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Loans

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

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.

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

Moneystand.co.uk: Take Advantage Of Saving Strategies

Savers must look for smart new ways to make the most out of their accumulated wealth in the midst of continual drops in saving rates. With easy access and notice accounts both dropping their rates in recent months, savers must act swiftly to ensure they make the most out of any savings they may have remaining.

For those relying upon savings accounts to support their income the consistently low rates of the past 12 months will have been particularly difficult to stomach. Moneystand.co.uk founder Matt Spencer suggests that there are ways around this reality for individuals willing to put in the extra effort to ensure they actually see a real return on their savings.

“Savvy consumers who assess how separate bank details can be played off one another are likely to see the best return on their savings. In these tough economic times, it is always important to make your money work as hard as possible.”

Some savings accounts, such as the Santander offer will reward you for making regular monthly payments in to their account; paying 6% as long as at least £1000 is deposited per month. Other banks, such as the Halifax are offering £5 per month payouts as long as a minimum £1000 monthly deposit is made.

Clearly logic implies that multiple accounts across banks will ensure maximum return and with both of these banks accepting direct transfer from other banks this technique is completely plausible. Many customers are already making use of this process to ensure that they acquire the saving rates they need to ensure they see a real return after tax and inflation are taken into account.

Moneystand suggests consumers must be wary not to fall into the overdraft facility if they do decide to take this approach. Multiple current accounts, all of which have had their overdraft facility used will reflect very negatively upon an individual’s credit rating and must be avoided at all costs. Proper planning must go in to making this decision to ensure that all accounts are clearing whilst still in the positive.

For the latest financial news and advice on individual voluntary arrangement, debt and insolvency issues visit our personal finance blog, http://www.moneystand.co.uk.

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Financial, Financial Services, Home Equity, Insurance, Insurance Services, Loans, Money, Mortgage, Personal Finance

Research Revealed Nearly Half The UK’s Population Have No Life Insurance

Amongst those who currently have  life insurance policies, 53% had no idea how much they would receive if they were to make a claim. This suggests that they don’t know whether they have adequate cover in place. It is also highly likely they haven’t reviewed their cover recently and so could therefore be paying over the odds.

Research Revealed Nearly Half The UK's Population Have No Life Insurance

Richard Morea, Technical Manager at L&C said, “Consumers are clearly burying their heads in the sand and adopting an ‘it won’t happen to me’ stance.  We urge people with no cover to take action now to protect their family in the event of the unforeseen happening. Those with cover should understand exactly what it will provide in the event of a claim. If it is sufficient, they should review the cost. L&C’s online  1 minute life insurance check calculator will quickly show them if savings can be made. In addition they should review whether their cover is still adequate and if it’s not take expert advice’.

For a free life insurance review, speak to one of L&C’s expert advisers on 0800 073 1932.

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Financial, Financial Services, Home Equity, Insurance, Insurance Services, Loans, Money, Mortgage, Personal Finance

Attractive Range Of Exclusive Mortgage Deals By London and Country

Not only have the major lenders competed with one another to offer best buy mortgage deals but some of the smaller lenders have also been keen to flex their muscle in the market.

Attractive Range Of Exclusive Mortgage Deals By London and Country

This has resulted in London and Country having a number of attractive exclusive mortgages to offer customers.

These include a 2 year fixed rate up to 80% Loan To Value (LTV) from Market Harborough at 3.6% with a £1094 fee and free valuation and legal work for remortgages, and a 3.49% tracker from Furness, available up to 80% LTV with a low £199 fee and free valuation and legal work for remortgages.

David Hollingworth, Head of Communication at L&C said, ‘it is pleasing to see more competitive mortgages return to the market, particularly at higher LTVs. This means more people can get mortgage finance than previously and those looking for a mortgage at present can take advantage of some great value schemes’.

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Banks, Bonds, CDs, Checking & Savings, Credit Cards, Debit Cards, Debts, Financial, Financial Education, Financial Information, Financial Management, Financial Services, Financial Solutions, Home Equity, Insurance, Insurance Services, IRA, ISAs, IVA, Loans, Money, Mortgage, Online Banking

A New Government-Run Service Is Set To Provide Impartial Financial Advice For Millions Of UK Citizen

A new Government-run service is set to provide impartial financial advice for millions of UK citizens looking for help with money matters.

A New Government-Run Service Is Set To Provide Impartial Financial Advice For Millions Of UK Citizen

The service – called Moneymadeclear – was launched by Chancellor of the Exchequer Alistair Darling and will provide free consumer advice from independent financial experts.

Moneymadeclear gives people the chance to pick up the phone, talk face-to-face or get information online with regard to money worries, financial planning and information on consumer rights.

The service also gives advice to consumers who think they may have been mis-sold a financial product and don’t know what action to take.

A service such as this is long overdue says life insurance comparison site QuoteBoffin.co.uk:

“Consumers have long deserved a service that is concise and impartial as Moneymadeclear, especially for people who have concerns over money but do not know who to turn to.

Moneymadeclear also supports the different ways in which people take in information as well as the resources consumers have available. For example, some people prefer to use the web to get information whilst others are more comfortable meeting an advisor face to face and so forth.”

The Government has trialled the service in the North East and North West since last April. The trial helped 500,000 people and is expected to assist a million people in the next year alone.

Chancellor Alistair Darling said:

“Moneymadeclear is free, impartial advice for all, whether you are unsure about the small print in a mortgage form; want advice opening a savings account for your children or grand-children or want some help dealing with repayments before they get out of hand.”

In a post recession economy the importance of financial support for concerned consumers will undoubtedly be welcomed by people looking to firm up their finances.

QuoteBoffin.co.uk went on to say “Although the UK has officially left the recession it’s going to take many years to see a full recovery. This means that continued job losses, mounting debt and high interest rates will put continued strain on consumers.

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

Millions Of Brits Head Abroad In 2010 Bucking The Staycation Trend

  • 35.6 million Brits are heading abroad for their main vacation this year, suggesting a shift from 2009’s ‘staycation’ trend
  • 1/3 of holidaymakers blamed the UK’s recent cold weather as their main reason for travelling abroad to sunnier climes
  • 1 in 3 Brits still plan to travel in the UK for shorter breaks
  • 1/3 of Brits have already booked their main holiday for 2010, thought nearly 60 per cent admit they have not organised travel insurance
  • 8.5 million travellers admit they have required medical attention on a previous overseas trip

Millions Of Brits Head Abroad In 2010 Bucking The Staycation Trend

A survey of more than 2,000 UK residents has found that almost 60 per cent of Brits plan to take their main holiday abroad this year, bucking last year’s ‘staycation’ trend.

According to new research from Lloyds TSB Added Value Accounts, a third of holidaymakers blamed the recent icy snap as their main reason for wanting to go abroad this year, in search of warmth. But holidaying in the UK still remains popular, with one in three Brits intending to stay in the UK for short excursions.

Although a foreign holiday is more likely to be on the cards, holidaymakers are not going too far afield, with over 60 per cent of Brits visiting Europe for a holiday this year, making it the number one continent to visit for 2010, followed by America (12 per cent), Africa (5 per cent) and Asia (4 per cent). Sun and beach are also the number one priority for travellers this summer (45 per cent), with city breaks also proving to be a popular choice (23 per cent). Only 5 per cent are planning a cruise and only 3 per cent have opted for a safari or wildlife trip.

A third of those surveyed have already booked their main holiday for the year, whilst a further 24 per cent are planning to book in the next few weeks. Almost 40 per cent of holidaymakers intend to pay for their holiday abroad on their debit card, with one in three planning to use their credit card, surprisingly nearly a quarter of travellers will pay in cash and only 2 per cent will pay by cheque.

Worryingly, nearly 60 per cent of those holidaymakers who have already booked their vacation this year have not organised travel insurance, with almost half (42 per cent) claiming it was just something they had yet to organise. An additional five per cent said it was too costly and two per cent have not booked travel insurance in order to save money on their holiday.

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Banks, Checking & Savings, Financial, Financial Services, Loans, Money

Pioneer Services’ Receives National ‘Workplace Innovation’ Award For CSR Efforts

Giving back to the communities it serves is an integral part of Pioneer Services’ workplace culture, and those efforts were recognized when the company received the “CSR Award for Workplace Innovation” from PR News during an event at the National Press Club in Washington D.C., Feb. 24. Pioneer Services received first place, while finalists included Pepsi Co., Butterball, and Deloitte.

Pioneer Services provides full-time associates with 16 hours of paid volunteer time off (VTO) each year, with part-time associates receiving 8 hours. In 2009, the company created the internal “Be the Difference” campaign to increase usage of the benefit. The campaign included a Volunteer Fair at the company’s Kansas City headquarters, a website, t-shirts, poster, and a Volunteer Committee that helps associates find volunteer opportunities.

These efforts led to a 400 percent increase in VTO usage over the previous year, a special award from the Department of Veterans Affairs, as well as several community recognitions for individual associates. The company’s VTO program and commitment to community service have been showcased on several news broadcasts and received other national recognitions.

“Being honored as the best in nation for our corporate creativity and innovation in regard to CSR is exciting, especially given the caliber of other award finalists,” said Chief Operating Officer Joe Freeman. “Our entire organization, including the associate-driven Volunteer Committee, exhibited incredible commitment to this effort, and showed that, for us, Compassion is more than just one of our corporate values—it’s simply who we are as a company.”

Pioneer Services, the military banking division of MidCountry Bank, provides financial services and award-winning education to members of the Armed Forces. F or more than 20 years , Pioneer Services has been a leader in military lending, offering military loans and award-winning financial education programs through a network of offices and on the Internet. Pioneer Services is proud to support 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 Services, Home Equity, Interest Rate, Loans, Money, Mortgage, Personal Finance

First Time Buyers Shouldn’t Panic Following Stamp Duty Changes, Says UK Broker

First time buyers who didn’t manage to find a new home before the government’s stamp duty concession ended shouldn’t despair, says a leading UK mortgage broker.

In an effort to tempt buyers into the market, the government removed the stamp duty levy on properties costing under £175,000 for just over a year, but the threshold was lowered back to £125,000 at the start of 2010.

Figures released this month by the Council of Mortgage Lenders show that prior to the deadline there was a spike in the number of loan completions in the final month of 2009.

A total of 10,300 first time buyers had their loan applications approved in December for properties in the £125,000 to £175,000 bracket. The figure, up 63 per cent from November, is believed to be a direct result of people rushing to complete house purchases before January 1 in order to avoid paying an extra 1 per cent stamp duty charge.

Stuart Codling, managing director of Salford-based whole of market mortgage broker, The Mortgage Point, said potential buyers shouldn’t be disheartened as some of the best mortgage deals are still out there for first time buyer, both in terms of property prices and first time buyer mortgage products.

He said: “Buying your first property is a substantial commitment and first time buyers especially have to work to a very tight budget.

“Stamp duty now has to be paid once again on properties valued in excess of £125,000 and house prices are starting to rise. However, first time buyers still have an opportunity to get their feet on the property ladder. Although activity is increasing in the market, some of the best mortgage deals are still to be had.

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Banks, Financial, Financial Services, Home Equity, Interest Rate, Loans, Money, Mortgage, Personal Finance

Go Independent For The Best Mortgage Advice

One of the major advantages of today’s world is that we have choices in nearly everything we buy.

And considering that a mortgage is probably the biggest financial commitment we will ever make, then it’s the one decision that we should have some help with, to ensure that we get the best deal for our individual circumstances. That’s precisely why talking to an Independent Financial Adviser is a good move, according to Stuart Codling of Manchester-based mortgage broker The Mortgage Point.

“We’ve become so used to shopping around before making big purchase decisions, yet when it comes to the major issue of choosing a mortgage, so many people head straight for the bank or building society where they are already a customer,” says Stuart.

“But that’s like buying a car just because you like the colour,” he adds. “It’s a decision which ignores the most important reasons why we should choose one particular product over all the others.”

The Mortgage Point is an authorised Independent Financial Adviser (IFA), which means it can consider the whole of the mortgage market when suggesting the best mortgage deals available for every individual customer.

That means an adviser will take into account such fundamental considerations as the benefits provided, flexibility, and level of charges for every mortgage product available, before making a recommendation based on their knowledge of the market, and each client’s own needs. Meeting with an IFA is even more crucial for those who are looking for first time buyer mortgages as the individual candidate will most likely be on a budget.

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Financial, Financial Services, Home Equity, Insurance, Insurance Services, Loans, Money, Mortgage, Personal Finance

What SVR Does Your Lender Charge

These changes will affect any borrower that is on an SVR or an SVR-linked product (generally known as a discounted rate) and if your mortgage rate is going up then this will clearly lead to an increase in your monthly repayments.

What SVR Does Your Lender Charge

L& C’s SVR watch table gives an overview of the impact of some of these SVR increases on borrowers’ monthly mortgage payments. Borrowers can personalise the numbers to reflect their own situation using L&C’s rate change calculator.

Borrowers should be keeping a sharp eye on their mortgage rate at the moment and making sure that they’re not paying more than they need to. Richard Morea, technical manager at L&C says “with Standard Variable Rates being increased, it makes a lot of sense to review whether you have the best deal, particularly as the mortgage market has become more competitive recently.”

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

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Financial, Financial Services, Home Equity, Insurance, Insurance Services, Loans, Money, Mortgage, Personal Finance

The 1 Minute Life Insurance Check Calculator

The 1 Minute Life Insurance Check calculator only requires a few simple pieces of information – date of birth, level of cover, type of cover, whether nicotine products have been used in the past 12 months, the remaining term on the policy and the current monthly premium. The calculator then checks against rates from a comprehensive panel of leading insurers to see if the current monthly premium can be beaten. If it can, L&C’s expert advisers can help customers take advantage of the better premiums on offer.

The 1 Minute Life Insurance Check Calculator

Richard Morea, technical manager at L&C said ‘many consumers take life insurance when they start a family or take a mortgage. They have the reassurance of knowing the cover is in place but don’t routinely review the cost as they might with other household bills. The 1 Minute Life Insurance Check provides a quick and easy way to see if there are savings available that they could take advantage of.’

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

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

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Interest Rates Are Held, But Mortgage Lenders Hike Their SVRs

2010 has started with yet another interest rate hold by the Bank of England – the tenth consecutive hold decision since Bank Rate was cut in March to an all-time low of 0.5%.

Interest Rates Are Held, But Mortgage Lenders Hike Their SVRs

Mortgage lenders Standard Variable Rates (SVRs) have also been very low over the last year, but despite Bank Rate remaining unchanged, a number of lenders have been increasing their SVRs – pushing up mortgage costs for thousands of borrowers. As this trend continues, more and more borrowers should consider switching their mortgage to a new deal.

Although SVRs tend to follow the Bank Rate, lenders can change their own rate at their discretion. Lenders such as C&G and Nationwide have rules in place which guarantee that their SVRs can be no more than 2% above the Bank’s base rate, but other lenders have no such restriction.

While the SVRs of both C&G and Nationwide remain at 2.5%, a number of lenders have recently increased their rates and some are now charging more than twice that rate. Marsden Building Society recently announced an increase in SVR from 5.49% to 5.95% effective this month and Kent Reliance increased theirs by 0.3% to a huge 6.08% from 1st December.

Others have increased by even bigger margins. Accord (part of Yorkshire Building Society), last month raised its SVR by 0.65% and Cambridge Building Society went up by 0.59%.

Most recently, Mansfield Building Society announced that it was increasing its SVR by 0.35% to 5.59% – effective from the 11th January for existing borrowers.

David Hollingworth, Head of Communications for L&C, said, “Following these rises, the gap between the lowest and highest SVRs is now more than 3.5%, so depending on which lender you’re with, paying the Standard Variable Rate could prove costly.

“If you’ve been paying your lender’s SVR, don’t just assume that it’s the best rate for you at the moment – you could be paying more than you have to and you could see you monthly mortgage payments increase out of the blue.”

A simple way to check if you’re paying too much for your mortgage is to use L&C’s 1 Minute Mortgage Check answer 3 simple questions and they’ll tell you if you could save money on your mortgage.

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A New Year ‘Stop Smoking’ Resolution Could Save You Money on Life Insurance

Not only will those who quit benefit from a substantial cut in expenditure from the cigarettes themselves, but once they have not smoked or used tobacco or nicotine products for 12 months, they will also be able to benefit from non smoker rates for their life insurance.

A male aged 35 with a 25 year level term life insurance policy could reduce their monthly premium by 42%* by being eligible for non smoker rates, saving £78 a year.

Smokers who quit can request an automatic reminder by email or text to review their life premiums after 12 months by using L&C’s LifePROMPT service.

Richard Morea, technical manager at L&C says “those who stop smoking at the start of 2010 should register with Lifeprompt now so they are reminded to review their life insurance costs in 12 months time. If they are successful in their quest to stop smoking, they will also be able to benefit from savings on their life insurance this time next year”.

*Monthly premium for a male aged 35, non Smoker, £100,000 level term insurance policy £8.90
Monthly premium for a male aged 35, smoker, £100,000 level term insurance policy £15.40

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Midcountry Bank Honored By USDA For Increasing Rural Home Ownership

MidCountry Bank was recently recognized by the U.S. Department of Agriculture and Rural Development (USDA) for utilizing federally-guaranteed mortgages that increased, and made more affordable, home ownership in rural Illinois. Each year the USDA honors lenders that excel in using the federal agency’s guaranteed loan program in rural areas.

“In this difficult housing marketing, MidCountry Bank is committed to using Rural Development’s guaranteed home loan program to help as many homebuyers as possible,” said Jim Davis, a Rural Development specialist in the USDA’s Marion , Ill. , office. “They helped borrowers buy their first homes, or upgrade to better homes. We are extremely pleased with MidCountry Bank’s achievement.”

MidCountry Bank provided Illinois homebuyers with more than $1 million in Rural Development-backed loans in 2009. With the Rural Development guarantee, MidCountry Bank offers 100 percent loans with no required down payment, no private monthly mortgage insurance (PMI), no maximum purchase prices, competitive fixed interest rates, and 30-year terms. The program also includes flexible credit guidelines and generous income limits.

“This program has helped put many families into a home and strengthened rural communities by providing stability in a challenging housing market. It is easily the best 100-percent program in the market,” said MidCountry Bank Regional President Randy Forby. “We’re proud to have received this honor from the USDA, and even more so to have helped families throughout rural Illinois realize their dreams of homeownership.”

For nearly a decade, MidCountry Bank has been serving the communities of southern Illinois and central Minnesota with a full spectrum of financial products that are matched with excellent customer service. Its retail banking division offers a variety of deposit and loan products to meet consumers’ needs, its business division helps small business by providing them with the financing they need to grow, and its military banking division serves those who serve our nation with personal loans and award-winning financial education programs. Every MidCountry Bank associate is dedicated to creating a high-quality and well-respected financial services organization, and is committed to the values of integrity, fairness, honesty, excellence, and compassion.

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MidCountry Bank Military Division’s Volunteer Time-Off Program Recognized Nationally For Corporate Social Responsibility

An effort to promote community service within its national workforce was recently recognized when MidCountry Bank‘s military banking division, Pioneer Services, was named a finalist for the Corporate Social Responsibility Award for Workplace Innovation by PR News. The company received the honor for creating and offering all of its associates a Volunteer Time-Off (VTO) benefit, providing each individual up to 16 hours of paid time off annually to volunteer in their communities.

MidCountry Bank Military Division's Volunteer Time-Off Program Recognized Nationally For Corporate Social Responsibility

To encourage additional participation in the VTO program, last year the company initiated the Be the Difference campaign, an internal effort to increase usage of this unique benefit. The campaign included a Volunteer Fair at its headquarters that featured 23 nonprofit organizations, the creation of a new volunteerism website, t-shirts, promotional posters, and other items—all of which was led by an associate-ran Volunteer Committee. The result was a 400 percent increase in VTO usage, and numerous individual recognition and awards for associates, both locally and nationally.

“Giving back to the community is a key component of our corporate culture,” said Karen Von Der Bruegge , chief marketing officer of Pioneer Services. “We are proud to receive recognition for our social responsibility efforts, but must also recognize our associates around the country. Their efforts and willingness to give back have made the VTO program a great success.”

Winners of the PR News Corporate Social Responsibility (CSR) Awards are announced Feb. 24, 2010, at the National Press Club in Washington, DC . Pioneer Services is joined as a finalist in the Workplace Innovation category by Pepsi, Deloitte, and Butterball, and finalists in other categories include Bank of America, Chipotle Mexican Grill, Coca Cola, GE, Oracle, and eBay.

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Assets, Bonds, Financial, Financial Services, Financial Solutions, Funding, Interest Rate, Loans, Money, Stocks

Securities Based Funding, Inc. Announces A Unique Financing Advantage To Borrowers Against The Value Of Their Securities Portfolio

Securities Based Funding, Inc. announces a unique financing advantage to borrowers against the value of their securities portfolio at below-market, simple interest, fixed rate loans ranging from 2.5% to 4.5%.

These   non-recourse   loans will assist Domestic and international buyers, sellers and developers of properties worldwide. The loan proceeds can be used for any purpose except to buy securities or carry securities in a margin account.

Despite the credit crunch and while access to liquidity through traditional capital markets is difficult in today’s uncertain economy, security-based loans enable borrowers to access liquidity at below-market rates by pledging the securities they own as collateral for the loan. Securities based loans offer residential and commercial real estate owners and developers, a viable alternative, that are being frozen out of the market, by their banks and traditional sources of financing.

Eligible securities are publicly trades stocks, bonds, tradable mutual funds, unit investment and real estate investment trusts as well as foreign positions on international exchanges. Ineligible securities include, privately held stocks, securities held in retirement accounts, such as, IRAs and 401Ks. The borrower retains all upside market appreciation and receives any dividends or interest to which the securities are entitled. Loan to security values (LTV) range from 35% up to 80%. The more liquid and actively trades the securities, the higher the LTV.

Securities Based Funding, Inc. represents a full-service, private, nonpurpose, direct lender that specializes in securities-based lending with investors in need of prompt funding. Terms are based on the evaluation of the risk and future performance associated with the stocks, bonds or U.S. Treasuries to be pledged as collateral to maximize and maintain complete yet proprietary flexibility of the equity-loan process.

Successful stock-lending transactions have been executed involving the American Stock Exchange, NASDAQ National Stock Market, NASDAQ Small-Cap Stock market, New York Stock Exchange, Over-the-Counter Bulletin Board and foreign exchanges.

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Consumer Price Index Rise Hits UK Savers Pockets

With bank rates predicted to stay low for the next 12 months, savers are in an increasingly tricky situation, according to personal finance website MoneyStand.co.uk.

As the Consumer Prices Index (CPI) is often greater than the savings account interest rates, MoneyStand.co.uk believes some individuals are actually poorer in real terms by keeping money in certain accounts. The UK website, which focuses on giving advice and information on personal finance, debt solutions, and IVA, has stated that simple and well thought out decisions can make all the difference to consumers in these instances. These are particularly testing times for those who live off the interest of their accumulated wealth to subsidise their pension.

Due to the low interest rates affecting most banks within the UK and the erosive affects of rising inflation, individuals with savings are feeling the brunt of the economic downturn. Even with substantial savings, British savers are missing out on a solid return on their investments once tax is taken into account.

With the Consumer Prices Index rising to 1.9 per cent, basic rate taxpayers need their banks to provide a minimum savings rate of 2.375 per cent before seeing any real return on their investments, and higher rate tax payers need a sizeable 3.166 per cent to see a return. In reality, currently only 9 out of 744 variable rate savings accounts available in the UK actually offer an interest rate higher than this. Compared with November, when 69 out of 744 accounts paid above this rate, experts argue that banks are profiteering at the expense of their customers, warning that the situation will now get even worse for the basic rate taxpayers.

Following a widespread media campaign for better deals for UK savers, the UK government has promised to start taking action against these low yield savings accounts. Despite these claims, Moneystand.co.uk suggests that UK individuals will soon have almost no reason to save.

Founder Matt Spencer said, “Due to the worsening interests rates offered by the banks, we have approached the stage where taxpayers are better off investing their money into gold bullion than they are with savings accounts.”

“Due to the Consumer Prices Index rising beyond economists’ expectations from 1.5 per cent to 1.9 per cent last month, basic rate taxpayers will also feel the knock on effects of the increase for some months to come. Economists have attributed this to amongst other things, rising fuel and energy costs.”

Personal Finance weblog MoneyStand.co.uk has been providing unbiased personal finance, IVA and debt related information since early 2008 specifically to help people through these testing financial times. The authors realise people are facing particularly pressing financial times and seek to alleviate this where possible by providing clear and easy to understand information.

“In times of recession individuals and families often overlook simple financial decisions that can make huge differences to their financial health.” Matt Spencer explained, “Our aim is to highlight and offer financial advice on these sensitive topics.”

For the latest financial news and advice on IVA, debt and insolvency visit our personal finance blog, http://www.moneystand.co.uk.

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Improved Life Insurance Cover

For people with children Axa has increased the percentage of the sum assured they will pay out under the children’s cover benefit from 25 per cent to 50 per cent, or £25,000, whichever is lower as part of their critical illness cover. In addition the number of children eligible for cover has now doubled from two to four.

As well as taking standard life insurance cover which pays out in the event of death, many consumers should also take critical illness cover which will pay out in the event of a number of specified serious illnesses.

Commenting on the improved terms David Hollingworth said ‘Sometimes these policies have been criticised for being too restrictive. It is encouraging that life insurance providers are now offering greater flexibility through premium reductions and additional benefits so that consumers get cover at the optimum price’.

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Financial, Financial Services, Home Equity, Interest Rate, Loans, Money, Mortgage, Personal Finance

End of the Stamp Duty Holiday

The Pre Budget Report did not bring an extension of the stamp duty exemption for property purchases up to £175,000, which means purchasers will face a stamp duty bill of up to £1,750 next year.

Commenting, David Hollingworth at L&C Mortgages said, “With much larger deposits required to secure a mortgage the exemption did at least help reduce the hefty cost of buying a home and its demise will not be welcomed by first time buyers in particular. Those that are currently in the process of buying will need to keep well on top of things to ensure they complete their mortgage before the end of the year. Ensure that your solicitor will be available over the Christmas period and that all is in hand.

Those coming fresh to the market now would need a minor miracle to complete their purchase before the deadline.”

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