Category Archives: Debts

Debts

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

Payday Express helps pave staff career paths

Employee development is at the top of the agenda for short term loan provider Payday Express, which has recently created a new Group Trainer role for one of its rising stars.

Emma Furlong began work at Payday Express in September 2008 and progressed quickly from the role of Customer Support Agent to Senior Customer Support Agent, and then Customer Support Team Leader.

After recognising her passion and aptitude for training and mentoring staff, the payday advance loans company helped Emma to develop her new role and formally launch it in February this year.

Since then Payday Express has also been funding Emma’s place on a training course, with the aim of her attaining a CIPD certificate in Learning and Development Practice. She has so far passed all modules – the only person in her class to have done so – and hopes to become an associate member of the CIPD.

Emma’s journey has been similar to the advancement of many other staff members at Payday Express. Jamie Clifton, who began as an Administrator, is now a Junior Business Analyst; and Charlotte Morris and Ann Shepperley, who started as Customer Support Agents, have now embarked on careers as UAT Testers, where they are helping to test new systems and improvements to their instant approval payday loans website.

Other recent promotions include that of Lara Toomey, who has risen from Debt Administrator to Senior Debt Administrator; and Therese Rydberg, who has progressed from Marketing Administrator to Marketing Executive.

Richard Turner, HR Advisor at Payday Express, commented: “We are always looking for people who wish to develop their careers and will always invest time and money in someone who shows drive and passion to succeed.

“Emma is an excellent example of this. There is nothing better than seeing someone progress and it shows all employees that the opportunity is there to go down any route they wish to.”

With this focus on career development, Emma and Operations Manager Sarah Carroll have worked together to develop an intensive internal Trainee Team Leader (TTL) programme, which has been undertaken by Collections Agent Paul St Ledger and Customer Support Agent Marcus Tibbals, with a view to becoming department Team Leaders at the end of this month.

Via EPR Network
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Debts, Financial, Financial Services, Loans, Money, Personal Finance

Payday Express Scores with Staff Sports Sponsorship

Short-term loan provider Payday Express continues to focus on investing in staff wellbeing by sponsoring an employee’s cricket team as it strives for victory in its second season.

After sponsoring a staff five-a-side football team during the winter months and seeing it grow quickly into a seven man outfit, instant cash loans provider Payday Express is now sponsoring Kent Ramblas for the cricket season.

Kent Ramblas was founded by Payday Express data co-ordinator Michael Cooper with a group of friends in 2009, as a way to play regular sport together. This community spirit is supported and encouraged by Payday Express, which is committed to its staff both at work and in their external pursuits.

Michael said: “Before the start of our second season we sorted out a new home ground and a larger fixture calendar of 16 games – as well as a new kit, thanks to Payday Express.”

The team is now midway through its second season and is working hard towards its first win, after seven losses so far in 2011. Despite the scorecard, the team remains undeterred and is focused on continued improvement. With having achieved a draw in its latest game, hopes are high for the nine games left to play this season.

Michael is also looking forward to the honour of being captain at Kent Ramblas’s first ever 20/20 match on 22 June.

Payday Express Operations Manager Sarah Carroll said: “Our aim is to give something back to our staff members and invest in them as people, not just employees.

“Pursuits such as this outside of work are good for a person’s continuing development, encouraging teamwork and healthy competition, which are also essential business traits. We are always looking for opportunities to support and motivate our staff.”

Via EPR Network
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Debts, Financial, Financial Services, Loans, Money, Personal Finance

Payday Express Takes A Leap For Charity Concern

A brave employee of short-term loan service Payday Express is taking the plunge for charity on June 27 by doing a solo skydive in aid of Concern, which supports poverty-stricken communities in third world countries.

Payday Express and its staff are sponsoring contact centre agent Kylie Taylor to undertake her plucky move after a two-day training course. Kylie will jump from the plane alongside her instructor – but without the reassurance of being attached.

Kylie said: “This is my first charity event but I’m hoping it won’t be my last. Next I want to move on to more daring events to raise more and more money.”

Concern was founded in Africa in 1968 and works in both emergency situations and long-term development programmes. On 13 June, the charity organised a meeting in Washington DC with campaign group Bread For The World entitled 1,000 Days To Scale Up Nutrition For Mothers And Children, to pressure G20 leaders to make a financial commitment to improving nutrition in the world’s poorest countries.

Payday Express Operations Manager Sarah Carroll said: “This is such a worthy cause and we’re honoured to be able to help. One of Concern’s main schemes is in Quetta, in Pakistan, where it runs drop-in centres for children who make money for their families by scavenging on rubbish tips and selling their finds.

“Concern offers education, food and healthcare, as well as the chance to play with toys. The charity also supplies protective clothing to protect the children from injury and infection; and training in manual trades to give them a better chance for the future.”

Via EPR Network
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Debts, Financial, Financial Services, Loans, Money, Personal Finance

Payday Express Office Move Takes the Company to a Different Level

One of the leading payday loan lenders in the UK, Payday Express has just completed a beneficial office move that has given the company more space to enable expansion.

Up until recently, instant payday loans provider, Payday Express, was based in offices which due to the company’s rapid growth had become too small. This meant that the company was unable to make necessary expansions for certain departments in order to keep up with the increasing level of business.

Payday Express has now moved in to their new office, which is based in Bromley, Kent and located around the corner from its old office. The more spacious office has not only provided an improved working environment for the employees, but has opened up new opportunities for the company which will enable the business to be taken to a different level.

The project, successfully managed by Payday Express’ Operations Manager, Sarah Carroll, was made even more impressive by the speed with which the move happened.

Agents were able to work normal hours on the Saturday and come into work the following Monday and pick up where they left off with no disruptions.

Speaking about the move, Sarah said: “The new offices and the extra space have made such a difference to the employees. Aside from the obvious benefit of being able hire additional members of staff, it has also helped boost the team spirit and the feeling of togetherness in the company.

“It is interesting to be a part of a company that is constantly growing and offering new opportunities, and the office move has opened up more possibilities. We may only have moved around the corner from our old offices, but it has made a world of difference.”

The office move is the latest development that the quick payday loans company has put into action to boost customer service. Recent projects have included improving the company’s fraud prevention measures and increasing opening hours during the week and on Saturdays too.

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Credit Cards, Debts, Financial, Financial Management, Financial Services, Loans, Money, Personal Finance

Think Money Welcomes Fall In Repossessions

Financial solutions company Think Money has welcomed news that repossessions fell sharply in 2010, compared with a year earlier, commenting that it suggests the financial circumstances of homeowners may have improved despite difficult economic conditions.

But the company warned that there are still difficult times ahead for many homeowners, especially when interest rates rise.

The Council of Mortgage Lenders (CML) said there was a 24% drop in the number of repossessions in 2010, compared with 2009, down to 36,300. Meanwhile, the number of households with mortgage arrears amounting to more than 2.5% of the outstanding balance fell by 13%, down to 169,600.

An expert at Think Money commented:

“Any drop in repossessions and arrears is a good sign. Although the economy is still in a difficult position, it’s likely that a lot of homeowners have taken steps to improve their finances, whether that’s through keeping to a tight budget or entering into a debt solution such as a debt management plan before repossession becomes a possibility.

“Leniency from lenders may have also helped, but equally the troubles of the last couple of years will have prompted many homeowners to be more cautious with their money.

“However, it must be noted that there are a lot of people who are only coping with their mortgage repayments because of low interest rates. When interest rates rise – which could happen this year – we may well see many more homeowners in trouble.

“Anyone already struggling or worried about their ability to meet their payments when interest rates rise should not hesitate to get help from an expert. It’s not usually worth waiting for a change to happen – getting help early could greatly reduce the chances of facing repossession.”

Via EPR Network
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Accounting, Bankruptcy, Debts, Financial, Financial Information, Financial Law, Financial Services, Foreclosure, Money, Mortgage, Personal Finance, Taxes

Millions Of Americans Count On Their Tax Refunds Each Year To Pay Down Debts

Millions of Americans count on their tax refunds each year to pay down debts, get caught up on bills, or simply to make ends meet. With an estimated 1.5 million personal bankruptcies to be filed in 2011, bankruptcy lawyers around the country are being asked the same question: “What will happen to my tax refund if I declare bankruptcy?”

Income tax refunds are basically interest-free loans to the government, and are therefore considered assets of debtors who declare bankruptcy. The trustee assigned to your case may be able to seize your income tax refund, depending upon two main factors: first, what type of bankruptcy you file, and second, whether your refund is fully  exempted.

The two main types of personal bankruptcy cases are Chapter 7 and Chapter 13. In a Chapter 7 case, debtors are essentially allowed to walk away from their debts.

In a Chapter 13 case, debtors must repay their unsecured debts over 3 to 5 years.

Most Chapter 7 cases are considered “no asset” cases, and for those assets that the debtor does possess, there are federal and state exemption laws, which prevent the bankruptcy trustee from seizing and selling the debtor’s property.

Just like the debtor’s household goods, clothing and automobile, in most Chapter 7 cases the debtor’s tax refund can be fully exempted, which means the bankruptcy trustee cannot even consider seizing the refund. However it is very important to use the full and correct exemptions to protect the refund.

Chapter 13 cases can be a bit more complicated. If you have a confirmed Chapter 13 Plan that requires repayment of only a percentage of your debt, your trustee will likely seize your refund every year over the course of your bankruptcy, using the proceeds to increase the payout to unsecured creditors.  Income tax refunds in Chapter 13 are considered “property of the estate,” so your trustee will want to apply this money toward payment of your Plan.

In 100% repayment cases, however, the trustee has no interest in seizing your tax refund.  If your income is demonstrably sufficient to satisfy your confirmed Plan, the trustee will allow you to keep your tax refund.  You may want to adjust your withholdings before filing a Chapter 13 appropriate.

The bankruptcy trustee will in most cases require the debtor to file a tax return to determine whether the debtor’s refund can be seized and used to repay creditors. Unlike a home or car with equity, which must first be auctioned to produce distributable funds, tax refunds are a quick cash windfall to the creditors.

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

Personal Cash Advance Emphasizes Secure Payday Loan Process

Online sites such as Personal Cash Advance offer a secure alternative in the cash advance industry. Company spokesperson Neil Cutting emphasizes the benefits of utilizing the growing Personal Cash Advance website.

“I am thoroughly convinced that it doesn’t get any safer than online cash advances, compared to the alternatives, Cutting said. “We take the time and effort to ensure that our customers receive a first-rate service all the way through.”

As good news about the economy continues to hit the daily press, Cutting foresees positive things in the future when it comes to personal loans. Additionally, most lenders affiliated with PCA will not require potential borrowers to complete a traditional credit check. Instead, the lenders will rely on other criteria, such as monthly income and employment status, to determine applicants’ eligibility.

“It’s one of life’s great ironies that the people who need to borrow money the most can’t get it because they’ve made a few mistakes with their credit in the past. Credit challenges can haunt a consumer for years and preclude applicants from qualifying for traditional bank or credit union loans. At PCA, we understand that a credit score isn’t everything, which is why we’ve broadened the options available to our visitors with imperfect credit,” explained Cutting.

Via EPR Network
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Debts, Financial, Financial Services, Loans, Money, Personal Finance

Payday Express Launched A New Website To Improve The Customer Experience When Applying Online For Payday Loans

Payday Express, one of the UK’s leading online payday lenders, recently launched a new website to improve the customer experience when applying online for payday loans.

The company has redesigned its website paydayexpress.co.uk with the aim of making the online application process more straightforward and quicker than ever before.

A major part of the design brief also focused on transparency, as Payday Express aim to make their product offering and all charges as clear as possible upfront to customers looking for payday advance loans. Along with various articles providing general information, they have added a repayment calculator to the Home Page, allowing customers to see exactly what they’ll need to repay if they take out a loan.

The application process on the new website has been improved, enabling customers to apply for a loan and receive an approval decision within the space of a few minutes. The company, however, remains committed to responsible lending. Ashleigh Preston, Marketing Manager at Payday Express said, “Whilst we are focused on making our loan application and approval process as quick as possible, to meet our customers need for fast cash, we are also careful to carry out various checks to assess affordability. We also promote responsible borrowing from customers, encouraging them not to apply for a loan if they are not completely sure they will be able to repay it on payday.”

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

Couple’s Horror Story With Bank Charges Highlights A Need For Other Short-Term Credit Options

Payday loans are often given negative attention in the media because they’re viewed as a form of high cost credit. However, while banks are clamping down ever harder on customers who don’t stick to the terms of their overdrafts, and inadvertently pushing some customers into unmanageable debts, a leading payday loan company says payday loans offer consumers another option when faced with a need for emergency credit. It also advocates the simplicity and transparency of this option, especially when compared with unauthorised credit charges.

A national newspaper recently highlighted the plight of a young couple who found themselves being expected to pay out a staggering £1,700 to a high street bank – all because they went overdrawn by eight pence.

Angela Hannibal, from Essex, had an account with a high street bank on which she was charged a monthly administration fee. When, one month, that fee took her overdrawn by just 8p, her bank immediately demanded a £170 administration charge.

Angela, who had a young son with her partner, Wayne Green, could not understand how they were continually paying back money to the bank and then getting charged again every couple of months, which kept the debt spiralling out of their control.

Payday Express maintains that their instant payday loans offer consumers a choice in the short-term credit market; an alternative to being at the whim of fees imposed for unauthorised credit. Angela could potentially have avoided those extra charges had she taken out an emergency loan to clear the debt initially or, better still, to avoid going into unarranged overdraft in the first place.

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Credit Cards, Debts, Financial, Insurance, Insurance Services

Media Ingenuity 14th in Sunday Times Tech Track

Media Ingenuity is delighted to announce that it has ranked 14th in the 2010 Sunday Times Tech Track. Media Ingenuity is mostly known for its consumer facing brand TotallyMoney.com which is an online price comparison website that specialises in comparing financial products. Media Ingenuity has recently released granite its own brand credit card. The league table ranks Britain’s one hundred privately-owned technology, media and telecoms (TMT) companies with the fastest-growing sales over the last three years.

Commenting on the result, managing director Adam Quint said, ‘This truly is a momentous result for Media ingenuity and represents its emergence as one of the UK’s foremost online marketing businesses. We are absolutely delighted to have come 14th from the thousands of qualifying businesses in the UK. The result reflects the wealth of talent we have in our team and confirms the strength of our business model’.

Despite typically turning over less than £50m, many Tech Track 100 companies develop technology behind global brands. For example, Mobica develops apps for the iPhone, Mobile Interactive Group provides digital interactive services for O2 and The Foundry developed software for digital-effect sequences on Avatar.

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

Quick Payday Loans Unveils Ground Breaking Impartial Payday Loan Reviews Website

QuickPaydayLoans.org.uk is a website dedicated to providing impartial information to applicants and consumers within the payday loans industry to allow them to make more informed payday loan applications. This service has been launched to address the increasing demand in this sector for impartial information on payday loan lenders. The Glasgow based website has launched its product offering into the market with a view to encouraging payday loans consumers to use the service as a vehicle through which to promote their experiences with particular payday lenders within the UK. The main target audience for the website are the same consumers that payday loan companies try to target – young, technically savvy individuals on the lookout for more consumer-orientated information on the payday loans sector.

The main driving force for the website however is its payday loan reviews section and in the first month of being live, this section of the site has turned into a hive of activity with consumers eager to voice their concerns and opinions on the many payday lenders reviewed on Quick Payday Loans. The launch of QuickPaydayLoans.org.uk has also prompted a number of users to email the Administrator of the website, Chris Thomson, to congratulate him on the effort put in so far.

“Payday Loan Consumers have been crying out for a viable and impartial resource through which they can learn more about the various lenders vying for business within the sector”, says Chris. “Quick Payday Loans has been set-up based on a lot of careful research into the sector and we have strong ambitions to expand the service outwards and encourage wider participation through providing networking opportunities both on- and off-site”.

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Debts, Financial, Financial Information, IVA, Loans, Money, Personal Finance

Debt Solutions Company Scottish Trust Deed Welcomes The Bank Of England’s Decision To Keep The Interest Rate On Hold

The company backed the Bank of England’s decision saying this will restore some faith to consumer doubts over the fragile state of the economy.

The company also said this is at least one positive that can be taken f r o m the downturn of the economy, and added that this indicates the central banks Monetary Policy Committee is more concerned about protecting the recovery of the economy than increasing fears of a double dipped recession.

Last month, for the first time since November, the Monetary Policy Committee’s decision was split.

This current base rate marks a point in history as being the seventeenth straight month in which the rate has remained at a low of 0.5%. In a move which may create more controversy, the Bank of England also decided to put a hold on its quantitative easing programme, which is designed to filter newly created money into the economy.

An expert at Debt Solutions company Scottish Trust Deed commented: “The banks decision to hold the interest rate will be welcome news to families on a low income as this is the sector that feels the brunt of the recession more than any of us”.

“The average family in the UK needs an annual income of around £29,000 just to afford life’s basics. Inflation has risen but salaries haven’t. An average person ten years ago with a basic wage, whose salary has increased with inflation cannot afford to live in today’s current financial climate”.

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Debts, Financial, Financial Information, Investment, IVA, Loans, Money, Personal Finance, Profits

Debt Free Direct Sees Mixed Results As Q1 Insolvency Figures Are Released By The Insolvency Service

The latest insolvency figures released show personal debt is continuing to rise in the UK, with Q1 of 2010 the fifth consecutive quarter to do so. Official figures declared for the first three months of 2010 saw a 17.9% increase in the number of personal insolvencies in England and Wales compared with the same period last year. Company insolvencies however were down 17.8% on the same period last year, rounding off a mixed year for the nation’s debt.

Debt Free Direct Sees Mixed Results As Q1 Insolvency Figures Are Released By The Insolvency Service

There were 35,682 personal insolvencies and 4,082 company insolvencies in the first quarter of 2010, however Derek Oakley, Insolvency Director at Debt Free Direct has warned of the trends of previous downturns; “In previous downturns the UK has experienced a double spike in formal insolvencies: the first representing the actual downturn itself and the second coming during the recovery of the downturn as under capitalised and weakened businesses struggle to cope with increased activity levels.”

The figure for company insolvencies, 4,082, equalled out at a decrease of 8.4% on the previous quarter. The figure can be converted to 1 in 120 active companies going into l formal insolvency(or 0.8%), which is a decrease f r o m the previous quarter, when the figure stood at 1 in every 114 countries (0.9%).

The official figures on insolvencies are released by The Insolvency Service and are compiled f r o m administrative records of the Department for Business, Innovation and Skills. The records show that the 35,682 personal insolvencies consisted of a variety of different types. The traditional way of dealing with unmanageable debt; Bankruptcy was at 18,256, which was down 10.7% on the same quarter last year, but up 7.3% on the previous quarter.

There were 11,782 Individual Voluntary Arrangements (IVA), up 20.1% on last year but at the lowest level since the first quarter of 2009. An IVA is a legally binding agreement between debtor and creditor in which a reduced payment plan is committed to. Introduced in 1986, the agreement typically lasts for around 5 years and the consumer has the potential to settle a portion of their debt.

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

Payday Loans Specialist Demonstrate Continued Success in the Battle Against Identity Fraud

Payday Loan Company, Payday Express continue to help thin the number of identity fraudsters operating online with successful fraud prevention and prosecution.

Payday Loans Specialist Demonstrate Continued Success in the Battle Against Identity Fraud

Payday Express, one of the UK’s leading Payday Loans specialists maintains continued success in the war against online identity theft and fraud thanks to their steps taken to help prevent and prosecute cases which may have led to wrongful loan payouts.

Payday Express is a provider of online cash advance loans. Customers can apply for a payday loan on their website and then receive an instant approval decision during the online application. While fraudsters may be attracted to online processes where they don’t have to provide falsified documentation to apply for a loan, Payday Express have mitigated this risk by utilising a number of identity verification and fraud prevention checks both on and off-line. These successfully prevent many criminals from being accepted for credit with misrepresented application details.

Fraud Liaison Officer, Hannah Waters said “We at Payday Express take fraud very seriously and understand how important it is for consumers to feel safe when applying for credit”.

“We investigate every case of suspected fraud, whether funds have been transferred or not”, Hannah went on to say with regards to how suspicious activity is handled at Payday Express.

This investigation process ultimately leads to reporting cases of known and suspected fraud to the Police and the Serious Organised Crime Agency (SOCA) to help bring scam artists to justice.

In a recent case in March 2010 Payday Express once again successfully charged a fraudster to court, in this case with five offences of fraud by false representation.

Hannah advised, “we liaise with a number of authorities on a regular basis to assist with investigations where the information we provide could be the missing piece of the puzzle to track the fraudster down. In the instances where the fraudsters are caught we will prosecute”.

With such detailed and thorough checks made for each application and such a serious approach to fraud prosecution Payday Express is proud to do its part in the fight against online identity fraud.

To apply for fast payday loans or learn any more about Payday Express’ services visit their website at: http://www.paydayexpress.co.uk/.

Via EPR Network
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Banks, Debts, Financial, Financial Information, Financial Services, Home Equity, Interest Rate, Loans, Money, Mortgage, Personal Finance

Are Secured Loans Improving As A Secured Loans Lender Reenters The Market?

Champion Finance, the Glasgow based finance broker, who have been arranging homeowner loans throughout the whole of the UK for twenty six years, now feel that a new glimmer of hope is being witnessed after what has been a very bleak time for the once so buoyant secured loans industry.

During the recession secured loans fell to less than 20% of their position at the start of 2007. Household names such as First Plus ceased trading. By the beginning of 2010 there was less than a handful of secured loan lenders compared to more than twenty before the recession.

Many homeowners who could have benefitted from these products especially for such purposes as debt consolidation could not obtain the homeowner loans they wanted The self employed were especially adversely affected as self certification of income was completely abolished for those requiring a mortgage or a remortgage and two years fully audited accounts are now required by mortgage lenders.

The good news is that Champion Finance can now offer homeowner loans to self employed without accounts, provided that they have been trading for at least six months, can provide three months bank statements and have a maximum LTV of 60% in their property. This is thanks to Link Loans reentering the secured loans sector and offering these loans through respected intermediaries such as Champion Finance who in addition to being in a position to offer a mortgage and a remortgage from the whole of the market also provide debt advice. Link Loans are now strongly funded by RBS and their reappearance must surely indicate the long awaited resurrection of homeowner secured loans.

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Credit Cards, Debts, Financial, Financial Management, Financial Services, Loans, Money, Personal Finance

Make Overpayments To Lower Cost Of Credit Card Debt

Financial solutions company Think Money has welcomed a report from Moneysupermarket.com advising that credit card borrowers could significantly reduce their overall repayment term and the amount they pay by making more than the minimum payment.

Make Overpayments To Lower Cost Of Credit Card Debt

Moneysupermarket claimed that the difference between the average interest earned on savings and the interest payable on an average credit card debt (currently £1,989) is £308 a year – meaning it may make good financial sense to use savings to pay off debt.

The price comparison site said with this level of credit card debt, making just the minimum payment could mean the balance takes 22 years and 10 months to pay off. By contrast, paying just £20 more each month would reduce this by 17 years, and would reduce the overall interest paid by a third.

A Think Money debt expert said:

“Making any payments above the minimum, even below Moneysupermarket’s suggested increase, can help the borrower to clear their balance more quickly and reduce the amount of interest they pay.

“Making only the minimum payment may be a tempting option for some people, as it frees up cash in the short term – but it is likely to cost the borrower much more in the long run. As such, we advise people with credit card balances to try and budget for higher repayments where possible.

“But of course, this is not an option for everyone. Some people may find they’ve got to the point where they simply can’t afford even the minimum repayments – and anyone in that situation should speak with a debt adviser about debt solutions that could help.

“Even if the borrower can’t see any way of repaying their debts in full, there is help available – in the form of an IVA [Individual Voluntary Arrangement] or bankruptcy, for example.”

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Payday Loans Specialist Signs Up With Lakestar Media

Leading UK payday loans company Payday Express has chosen to join forces with digital marketing agency Lakestar Media in order to build its online profile.

Established in 1999, Kent-based Payday Express provides a critical service to thousands of people across the UK every month. The firm offers fast access to cash loans, allowing individuals in full-time employment to cover all kinds of expenses from emergency household repairs to unforeseen travel expenses.

Lakestar Media has been brought in to implement an SEO strategy designed to maximise the amount of targeted traffic visiting the company’s website.

Garret Cunningham, director of operations at Lakestar Media, said: “We’re delighted to be working with Payday Express. It is a leading player in a very competitive industry and the whole team at Lakestar Media is looking forward to the challenge of helping the firm grow its online business.”

Ashleigh Preston, senior marketing manager at Payday Express, said: “We’re very pleased with the way the campaign has started. We have already noticed a marked difference in our rankings and the strategy seems to be working really well.”

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Checking & Savings, Debts, Financial, Financial Information, Investment, ISAs, IVA, Loans, Money, Personal Finance, Profits

UK Savers Losing Billions Of Pounds In ISA Accounts Each Year

As billions of pounds of British savers money is being lost in ISA accounts, the government’s consumer watchdog Consumer Focus is due to launch an official complaint on the matter. The move which could potentially ‘shake up the ISA industry’ is a long time coming suggests Matt Spencer, founder of UK based personal finance blog Moneystand.co.uk.

Consumer Focus have highlighted numerous ‘unfair obstacles’ financial providers have put in place for savers to transfer their accounts to other banks, which pay higher interest rates.

The cash ISA market is currently worth around £158 billion, as savers flocked to the tax free service introduced in 1999. Upon its launch rates averaged a healthy 6.32 %, however this figure has plummeted to 0.42 %, a figure that is below the Bank of England base rate.

Mike O’Connor, chief executive of Consumer Focus suggests that a slow ISA transfer process and bureaucracy from the banks has caused many of these problems. He suggests that only 12 % of people have moved their ISAs to a more preferable savings rate, which is costing UK savers millions per year in lost revenue.

As a large consumer group, Consumer Focus can launch a ‘super-complaint’ to the Office of Fair Trading (OFT). This would force the OFT to give an official response within 90 days to the matter and a decision over what action it would take towards the issue.

Common issues that arose include the length of time it takes for transfers to occur when sending funds and information from one bank to another. Official government guidelines recommend a limit of four weeks for this process. Findings from Consumer focus show that a third of people switching their ISAs waiting more than five weeks for funds to clear into the new account.

Customers should be wary when looking for a new ISA provider however warns Matt Spencer, suggesting:

“Banks are offering introductory rates with high interest levels to entice new customers to open new ISA accounts. These short term bonuses often hide very poor interest rates once the honeymoon period is over.

It’s time for savers to get the rates they deserve, so be sure to make your money is working as hard as possible for you. This might mean that you need to change your current ISA provider, despite the long transfer times between banks.”

Personal finance blog MoneyStand provides unbiased personal finance, IVA help and debt related information. Founded in 2008, MoneyStand was created in response to the worsening financial situation of individuals in the UK and across the world. For more information on personal finance, visit www.moneystand.co.uk.

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British Banks Continue To Put Pressure On Customer Finances

According to recent data released by the Financial Ombudsman Service (FOS), banks are rejecting thousands of requests every month from customers looking for help with their finances.

The Financial Ombudsman Service, which is an independently run service that deals with complaints from consumers and businesses in the financial industry, revealed that 13,053 cases were brought to its attention from consumers looking for more leniency from their banks. Debt management and IVA company Debt Free Direct expect to see this number of complaints increase in 2010 as thousands of individuals sought debt advice with the company in Q1 of 2010.

Derek Oakley, Insolvency Director at Debt Free Direct comments:

“We are continuing to see an increase in debt help enquiries from individuals worried about their finances. For many of these people, overdraft charges are adding to their already stretched budgets. We would always recommend that individuals seek professional debt advice if they find themselves struggling to pay their bills each month.”

Compared with just 2,800 similar complaints to the FOS in 2008, the 360 per cent increase in complaints may indicate the UK banking organisations are responding poorly to their customers needs during the economic downturn. In particular customers concerns include individuals in debt who are being charged fees on their overdraft facilities or insurance policy holders who have not been paid out on their claims.

Although traditional legal routes for reclaiming money lost through overdraft charges have now ended, there are still ways in which individuals can claim this money back if they are in financial difficulties. With charges of up to £35 every time the overdraft limit is exceeded, such fees could be contributing to furthering levels of personal debt for many customers in the UK.

According to the Ombudsman service, many banks will ignore individual’s pleas of hardship and refuse to suspend overdraft charges, renegotiate overdraft limits or restructure outstanding debts, despite this going against the industry lending code for personal banking. In the case of most complaints put forward to the Obmundsman, the customer will have already been refused a refund by their bank on any outstanding overdraft charges.

Debt Free Direct recommends the best course of action for anyone with financial worries is to seek professional, confidential debt advice. Many individuals may feel ashamed of their financial difficulties, but seeking advice is one of the first steps to becoming debt free.

They state, “Our aim is to suggest an effective debt solution for every individual using our Best Advice Model (BAM). BAM quickly and accurately analyses the financial information for each person and recommends the most appropriate, least drastic solution for them.”

Debt Free Direct, the UK’s leading Insolvency practitioners receive thousands of insolvency inquiries each month for debt advice. The company, which was founded in 1997 specialise in providing impartial debt advice and guidance for individuals in financial hardship.

Via EPR Network
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