Category Archives: Financial

Financial

Banks, Credit Cards, Financial, Financial Services, Loans, Money, Personal Finance

Barclaycard has announced it is to freeze its rates for existing customers, as well as offering a reduced APR for new Barclaycard Platinum and Barclaycard OnePulse customers

Barclaycard is freezing the prices for all its UK personal customers for at least the next four months. Although committed to the principle of risk based pricing, Barclaycard has decided to suspend the process to help its customers, meaning no individual will have their purchase interest rate increased until at least June due to the change in their risk profile.

At least three million UK Barclaycard customers will benefit from the freeze in rates, with purchase interest rates being reduced by between 2.5% and 5%. Selected customers will be informed directly of the change, with half of these reductions being implemented in February and the remaining taking place throughout the year. These customers have been identified as having a low risk profile and they include both those who clear their account regularly and customers who borrow.

As well as freezing rates for its existing customers, Barclaycard has reduced the headline APR for its flagship Barclaycard Platinum credit card (the most popular card in the company’s portfolio) and Barclaycard OnePulse (the combined credit, contactless and Oyster card) by 2.5% to 12.4% for new customers. In addition, Barclaycard will continue to offer a full range of cards to new customers, depending on individual circumstances and needs.

Barclaycard has also established a new helpline for customers concerned about their financial situation. Those who believe that they may get into difficulty can talk directly to an expert and receive practical support and advice by calling the helpline number available in the credit card guidance section of the Barclaycard website.

By using behavioural data shared with other credit card lenders and additional information about the total borrowings of customers, Barclaycard can now able to predict accurately when customers may be getting into difficulty, and the company is launching a programme of contacting customers who are showing potential signs of financial difficulty before they miss payments, offering support and advice to individuals as soon as possible.

Barclaycard has committed not to contact customers for up to two months to seek payment if they are actively working with the free money advice sector to sort out their financial difficulties. Continuous training of collections advisors is being undertaken to ensure that all customers in difficulty are treated with compassion, empathy and respect. Barclaycard has also committed £4.3 million over the next three years to the company’s flagship community initiative Horizons, which it launched in 2005. Working with three charity partners, including Citizens Advice, the additional money will enable Horizons to support 450,000 lone parents and their children to deal with financial hardship and build their skills for a brighter future through a programme of debt advice, financial literacy training, grants and an employability programme.

Antony Jenkins, Chief Executive of Barclaycard, said: “We recognise that 2009 is going to be a difficult year for many people and we want to do what we can, when we can, to help Barclaycard’s customers.

“Today’s announcement will assist millions of our customers and we are determined to support them further, in innovative ways, over the coming months.”

Barclaycard Platinum, APR of 12.4% with 0% BT for 12 months (3.0% BT fee applies) and 0% on purchases for 3 months.

Barclaycard OnePulse, APR of 12.4% with 0% BT for 12 months (3.0% BT fee applies) and 5% cash-back on Transport for London spend plus 0.5% on all other spends until the end of 2009.

About Barclaycard:
Barclaycard, part of Barclays Global and Retail Commercial Banking division, is a leading global payments business which understands the needs of both purchasers and sellers. It enables retailers and merchants to accept cards, helps customers make payments through card, contactless and mobile applications as well as extending credit to consumers. In addition to the UK, Barclaycard operates in the United States, Europe, Africa and the Middle and Far East.

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Banks, Financial, Financial Services, Money

Tracing Agency to help reunite customers with their dormant accounts

Tracesmart has been exclusively appointed by Britannia Building Society to help reunite missing customers with their accounts. As part of Britannia’s comprehensive program of activity to trace customers with unclaimed assets, Tracesmart, the Cardiff based tracing agency, is to trace people who hold accounts which have been dormant for 15 years or more.

Assets go missing in a number of ways; account holders lose track of accounts when they change address and forget to notify their financial institution; other assets are ‘lost’ when customers pass away and their relatives are not aware of accounts; so over time savings are forgotten.

The Government has defined a dormant account, in this instance, as one where there has been no customer activity for a period of 15 years. Astonishingly, vast amounts of money are lying unclaimed in financial institutions across the UK as people lose track of their assets. According to The Commission on Unclaimed Assets, one in three adults in Britain believes they have a dormant account of some description.

Tim Franklin, Managing Director of Member Business at Britannia, said; “Our programme to reunite customers with their unclaimed accounts has been successful, but there are some members who we’ve not been able to trace through the records we hold. We enlisted Tracesmart to find those customers using their advanced tracing methods and expertise.”

Michael Trezise, Tracesmart’s Managing Director, commented, “We are of course delighted to be exclusively appointed by Britannia, the UK’s second largest building society, to assist them with their asset reunification program. Our advanced data cleansing systems, skilled tracing agents and unique multi-tiered search solutions have enabled us to work closely with Britannia, reinforcing our claim to be the UK’s leading tracing agency. Tracesmart’s continued investment in key personnel and cutting edge technology is now reaping significant reward.”

Trezise added, “Following the enactment of the Dormant Bank and Building Society Accounts Act in November 2008, Tracesmart is now well placed to assist more and more financial institutions as they enter into their asset reunification program.”

For more information on the Tracesmart/Britannia asset reunification program visit http://www.tracesmartcorporate.co.uk/britannia/

About Tracesmart Ltd

Tracesmart Ltd formed in 1999, is one of the UK’s market leaders in the provision of online consumer data intelligence, serving both the consumer and corporate markets. To the corporate markets, Tracesmart offers a powerful data cleansing and tracing service in addition to an identity verification system, a facility that businesses and organisations from SME to Blue chip companies employ to combat fraud and money laundering activity. Tracesmart’s electronic ID service delivers fast, regularly u p d a t e d  and unfailing information and is relied upon by a growing legion of operators in the financial, legal and retail sectors.

Mike Trezise – is the founder and Managing Director of Tracesmart. With over 25 years tracing and fraud analysis experience his unrivalled knowledge provides the company with a distinct competitive advantage.

Dormant Bank and Building Society Accounts Act 2008 The Act was put in place to enable the banking industry to transfer unclaimed assets in the banking system so that they may be reinvested in society, whilst ensuring the rights of owners to be reunited with their assets are protected. The Act defines unclaimed assets as broadly covering all bank and building society accounts where there has been no customer-initiated activity for 15 years. The Act also allows for a reclaim fund to be set up to manage customer reclaim across the industry, on which the liability to repay customers will be placed, and to be authorised by the Financial Services Authority. The Act makes provision for assets to be distributed to the community via the Central Reclaim Fund, with a focus in England on youth services, financial capability and inclusion and (if funds permit) social investment. Devolved administrations will decide their own spending priorities.

 

Business, Debts, Financial, Financial Management, Financial Solutions, Money

Debt Advisers Direct have responded to new figures showing that UK gas prices have increased at over four times the rate of the European average, emphasising the importance of good financial management

Responding to new figures suggesting that British energy bills are rising four times faster than those in Europe, Debt Advisers Direct have advised consumers to take extra care over their finances – particularly with regard to repaying debts – and have said that anyone who finds themselves struggling with their debts should seek expert debt advice as soon as the problem emerges.

The figures, compiled by the Organisation for Economic Co-operation and Development (OECD), showed that energy prices have risen by 16.7% in Britain over the past year – over four times as much as the 3.8% average across Europe.

The OECD recorded a 1.3% rise in Denmark, 1.5% in Germany and 5.3% in Sweden. Of the developed nations studied, only Australia (20%) and Turkey (28.7%) experienced bigger price rises than the UK in the past year.

Energy companies have come under fire in recent months over their energy pricing –despite significant falls in the wholesale cost of gas and electricity, none of the major companies have cut their prices to consumers.

A spokesperson for Debt Advisers Direct said: “The OECD’s report demonstrates the extent to which UK energy prices have risen compared with other nations. A lot of billpayers have felt unfairly treated by their energy providers in recent months, and this news may have many wondering why the companies haven’t acted to reduce their prices yet.

“Scottish Power have recently announced a 10% cut to one of their gas tariffs, and other companies are likely to follow suit – but this cut does not cancel out the two big price rises made by most companies last year.”

The spokesperson added that a large number of people are still struggling to meet their financial commitments as a result of rising prices in the past year, with many of those experiencing debt problems.

“A combination of rising bills, rising costs of living and shrinking incomes have left many people struggling with their finances,” she said. “Some of those costs are starting to come down, but that won’t necessarily help those already in debt.

“Our advice to anyone in debt is to seek expert debt advice early. Even if living costs do come down, debt can still be a big burden and it’s important to tackle it in the right way.

“For people who want to reduce their monthly outgoings and simplify their finances in order to make their bills and debts more manageable, a debt consolidation loan might be the answer. A debt consolidation loan involves the borrower taking out a new loan to pay off their existing debts – effectively consolidating the debts into one.

“Most people who take out a debt consolidation loan lower their debt repayments by spreading them out over a longer period of time. Although this incurs more interest in the long run, it’s possible to save money in interest overall if the borrower is consolidating debts with a higher APR than the new loan.

“For more serious debts, a debt management plan could help. This is an informal agreement between the borrower and their creditors as to how the borrower intends to repay their debts – usually at a slower rate than originally agreed, and there may also be a freeze on interest and other charges.

“Alternatively, if there is no real chance of ever repaying the full debts in a realistic period of time, an IVA (Individual Voluntary Arrangement) may be the best option. An IVA is a legally-binding agreement between the borrower and their creditors for lower monthly payments, based on how much the borrower can afford.

”For an IVA to go ahead, creditors accounting for 75% of the total debt must approve the proposal. An IVA usually lasts for five years – and homeowners may be expected to release some of the equity in their homes in the 54th month of the IVA. On successful completion of the agreement, the remaining debts are considered settled.”

“Our advice to anyone unsure about how to tackle their debts is to speak to a debt adviser beforehand.”

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Banks, Checking & Savings, Debts, Financial, Financial Education, Financial Information, Loans, Money, Taxes

Many receiving a tax refund see it as “free money”. But when used wisely it can be a way to catch up on bills and set up future financial success

Receiving a tax refund can be nice in tough economic times, providing service members and families with extra money they may not have anticipated. Often, those receiving a tax refund see it as “free money” they can use to splurge on items they might not otherwise afford. But when used wisely it can be a way to catch up on bills and set up future financial success.

Pioneer Services’ newest article, Making your tax refund work for you, provides detailed suggestions on what to do with a tax refund. The article focuses on debt reduction and long-term solutions, and is suggested reading not just for military families, but for anyone getting money back from the Internal Revenue Service this year.

“Very few people enjoy paying taxes, but many enjoy getting some of it back,” said Laura Stack, chief financial officer for Pioneer Services and author of the article. “Early filers will soon start receiving their tax refunds, and it’s important for their financial health to use it wisely.”

You can read the complete article over here.

Pioneer Services, the military banking division of MidCountry Bank, provides financial services, personal loans, and award-winning financial education to members of the Armed Forces. For more than 20 years, Pioneer Services has been a leader in military lending, and supports military families and communities through a variety of partnerships, programs, and sponsorships.

For more information, visit PioneerServices.com. For loan information, visit PioneerMilitaryLoans.com.

 

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Banks, Financial, Financial Education, Financial Management, Insurance Services, Investment, Money

Quest CE announces the hiring of Marcy Kalat as Vice President of Business Development for Quest

Quest CE’s President & CEO, Alan Krenke recently announced the hiring of Marcy Kalat as Vice President of Business Development for Quest. Marcy brings over 15 years of Sales and Relationship Management experience to Quest working previously for RegEd and FIRE Solutions Inc. as Vice President of Sales, Penton Media as an Account Executive and UConnections.com as Area Sales Manager.

Marcy received her undergraduate degree in Social & Behavioral Science from Indiana University. Marcy’s industry affiliations include the National Society of Compliance Professionals and the Securities Industry & Financial Markets Association.

Marcy will be working directly with Quest’s Sales and Marketing Team to aggressively expand Quest’s market share in the continuing education arena .leading Quest to become the premier provider of compliance technology solutions.

Marcy resides in San Rafael, CA with her husband Peter and daughter Marley and their chocolate lab Maggie. She is active in her community as a volunteer and is a member of the National Charity league.

Marcy can be reached by phone at 877-593-3366 or mkalat@questce.com.

About Quest CE:
Quest CE offers customized continuing education and online compliance management programs to financial service firms across the country. With over 100 clients in the insurance, mutual fund, broker-dealer and banking industries, Quest has the resources and expertise necessary to create and administer successful training programs for organizations of all sizes. For more information about Quest CE you may also contact Quest CE at 877-593-3366 or visit our website at www.questce.com.

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Financial, Financial Services, Insurance, Insurance Services, Money

Insurancewide highlights the importance of taking out adequate home insurance to protect the new valuable items that households receive at Christmas

With the economic crisis looking set to continue throughout 2009, many families in the UK will be keen to minimise their monthly outgoings – particularly in January, as household budgets attempt to accommodate the excesses of the Christmas and New Year season.

However, Insurancewide – a leading online insurance comparison website – has highlighted the importance of taking out adequate home insurance to protect any valuable or precious Christmas gifts that families may have received over the festive period.

Making a market-wide home insurance comparison could make it simpler for you to find a new home insurance policy that suits your family’s needs and you will feel safe in the knowledge that your new presents are protected.

Christmas presents can often be costly items. Expensive gifts, including laptops, games consoles – like the xBox 360 or Nintendo Wii – and multimedia mobile devices like the iPhone and iPod Touch, could significantly add to the value of your home contents.

But just because the value of your possessions has increased, your home insurance premium doesn’t necessarily have to rise too. Insurancewide’s home insurance comparison facility helps you search the market to find the home insurance policy that matches your personal requirements.

Insurance may seem like an unwanted extra expense when you’re trying to cut back on expenditure, but the long-term benefits of adequate home insurance could prove invaluable.

Insurancewide urges families to review their existing home insurance policy to ascertain whether or not their current levels of protection are adequate to cover their new household items in the event of fire, theft, flooding or a range of other tragedies that could befall a home.

About Insurancewide
Insurancewide, also known as Insurancewide.com Services Limited, is an online insurance comparison website offering insurance comparison tools that allow users to search the market and procure the best insurance policies and quotes.

Insurancewide was launched in August 1999 as the first insurance comparison website on the internet. The site also powered tools used on popular website Confused.com.

 

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Debts, Financial, Financial Law, Financial Services, Foreclosure, Loans, Money, Mortgage

To Meet The Massive Demand For Loan Modification Services, The Parsa Law Group Ramps Up

As the foreclosure crisis in reaches epic proportions, the nation’s leading provider of legal loan modifications and loan workout services, the Parsa Law Group and its marketing arm, the National Loan Modification Center, have tripled the size of their operation in the month of January with an additional 4 attorneys, 40 support staff and over 10,000 square feet of office space.

The Parsa Law Group provides professional legal representation for those wishing to renegotiate an existing mortgage with their lender. The ultimate goal of the service is to avoid foreclosure and keep people in their home. The on-site team of attorneys and staff has helped thousands of homeowners who are facing financial hardship, have a mortgage that is upside down, or are stuck with an ARM/Interest-only mortgage they can no longer afford by stopping foreclosure, reducing their monthly mortgage payments, adjusting the principal on their mortgage, working out a modified loan with a lower fixed interest rate, and getting any missed mortgage payments tacked on to the end of their loan.

“For me this is a mission to help as many homeowners as possible stay in their homes. It’s such a shame when we see so many people that were taken advantage of with loans that were not explained to them fully or when you have someone that is about to lose their house and entire life’s savings because someone lied to them outright, or because they lost their job, or are simply going through rough financial times like so many other Americans. With the banks out to save themselves with billions in bonuses, and refusing to free up credit markets with the bailout money, a line has clearly been drawn, and we have chosen to be on the side of struggling homeowners.” said James Parsa, Lead Attorney at the Parsa Law Group / National Loan Modification Center.

“It’s been a quite challenge to keep up with the explosive growth of this area of our business,” says Mike Ponzillo, Director of Operations at the Parsa Law Group / National Loan Modification Center “we are literally hiring people every week because the calls keep coming in and every single case we negotiate with a lender requires a huge commitment of staff hours and resources on our end.”

Kelly Sneed, Marketing Manager at the National Loan Modification Center, said “Since we started this service it has been an ongoing effort from a marketing standpoint to get the word out about Loan Modifications as an alternative to foreclosure. A few months ago people didn’t know what a Loan Modification or a Loan Workout was, or how it could help them save their home.”

The Parsa Law Group together with its marketing arm, the National Loan Modification Center, is the Nation’s Leading Legal Loan Modification Provider, with thousands of homes saved. With an on-site team of attorneys and professionals that fight to save homes from foreclosure, reduce mortgage payments, and hold lenders accountable for unfair or fraudulent loans, the Parsa Law Group is the staunch legal ally that struggling homeowners need in these difficult times.

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Business, Financial, Financial Services, Investment, Money

Murphy Business & Financial Corporation, one of the largest and most successful firms specializing in selling private businesses, franchises, and commercial real estate in the nation, today announced it has opened a new office in Washington, VA

New Virginia location will help better serve the company’s extensive Business Brokerage market Washington, VA – February 2, 2009 – Murphy Business & Financial Corporation, one of the largest and most successful firms specializing in selling private businesses, franchises, and commercial real estate in the nation, today announced it has opened a new office in Washington, VA. The strategic location and the addition of Brad Barnes, senior financial professional and Business Broker, whose extensive knowledge of private business transactions will allow the company to better serve business owners and buyers in Culpeper, Fauquier, Rappahannock and Warren counties in Virginia.

Brad Barnes has 14 years of comprehensive professional experience in all phases of M&A transactions, corporate finance, internal cost control, valuation, as well as organizational management. Mr. Barnes is a graduate of the Goizueta School of Business, Emory University with a degree in Finance.

Murphy Business & Financial Corporation’s new office is located at 360 Gay Street Washington, VA 22747, and can be reached by phone at (540) 675-1010.

About Murphy Business & Financial Corporation
Founded in 1994, Murphy Business & Financial Corporation, the “Nation’s Premier Brokerage Firm”, is one of the largest and most successful business brokerage firms in the nation with offices conveniently located throughout the United States. Murphy Business & Financial Corporation has unsurpassed access to buyers and sellers nationwide, and its proven process and system provides clients with the means to achieve their goals through a more successful and confidential business transaction. The company provides comprehensive Business Brokerage, Franchise Sales, Merger & Acquisition, Valuation, Commercial Real Estate, Machine and Equipment Appraisal and Business Consulting services. For more information about Murphy Business & Financial Corporation visit www.murphybusiness.com.

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Checking & Savings, Credit Cards, Financial, Financial Services, Insurance, Insurance Services, Loans, Money, Personal Finance

M&S Money announces the launch of new Advantage Cash ISA option

M&S Money has announced the launch of a new Cash ISA option, called Advantage Cash ISA, with a competitive variable rate of 3.10% AER/tax-free. The rate includes a 1% bonus until 21st April 2010.

For savers looking for a guaranteed return within an ISA, M&S Money is also offering a new Fixed Rate Savings option, with interest rates over 1, 2 and 3 years up to 2.75% AER/tax-free. This is a strictly limited offer and is available both inside and outside an ISA.

The launch of the new Cash ISA options comes as research from M&S Money reveals that despite the difficult economic environment, people are still planning to put their money into savings. In return, they want a safe home for their money, a good return and some certainty about interest rates.

Even if the base rate falls below 1.5%, almost threequarters (73%) of people surveyed said they would continue to save, and a further 11% plan to start saving. Only 6% said that a low interest rate would stop them saving.

When asked what was most important when putting their money into savings, a third (34%) said it was having a provider they could trust. Access to their savings came second (22%), followed by interest rate (20%) and rates that are guaranteed or fixed (15%).

With falling interest rates, getting a tax-free return is more important than ever. Overall, 81% of those surveyed said that this would be a priority in 2009.

Andy Ripley, deputy Chief Executive of M&S Money, commented; “We encourage people to make the most of tax-free savings, especially the 42% of those we surveyed who don’t use their Cash ISA allowance. With the new Advantage Cash ISA option, and a choice of fixed rates, savers can go for a variable rate with bonus, or a guaranteed return, or split their annual Cash ISA allowance of £3,600 between the two.

“As well as earning a good return, people want a safe home for their money. We can reassure our customers that all cash savings with M&S Money are protected under the UK Financial Services Compensation Scheme, so the first £50,000 per customer of any cash savings are 100% guaranteed”.

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

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Bankruptcy, Checking & Savings, Financial, Financial Services, Insurance, Insurance Services

A honest working citizen with good credit is now faced with bankruptcy when car payments and insurance payments were never behind

A claim for auto theft was recently denied when the insurance company investigation revealed the vehicle was used as a rental car with multiple drivers handling the keys before being purchased by a minister at a Chicago dealership.

Press Release Body: A Chrysler was stolen from a Chicago neighborhood last October and has not been recovered in 120 days. The exclusion in the insurance policy states ‘no coverage is provided for theft is keys are left in or on the vehicle or the ignition wire was not altered’

The only keys issued were turned over to the insurance company. The claim denial relieved the insurance company of all financial obligations and the minister became the party responsible for the $20,000.00 debt owed to the finance company for a vehicle that probably no longer exist.

The vehicle was parked while the minister shopped for items to distribute to needy families.

Although, insurance premiums had been paid three policy terms without lapse. A complaint was filed with various Illinois consumer protection agencies without resolve. A copy of the claim and mail delivery confirmation receipt was presented, but the insurance company continued to deny receiving a claim for the first three months after the theft.

The insurance coverage was acquired through a insurance brokerage agency which may have been promising low rates and excellent coverage to close the sale and receive their broker’s fee.

A honest working citizen with good credit is now faced with bankruptcy when car payments and insurance payments were never behind.

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Banks, Financial, Interest Rate, Loans, Money

There are reasons the recent base rate cuts have not led loan providers to slash the interest charged on secured loans, as financial solutions provider Think Money points out

Following the recent spate of rate cuts, financial solutions provider Think Money raised a few points about the secured loans market.

Melanie Taylor, Head of Corporate Relations at Think Money: “In just three months, the Bank of England’s base rate dropped from 5% to just 1.5%, prompting substantial changes in the mortgage market – but not in the secured loans market. Many people have questioned this: if mortgage lenders can lower their rates, they ask, why are loans providers seemingly unwilling or unable to do the same?

“The answer lies in the differences between the mortgage market and the secured loan market. Both deal with secured credit and so depend heavily on trends in the housing market as well as the availability of credit, but the two markets are fundamentally different.

“First – and perhaps foremost – a secured loan is a second charge. If a property ends up being repossessed, repayment of the first charge (the mortgage) will always take priority over repayment of the second charge. So from the lender’s perspective, a secured loan is simply more risky than a mortgage – and greater risk has always been accompanied by higher interest charges.”

Committed to the principles of treating customers fairly, lenders will enter into possession proceedings only as a last resort, but the ‘second charge’ issue is still very much a factor in today’s economic climate, with the Council of Mortgage Lenders predicting 75,000 repossessions this year, and no clear indication of when we’ll see a recovery in the housing market.

“Second, it’s clear that the Government’s initiatives aimed at keeping people in their homes are focusing on mortgages, not secured loans. Government help is welcome, as it could help homeowners and limit the damage to the housing market, but this focus on mortgages does add to the difference between mortgages and secured loans, in terms of risk to the lender.”

At the same time, the secured loans market is being adversely affected by the same issues currently plaguing the mortgage market – primarily, the shortage of wholesale funding and the ongoing drop in property prices.

“It’s a common misconception that the base rate dictates the cost of wholesale credit, but this is simply not the case. As the Council of Mortgage Lenders has stated: ‘the cost of funds to lenders depends not on Bank rate, but on a range of other factors, including what they have to pay savers to attract deposits, how much it costs them to borrow in money markets, and the costs of holding capital and sufficient liquidity’.

“Falling house prices, meanwhile, have made lenders much more cautious about granting either secured loans or mortgages. Most analysts seem to expect prices to bottom out after falling another 10% or so this year, but there’s no guarantee this will happen, or that the subsequent recovery in prices will be either immediate or rapid.

This explains why most lenders are reluctant to offer mortgages or secured loans which would leave the homeowner with less than 20% equity. After all, a property worth £200,000 today could be worth £150,000 this time next year. It’s a worrying thought for the homeowner, but also for the lender, who might find a portion of their loan isn’t actually secured against anything – at least, not until property prices rise again.”

Think Money specialises in finding secured loans for people with all kinds of financial backgrounds. If you are thinking about getting a secured loan – or looking for loan advice – contact one of our expert loan advisers today.

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Financial, Financial Information, Money, Taxes

For most Americans, taxes are their number one expense – usually exceeding payments for food, lodging, clothing and transportation together

As you enter the new world of full-time work force, you start enjoying paychecks and so does your partner – that is Uncle Sam. Getting your first job means becoming a full fledged taxpayer.

There are many such firsts in life – your first insurance policy, your first home, your first investment and your first business venture! You take all these financial decisions in your life at some point. Do you always know the tax implications before taking these decisions?

To the contrary, on most of the times, you find your hard earned money evaporating in taxes. You may pay huge sums to your tax consultant, but you are not happy about his ‘highly impersonal’ services. Finally, you give up with a sigh. You sign the return, pay the taxes and turn to your normal routine.

Why Donate Your Money to IRS?

You don’t have to be a tax professional to save on your taxes.

Stop Donating Your Money to IRS is written to help you to save big money on your taxes. Released very recently, its useful for the tax year 2008. Everything is explained with the help of examples, pictures and no technical analysis involved.

The book is written by Chintamani Abhyankar He is internet marketer, tax professional and freelance writer doing a lot of research on tax systems and advising people internationally on various aspects of tax planning over 25 years. “Many people overlook the tax relief available to them, not realizing that they may be entitled to a considerable refund. In fact, you can keep your financial house in order by some easy and straightforward strategies. You can find many of them in this book.” The book is available on the website www.planningyourtax.com

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Checking & Savings, Financial, Insurance, Investment, ISAs, Money

The sixth annual survey from LV= insurance and investment group, on the Cost of a Child, shows that parents could spend £193,772 raising a child up to the age of 21

The sixth annual survey from insurance and investment group LV= on the Cost of a Child, shows that parents could spend £193,772 on raising a child up to the age of 21. This is equivalent to £9,227 or £25 a day.

The survey by the UK’s largest friendly society shows that the cost of raising a child has increased by 4% since the last survey in December 2007 and is up 38% over the five years since the survey began in 2003. Childcare and education remain the biggest expenditures, costing parents £53,818 and £50,240 respectively.

Mike Rogers, LV= Group Chief Executive, said: “Every parent knows how their hard-earned savings can dip thanks to eye-watering education and childcare costs. It is also likely to be of little comfort to mums and dads to hear that pocket money costs are at their lowest level since 2004, or that expenditure on family holidays in 2008 was only 4% up on the 2003 cost.”

81% of parents have had to cut back on family expenditure as a result of feeling the pressure financially in the economic downturn. Family activities are the main casualty, with over half of parents admitting to curbing their spending on holidays and short breaks, as well as reducing spend on leisure and recreational activities (52%).

In order to economise, 79% of parents are consciously buying lower cost items and supermarket ‘value’ items. 35% are buying second hand items to help make ends meet, with the same number selling unwanted items to raise money.

The pressure on family finances has also caused 37% of parents to reduce the amount they save regularly. Worryingly, 23% said they have also had to cancel or review their life insurance and income protection cover to help with family budgeting, which could have significant long term implications.

Mike Rogers continued: “Although parents are feeling the pressure financially, it is important they try to look beyond the short to medium term money worries. Life insurance and income protection are more important than ever in the current climate – the financial security of a family could be hugely affected if a parent was unable to work long term because of an accident, illness, or job loss.”

The average household could spend £50,240 on education over their child’s lifetime, including £34,300 on a three year university degree course. This includes tuition fees, travel, books, and living costs, including rent, bills and household items.

The cost of raising a child peaks during the university years, when parents could pay out £13,064 a year. But new parents may also find themselves significantly out of pocket, as the first twelve months of a child’s life could cost £8,853.

Mike Rogers continues: “Our research shows that parents are being very resourceful when it comes to budgeting and cutting back on non-essential spend. Planning ahead is more important than ever though, and saving as much as you can, just a little and often, could help to ease the financial pain.”

Tax efficient savings can make people’s money go even further. Individual Savings Accounts – ISAs are a great way to save and the new LV= ISA savings give parents the opportunity to invest in a fund that suits them, at a time that many are seeing as a good buying opportunity.”

About LV=

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

Liverpool Victoria Friendly Society Limited is authorised and regulated by the Financial Services Authority and entered on the Financial Services Authority Register No. 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

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Financial, Financial Management, Financial Services, Financial Solutions, Home Equity, Loans, Money, Mortgage, Personal Finance

Many Homeowners Stand To Benefit From January’s Base Rate Cut

Following the Bank of England’s latest base rate cut to 1.5%, financial solutions company Think Money have said that many homeowners will benefit from the cut, adding that those who may not receive the benefit of the base rate cut due to mortgage collars could still save money if they remortgage.

The half-point base rate cut brings the base rate down to its lowest level since the Bank of England was established in 1694. It is the fourth cut in as many months, and the seventh consecutive base rate cut since December 2007, shortly after the credit crunch began.

The cut is a further attempt by the Bank of England to revive the market for loans and mortgages, both of which are important to the health of the economy. Despite recent sharp base rate cuts, many lenders have remained cautious with regard to their lending, while many banks have simply been unable to obtain the funds necessary for normal levels of lending.

A mortgage expert at Think Money said that on the whole, the cut is good news for the mortgage market. “In theory, a cut means that lenders can afford to offer mortgages at lower rates, which is good for homeowners. People on tracker mortgages will automatically benefit, unless they have reached their mortgage collar, and lenders may consider reducing their fixed-rate mortgages too.

“However, there is some pressure on mortgage lenders due to the LIBOR rate, which is still higher than the base rate – meaning that some of the funds lenders rely on for mortgages are more expensive than it may first appear. That may explain why a number of lenders raised the interest rate margins on their tracker rates in anticipation of this base rate cut.”

The Think Money spokesperson added that now could be a very good time for existing homeowners to remortgage, as well as a good opportunity for first-time buyers to make their first purchases. “A remortgage could save existing homeowners a lot of money, especially those who started fixed-rate deals in the last two-to-three years. Switching to a tracker deal could greatly reduce homeowners’ monthly payments, until rates begin to rise again, and many fixed-rate mortgages are cheaper than they have been in recent years.

“At the same time, we are in a situation where houses are falling in price, and interest rates are relatively low, both of which mean mortgage payments are likely to be lower than they were, say, two years ago. For that reason, it can be a good time for first-time buyers to make a move.

“Many first-time buyers are put off by the idea that mortgages are difficult to obtain. It’s true that they are more difficult to obtain than at the height of the mortgage market in 2007, but they are still very much available – it can sometimes just take a little longer to find the best mortgage deals.

“Anyone looking for a mortgage should make sure they receive expert mortgage advice beforehand. Speaking to the right people can help homebuyers to find the best rates and the best type of mortgage for their circumstances.”

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Financial, Financial Services, Insurance, Insurance Services, Money, Personal Finance, Retirement

Lifeprompt Can Help Smokers Who Have Quit With The Help Of The NHS Stop Smoking Service, Save Over £30 Million A Year By Reviewing Their Life Assurance Arrangements

New non-smokers should seek out the cheaper premiums on offer to bolster the substantial cut in expenditure on cigarettes themselves.

However many may need to wait before reaping the benefits, as life assurance companies only offer cheaper premiums to those who have not smoked or used tobacco/nicotine replacement products for more than 12 months.

LifePROMPT is a new service from L&C for those that have kicked the habit but will not qualify for cheaper protection for a few months. L&C offers free whole of market advice on protection but for those not yet classed as a non-smoker, LifePROMPT offers the ability to diarise an email or text reminder for a review at the appropriate time.

Richard Morea, technical manager at L&C Mortgages says, “Life assurance is essential for many of us and in today’s economic climate getting the best premium becomes even more important.”

You can register for LifePROMPT online at www.lcplc.co.uk or by calling 0800 373300.

Savings calculated using the most recent NHS figures (2007-08) on the number of smokers who had successfully quit when followed up post quit date (350,800).

Savings for target age groups based on a level term assurance policy for £150,000, over a 20 year term for sample ages 25 and 40, and a 10 year term for sample age of 50.

Age group: 18-34
Sample age: 25
Monthly saving: £2.71*
Number of quitters: 90,214
Annual saving: £2,933,759

Age group: 35-44
Sample age: 40
Monthly saving: £13.28*
Number of quitters: 85,640
Annual saving: £13,647,590

Age group: 45-59
Sample age: 50
Monthly saving: £29.07*
Number of quitters: 98,520
Annual saving: £34,367,716

*An average of the savings made by both genders, on the cheapest guaranteed premium for a non-smoker, compared to that for a smoker.

If 75% have a need for life assurance the savings per annum would be £38,211,798.

London & Country Mortgages Ltd is the country’s leading whole of market no-fee mortgage broker and submitted over £4bn of mortgages to over 70 lenders in 2008.

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Checking & Savings, Financial, Financial Services, Financial Solutions, Insurance, Insurance Services, Loans, Money, Mortgage, Personal Finance

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

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

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

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

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

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

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

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

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

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

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

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Anti-Money Laundering, Banks, Business, Financial, Financial Services, Loans, Money

Tracesmart Now A Member Of The Debt Buyers And Sellers Group

Cardiff based Tracesmart, renowned supplier of debtor tracing services, has announced it has become a member of the Debt Buyers and Sellers Group (DBSG). Tracesmart has joined the DBSG as part of its commitment to the debt collection industry and to provide valuable specialist input on some of the core processes used to recover debt, namely data cleansing and tracing.

Formed for the benefit of companies who buy and/or sell debt, the DBSG is the official voice of the sector, administering best practice and offering guidance and support where needed. Created by the Credit Services Association (CSA), the group’s inaugural meeting took place in December 2003 and was officially launched at the CSA’s 2004 Annual Conference. Today the DBSG has in excess of 80 members including some of the biggest companies in the industry who trade billions of pounds worth of debt each year.

As well as helping to expand the company’s presence within the debt collection arena, joining the DBSG will help Tracesmart to keep its finger on the pulse of one of its core industries. Chris Rothwell, Sales Director for Tracesmart explained further,

“Tracesmart is already an active member of the CSA, having a regular presence at their events and in their publications and also providing consultation on key industry topics. Having a pro-active involvement has helped us expand our knowledge of the industry, build our customer base and also allowed us to provide valuable guidance on the areas in which we specialise. We now hope that by working closely with the DBSG we can both provide our expertise to enhance best practice in key recovery activities and raise our company profile.”

Tracesmart currently holds memberships and affiliations with many professional organisations and bodies; these allow the company to remain up-to-date with industry trends and also provide forums through which valuable information can be shared. Mike Trezise, Managing Director at Tracesmart, comments on the importance of aligning with industry professional bodies,

“We have a hugely diverse customer base and whether the client is a firm of solicitors conducting identity checks for anti-money launderingpurposes, or a debt collection agency using our systems to trace people, we want our services to completely fulfil their particular needs. By affiliating with professional organisations we are able to identify changes in relevant industries as they happen and tailor our services to meet client needs.”

  • Tracesmart Limited – was formed in 1999 and supplies a diverse range of consumer data cleansing, identity check and tracing tools to a wide variety of industries. Their client base ranges from SME to Blue Chip, who are all recipients of bespoke solutions, built around their specific needs.
  • Chris Rothwell – Tracesmart’s Sales Director – previously worked in both the financial markets and tracing industry. With a wealth of knowledge and experience, Chris is well placed to head up Tracesmart’s corporate sales team.
  • Mike Trezise – is the founder and Managing Director of Tracesmart. With over 25 years tracing and fraud analysis experience his unrivalled knowledge provides the company with a distinct competitive advantage.
Business, Financial, Investment, Money

The Profit-Taker: Solid Advice On The Stock Market

This phenomenal financial game was invented by the author of an international best-seller. A top-ten best-selling author of John Wiley & Sons, New York is raving mad … giving away his new book. Not only is he making a gift of the sequel to his best-selling book… now he includes a ‘Live’ stock market game.

“Why should the billionaires have all the fun?”, says Professor Don Abrams, best-selling author of The Profit-Taker.

“Don’t lose your investing skills during these bad times”, says Professor Smarba, “Hone them!”.

He invented it to reveal the finer secrets of his proven, rapid, money-maker in both good and bad markets. And it’s free… Zip. Zero. Zilch. No registration. No required email. No ‘funny’ paper money. No catches.

The Chicago Tribune says: “THE PROFIT-TAKER: SOLID ADVICE ON THE STOCK MARKET“.

The new free sequel reveals a proven strategy to grow rich – especially for late starters. It is a blueprint that awakens the self-actualizing quest to live long. Thousands are already playing the game. Modestly named ‘The Greatest Game on Earth’. It’s an adventure, not based on guessing – but on newly-gained knowledge. All this on www.profittaker.info.

Is your current investing on a grand, small or academic scale? Doesn’t matter. Is it fun? If not, the author says you’re doing something wrong.

The solution? Discover it here. Now you can control your own destiny…be your own person.

‘The Greatest Game on Earth” allows people the world over the opportunity to relish the ingenuity and pure fun of the Profit-Taker Concept.

The game provides ‘live’ examples for the free book ‘The Profit-Taker Equalizer for the Underdog’.

The game is aimed at investment professionals as well as beginners.

Unlike the ‘usual game’, it is the actual chosen common stock which decides your next move. No rolling of the dice. No dealing of the cards. No spinning of a wheel.

It’s the actual ‘game’ action that opens up possibilities. Opportunities!

Let the good times roll on www.profittaker.info.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In total, of those questioned:

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

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

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

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

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

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

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

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

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

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

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