Category Archives: Checking & Savings

Checking & Savings

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

Debtadvisersdirect.co.uk Remind Borrowers That An IVA Can Represent A Straightforward, Reliable Solution To Their Financial Problems

In response to economic data from the Office for National Statistics (ONS), debt experts DebtAdvisersDirect.co.uk remind consumers that the right debt solution can help them regain control of their debts, despite the unpredictability of the UK’s finances.

On 30 September, the ONS confirmed that GDP growth (Gross Domestic Product – a measure of economic activity) had been 0.0% in the second quarter of 2008, down from the 0.3% reported for the first quarter.

In other words, although the UK economy isn’t in recession (usually defined as two consecutive quarters of negative growth), nor is it experiencing growth – the usual state of affairs under ‘normal’ circumstances. More worrying yet, the economy would have to decline only slightly for the remaining six months of the year to be officially classed as ‘in recession’.

“It may be hard for people to see such macro-economic statistics as relevant to them as individuals,” stated a spokesperson for Debt Advisers Direct, “but the impact is all too likely to make itself felt in the average UK citizen’s daily life. In general, a slowing economy means everyone has less money: not just employees and employers, but the government itself. Given the rapid rises we’ve seen in the cost of living, any threat to a household’s income should be taken extremely seriously.

“People with high levels of debt, struggling to keep up with their debt repayments, are particularly likely to worry about the effects of a slowing economy. There may be little they can do to influence their utility bills, the price of food, or even their job security, but there may be something they can do about their debts – whatever debts an individual is facing, if they become unmanageable, there are a range of debt solutions available that could help reduce their payments and bring their debts under control.”

For people with unsecured debts of around £15,000 or more, an IVA (Individual Voluntary Arrangement) may be the most appropriate debt solution. An alternative to bankruptcy, an IVA is a form of insolvency that helps people bring their monthly debt repayments back down to an affordable level and – in the longer term – clear those debts entirely.

“An IVA is a legally binding agreement between an individual and their creditors. In brief, the individual agrees to make fixed monthly payments for a set period (normally five years), based on what they can afford to pay after taking essential living expenses into account. If they own their home, they may also be required to free up equity in their home (towards the end of the IVA) to increase the amount they can pay their creditors.

“It’s a big commitment, but their creditors will, in return, agree to freeze interest, not to take any legal action (such as pushing for bankruptcy) and to write off any outstanding debt once the IVA has successfully concluded. So an IVA can deliver clear benefits to borrowers and creditors alike.

“Finally, should the borrower’s circumstances change during the course of the IVA, they can request an ‘IVA variation’ – it’s in the creditors’ interests as well as the individual’s to make sure the IVA succeeds, so they may well agree to alter the terms of the agreement if this is clearly the best way to bring the IVA to a successful conclusion.”

Via EPR Network
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Banks, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Money, Personal Finance

Consumers Should Realise How Unlikely They Are To Lose Their Savings If A Bank Fails

Responding to recent troubles in the banking world, debt management company Gregory Pennington reminds consumers that a bank’s issues do not actually put most people’s savings at risk.

“Some may be tempted to keep a close eye on their bank’s finances, waiting to withdraw all their money at the first sign of trouble,” said a spokesperson for the debt management company. “Of course it’s vital to protect your investments, but it’s also important to understand the extent of the protection offered to normal savers.”

“First of all, troubled banks don’t necessarily ‘go bust’, as some headlines may infer. In the case of Bradford and Bingley, for example, their website informs visitors that ‘Bradford & Bingley’s branches and savings customers are now part of Abbey and Santander. One of the largest banking groups in the world with more branches in the world than any other international bank.’ For their customers, it’s ‘business as usual’.

“Second,” the spokesperson for the debt management company continued, “there’s the Financial Services Compensation Scheme (FSCS), the UK’s statutory fund of last resort for customers of authorised financial services firms. The FSCS means that the first £35,000 of each customer’s savings with a firm are guaranteed – even if the company can no longer repay that money, it would be refunded in full by the FSCS.”

Savers with deposits over £35,000 may still receive some of their remaining money, but that would not be guaranteed, and would depend on how the insolvency process plays out.

Naturally, many people with savings of over £35,000 may wish to keep their money with various different banks. Someone with £70,000, for example, could split it equally between two different banks and have the entire sum guaranteed.

“Note, however, that the FSCS compensates people ‘per authorised institution’ – many banks are in fact subsidiaries of other financial institutions, so someone who split £70,000 between two banks that share the same parent company would be guaranteed only £35,000 of their money if that parent company was declared insolvent.”

As a debt management organisation, Gregory Pennington focuses on helping people manage and clear their debts: “In the vast majority of cases, it makes financial sense for borrowers to get out of debt before they start saving, as debts tend to gather much more interest than savings.”

The company does, however, also provide advice aimed at helping people stay out of debt in future. “While some people face debt problems because they’ve financially over-committed themselves over a period of time, others find themselves pushed into debt by a sudden change in circumstances (sickness, for example, or unemployment). Without some ‘rainy day’ money set aside, it’s all too easy to accumulate small debts which grow into large debts as they struggle to fund debt repayments at the same time as keeping up with their normal financial commitments.

“Whether it’s a few hundred pounds or many thousands, saving for the future is one of the single most important things an individual can do in order to safeguard their financial stability in the future. Since we advise people to start saving as soon as they’ve settled their debts, it’s worrying to think that the last year’s events in the banking industry may have put some people off the idea of saving. Aside from compensating people whose banks run into trouble, the FSCS serves another vital function: giving would-be savers the confidence that comes with knowing their investment is protected.”

Via EPR Network
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Checking & Savings, Financial, Financial Management, Financial Solutions, Money, Personal Finance

The Money Saving Calendar Informs Consumers How To Organize Their Life To Be More Thrifty During These Harsh Economic Times

While billionaires are baying for their bailouts, the average person got left behind, again. Facing spiraling fuel and food prices, threats of foreclosure, and uncertain job prospects, middle-class and working people feel trapped—and left out.

But there’s hope: Each month, The Money Saving Calendar from AdamsLLC offers…
• Green energy tips to lower not only your carbon footprint, but also your energy bills (examples: in the winter, leave the oven door open after you’ve been baking…use insulating ceramic paint—developed by NASA—to lower your energy cost every time you paint a room…install energy-saving film to reduce heat loss from leaky windows and doors)
• Money-saving tips in food, appliances, using outside contractors, and more (examples: when your plumber needs to dig a hole, get the location and dimensions and hire someone cheaper… buy food items at the dollar store
• Businesses you can start on a shoestring: zero to $2000 typical startup cost (from caring for elders to stenciling address numbers on mailboxes to installing Christmas lights)
• Home improvement tips to increase the value of your home—and your quality of life—while spending little or nothing (examples: put a radiant heat barrier in your attic to slash air conditioning costs…buy new faces for your kitchen cabinets instead of replacing the entire cabinet system, and install them yourself to save thousands of dollars)
• Checklists of money-saving activities you can do every month
• Even a place to write personal and financial goals each month

Each month includes these sections: Money making opportunities, money saving ideas, items that pay for themselves, home improvement tips, best bargain products, personal and financial goals, and a repeating checklist of money-saving things to do.

“A wall calendar is something people look at every single day, and the message is reinforced every time,” says Adams LLC President Dale Adams. “For a lot of people, it presents information in a way that’s much easier to absorb than from a book. The calendar makes it easy to actually take action to improve your life and your wallet.”

One thing you won’t find inside The Money Saving Calendar: pictures. As frugal as his customers, Adams sees no reason to spend extra printing costs for pretty pictures, and this way he can not only provide more useful information, but also keep the price down to just $7 plus $3 US shipping. For the same reason, the calendar is only available directly from the company: visit www.adamsllc.org, or call 870-391-2231.

Journalists: Adams is an author and inventor, and is available for interviews.

Via EPR Network
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Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Loans, Money

Financial Solutions Company Think Money Welcomes The FSA’s Move To Guarantee Deposits Of Up To £50,000 Through The FSCS

Welcoming the changes to the FSCS (Financial Services Compensation Scheme), financial solutions company Think Money commented that any move which strengthened consumer confidence in the financial industry was a step in the right direction.

As of 7th October 2008, the compensation limit for bank deposits is £50,000 (and £100,000 for customers with joint accounts), a substantial increase from the £35,000 limit set on 1st October 2007.

“As a financial solutions company, we welcome this move by the FSA (Financial Services Authority) to reinforce the financial stability of the UK,” a spokesperson for Think Money commented. “In today’s economic climate, it’s vital that consumers know their money is safe. As the case of Northern Rock demonstrated, any doubts about its security can rapidly lead to a self-perpetuating sense of crisis which benefits no-one.

“Furthermore, we also see consumer confidence as an end in itself. As individuals, the more we trust in the stability of our financial institutions, the more faith we have in the future health of our nation’s economy. Simply knowing that our money is secure gives us the confidence to act responsibly, saving for the future rather than living for today. Given the recent moves by the Irish and Greek governments, this move also serves to keep money in the country by simply removing the need to move it abroad.”

As a financial solutions provider, Think Money provides a range of debt, loan and mortgage solutions, as well as a unique managed bank account service.

“But we are also called on to advise individuals on a wide range of financial matters, from managing their debts to budgeting. This is a free service we provide, and the FSCS guarantee helps us carry it out effectively: effective money management is an essential part of avoiding debt in the future, and the FSA’s safeguard means the vast majority of the UK population can have confidence that any problems their bank or building society may encounter needn’t be a threat to their personal savings.”

In the near future, the FSA will also, as its website reports: ‘consult on further reforms, including considering whether the compensation limit should be higher still; the speed with which the FSCS can pay compensation; and the rules surrounding whether deposits are covered on a legal entity, a ‘brand’ or an ‘account’ basis’.

“These are important issues, even the ones which affect only a relatively small proportion of the population – there may not be many people with savings of over £50,000, for example, but it’s important they feel they can safely keep their money in the UK, rather than moving it abroad.

“After all, it’s in everyone’s interests to have a financial system we can all have faith in. Banks themselves are safer when people realise there’s no reason to panic – and fostering a greater sense of security among financial institutions is a fundamental part of bringing an end to the credit crunch, so lenders can get back to lending at levels which promote economic growth across the country.”

Think Money (www.thinkmoney.com) are a financial solutions company based in Salford Quays, Manchester. They specialise in a wide range of debt advice and solutions, including debt management plans, debt consolidation, IVAs (Individual Voluntary Arrangements) and Trust Deeds.

Via EPR Network
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Bankruptcy, Checking & Savings, Credit Repair, Debts, Financial, Financial Services, Financial Solutions, Money, Personal Finance

We Have All Seen The Credit Monitoring Commercials With The Funny Jingles, But Do You Know Who Is Behind Them?

Its 1:30 A.M. and your watching your favorite late night program. All of a sudden there are singing pirates telling you that if you are not careful, you will be serving fish to tourists. Sound familiar? So, who is selling you this information that could protect you from being a fish waiter, working for less than minimum wage? Thats right, the same 3 companies that provides it to potetial creditors and employers. Trans Union, Equifax and Experian. So what are they saying with these commercials? Our interpetation is that you better watch out because if you don’t, we will say anything about you we want, no matter if its true or not! And by the way, if you want us to watch your back and protect you from hearsay, it’s going to cost you $29.95 per month.

It seems as if everywhere you turn they are trying to sell you a credit bureau. And why should you even bother checking your credit Trans Union, Equifax, and Experian are supposed to be good companies that follow the rules and only report true and accurate information. Why should you worry? And why are these companies telling you to worry? Because in fact, the information on 79% of Credit Bureaus is innacurate acording to PIRG (Public Interest Research Group) Seriously innacurate enough to cost you a Job or not to be approved for a loan. So what do you do? First of all, don’t pay them a dime. You are entitled by law to a free credit report!

It is the Credit Bureaus responsability to maintain complete and accurate information in their files. (Section 607b of the FCRA) So why dont they do this? Because they are for profit corporations who depend on the negative information for profits. In todays age of technology they could perform regular audits very easily but they dont, Instead they make the consumers do their job for them by requiring them to perform tedious tasks when errors are discovered. This is the reason Credit Repair has become so neccesary for many americans trying to live the American dream. In fact if it wasnt for the good Credit Repair companies out there many consumers would remain victims of this nations broken credit reporting system.

So next time you see one of those funny commercials dont laugh and sing along, feel insulted and hurt because what they are doing is laughing and making fun of the American consumer, and clearly pointing out how faulted our credit reporting system is.

Via EPR Network
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Banks, Checking & Savings, Credit Cards, Financial, Financial Services, Loans, Money

M&S Money Has Announced A Brand New 0 Per Cent Offer Exclusive To New Credit Card Customers

M&S Money, the financial services division of Marks & Spencer, has announced an exclusive offer on its credit cards for new customers.

The offer, which began at the start of September, provides new M&S Money credit card holders with 0% interest on all shopping for ten months from the account opening and 0% interest for six months on balance transfers made within six months of the account opening.

New M&S Money Credit Card customers will also benefit from earning M&S points with every use of the card as well as well as no cash advance fee and 55 days interest free when buying M&S Travel Money with the card.

Brendan Cook, M&S Money Chief Executive said, “This new card means that M&S are now one of the few providers in the market to be offering excellent 0% deals on both purchases and balance transfers. This card not only has a competitive APR but also benefits from the M&S Loyalty Scheme, making it one of the most attractive credit cards in the market.

“Additionally, whilst a number of other providers have recently been raising their interest rates and shortening their 0% offers, we’re delighted to be bucking this trend – at a time when consumers will appreciate this the most.”

The credit card offer from M&S Money also allows customers to conveniently manage their account online, with additional security from Spend Safe fraud protection. M&S Money has also guaranteed savings of 8% on holidays with the exclusive travel club.

About M&S Money:
M&S Money (originally called 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 insurance for homes, cars, travel, pets and weddings, as well as loans, savings and investments.

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. The business continues to operate under the M&S Money brand, with 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 Management, Financial Services, Financial Solutions, IVA, Money, Personal Finance, Retirement

Debt Advisers Direct Have Emphasised The Importance Of Joining A Pension Scheme As A Means Of Securing An Income And Staying Out Of Debt When It Comes To Retirement

Responding to a recent report regarding the growing pensions divide in the UK, Debt Advisers Direct (http://www.debtadvisersdirect.co.uk) advised workers to ensure they are planning well financially for the future, and warned anyone approaching retirement with debts to take action as soon as possible.

The report from the Office for National Statistics (ONS) showed a growing gap in pensions contributions between the public and private sectors. Private sector membership of final-salary pension schemes – in which companies pay a percentage of the employee’s final salary throughout retirement – fell from 3 million in 2006 to 2.7 million in 2007.

Instead, many private sector employers are opting for money purchase schemes, in which workers pay into a retirement fund which is usually invested in the stock market. When the employee retires, the fund is used to buy an annuity – a financial product that provides an income for the rest of their life. The size of the pension depends on how well the retirement fund performs and on the annuity rates available at retirement.

The public sector, on the other hand, showed a rise from 5.1 million to 5.2 million members of final-salary pension schemes last year.

The statistics highlight a clear difference between the two types of pension. The ONS report shows that on final-salary schemes, workers paid an average of 4.9 per cent and employers 15.6 per cent of the worker’s salary in the last year. For money purchase schemes, workers paid an average of 2.7 per cent and employers 6.5 per cent.

Many experts agree that workers should save at least 10% per cent of their total income to ensure an adequate income throughout retirement.

A spokesperson for Debt Advisers Direct said: “The findings highlight two important things: firstly, the need for workers to save adequately for their future, and secondly, the importance of being on the right pension scheme.

“The statistics show that final-salary schemes contribute over 20 per cent of the worker’s salary, whereas money purchase schemes contribute just over 9 per cent. It’s better than having no pension at all, but workers should consider whether a money purchase scheme will cover them fully for retirement.

“Most people do not usually associate retirement with debt, but in fact statistics show that increasing numbers of people are now retiring with debts to their name, or falling into debt because their pension doesn’t cover their outgoings.

“Our advice to people with debt problems is to seek expert debt advice as soon as possible, before they get too close to retirement age. There may a number of debt solutions that could help them clear their debts, and in general, the sooner they act, the more options they’ll have – as they approach retirement age, they may find they simply no longer have access to certain debt solutions.”

As long as the individual acts in time, a debt management plan or debt consolidationloan could simplify their finances and reduce their monthly outgoings by spreading out debt repayments over a longer period of time (although, in general, the longer the repayment terms, the more they are likely to pay in interest).

For people with debts of around £15,000 or more, an IVA (Individual Voluntary Arrangement) may be more suitable. An IVA is a legally-binding agreement between an individual and their creditors, in which they repay only what they can afford over a period of (normally) five years. Once the IVA is successfully completed, the remaining debt is written off.

Lasting for a specified time period, an IVA can be a particularly suitable debt solution for people approaching a deadline such as retirement. However, IVAs do represent a substantial financial commitment and can require homeowners to free up some equity. As with any debt solution, an IVA should never be entered into until the borrower has discussed all the alternatives – and the pros and cons of each – with a professional debt adviser.

Debtadvisersdirect.co.uk helps people with financial difficulties, providing free advice and tailor-made debt solutions.

Via EPR Network
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Checking & Savings, College Finance, Financial, Financial Management, Financial Services, Financial Solutions, Insurance, Investment, Loans, Money, Personal Finance

New Research From LV= Reveals That Parents Spend A Staggering £233 Billion Supporting Their Adult Children

New research from insurance, pensions and investments group LV= reveals that parents spend a staggering £233 billion* on supporting their adult children (children aged 18 years or over), and are foregoing their own financial freedom to support their children.

The LV study, which was carried out amongst adults aged 40+ years who have children 18+ years, found that 94% of parents continue to contribute financially towards education and other major purchases such as houses and cars, plus living expenses, once their children have reached ‘adulthood’.

Over half of all parents surveyed (55%) admitted to helping their adult children with general living costs, indicating that the ‘credit crunch’ and rising living costs are impacting on the finances of adult children.

Nigel Snell, Communications Director at LV=, said: “Parents certainly like to financially contribute, if they can, towards large purchases for their adult children, such as weddings and deposits for first homes. However, it seems that the current economic climate is impacting on day-to-day finances. Parents are the hardest hit, with a large proportion admitting that they are helping to cover their children’s living expenses, as well as meeting their own financial commitments.”

One quarter (23%) of parents aged between 40 and 49 years still have children aged over 25 years old living with them, indicating that despite falling house prices, adult children are not in a hurry to leave the nest, and may not be able to afford to either.

According to the research, it is not just their own children that parents are paying for either. Of those parents with grandchildren, 79% reported supporting both their children and grandchildren.

Almost half of all parents aged 70 years or older (45%) are still helping their children financially. Despite generally being retired and living on a reduced income, 55% of these parents state that they help their children because they feel it is their responsibility as a parent, and 42% stated that they support their children ‘because they can afford to’.

In contrast, less than one third (29%) of the parents questioned said that they had received financial help from their own parents after they had left school. Now, 62% of parents say they help their adult children because ‘they need the assistance’ and 17% of parents say that their adult child actually asks them for financial support.

Nigel Snell concluded: “Our study shows that parents can no longer expect their children to pay their own way once they have flown the nest. More than ever it’s true to say that having children means signing up to a lifetime financial commitment.

“Many parents will have had to put some plans on hold to manage the costs associated with raising a family, and once their children are old enough, parents should begin to encourage their own children to make small provisions, so that the financial burden can be reduced and parents can enjoy more financial freedom in retirement.”

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

It`s Important Than Ever That Consumers Consider Their Options Before Taking Out Any New Credit, Say Debt Consolidation Experts Debtadvisersdirect.Co.Uk

Commenting on recent changes to the credit market, debt consolidation experts DebtAdvisersDirect.com reminded consumers in debt of the need to think carefully about the lending options open to them. In particular, they stressed the importance of calculating the long-term impact, not just the short-term appeal, of various types of credit on offer.

“As with any financial issue,” a DebtAdvisersDirect.co.uk spokesperson remarked, “it’s imperative to research the different options thoroughly before making any firm decisions. The pros and cons of each debt solution might not be immediately obvious, so it’s highly inadvisable for anyone to commit themselves without consulting an expert beforehand.”

In recent history, the availability of credit has led many to see debt consolidation loans as a good way of regaining control of their finances. However, the credit crunch has – by definition – restricted the number of ways in which consumers can consolidate their debts.

A recent press release by comparison site uSwitch provides some figures: over the last year, the overall amount issued in unsecured loans has dropped by £283 million per quarter, while gross credit card lending has grown by an average of £179 million per quarter.

“This is a disturbing trend,” the Debt Advisers Direct spokesperson continued. “People clearly need access to credit, whether they’re using it to consolidate their debts or to finance new projects and purchases. Yet the way in which they access that credit can make an enormous difference to their financial stability.

“One reason people turn to their credit cards is the sheer simplicity – rather than arranging a new loan, they can simply access the credit that’s already available on their credit card. However, the high interest rates that come with some cards can rapidly turn relatively small debts into much larger ones.

“At the same time, the low monthly repayments that most credit cards require (another factor which might add to the perceived desirability of borrowing in this way) can also have a dramatic impact on a borrower’s long-term finances – any online calculator can easily demonstrate the advantages of repaying a debt as fast as realistically possible, whether it’s a credit card debt, a debt consolidation loan, or any other kind of credit.”

In the uSwitch press release, Simeon Linstead, head of personal finance at uSwitch.com, stated “…it seems consumers are turning to credit card providers for extra cash. Whilst it’s good news that people can still access extra money if they need it, this is not a sustainable solution for the problem.”

For many, a professional debt consolidation loan would be a much more appropriate way to bring their finances in order. Often coming with much lower interest rates than credit cards, loans can also offer the peace of mind that comes with fixed monthly payments over a specified repayment term.

“Even in the midst of the credit crunch,” the Debt Advisers Direct spokesperson concluded, “debt consolidation loans are still very much available. Whatever their debt problems, many borrowers still stand a good chance of getting the debt consolidation loan they need – as long as they approach a lender who specialises in helping people in their situation.”

Via EPR Network
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Bankruptcy, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Loans, Money, Personal Finance

The Government’s ‘Energy Package’ May Help Some People Stay Warm This Winter, But It Is Not Enough To Address The Immediate Financial Problems Caused By High Energy Prices

Responding to the government’s ‘£1 billion energy package’, debt consolidation experts Debt Advisers Direct reminded consumers of recent comments by leading charities Help the Aged and the National Housing Federation.

Despite enabling households ‘to take advantage of help that could save them over £300 every year on their energy bills’, the package met with a lukewarm reception: “Individual changes which have been flagged by the Prime Minister are sensible and move in the right direction,” said Mervyn Kohler, Special Adviser at Help the Aged. “However, they are too little, too modest and will take too long to address the urgent plight of many pensioners today.”

The energy package includes:
· Free loft and cavity wall insulation for some; half-price insulation for others.
· Increased Cold Weather Payments (paid during particularly cold periods) from £8.50 to £25 per week.
· An increased Winter Fuel Payment (either £50 or £100 more).
· Potentially discounted tariffs by the end of the year for ‘around 600,000’ customers, many of whom will have a price freeze this winter

“The measures announced by Gordon Brown may provide some help, but must be seen in context,” a spokesperson for DebtAdvisersdirect.com commented. “The average annual energy bill is widely expected to be more than £1,400 next year – more than twice what it was in 2005. While everyone appreciates the importance of long-term improvements to energy efficiency, recent price increases of up to 35% have left many with immediate financial problems.”

To quote from The Press Association website: ‘Soaring energy bills will push one in 10 households into debt with their fuel supplier by the end of next year, experts have warned. The National Housing Federation said hikes in the cost of gas and electricity would force many low-income families to have to choose between heating their homes or eating this winter.’

The right debt solution, however, could help borrowers afford both. “Part of the problem today is the sheer number of price rises we’ve seen in the past year,” said theDebtAdvisersDirect.com spokesperson. “Not just energy prices, but others such as food, rent and petrol.”

“People with credit commitments can be hit particularly hard by this – even after they’ve paid their rent / mortgage, food, fuel, etc, they still need to find the money to service their ongoing unsecured debt repayments. In many cases, this is simply impossible, and reducing those monthly debt payments is the only way forward. This is where debt consolidation can make a big difference.”

A debt consolidation loan is a simple idea. By consolidating multiple unsecured debts into a single, large debt, borrowers can reduce the amount they’re paying each month: “Their monthly repayments may have seemed reasonable when they first took out credit, but the recent increases in basic living costs have dramatically reduced the average consumer’s disposable income.”

Debt consolidation gives borrowers a chance to re-assess their finances and the speed at which they can pay off their debt by calculating how much they can afford to put towards their debts in today’s economic environment. “As with any debt solution, a debt consolidation loan comes with both pros and cons, so it’s vital to seek professional debt advice before making a decision.”

Via EPR Network
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Gregory Pennington Have Advised Consumers To Take Active Care Of Their Finances And Warned That Prices May Continue To Rise Even If Overall Inflation Slows

Responding to a recent report suggesting food prices have risen by over 10% in the past year, debt management company Gregory Pennington (www.gregorypennington.com) have advised consumers to take active care of their finances, and to seek debt help if outgoings become unmanageable.

The report by the British Retail Consortium (BRC) showed that the sharp rises in wholesale costs in the past year have been passed on to consumers, with fresh produce price rises surging as high as 11.9% between August 2007 and 2008.

Many analysts have suggested that this was the reason behind the Bank of England’s decision to hold interest rates at 5 per cent for the fifth consecutive month – where previously a drop was expected to help stabilise the economy – in a bid to avoid a recession.

A Gregory Pennington spokesperson commented that this decision spells further uncertainty for the economy. “The Bank of England are in a tricky situation: raising interest rates would help to bring down inflation, but it could be extremely damaging to the housing market. Likewise, lowering interest rates would help the housing market, but could mean inflation rises further.

“The Bank of England have been hoping that inflation will come down naturally – possibly due to a fall in oil prices – in which case they could safely lower interest rates. But as things stand, any change in interest rates could damage the economy in one way or another, so the safe option is to leave rates as they are.”

The spokesperson went on to explain that problems with rising inflation, particularly food prices, look set to continue – even once the Bank of England change their base rate. “Since interest rates are expected to fall, inflation may well continue for some time, since there will be less incentive to save,” she said. “The thinking behind it is that lower interest rates will kick-start the housing and credit markets, which some economists believe is the underlying cause of instability in the economy. Once that is rectified, inflation may begin to slow.

“But food prices are heavily affected by external factors, such as prices in the country of origin – so even if overall inflation begins to slow, we may see food prices continue to rise for some time yet.”

The Gregory Pennington spokesperson advised consumers to continue taking preventative measures to minimise the impact of rising food prices. “Compromise is key. People should consider what their essential costs are, and budget accordingly. Then consider saving as much as possible of what is left over.

“There is an ongoing danger that as prices get higher, more and more people will see their disposable income diminished, and in some cases, outgoings may begin to exceed their income. If it gets to that point, it’s time to seek debt help from a professional debt adviser.

“There are a number of debt solutions available that could help to reduce monthly payments for people in need of help with debt. A debt management plan or debt consolidation loan, for example, can allow monthly payments to be rescheduled over a longer period of time than the original debts, making each payment smaller,” he said. “But be aware that this could result in paying more interest in the long run.”

Via EPR Network
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Checking & Savings, Credit Cards, Financial, Financial Services, Loans, Money, Personal Finance

Co-Operative Bank Has Shown That Despite Fears Over Rising Inflation Most People Will Not Be Curbing On Their Holiday Spending This Year

At the start of summer holidays, as many people begin their travels abroad to sunnier climes, new research* by The Co-operative Bank Credit Cards has shown that despite fears over rising inflation most people (53%) will not be curbing on their holiday spending this year.

Many spend before reaching there destination, where on average people spend £18 each before even boarding their flight, which equates to £72 for a average family. Most people spend this on food and drink (84%), next came books and magazines (60%), 3rd was duty free (35%), 4th last minute essential’s (17%) and last was currency exchange (4%).

In addition the research also highlights that this year over than three quarters of people (77%) are planning to pay for at least part of their holiday on their credit card.

Maxine Xodo, Product Manager for Credit Cards at The Co-operative Bank says, “The findings clearly show that despite the current economic climate, after working hard all year many people are reluctant to cut back on their summer holiday spending. However as more people are putting holiday spending on their credit cards, it pays to make sure they are getting the best deal for their needs.”

The Co-operative Bank offers a fixed rate platinum card, with a low fixed rate of 9.9% APR typical variable for the first five years.

In addition to this the card provides people with access to a large amount of benefits when travelling this includes up to £100,000 free travel accident insurance when the card is used to pay for travel tickets, 24 hour medical and legal assistance overseas, as well as money off on holidays, travel, airport parking, airport hotels and car hire.

Maxine Xodo, adds, “When travelling either home or away this summer, this card offers customers a wide range of market leading travel benefits, with no annual fee to pay as well as peace of mind that the low rate they sign up to will remain fixed for five years.”

More details of the card are as follows

– A low fixed rate of 9.9% APR (typical variable) for the first 5 years
– Up to 46 days interest free credit
– Free 90 days purchase protection insurance
– Card replacement service and emergency cash
– 24 hour medical and legal assistance overseas
– No annual fee
– Up to £100,000 free travel accident insurance, when the card is used to pay for travel tickets
– Travel benefits including discounts on holidays, travel, airport parking, airport hotels and car hire.

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Revolution Credit Solutions Inc. Offers Free Service To Victims Of Scam Credit Repair Companies

Revolution Credit Solutions Inc. Has offered its service Pro Bono to victims of Scam Credit Repair Companies. All the consumer must do to receive this Pro Bono service is provide revolution credit Solutions with proof that they filed a complaint with the FTC. Credit Repair companies are regulated by the CROA which is enforced by the FTC. Revolution hopes that by offering this Pro Bono service to consumers that have been taken advantage of more people will come forward that have been scammed. For more information go to the company website at http://www.revolutioncreditsolutions.comcontact us section and in the comments box put the word victim in and someone will get right back to you. Or you may call the Company at 1-888-852-0005

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Debt Advisers Direct Reminds Consumers That There Is Still Plenty They Can Do To Help Protect Themselves Against Rising Household Costs

As the Government prepare to announce a new scheme that is set to help the millions of households that have fallen into fuel poverty, Debt Advisers Direct (www.debtadvisersdirect.co.uk) have welcomed the scheme, but have reminded consumers that there is still plenty they can do to help protect themselves against rising costs.

Fuel poverty is usually defined as when households are spending more than 10% of their total monthly income on keeping their homes adequately heated. In early 2008 it was estimated that around 4.4 million households in the UK were living in fuel poverty.

And with energy costs jumping up by as much as 30% with some providers, and with others set to follow, the threat of fuel poverty is increasing.

A spokesperson for Debt Advisers Direct said: “The rate at which energy prices are rising means that even families who would have previously considered themselves financially comfortable are beginning to feel the strain. Making compromises on other costs has become commonplace.

“Switching providers can help to bring costs down to an extent, but it might not be long before all providers raise their prices, which could mean sacrifices in other areas are needed.

“Ideally, consumers should be trying to put at least a small amount of money aside in a savings account every month. If prices shoot up unexpectedly, savings could be a very helpful financial safety net that could prevent people falling into debt.”

The spokesperson said that the worst hit are lower-income families, who might not have the extra funds available for rising fuel costs. “For those on lower incomes, fuel poverty is a particularly serious matter. There is a choice: turn the heating off, or keep yourself warm and suffer the consequences. We have seen large numbers of people being pushed into debt because of energy costs.”

The spokesperson followed that if consumers do find themselves struggling to balance debts with increasing costs of living, it’s essential that they seek debt advice before the problem grows out of control. “There are a number of debt solutions that are designed to reduce monthly outgoings and simplify finances, which could be a great help in these difficult times.

“It could be a debt management plan, in which a debt adviser works with the owner of the debts and their creditors to work out a new repayment plan, usually resulting in lower monthly payments over a longer period of time.

“For some people, a debt consolidation loan is more effective – a new loan is taken out to pay off the existing debts, after which it is repaid in single monthly payments. Debt consolidation loans can also be set out over a longer period of time, so monthly payments will be lower, although the borrower will usually end up paying more in interest in the long run.”

For more serious debts of £15,000 or over, an IVA (Individual Voluntary Arrangement) may be more suitable. If you are in debt but are unsure about how to tackle it, contact a debt adviser for further information.

Debt Advisers Direct are a debt management company based in Salford Quays, Manchester. They offer a range of debt advice and solutions, including debt consolidation, debt management plans and IVAs (Individual Voluntary Arrangements).

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FICO Formula Is A Step-By-Step Blueprint That Explains Is Exact Detail How To Correct And Clear Your Credit

The FICO Formula makes credit repair information available that was once only found through either expensive credit counseling services or by painstaking and lengthy research on behalf of the consumer.

Ann Born should know. She brought her own credit to a pile of ruble in her early twenties and is infamously known in her own family as “the one the Library sent to collections.” This in and of itself does not make Ann Born an authority on credit repair, but the fact that she did raise her credit over 150 points does prove that she does know a bit about credit score repair.

Ann states “If only I had known about The FICO Formula when I started to repair my credit. What took me a good 5-7 years would have been accomplished in 6 months. Having the step-by-step layout as offered in The FICO Formula would have saved me much of my own time and thousands of dollars.”

But don’t let the simple package of The FICO Formula fool you.

Firstly, it is this exact simplicity that makes this product easy to implement. The PDF format and concise guide make for easy reading and understanding.

Secondly, the author doesn’t assume laying down the foundational basics are “beneath you.” This approach then allows the author to delve deeply into the process of credit repair.

Thirdly, The FICO Formula truly delivers when it comes to content. Many credit repair guides offer the basics, but stop short when it comes to explaining “who to call” when you find an error on your report, “what to do” to raise your credit score immediately or “when you need” just 21 more credit points to save yourself over $30,000.

Fourthly, there is an entire grid that lays out whom to contact, in which order, how to do so and what in what time frame to expect a response. This information alone makes TheFICO Formula worth every penny. Not only does it take countless hours to compile a list like this, but each facility must be contacted in order to get a response time. Dealing with government agencies and learning who to talk to and when has been done for you.

Fifthly, almost any question about raising your credit score is answered here. The FICO Formula explains when to take out a personal loan and what to do with it to maximize your credit. It explains thoroughly the best way to use your credit cards to increase your credit rating and when paying off your bills is actually a bad idea.

Ann Born understands that people may hesitate to jump on the chance to get The FICO Formula. For this reason Ann’s giving you a free copy of “5 Ways to Boost Your Credit 100 Points”also by Ryan Taylor at: http://tinyurl.com/6fzmbp. This way you can preview the style and substance of the creator of The FICO Formula.

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Shrinking Disposable Incomes Underline The Need To Cut Back On Spending And Seek Debt Advice When Necessary

Following a survey from comparison site uSwitch showing that disposable income had dropped for the first time since 1997, financial solutions company ThinkMoney.com has stressed the need for consumers to cut back on their spending and, when necessary, seek expert debt help or advice.

Released at the end of August, the report related that UK households are £2,500 worse off this year than in 2007 – that the average disposable income had shrunk by 15% in just 12 months.

In theory, ‘Disposable income’ means money that’s available for discretionary spending – the part of a household’s income that’s left after paying for taxes, social contributions, mortgage / rent, fuel, food, transport, education, etc.

“Disposable income, therefore, must cover everything else, from socialising to buying magazines, computer games and so on: basically, the things that people actually like to spend money on,” said a spokesperson for ThinkMoney.com. “But the word ‘disposable’ can be misleading. The average household disposable income may be £14,520 (28.4% of gross total income), but how many households have £280 per week to spend in whatever way they see fit?”

“Figures from the Bank of England show that around 230 billion pounds of the UK’s ‘personal debt mountain’ is not secured on dwellings. Payments to unsecured debts (credit cards, personal loans, overdrafts, etc.) come out of a household’s disposable income, but they’re nonetheless essential – the consequences of non-payment may not be as serious as missing mortgage payments, but borrowers are still legally obliged to make them.”

The good news for borrowers is that such payments may, in certain circumstances, be negotiable. With the right debt solution, they could reduce the interest rates they’re paying, or even arrange for some of their debt to be written off. They may also, if they can’t make their repayments, be able to reduce the amount they’re paying each month – something which this survey indicates may be particularly appealing right now: “Anyone who was devoting a large part of their disposable income to unsecured debt repayments a year ago is likely to be facing serious problems today, and looking for a way to reduce their expenditure as soon as possible.

“The first thing to do, of course, is take a good look at their spending and identify areas where they could cut back. In many cases, though, this isn’t enough – and this is where a professional debt solution can give them a chance to regain control of their finances.

“Most unsecured creditors would rather renegotiate the repayment terms than try to force the borrower to stick to the original repayment plan when this clearly isn’t an option. Many people ask a debt management organisation to talk to their creditors on their behalf, negotiating a more realistic repayment programme – with lower monthly payments, for example, frozen interest and/or waived charges.”

Should debt management not be an option, there are other debt solutions, such as debt consolidation loans, debt consolidation mortgages and IVAs (Individual Voluntary Arrangements). “Everyone’s different, and there’s no ‘one-size-fits-all’ debt solution. The important thing is to talk to a professional debt adviser before making any firm decisions.”

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Debt Management Company Gregory Pennington Say The Recent Report On Student Credit Card Debt Reflects The Growing Problem Of Student Debt In The UK

Responding to a report suggesting that 37% of students rely on credit cards as an additional source of finance, debt management company Gregory Pennington (GregoryPennington.com) commented that this echoes the growing problem of student debt in the UK.

The report from Halifax building society follows an NUS (National Union of Students) poll suggesting the average student is likely to leave university with debts of £17,500.

A spokesperson for Gregory Pennington said: “It’s worrying that so many students are choosing credit cards as an option for extending their finances, although on the other hand, it has to be accepted that fast-rising costs of living may play a part.

“Credit cards typically should only be used for emergency purchases, or other purchases that can be repaid quickly. Most credit cards carry a high interest rate, so failing to repay on time means those debts grow far more quickly than other forms of credit.

“Students typically only have a very low income, with disposable income often minimal – so the temptation to make purchases on credit cards is probably best avoided. Repaying credit card debts could prove difficult on such a low income, and the high interest means that the debt can grow very quickly.”

The Gregory Pennington spokesperson said that credit card debts make up a small part of what is a much wider problem with student debt in the UK.

“Ever since the Government stopped paying for tuition fees, many would-be students have had a choice to make: become a student and land up in debt, or go straight into work.

“Student loan debts are not necessarily the problem, since they allow repayments in small amounts over a long period of time. The real issue is the pressing need for students to raise extra finances on top of their student loans, which often takes place through overdrafts and other forms of credit.

“But when money is tight in the first place, many students find these ‘extra’ debts impossible to pay off on time. The problem only gets worse if it is left until graduation – many graduates can find their income reduced for several years because they are repaying the debts they incurred on top of their student loans.”

The Gregory Pennington spokesperson went on to say that students are best advised to avoid additional credit wherever possible. “Student loans should cover all costs, since that is what they are designed to do. If not, many banks offer student accounts with interest-free overdrafts, which is good in the short term, but remember that this will have to be repaid once you have graduated, so we advise students to consider how they plan to do that.

“Credit cards should be seen as a last resort for students, unless they are absolutely positive they can pay back the balance each month. If that doesn’t happen, there’s a very real risk of getting into unmanageable debt, and it can happen more quickly than you might think.”

The spokesperson also urged anyone who is concerned that they may struggle to repay their debts to seek expert debt advice as soon as possible. “Even if your qualifications get you a good salary, graduate debt can still be a burden,” she said. “The longer they are left, the bigger they are likely to grow, so it’s essential to put a stop to that as soon as possible.

“Some debt solutions are only available if you have a steady income, but if you’re in trouble, it’s still worth getting in touch with a debt adviser for some valuable, free advice on managing your debts. Once you graduate and go into work, though, you should get back in touch to discuss whether any alternative options are more appropriate.

“For smaller debts, a debt management plan is a good way of coming to an agreement with your creditors on how best to repay your debts. For multiple debts, a debt consolidation loan can reduce your monthly payments and simplify your finances – but bear in mind you are likely to repay the debt over a longer period of time.

“There are also debt solutions available for more serious debts, such as an IVA (Individual Voluntary Arrangement) for debts of around £15,000 or higher. If you’re unsure, contact a debt adviser for more information.”

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Gregory Pennington Has Warned That The Recent Growth In Retail Sales Should Not Be Taken As A Sign Of Market Recovery

Responding to the recent news that retail sales growth enjoyed an unexpected rise in July, debt management company Gregory Pennington (http://www.gregorypennington.com) has warned that this should not be taken as a sign of market recovery, and that consumers should still be looking to protect themselves against a potential downturn at some point in the future.

Despite the Office of National Statistics’ predictions that retail sales growth would fall by around 0.2%, July in fact saw a rise of 0.8% compared to the previous month – a figure which, according to a Gregory Pennington spokesperson, may prompt some to “underestimate the danger that lies ahead for the economy”.

The figures follow June’s sales growth actually falling by around 4.3% – the largest decrease for several years. But the Gregory Pennington spokesperson says that this simply reflects the volatile nature of the retail market. “It’s important to look at the bigger economic picture,” he says. “Inflation is at a 16-year high, costs of living are increasing, and unemployment is rising – all of which are likely to affect the retail market negatively in the long run – but the full impact is yet to be seen.

“The retail market has seen several years of fluctuating growth – even when the economy was very strong. The rises and falls are rarely any bigger than two per cent, which is minimal in the scheme of things, and is probably coincidental.

“June’s fall of 4.4% did raise some concerns for the market, but the fact that it’s gone straight back up by 0.8% shows that this was just a particularly wild fluctuation.”

The spokesperson added that consumer caution is still necessary, highlighted by the recent year-on-year increases in people experiencing debt problems – which can be partly attributed to overly relaxed lending and high consumer spending.

“Statistics show that the number of people seeking debt help has been steadily increasing for well over a decade now – with the most distinct rise coming in 2007, when the credit crunch began to hit the economy,” he said. “Since problems with debt tend to filter through over a long period of time, we would expect this pattern to continue well into 2008 and 2009.

“Realistically, a continued slump in the retail market would in fact be a good sign for the economy, since it would show that people are taking the economic downturn and risk of getting into debt very seriously, as well as helping to bring down inflation.”

The spokesperson went on to say that if people do find themselves struggling in the coming months, they should seek debt help from an expert as soon as possible. “It’s looking like the downturn we are facing will be quite severe, and we would expect people with existing debts to suffer more than most – not to mention many people may be forced into debt as money gets tighter,” he said.

“If that is the case, it’s essential you seek debt help from a professional debt adviser. Lenders and consumers alike will feel under pressure over the next few months, so your debt adviser should be able to help come to an agreement that suits both you and your lender.”

Gregory Pennington (http://www.gregorypennington.com) are a debt management company based in Salford Quays, Manchester. They offer a wide range of debt help and solutions, including debt management plans, debt consolidation and IVAs.

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Barclays Has Become The First Bank To Offer Complete Free Online Security Software To All Its Customers

Barclays has become the first UK bank to offer all its two million online banking customers free internet security software covering not only anti-virus software but also spyware, adware, firewalls, parental controls and spam filters.

The offer is available to all Barclays customers who sign up for its online banking. The software provided by leading internet security firm Kaspersky normally retails for £51 for an annual subscription, but Barclays will offer it completely free of charge with customers able to download it from its online banking website.

This follows on from Barclays becoming the first UK bank to roll out its two factor authentication system, PINsentry, in 2007 which protects customers against phishing attacks and fraudsters getting hold of customer security information. Over 1 million PINsentry readers have already been sent out to customers.

Sean Gilchrist, Director of Digital Banking for Barclays, said: “For the last two years we have offered customers free anti-virus software, but as internet fraudsters become more sophisticated it is important that customers protect their computers from all threats and not just viruses. Kaspersky has one of the best reputations in the business and together with PINsentry we believe Barclays online customers will have one of the best security packages of all online banks.”

Barclays has signed a two year agreement to provide the Kaspersky software which will be worth £102 to customers. Barclays will also allow customers to download the online security software on up to three personal computers for each licence so that customers can protect all the computers in the same household.

Barclays customers that do not currently bank online can register by going toBarclays.co.uk. Non-Barclays customers can gain access to the free software by opening a Barclays current account in branch or online.

Notes to editors:
Registered users can download additional online video content including a number of clips of Sean Gilchrist, Barclays Digital Banking Director, outlining the launch of Kaspersky, the importance of security and top tips for consumers to keep them safe. Downloads are available from www2.vismedia.co.uk/login.php

About Barclays
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 143,000 people.

Barclays currently moves, lends, invests and protects money for over 38 million customers and clients worldwide.

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Whatever Financial Problems An Individual Is Facing, It’s Crucial They Seek Debt Advice As Soon As Possible

Debt specialists GregoryPennington.com remind consumers with debt problems of the need to seek debt advice on time.

“Whatever their nature, virtually all financial problems have one thing in common: they get worse if left unaddressed,” says a Gregory Pennington spokesperson. “Whether someone’s behind on their mortgage payments or struggling to keep up with credit card bills, all the experts agree that the sooner they seek debt advice, the better their chances of clearing their debts as quickly and painlessly as possible.”

At the moment, mortgage payments are at the forefront of many homeowners’ worries. “The Council of Mortgage Lenders (CML) has reported 18,900 repossessions in the first half of the year, signifying a year-on-year increase of 48%. Given their forecast of 45,000 repossessions in 2008, this means they expect over 25,000 more before the end of the year.”

With timely debt advice, however, many of those potential repossessions needn’t happen at all. In a video on the BBC’s website, Judge Stephen Gold (Kingston-upon-Thames County Court) states: “The big message which I think needs to be screamed from the rooftops of the County Courts is this: that if you get into difficulty with your mortgage, don’t bury your head in the sand. Engage with the lenders. Pay what you can.”

“For unsecured debts,” the Gregory Pennington spokesperson continues, “the principle is essentially the same. When people contact us for debt advice, we stress that simply talking to a lender – whether they do it themselves or we do it on their behalf – can often produce results. A lender might agree to accept lower payments, for example, or to reduce the interest rate on a loan. It’s in the lender’s interest to arrive at an arrangement which the borrower can afford, so the money can be repaid as soon as realistically possible.

“Before they grant any concessions, of course, most lenders will want to see that the borrower is doing their utmost to order their finances and repay the debt. So the debt advice we provide goes a long way beyond ‘Talk to your lender’: we help people with all sorts of financial issues, from improving their budgeting skills to understanding their rights and responsibilities in relation to different kinds of debt.”

“If the individual’s situation has reached the point where debt advice simply isn’t enough, we can help them choose the debt solution that offers the best way out of debt. Depending on their circumstances, that could be a debt management plan, in which we talk to their unsecured lenders on their behalf, negotiating changes to their repayment terms so they can clear their debt at a rate they can afford.”

In cases where debt management isn’t appropriate, an IVA (Individual Voluntary Arrangement) or Trust Deed could be the answer: helping people reduce their monthly debt payments, these debt solutions can free up the money they need for mortgages payments, food bills and other essential living costs.

“Everyone’s circumstances are different, and no debt solution is ‘better’ than another – it’s a question of which is the most appropriate for that particular person under those particular circumstances. As always, the most important thing is for them to seek debt advice as soon as possible, before any further financial problems restrict the range of options open to them.”

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