Think Money spokesperson urged homeowners to consider their remortgage deal early to allow plenty of time to find the best rates. “It’s often possible to‘reserve’ mortgages with lenders, so if the homeowner likes the look of a deal a little while before their current mortgage terms finish, they can ensure they get the lower rate later in the year. Of course, it’s possible rates could fall more, so homeowners may want to wait and see what happens in the mortgage market before making a move.”

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New Report Suggests That The Available Incomes Of Households Have Fallen Significantly Over The Past Year

Responding to a recent report suggesting that the average household had found it more difficult to repay their debts in 2008 than in the previous year, Debt Advisers Direct have warned consumers to take extra care with their finances. In financial terms, January can be a particularly difficult time, as many households find they’ve spent more than intended over the Christmas period – and Debt Advisers Direct have advised people struggling with debt to seek professional debt advice as soon as possible.

A new report for the Bank of England entitled ‘The financial position of British households’, carried out by NMG Research, is a snapshot of the financial situations of the average British household at the end of September and beginning of October.

The report claimed that the average household had found it more difficult to service existing debts than in the previous year, largely due to higher household bills which reduced ‘available’ incomes. It also said that the purchasing power of this available income had reduced due to high inflation.

More than half of the households in the survey had reported a fall in their monthly available income compared with the previous year.

In total, of those questioned:

• 31% reported a fall of more than £100 per month,
• 20% reported a fall of £51 to £100,
• 12% reported a fall of £1 to £50,
• 25% reported no change, and
• the remaining 12% reported an increase in ‘available’ income.

A spokesperson for Debt Advisers Direct commented: “It’s been known for some time that British households have been under pressure financially in the past year, but these figures demonstrate the extent of the problem. In particular, a drop in available income of more than £100 can make a significant difference to the ability of households to meet their commitments and repay debts.”

The fall in available income was particularly evident amongst homeowners. In both high-LTV and low-LTV categories, 39% of mortgagors reported a fall of more than £100, while a further 19% reported a fall of £51 to £100.

The report suggested that this may have been due to homeowners experiencing higher mortgage costs, especially those who came to the end of fixed-rate or discounted variable-rate mortgage deals.

“Due to rising mortgage costs earlier in the year, homeowners have been particularly
hard-pressed, although this situation may have eased since the figures were recorded due to base rate cuts and the subsequent lower mortgage rates,” the Debt Advisers Direct spokesperson said.

“The implications for homeowners are potentially more serious, since homeowners stand to have their homes repossessed if they default on mortgage payments. Homeowners who are paying relatively high interest rates could improve their situations through remortgaging, although they should consider any costs involved.”

The Debt Advisers Direct spokesperson added that there are a number of debt solutions available that could help those who have experienced a fall in available income.

“For people with several debts who want to reduce their outgoings and simplify their
finances, a debt consolidation loan might be the best option,” she said. “By spreading the repayments out over a longer period of time than the original debts, monthly payments can be lower, which can make a big difference to available income. However, more will be paid in interest as a result of the longer repayment period.

“For those with more serious debts, particularly if the repayments exceed the household’s available income, a debt management plan could help. This involves working with a debt adviser to negotiate lower monthly payments based on how much they can afford. However, a debt management plan will normally require people to pay whatever available income they have left after payments to household expenses have been taken into account, so anyone entering a debt management plan should be fully committed to repaying their debts.”

For debt help and advice on a range of debt solutions, visit the Debt Advisers Direct website or call 0800 074 8639.

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Checking & Savings, Financial, Financial Services, Financial Solutions, Home Equity, Loans, Money, Mortgage

Changes To Home Information Packs

The Government has announced changes to Home Information Packs, which will take effect from 6th April next year. The new measures are designed to ensure consumers receive more helpful information at an earlier stage in the home buying and selling process.

A new Property Information Questionnaire (PIQ) will be included in the pack, which will provide a summary of information about the property in one place. The summary, to include flood risk information, gas and electricity safety, details of any structural damage, and parking arrangements, should help buyers decide whether to view and ultimately purchase a property.

The new PIQ will go alongside the existing contents such as energy performance certificates.

From April, HIP’s will have to be made available from the first day of marketing. The current temporary measure allows sellers to market their property for up to 28 days before the pack is available, as long as it has been commissioned, and arrangements have been made to pay for it.

Housing Minister Margaret Beckett said:
“Home Information Packs are potentially a vital aid to consumers who are seeking to purchase a home, and I am firmly committed to ensuring they work as well as possible. That is why the changes made today will make sure consumers are better protected, better informed and better assisted when buying a home.”

A basic HIP is expected to take 3 to 5 days to compile.

For more information and no-fee mortgage advice, borrowers should call L&C free on 0800 373300.

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green.

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Lloydstsbcompare.Com Raise Public Awareness Of The Need To Tackle Household Bills Ready For The New Year

Skyrocketing energy costs have been a prime concern for many Brits in 2008 but switching suppliers could save a typical household up to £454 – that’s £7,384 million across the entire country.

To help raise awareness, LloydsTSBCompare.com declared December 30th to be ‘tackle your bills day’ to encourage people to assess their household bills and save money in 2009.

According to research by LloydsTSBCompare.com, 80 per cent of people have seen a rise in their energy bills this year. Over one in four (27 per cent) of UK households saw their energy bills rise by more than £40 per month and 30 per cent think they could rise by a further £40 per month this winter.

Despite the pressure from rising bills, one in three (36 per cent) households has never switched energy providers and one in four believes shopping around will not make any difference. But those who have used comparison sites to switch providers have, in recent months, benefited from average annual savings of £284.

By using a comparison site such as LloydsTSBCompare.com customers can compare gas and electricity, telephone and broadband providers, as well as travel and car insurance. The site also has supermarket and petrol price checkers, helping customers to secure the best deals in and around their local area.

Steve Grainger, LloydsTSBCompare.com, said: “A concerning 40 per cent of Brits said they don’t know how they will cover their bills if prices continue to increase. December 30 was the perfect day for us all to concentrate on getting on top of our finances for the New Year. LloydsTSBCompare.com gives customers all the tools they need to cut their household bills and save money.”

Stealing the crown from TescoCompare, LloydsTSBCompare.com was recently named ‘Britain’s best car insurance comparison site‘ by Defaqto, the independent product research company.

The ‘tackle your bills day’ declaration comes at a time when many UK households are feeling the pinch and LloydsTSBCompare.com hope it will encourage homeowners to push sorting out their personal finances higher up the list of new year’s resolution for 2009.

About LloydsTSBCompare.com:
LloydsTSBCompare.com has been developed by Lloyds TSB Insurance Services Limited to offer our customers a choice of independent impartial quotes from a wide panel of insurance providers and energy suppliers. Comparison features include price, policy benefits, plan features and customer service rating, so consumers can make sure they get the policy that best meets their individual needs.

LloydsTSBCompare.com is a trading style of Lloyds TSB Insurance Services Limited registered in England and Wales under company number 968406, with registered offices at 25 Gresham Street, London EC2V 7HN.

LloydsTSBCompare.com is authorised and regulated by the Financial Services Authority (Registration number: 310738).

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The Bank Of England Made A Further Reduction In Bank Base Rate This Week To 2%, Its Lowest Level For 57 Years

The Bank of England made a further reduction in Bank Base Rate this week to 2%, its lowest level for 57 years.

It is hoped that this further increase coupled with the recent reduction in VAT will stimulate consumer spending.

Borrowers who are on tracker deals should see the benefit from January where a £150,000 repayment mortgage over 20 years, tracking the base rate at +0.5% will cost just £794.85, £195.08 less than 2 months ago when the base rate was 4.5%.

Borrowers can see how the change in base rate will impact on their monthly payment by using L&C’s rate change calculator.

Borrowers on a fixed rate mortgage at present may well be feeling badly done by as they have not benefited from recent cuts in base rate. Depending on the rate of interest they are currently paying and the remaining period left to run on their fixed rate they may also be able to save money by switching to a new deal, despite paying an early repayment charge. By using L&C’s early repayment charge calculator, they can quickly find out what rate of interest they would need to pay to achieve this.

For more information and no-fee advice, borrowers should call free on 0800 373300.

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green.

L&C has won numerous awards including:

Best Mortgage IFA/Adviser of the Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy, 2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007,2008
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year – The Bath Business Awards 2005

Growth Strategy of the Year – National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards – 2008
Online Mortgage IFA of the Year – Financial Adviser – 2008

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Sunwest Trust Claims Their New Friends And Family Lending Program Will Be A Contributing Solution To The Credit Problem

In the wake of the National Credit Crisis, Sunwest Trust, Inc., a leading financial company, unveils its new “Friends and Family Lending Program”. The program seeks to interchange the roles of lending banks with financially solvent family members taking up such a role.

Outlining their new plan, the Company insists that solvent members in the family can assume the role of bankers. They could be lending to such members who are seeking loans for purposes such as having a new home. “The ability to fall back on solvent family members for financial support would be a welcome alternative for people who are finding that getting loans is difficult,” says Terry White, CEO, Sunwest Trust, Inc.

http://www.sunwesttrust.com/

The logic behind the argument advanced by Sunwest Trust is that such lending could result in mutual benefit for the lender as well as the debtor. The debtor would benefit from the lower interest rates and the convenience of getting financing. Lenders, on the other hand, will gain from higher interest rates than they could get in comparison for their deposits made in the bank. “Thus, it will be higher income for the lender while a lower loan burden for the debtor,” adds White.

Another aspect of their statements in favor of the new plan is that with such loans, the lender’s money is more secured in comparison to those lent out to strangers. At the same time, the debtor gets significant income tax benefits.

Sunwest Trust, Inc. assists clients through the process by administering the loan in such manner that everything is well organized. “We can collect for taxes and insurance payables on a monthly basis so that the payments are spread throughout the year”, denotes White.

“Payments will be made to Sunwest Trust who will allocate these payments dividing them to principal and interest. The money can be deposited directly into your checking, money market, or savings accounts”, White further adds.

The Company cautions its clients that every investment is coupled with the risk of loss; however, this is a preferable risk being helpful both for the lender and their family members.

Sunwest Trust is confident of the success of their new program and the “Friends and Family Lending Program” is now currently offered to interested parties nationwide. Learn more by watching our video at http://www.youtube.com/watch?v=tDXc6JtzPsI

About Sunwest Trust
One of the leading financial Companies in Albuquerque, Sunwest Trust Inc. is the only one dealing with both escrow and completely self directed IRA simultaneously. The New Mexico Financial Institutions Division granted it with Trust powers in the year 2003, but has been an escrow company for over 21 years. While Sunwest specializes in self directed IRA, they also deal with real estate contracts, and mortgages. The Company is presently servicing over $900 Million in assets for over 12,000 individuals.

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New Research From Barclays Financial Planning Shows A Worrying Trend Of People Not Providing Themselves And Their Families With A Suitable Financial Safety Net

Despite the level of fear surrounding unemployment and debts in the current environment, an online poll of 2001 British adults between 24th and 28th October 2008 conducted for Barclays Financial Planning by Opinium Research shows a worrying trend of people not providing themselves and their families with a safety net.

According to the research, over half the people questioned are worried about being able to maintain their outgoings over the next 12 months, pushing essential safety nets like income protection and critical illness cover to the bottom of their priorities. The results show, nearly half (47%) of UK adults have no protection policies in place whatsoever, to protect them and their families in the event of losing their income, health issues or even death.

The safety net gap:
52% have no life insurance
75% have no critical illness cover
78% have no income protection cover

Those aged between 35 and 54 often have the most responsibilities in terms of dependants and outgoings, but showed a large gap in their protection cover, with 45% having no life cover and 74% with no income protection insurance.

Alison Tattersall, Head of Customer and Proposition at Barclays Financial Planningsaid: “When finances are tight it is often responsibilities like protection policies that fall to a lower priority, and of course these policies protect outcomes that people don’t want to think about. But people must consider the financial consequences of what would happen if they were unable to work, or their dependents’ situation if they died, it would be far worse than any concerns they currently have over struggling to meet their outgoings.”

When looking at what other safety nets people could be relying on, the research reveals that 60% of people admit to having nothing saved, having less than one month’s salary in the bank, or not knowing what they have in savings at all. Worryingly the report also reveals that nearly 40% of people don’t receive benefits such as sick pay, death in service or health insurance, or simply do not know if they would be entitled to them. Coupled with 81% of people not knowing what they would receive in benefits from the state if they were too ill to work.

Alison Tattersall continued: “This is a worrying trend. People need to know what their state and employee benefits are before they are able to plan their protection needs properly.

“Over half of people that do have protection policies said they did not take advice or did not know if they had taken advice when buying their cover, and over 70% do not know or only have a rough idea what level of payout their policies would give them if a claim was made. This could clearly mean people end up without the right cover for their needs, which is often just as bad as having no protection at all. We urge people to seek professional advice and review the level of protection insurance they have to cover themselves or their family.”

About Barclays Financial Planning
Barclays Financial Planning (BFP) provides tailored financial advice on life, pensions and investment products across a carefully selected range of products from a range of product providers according to customer needs. It is one of the largest financial advisers in the UK, with over 700 advisers. A no obligation financial planning consultation is available to personal, business and corporate clients, and our advisers have a range of solutions available for businesses wishing to discuss succession planning.

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Think Money Have Advised Consumers To Avoid Getting Into Debt Wherever Possible This Christmas, With The Recession Threatening To Put Further Pressure On The Finances Of British Households In 2009

Financial solutions company Think Money have warned consumers to be careful over the amount of debt they incur over the festive season, in order to avoid potential debt problems in the midst of an economic recession.

They have also advised those consumers who do rely on credit to act early and tackle any debts before they have the chance to grow, and to be selective over the types of credit used in order to prevent the debts from becoming unmanageable.

For many families in the UK, including those who are usually comfortable financially, the Christmas season has become associated with debt. The tradition of spending large amounts of money on food and gifts has meant that large numbers of households fall into debt every year, even if it means spending a large part of the following year repaying those debts.

Indeed, a survey taken earlier this year by Savebuckets.com suggested that one in four Christmas borrowers were still repaying their Christmas debts in the following October – nine months after the money was originally spent.

A debt expert for financial solutions company Think Money commented: “In today’s society, many households actually expect to get into debt in order to get through the Christmas season – which can put them at risk of debt problems in the future. It’s much safer to focus more on how to avoid falling into debt – and with the right preparation and attitude, it is very much possible to do that.”

The spokesperson added that staying out of debt over the Christmas period does not necessarily have to mean cutting back on costs. “The households who are best prepared for the Christmas period are those who have thought about it long in advance and have been saving throughout the year. By saving just a relatively small amount each month, it’s quite possible to save enough to cover all the costs involved, without having to compromise.

“However, it seems that it is currently more common to pay with credit in the run-up to Christmas. This may have been fuelled by the relatively easy access to credit of the past few years, although due to the credit crunch, this may be a little more difficult this year.”

The spokesperson also said that the type of credit used can be crucial to consumers’ ability to repay the debt. “For those consumers who do rely on credit over the Christmas period, choosing the right form of credit is a simple step that can make all the difference.

“For example, it’s generally unadvisable to make large purchases on credit cards unless the buyer is absolutely sure they will be able to repay the debt in a short space of time. The APR on credit cards is typically very high, which means the debt can grow very quickly unless it is repaid promptly.

The Think Money spokesperson added that anyone finding themselves struggling with debt should seek debt advice straight away. “There are a number of debt solutions that can help to minimise outgoings and/or help to reduce debts, such as debt consolidation or an IVA (Individual Voluntary Arrangement). We urge anyone in serious debt to seek professional debt advice as soon as possible.”

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Banks, CDs, Checking & Savings, Financial, Financial Services, Money, Online Banking

National Savings & Investments win industry award for successful MyLostAccount campaign

National Savings and Investments (NS&I) has been awarded the Most Effective Advertising Campaign at this year’s Financial Services Forum Awards for Marketing Effectiveness for the successful campaign for mylostaccount.

Launched in January 2008, mylostaccount is the free, ‘one-stop shop’ website to trace bank, building society and NS&I savings accounts. Designed to make it quicker and easier to search for lost savings, the website brings together the existing tracing schemes from the British Bankers’ Association (BBA), Building Societies Association (BSA) and NS&I.

mylostaccount was promoted by an extensive online and print campaign that commenced in February 2008. The campaign was fronted by a cartoon image, ‘Fetch’ the dog, and was designed to appeal to a wide audience.

Ayesha de Silva, Online Marketing Manager at National Savings & Investments who collected the award said, “To receive the award is a real honour for all of us at NS&I and our partners, the BBA and BSA. The mylostaccount website has certainly proved popular with the public in 2008 and the concept of ‘Fetch’ was a straightforward and fun way to make people aware of the new website.”

The campaign identity and advertising was developed and produced by CST and media buying handled by OMD UK. The website was built by Wrenhill.

In the first six months of mylostaccount, more than 140,000 people submitted search forms for money left unclaimed in dormant bank, building society and NS&I accounts. This compares with 44,000 claims in 2007, via the BBA’s, BSA’s and NS&I’s own tracing services, prior to the launch of the website.

The free website has also averaged over 760 claims per day since its launch, as savers have become more aware of this easy way of checking whether any of the estimated £1 billion lying in dormant accounts is rightfully theirs.

The Financial Services Forum Awards for Marketing Effectiveness, introduced in 2002, are dedicated to recognising and rewarding proven success in the presentation and promotion of financial services and products. At the award ceremony the site was also Commended for two other awards, in the Digital Activity and New Product, Service or Innovation categories.

About mylostaccount:
mylostaccount is a free website created by NS&I along with the British Bankers’ Association (BBA), the Building Societies Association (BSA), which is designed to help account holders search for lost bank, building society and NS&I accounts by simply completing just one application form.

About NS&I:
NS&I is one of the largest financial providers in the UK with 28 million customers and over £83 billion invested. It is best known for Premium Bonds, but also offers High Income Bonds, ISA accounts, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.

NS&I products are available over the telephone, internet, post and by standing order. They are also available through a network of 14,000 UK Post Office branches.

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The Bank Of England’s Decision To Cut The Base Rate Could Be Particularly Welcome Among People Looking To Remortgage

Welcoming the Bank of England’s decision to cut the base rate to 2%, financial services provider Think Money (www.thinkmoney.com) highlighted the positive effect this could have on people looking for a remortgage.

“Many people paying – or looking for – a mortgage will welcome the base rate falling to levels we’ve not seen in over 50 years,” said Melanie Taylor, Head of Corporate Relations at Think Money. “However, we anticipate the greatest sense of relief will be among people coming to the end of their mortgage term.

“Primarily, this is because these are the people who are tied to a specific time period. Most people moving house or buying their first home will have a degree of flexibility in the timing of their move, but when a mortgage term expires, it expires. This is an absolute deadline – and before they reach that point, the homeowner should have decided whether they’ll revert to their mortgage provider’s SVR or look for a new mortgage deal altogether.

“To anyone in that situation, the base rate cut will come as a great relief, as it could make either option more appealing. In some cases, it could make all the difference between being able to stay in the house and having to sell it.”

However, as the Council of Mortgage Lenders (CML) has pointed out, lenders don’t necessarily benefit from cuts to the base rate in the way that many people believe. As the CML website states: ‘the cost of funds to lenders depends not on Bank rate, but on a range of other factors, including what they have to pay savers to attract deposits, how much it costs them to borrow in money markets, and the costs of holding capital and sufficient liquidity … Far more important than the Bank rate in determining lenders’ funding costs is the three-month London inter-bank offered rate (libor)’.

Nonetheless, the rate which the Bank of England charges lenders is still an important factor, affecting the entire monetary system: “Many mortgage providers passed the full 1.5% of November’s cut on to borrowers on their SVR deals. Various lenders have already announced they will pass on all or most of this latest reduction too, making the thought of reverting to their SVR much more attractive.

“At the same time, this reduction in the base rate will make it easier for lenders to lower the interest rates they charge for new mortgages of all kinds, helping people remortgage at a more attractive rate.”

But homeowners at the end of their mortgage term won’t be the only ones to benefit from the base rate cut. “According to the Bank of England’s November 2008 Inflation Report, around 7% of mortgagors are spending 35-50% of their pre-tax income on their mortgage payments – and 5% are spending 50%-100%. Given the historically high salary multiples we’re seeing in today’s mortgage markets, the ability to remortgage at a lower rate could make all the difference to the finances of many homeowners.”

“Of course, there’s always the question of Loan-to-Value (LTV), a particularly important ratio in today’s economic environment: with house prices dropping and credit relatively scarce, lenders are reserving the best deals for people with LTV ratios of 60% or less. Even so, a base rate of 2% is indisputably good news for most homeowners with mortgages across the country, whatever their situation.”

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Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Loans, Money, Personal Finance

Debt Management Company Gregory Pennington Have Advised Anyone Currently Struggling To Repay Debts To Seek Professional Debt Advice

Responding to a new report from PricewaterhouseCoopers suggesting that over a quarter of borrowers are worried about their ability to repay debts, debt management company Gregory Pennington has advised consumers that all forms of borrowing should be planned well to ensure that the debts can be repaid, and has encouraged anyone struggling to repay their debts to seek professional debt advice.

The Credit Confidence Survey by PricewaterhouseCoopers suggested that over one in four people (27%) are worried about their future ability to repay debts, while 20% of UK credit customers are worried about the future availability of credit – suggesting a reliance on credit to pay off existing debts.

16% of those questioned reported that they were already struggling to make debt repayments, “very few” of whom have considered options to restructure their debt, such as a debt management plan.

The report also found:

• Unsecured borrowing has actually risen by 6% compared with last year – although secured borrowing has fallen ‘dramatically’
• Insolvencies increased by around 9% in the third quarter of 2008, compared with the second quarter
• Every working hour, over 100 adults enter into bankruptcy, an Individual Voluntary Arrangement (IVA) or start a Debt Management Plan

A spokesperson for Gregory Pennington commented: “Although the survey on the whole represents good confidence levels amongst a lot of borrowers, the fact that over one in four borrowers are worried about their future ability to repay debts highlights the importance of future planning when it comes to borrowing.

“One of the most important steps for borrowers to take before taking out a loan is to establish how much they want to borrow and how much they can afford to repay each month. There is also the matter of how long the repayment terms should be – the longer the terms, the more time there is in which the borrower’s circumstances could change, and a change in circumstances could affect their ability to make repayments.

“Of course, there are many cases in which unforeseen circumstances prevent borrowers from repaying their debts, such as unemployment or a fall in earnings.

“Whatever the reason, anyone struggling to repay their debts should take decisive action as early as possible. A debt adviser can provide information on a range of debt solutions that can help to minimise monthly outgoings, which could be crucial to those hard-pressed by the current economic situation.

“For example, a debt management plan through a professional debt adviser can enable people to pay back their debts at a more manageable pace, while reducing or freezing interest and other charges. However, this can mean the debts take longer to repay than originally planned.

“Alternatively, a debt consolidation loan can ‘group together’ the borrower’s debts, meaning they pay one creditor instead of many. A debt consolidation loan can also be spread out over a longer period of time than the original debts, meaning monthly outgoings are reduced – although this can mean paying more interest in the long run. However, if the borrower is consolidating high-APR debts such as credit cards, the lower interest rate can often mean that less interest is paid overall.

“For more serious debts, typically of £15,000 or higher, an IVA (Individual Voluntary Arrangement) might be the most appropriate option. An IVA involves working with an Insolvency Practitioner to draw up a proposal for lower debt repayments based on an amount that the borrower can afford. This normally continues for five years, and on successful completion the remaining debt is considered settled.

“As with anything debt related, it’s always advisable for borrowers to speak to an expert debt adviser before deciding on the appropriate solution for their debts.”

Via EPR Network
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Banks, CDs, Checking & Savings, Financial, Investment, IRA, Money

During an economic downturn most investors resort to bank CDs, but CDs may not be the best option considering the low returns they guarantee. Therefore, a more favorable option during this economic downturn could be in an alternative private investment with higher yield and a guarantee

Stock Market Investors Shift From Wall Street To High Yield Investments On Main Street. Most investors traditionally resort to bank CDs during an economic downturn. But CDs may not be the best option considering the low returns they guarantee. Therefore, a more favorable option during this economic downturn could be in an alternative private investment with higher yield and a guarantee offered by a financial company such Integrity Financial AZ based in Sacramento, CA.

Investors across the stock market could soon find a better alternative to the traditional bank CDs in guaranteed return investments, claims Integrity Financial AZ, a leading financial investment company headquartered in Sacramento, California.

Financial companies realize that the current credit crisis is causing an economic downturn as well as apprehension among the investors losing their retirement savings due to the stock market plunge. Analyzing the current scenario, investors are also worried that the stock market may not recover in the near term from the recent “Ticker Shock” being reported minute by minute by the media.

In order to escape the financial morass, “Wall Street investors are scrambling for alternative investment vehicles to recoup their stock market losses in the safest investments possible while at the same time staving off the under-toe of inflation,” says Stanley Paulic, CEO of Integrity Financial AZ, www.IFAZLLC.com, and one of the leading financial companies of the United States. “Finding a high equity yield investment on Main Street to recoup one’s losses is even doable in this economy,” Paulic adds.

“Earning higher yields and a guaranteed rate of return does not automatically correlate to ultra-high risk. It might just mean that it is a better investment vehicle with better margins for investors. After all, what is riskier than Wall Street, especially right now where most investors are suffering from double-digit negative returns?”

“You can earn a guaranteed return with a bank CD, but the return will be low.” His statements are based on the fact that the rate of return for investors on bank CDs is 2-3% during economic downturns.

Company management states that investors can rollover their 401k or transfer an existing self directed IRA to purchase 10% guaranteed investment contracts secured by real estate. Over the long run these contracts earn more in comparison to CDs making such guaranteed investments more preferable.

About Company
Integrity Financial A-Z Company was founded by Steven R. Long, President, and Stanley M. Paulic, Chief Executive Officer, with the vision to create financial independence for internal clients so that they are self-sustaining, self-generating, and self-perpetuating as stated in Latin on the logo. The company aims to provide clients with financial independence assuring high equity yield investments and 10% guaranteed returns, which three to four times the rate of return of normal Bank CDs.

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Checking & Savings, Credit Cards, Financial, Financial Services, Forex, Money

MS Money Reports Weak Pound Sees Travellers Digging Out Foreign Currency To Exchange For Sterling In Time For Christmas

As the pound continues to fall in strength against foreign currencies, Christmas shoppers have been digging-out their old foreign currency to exchange for sterling.

M&S Money has reported that November saw a record number of people exchanging foreign currencies for sterling across the network of in store bureaux de change.

There has been a particularly high demand to exchange US dollars for sterling – a 53% increase in turnover over the past three weeks compared to the same period last year. Other popular ‘buy back’ currencies in November were the Swiss Franc and Japanese Yen.

Fraser Millar, M&S Head of Travel Services, said: “This time last year travellers heading to America were getting a great deal – almost US$2 for every £1. At that rate you would be wise to hold on to any dollars brought back to the UK and use them on your next trip.”

He continued, “Now the pound has weakened against the dollar – around US$1.44 for every pound – so travellers are getting less for their money in the US. Travellers returning home with cash that may have previously held on to the currency are now keen to grab the relatively low ‘buy back’ rates.”

Previous research carried out by M&S Travel Money found that 80% of Brits bring back foreign currency when they return from a break abroad. Almost a third (28%) of those return home with more than £50 worth.

Over three quarters (76%) of British travellers that bring back foreign money said they do not bother or just forget to change the money back into sterling and a third (33%) simply leave it untouched in a drawer, wallet or handbag.

Fraser added: “As families continue to face financial pressures, the trend to keep currency rather than change back to sterling is likely to decrease. M&S offers a commission free buy-back service, so travellers don’t have to worry about bringing lots of cash home with them.”

About M&S Money

M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top ten credit card provider and the second largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home insurance and car
insurance, as well as loans, savings and investment products.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 85 countries and territories.

With a market capitalisation of US$190 billion (7 October 2008), the HSBC Group is one of the world’s largest financial services organisations. Over 100 million customers worldwide entrust HSBC with US$1.2 trillion in deposits. With a tier one capital ratio of 8.8% and a loan to deposit ratio of 90% (30 June 2008), the Group remains one of the most strongly capitalised and liquid banks in the world.

M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer – quality, value, service, innovation and trust.

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Checking & Savings, Financial, Financial Services, Insurance, Mortgage, Personal Finance, Retirement

Barclays Financial Planning Offers An Effective Retirement Planning Solution As An Alternative To Stakeholder Pensions

Barclays Financial Planning has launched two new pensions products, designed to offer an effective retirement planning solution as an alternative to stakeholder pensions.

Both of the new offerings combine the traditional elements of a personal pension, with the addition of considerable investment flexibility, making them bespoke to individual clients’ needs. Clients can choose either a basic investment solution, comparable with a stakeholder pension, or the choice to diversify their pension assets, including the option of a ‘Select Choice’ fund proposition.

David Stuart, Director of Investment Advice and Products at Barclays Financial Planning said: “We have launched our new pensions to offer the everyday pensions investor something much more flexible than a stakeholder plan, but without the more complicated structure or cost implications of a full Self-Invested Personal Pension (SIPP). We offer the structure of a stakeholder pension with the option to place pensions assets in something more than a basic UK fund. In current market conditions retirement planning is still as important as ever, and we have seen clients wanting to look at alternative investments which would not be available in a basic stakeholder pension. This new product gives them that option.”

Barclays Financial Planning provides access to fully qualified financial planners in any branch of Barclays Bank, who can advise individuals on the pension solution most suitable for their circumstances. As well as pensions advice, Barclays Financial Planning can give advice on all areas of financial services.

About Barclays Financial Planning

Barclays Financial Planning (BFP) provides tailored financial advice on life, pensions and investment products across a carefully selected range of products from a range of product providers according to customer needs. Barclays Financial Planning is one of the largest financial advisers in the UK, with over 700 advisers. A no obligation financial planning consultation is available to personal, business and corporate clients, and Barclays Financial Planning advisors have a range of solutions available for businesses wishing to discuss succession planning.

Customers can contact Barclays Financial Planning through any branch of Barclays Bank, or by calling 0800 587 2024.

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Virgin Money UK Has Strengthened Its Management Team With The Appointment Of Rob Clifford As UK Managing Director

Prior to joining Virgin Money, Rob was Chief Executive at Mortgage Force and has over 20 years experience in financial services. A serial entrepreneur, he has led a number of successful start-ups and has a proven track record of creating significant shareholder value, as well as having been repeatedly elected to the boards of regulatory and trade bodies.

Rob Clifford will join the firm on 6 January 2009* and will report into Jayne-Anne Gadhia who will now drive the worldwide financial services strategy forward. Virgin Money has a presence in the UK, Australia, South Africa and USA.

Virgin Money UK has seen strong growth since 2003 (CAGR 30.50%) and in his new position as UK Managing Director, Rob will be tasked with ensuring the business continues to grow quickly and profitably across credit card, protection and investments, as well as developing a new mortgage proposition for the business.

Jayne-Anne Gadhia, Executive Chairman of Virgin Money worldwide said: ‘I am delighted that Rob Clifford has agreed to join us. He has focused on value creation throughout his career and will bring his vast experience of the UK financial services market to make a major contribution in shaping and growing the Virgin Money business in the UK.’

Rob Clifford said: “I’ve spent over 20 years in financial services and been lucky enough to build several successful businesses with fantastic colleagues during that time. About 10 years ago I met Jayne-Anne Gadhia and became a fan of Virgin Money. We always believed that we’d eventually create the right opportunity to work together and now is that time.”

Rob added: “Having made massive emotional and physical investment in building businesses which became trusted and admired, there was no way I could miss an opportunity to become a custodian of one of the most powerful brands around. Virgin is all about being passionate, challenging and innovative and I’m certainly up for the challenge.”

* Subject to regulatory approval

About Virgin Money

Virgin Money is Virgin’s financial services arm and was established in 1995.

Virgin Money has over two million customers and offers a wide range of financial products across lending (e.g. credit cards and personal loans), savings (e.g. deposits, investments and pensions) and protection (e.g. life insurance, home insurance and car insurance) to the UK market.

Virgin Money Personal Financial Service Ltd is authorised and regulated by the Financial Services Authority (FSA). Registered Office: Discovery House, Whiting Road, Norwich NR4 6EJ. Registered in England no. 3072766. Entered on the Financial Services Register (www.fsa.gov.uk/register), Register Number: 179271

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Checking & Savings, Financial, Financial Management, Financial Services, Insurance, Insurance Services, Money, Profits, Retirement

LV= Strengthens Its Enhanced Annuity Offering Meaning People With Minor Medical Conditions Could Be Entitled To Higher Levels Of Income

Flexible retirement solutions provider LV= has improved its enhanced annuity product by increasing the number of medical conditions accepted for enhanced terms under its conventional and with-profits annuities.

In addition to the medical conditions already accepted, customers who have a combination of milder conditions, such as high blood pressure and high cholesterol, and disclose them at application, may now be eligible for an enhanced annuity rate and an increased income in retirement.

Customers suffering from two or more mild medical or lifestyle conditions may now be able to qualify for enhanced annuity rates offering up to 7.5% more income than a standard annuity from the market leading provider. The new qualifying conditions include high blood pressure, being overweight, high cholesterol, smoking cigars, and smoking less than 10 cigarettes each day.

Matt Trott, Head of Annuities at LV= commented: “We hope the improvements to our enhanced annuity will encourage more people to apply and potentially receive a higher income in retirement. Many conditions that people may think are trivial and won’t enable them to qualify for an improved annuity, such as high blood pressure, may in fact open the door to enhanced annuity terms.

“It is therefore even more important that customers are open and honest about their health and medical conditions with their financial adviser. Even relatively minor conditions could increase the income they receive in retirement for the rest of their life.”

Examples of potential income increases, with the improved LV= product, compared with a standard annuity from the market leading provider:

– A 65-year-old male smoker could receive an extra £147 in income each year, equivalent to an increase of 3.2%, having disclosed he is receiving treatment for high blood pressure and high cholesterol, as well as being obese.

– A 65-year-old male smoker who is overweight who purchases a joint life annuity that will provide a 50% dependant benefit to his 62-year-old wife, will receive an extra £167 in income each year, equivalent to an increase of 4.8%, having disclosed he is receiving treatment for both high blood pressure and high cholesterol.

About LV
LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs over 3,500 people, serves more than 2.5 million customers and members, and manages around £8 billion on their behalf. We are also the UK’s largest friendly society (Association of Friendly Societies Key Statistics 2008. Total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

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Bankruptcy, Business, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, IVA, Loans, Money, Personal Finance

Insolvency Practitioners Freeman Jones Have Commented That Ivas Remain A Very Useful Alternative That Can Avoid Many Of The Negative Consequences Associated With Bankruptcy

Responding to new statistics showing a rise in the number of people in debt applying for bankruptcy, Insolvency Practitioners Freeman Jones have highlighted the importance of addressing debt problems early, especially with a recession looming, and have pointed to the IVA (Individual Voluntary Arrangement) as a useful alternative to bankruptcy that could lessen the blow of insolvency.

The statistics, compiled by the Ministry of Justice, showed a total of 13,653 petitions for bankruptcy in the three months between July and September – 7% more compared with the same time last year, and a 1% increase on the previous quarter.

In the same time, creditors themselves filed 5,499 bankruptcy petitions against borrowers – 2% less than the previous quarter, but 10% more than July-September 2007.

In an earlier report, the Insolvency Service reported a 3.3% rise in individuals taking up IVAs in the third quarter of 2008, although the number had actually fallen by 3.1% compared with the same period last year.

A spokesperson for Freeman Jones commented: “Bankruptcy can be the best way out of debt for some people, but in many cases an IVA is a preferable alternative, as it can avoid a lot of the negative consequences associated with bankruptcy.

“Unlike bankruptcy, an IVA almost always allows borrowers to keep hold of their home – although they will be expected to release some of the equity in their home in the fourth year – and it does not carry the publicity or social stigma that bankruptcy does. It also does not prevent people from running a business or taking other positions, like bankruptcy does.

“There are some people who feel that bankruptcy is a more appropriate way out of insolvency than an IVA,” continued the spokesperson. “That’s mainly because bankruptcy is over more quickly – normally after a year – and it typically results in less of the overall debt being paid off by the borrower.

“However the restrictions placed upon borrowers by bankruptcy can sometimes outweigh the benefits, and although an IVA lasts for longer, it will do less damage to the borrower’s future prospects in the long run.

But the Freeman Jones spokesperson was quick to acknowledge that bankruptcy can sometimes be the better option. “Since an IVA requires regular monthly payments for a number of years, people with a low or unpredictable income may find that bankruptcy better suits their needs,” she said.

“Likewise, if the borrower does not have much in the way of assets, and their circumstances are unlikely to improve, then bankruptcy may be their best choice.

“It can often be difficult for people in debt to decide whether bankruptcy or an IVA is the best option – and as always, we advise anyone facing debt problems to seek expert debt advice.”

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Individuals Who Are Investing Their 401k & IRA Money In Ventures Outside The Stock Market Can Have A Brighter Retirement And Growing Wealth

The stock market implosion of 2008 has millions of Americans feeling financially helpless. Yet individuals who are investing their 401k & IRA money in ventures outside the stock market are singing a different tune.

One such cheerful investor is Janice Stoddard, who along with her husband, Jack, owns a real estate business in Arkansas. In 2004, Janice learned about “self-directed investing” from a seminar that taught how to invest IRA money into real estate. She returned home excited about the prospect of setting up her own self directed IRA.

The Stoddards established two IRAs, rolling over investments from their traditional IRAs to fund them. They used the IRAs to make small real estate transactions, purchasing and reselling property at a profit with all proceeds staying in the IRA.

In 2006, an opportunity to buy and then immediately re-sell 60 acres of undeveloped land at a profit came up. Concerns over structuring the deal and keeping everything above board led her and her husband to consult with Jeff Nabers, well known as one of the nation’s top experts on self directed investing.

“Jeff helped us establish a Solo 401k that could be used to handle the 60 acre transaction. The Solo 401k was a key component to our funding because we were able to contribute 10 times more to it than we could to an IRA. Meanwhile, our son, who works in oil and gas, alerted us to keeping our eyes open for property with mineral rights for future transactions,” Janice says.

With the proceeds from the 60 acre sale, the Stoddards began looking for their next investment. They found a 57 acre property with 54 acres of undeveloped land and a house that was sitting on three acres. The property, valued at $435,000, was more than the couple had in cash in their Solo 401k, so they began looking at options.

They contacted friends in Dallas and asked if they’d be interested in joining them in the investment. Their goal was to buy it and sub-divide it for resale in five and ten acre parcels. Their friends, both physicians, agreed.

Nabers Group helped the couples form a Limited Liability Company for purposes of purchasing the land. The LLC is owned jointly by the Stoddard’s Solo 401k and their friend’s IRA.

The owner had originally listed the property for $5,250 an acre with only 50% of the mineral rights. At the time no drilling was taking place on the property and no natural gas had been pulled from the ground. The Stoddards negotiated for full mineral rights and bought them with the property for $5,875 per acre.

Over the next few months, natural gas producer Chesapeake Energy put a well on the property, and soon the LLC was receiving large monthly royalty checks for the natural gas on the property. Over 18 months, those checks totaled more than $100,000. When the Stoddards were approached by a buyer who wanted to purchase the mineral rights and not the land for $8700 an acre, they sold the rights, netting another $465,000 while retaining the land, now valued at an estimated $435,000.

“Janice knows real estate and knew how to identify an under-valued property that was a good investment. With her son’s knowledge of oil and gas, her strategy became as much about the mineral rights as the real estate. Mineral rights prices had been skyrocketing and lease values had been increasing in her area, and Janice knew she could resell the land and improvements alone and at least break even while keeping what she was really after – the mineral rights,” Nabers said.

Within six real estate transactions, the LLC’s asset value had gone from $350,000 to more than $950,000 in under two years. The Stoddards have more than quadrupled their initial investment, and they aren’t stopping there. Other property and mineral rights deals are already on the table for purchase with their Solo 401k funds.

Nabers, whose firm regularly structures self directed IRA & Solo 401k investment plans, says the growth in the Stoddards’ investments is exceptional, but not unique for someone who is as diligent in their investing as they are.

“I will admit to being a researcher,” Janice Stoddard says. “When I found out that as a self-employed individual I could set up a retirement plan that would allow me to invest in real estate, which is something I know very well, I was excited about that. The hard part was finding a financial expert who would embrace the concept of self directed investing. Everyone I talked to told me I should buy stocks instead. The Nabers Group has a wealth of experience in this area and Jeff has been very instrumental in giving us a thorough understanding of our options and the opportunities,” she says.

Today Stoddard advises other real estate professionals to do the same thing, and she’s joined the IRA Association of America to ensure that she is aware of regulations and new opportunities available to individual investors.

“I talk to my friends, and they are absolutely despondent over what is happening to money they thought they had for retirement or college. A lot of people have lost a lot of money in recent months. When I tell them I didn’t lose a dime and that I’ve quadrupled the value of my Solo 401k over the last eighteen months, they want to know how,” Stoddard says.

According to Nabers, “My business is growing because there are plenty of people who are not willing to ‘wait and see what happens’ with the stock market. They want control over their finances, and they want to replace their restrictive IRA or 401k with one that offers unlimited possibilities.”

Stoddard says she never hesitates to tell people to take charge of their own retirement money.

“If we had not established our self directed investment accounts we would not have the cash available for investing that we now have. That’s what allows us the ability to act fast with real estate and mineral rights opportunities. It’s a lot different than helplessly watching the market, and it has absolutely changed our future,” she says.

For more information on self-directed investing, visit the IRA Association of America or Jeff Nabers’ blog.

About The Company:
Jeff Nabers is an expert on self directed investing, Solo 401ks, the future of social security, alternative IRA investment options, and other topics that are of interest to individuals at all income levels. His firm, Nabers Group, is located in Denver, Colorado. Mr. Nabers can be reached at 866-253-7746. You may also contact his publicist, Connie Holubar, at 903 880 8217 to arrange for an interview or to request photos or other background materials.

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Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Loans, Money, Personal Finance

Gregory Pennington reminded Consumers That Tackling Their Debt Problems Is More Important Than Ever In An Economic Downturn

Responding to recent debt-related comments from Nick Clegg, Leader of the Liberal Democrats, debt management company Gregory Pennington reminded consumers that tackling their debt problems is more important than ever in an economic downturn.

New analysis, states the Liberal Democrats’ website, reveals that personal debt has risen by a total of one trillion pounds in the past eleven years – a startling ten million pounds for every hour the Labour government has been in power. Repayments to that collective personal debt stand at almost £95 billion per year, or £3,000 per second.

“Much of that debt, of course, is in the form of mortgage debt,” said a spokesperson for the debt management company. “According to the latest figures from the Bank of England (Lending to individuals: September 2008), individuals now owe a total of around £1,460 billion – and a full £1,220 billion of that total is secured against dwellings.”

“Mortgage debt is still a serious issue, with many homeowners having over-extended themselves in order to get a foot on the housing ladder. Even so, taking on a debt to acquire an asset is fundamentally different from borrowing in order to finance a lifestyle, or to pay for food, gas or petrol, as many people have grown used to doing in recent years.

“After all, the vast majority of non-homeowners still need to make monthly payments, in the form of rent. In other words, a mortgage debt needn’t actually add to an individual’s monthly financial burden – in fact, their monthly mortgage payments may well cost less than the rent payments they would need to make to live in a comparable property.

“Even so, Mr Clegg raises some valid points. Britain’s level of personal debt is, as he puts it, ‘unrivalled anywhere in the world outside of the US’, and this can be particularly dangerous in the context of a global economic downturn. Clearly, people with higher levels of personal debt are more at risk of running into severe financial problems more or less as soon as their income drops. People with little or no debt are, in general, much better placed to cope with any financial problems they may encounter as a result of the global downturn.

“As a debt management company, we specialise in debt management plans that help people bring their unsecured debts under control. But debt management is by no means the only way of coping with (and reducing) high levels of unsecured debt. People with debt problems may find they have a range of debt solutions to choose from, and should talk to a professional adviser as soon as possible – the sooner they do this, the more likely they are to get through any financial problems that may lie ahead.

“In the longer term,” the spokesperson for the debt management company concluded, “we wholeheartedly support Mr Clegg’s call for financial literacy to play a much bigger part in education. As he says, ‘maths for life is more important than trigonometry for most people’ – financial education is clearly a key part of helping future generations avoid the kind of debt problems that so many of today’s adults are facing.”

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