Category Archives: Personal Finance

Personal Finance

Business, Escrow, Financial, Financial Services, Financial Solutions, Investment, IRA, Money, Personal Finance, Retirement

Sunwest Trust, which manages retirement funds for self-directed IRA investors, has continued to expand despite the uncertainty on Wall Street

Sunwest Trust, Inc. the New Mexico Company that acts as an escrow agent and self-directed IRA custodian, claims the self directed IRA funds placed with their firm are FDIC insured through local banks. Sunwest Trust further claims that it is financially sound and is not directly affected by the day-to-day volatility of the stock market. Since Sunwest Trust’s clients are self-directed, their investments are under each client’s direct control and are diversified in non-traditional assets, which are not directly indexed to the ups and downs of the stock market.

“With the current economic scenario being what it is, clients are naturally concerned about the security of their retirement money,” says Terry White, CEO of Sunwest Trust. “Large financial institutions including banks and lending agencies failing at regular intervals make headlines in the print and electronic media quite often, thus creating a suspicion in the mind of the clients about the security of their investments,” White adds.

Sunwest Trust deposits the IRA funds received from its clients into FDIC-insured banks. Although Sunwest Trust, Inc. only requires a minimum account balance of $400, “with the recent passage of the Financial Rescue Legislation this month, Individual Retirement Accounts (IRAs) are now insured by the FDIC up to $250,000 until December 2009,” says White, CEO of Sunwest Trust, Inc., as he attempted to avert growing suspicion among customers on the fate of their deposits.

Sunwest Trust is currently serving 14,000 individuals and companies and covering assets to the tune of $1 billion. “In August, the company had a record-breaking month, in terms of opening new accounts, and September is not far behind. The achievements during both these months were higher than the previous record, which was set in April, 2007,” states Terry, projecting an attractive picture of the company’s achievements.

Company management has very high expectations for making the current year the greatest in its 21 years. The company also claims to have achieved a growth rate of 15% annually and to have provided high-quality services to its customers.

In the world of finance, fortunes are often made in down markets. One only needs to use foresight and fortitude to make the right decisions in time. Retirement plans can succeed with diversification plans. “The self directed IRA could well be one of the best ways to achieve success with post retirement investments,” adds White.

Although the stock market may fluctuate and credit may tighten, it doesn’t mean that the avenues for lucrative investments are all closed. Diversification continues to be paramount to a successful retirement plan, and having a self-directed IRA may be central in achieving this. For example, with real estate property values nearing all-time lows this may be an excellent time to purchase property as part of one’s IRA.

About Sunwest Trust, Inc.
Sunwest Trust is an independently owned private company which offers self-directed IRA custodian and escrow services. The company offers a huge range of financial services providing post retirement benefits, private mortgages, real estate contacts and other related fields for its clients. FDIC insured banks back the self directed IRA funds of their clients.

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Banks, Business, Checking & Savings, Financial, Financial Services, Mobile banking, Money, Online Banking, Personal Finance

Lloyds TSB has launched two new savings accounts in response to the demand for its savings products

Lloyds TSB has revealed the details of two brand new savings accounts, each offering customers the opportunity to earn up to 6% interest on their savings.

The first of the two new savings accounts, the Easy Saver 2012, tracks the Bank of England base rate until 31st December 2012 on a tiered rate up to 5.5 per cent*. The new account can be opened with a minimum balance of £1 and there are no penalties for withdrawals on the account. The account offers customers instant access to their savings and the tiered rate is designed to help consumers maintain their savings habit over the long term.

The one year term deposit rate is the second of Lloyds TSB’s new savings options. It allows customers to earn a guaranteed return of 6.00 per cent on investments of £2000 or more. The rate is guaranteed for the term of the deposit and customers can opt to earn interest on a monthly or annual basis, enabling them to use their savings interest to boost their monthly income.

Janet Pope, director of savings and investments at Lloyds TSB said: “In an uncertain economic environment, security is a top priority for savers. Our term deposit range** has proved extremely popular, as the guaranteed return gives customers the security to plan ahead, knowing exactly how much interest they will receive and when they will get it.”

Janet continued: “Whilst some savers may want to ring fence funds in a term deposit account, others want instant access to their cash. The Easy Saver 2012 encourages customers to build their nest egg over time, safe in the knowledge they can access funds at any point if they need it.”

The new Easy Saver 2012 account can be managed through any Lloyds TSB branch or via the telephone network. Existing Lloyds TSB customers can manage their account using internet banking and funds can be transferred instantly between savings and current accounts via the new mobile banking service.

Janet Pope continued: “We continue to see strong demand from customers for our deposit products as our savings range offers customers great rates combined with the accessibility of our 1,900 strong branch network and familiarity of a high street brand. Recently, we have seen a significant increase in deposits and in the last week alone, double the average numbers of term deposit accounts have been opened.”

About Lloyds TSB:
Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes. Lloyds TSB offer a full range of financial services including savings and investments, current accounts and insurance. Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.

* Based on the current Bank of England base rate of 4.5 per cent. Interest will be compounded annually to the account or can be taken as a monthly income.
** On the term deposit range. No withdrawals or additional deposits are allowed during the term of the deposit. The minimum opening balance is £2000 and the maximum balance is £1 million.

 

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Business, Financial, Financial Services, Financial Solutions, Insurance, Investment, Personal Finance, Retirement

Highway Insurance Group Acquired by LV

LV=, the UK based insurance, investment and pensions group, has announced its acquisition of the Highway Insurance Group, which includes Highway Insurance and Hero Insurance Services, further expanding the fast growing general insurance division of LV=.

The initial offer of 73.35p per share, which was recommended by the Highway Board, was made in August. Highway shareholders also received their interim dividend of 1.65p, payable at the start of October 2008. This gives an overall value of the entire issued share capital of Highway of £150m.

Fenchurch Advisory Partners acted as exclusive financial adviser to LV while Shore Capital Stockbrokers acted as corporate broker to LV=.

Mike Rogers, Group Chief Executive of LV= said: “We are pleased to have completed this deal quickly and we look forward to welcoming Highway into the LV= Group. This acquisition makes sound strategic sense and will assist us in our stated ambition to become a top five insurer in our chosen markets by 2012.”

He continued, “Highway is highly complementary to our existing general insurance operations and will provide a strong platform for growth. Putting the strengths of LV= and Highway together will enable us to compete even more effectively in the insurance broker market.”

Highway Insurance will become part of the LV= General Insurance business which is led by Managing Director John O’Roarke, who formerly headed up the Churchill and RBS Insurance businesses.

Andrew Gibson, Chief Executive of Highway, will be staying on in an advisory capacity until the end of the year, when he will be leaving to explore opportunities outside the LV= Group.

As LV= is a mutual organisation, owned by its members, Highway Insurance will be de-listed from the London Stock Exchange in due course.

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. LV= employs over 2,700 people, serves more than 2.5 million customers and members, and manages more than £7.7 billion on their behalf. LV= is the UK’s largest friendly society and a leading mutual financial services provider, providing home insurance and car insurance well as travel and pet insurance direct to consumers. It also offers insurance products exclusively to brokers via the Highway and ABC Insurance brands.


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

The Risk Of A Severe Economic Downturn Still Remains, And Taking Care Of Personal Finances Should Be Made Top Priority In The Coming Weeks And Months

Debt management company Gregory Pennington have warned that the economy remains uncertain, despite a number of signals suggesting a potential recovery, and have advised anyone facing severe financial problems to seek professional debt advice as soon as possible.

The Bank of England Monetary Policy Committee’s announcement on Wednesday that the base rate would fall to 4.5% was intended to calm fears surrounding the money market and increase lenders’ willingness to do business with one another, subsequently increasing liquidity and boosting the loans market.

A number of lenders announced cuts to their mortgage rates following the base rate announcement – which may come as a relief to prospective homeowners or existing homeowners looking to remortgage, following many lenders’ reluctance to respond to the last base rate drop.

Meanwhile, petrol prices recently fell to as little as 103.9 pence per litre, while food price growth slowed by 0.2% in September, according to the British Retail Consortium (BRC)– arousing speculation that overall inflation has hit its peak and will now begin to slow.

However, a spokesperson for Gregory Pennington commented that while there are encouraging signs for the economy, there is no guarantee that further difficulty for the economy can be avoided.

“The first thing to bear in mind is that while the base rate cut is intended to help the economy, it was brought in as an emergency measure,” she said. “The threat of a severe economic downturn is still looming and there are no guarantees it can be avoided.

“The fall in oil and food prices are very encouraging, but both are heavily affected by external factors, largely outside our Government’s control.”

The debt management company spokesperson was keen to emphasise the continued need to take care over finances and manage debts effectively in the coming months. “There is still the possibility that things could get tighter in the near future, so it pays to tackle any financial issues now, rather than waiting to see what happens next.

“People who are struggling with debt are especially at risk, because their finances are already stretched – and any further rises in costs of living could make those debts unmanageable.

“As always, we advise anyone struggling with debt to seek expert debt advice as soon as possible. Leaving it too late could allow your debts to grow, which is particularly dangerous if costs of living do continue to rise.

“There are a number of debt solutions to help with various financial situations. A debt management plan is a flexible means of getting out of debt in which your repayments are based on how much you can afford, and in some cases interest and other charges can be frozen.

“Debt consolidation involves grouping your debts into one convenient monthly payment, therefore simplifying your finances, and your debt can also be spread out over a longer period of time, meaning monthly payments are smaller – although this can mean you pay more interest in the long run.

“For more serious debts of over £15,000, an IVA (Individual Voluntary Arrangement) might be more appropriate. These work by agreeing with your creditors to make payments based on what you can afford for a period of five years, after which the remaining debt is considered settled.”

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

Debt Advisers Direct Warn Anyone Struggling With Debt To Seek Expert Debt Advice As Soon As Possible

Responding to the International Monetary Fund (IMF)’s report suggesting that the global economic slowdown is likely to worsen and spread to more economic sectors, Debt Advisers Direct have warned the public that extremely testing times may be ahead, and people should look to get their finances in order and clear any debts as soon as possible.

In their new Global Financial Stability Report, the IMF have warned of “growing turmoil”, saying that the state of the global economy has worsened since its last assessment in April 2008. They also said that Governments’ willingness to act would be crucial in “bringing about a return to stability in the international financial system”.

Although the global economic crisis has so far been mostly limited to the financial sectors in more developed economies, the IMF warned that may soon be about to change, with other sectors and developing economies likely to be affected in the future.

A note on the IMF press release said: “financial institutions in emerging markets, which until recently remained fairly resilient, will be confronted with a much more challenging economic environment: A combination of global credit tightening, and economic slowdown, which could accelerate a downturn in the domestic credit cycle in some countries. Those economies with greater reliance on short-term flows or with leveraged banking systems funded internationally are particularly vulnerable.”

A spokesperson for Debt Advisers Direct said that the threat of financial hardship applies to everybody – not just people on lower incomes or those already in debt.

“The nature of the economic crisis is that many peoples’ jobs are at risk, and that applies just as much to people earning high incomes as it does to low earners. At the same time, many costs of living such as food and energy are still on the rise, so most of us are likely to feel the squeeze to some extent.

“For that reason it’s essential that anyone who is currently struggling financially, particularly those struggling with debt, seeks the relevant advice as soon as possible.”

The Debt Advisers Direct spokesperson added that there are a range of debt solutions available to help people in various financial situations. “For those with a number of debts, a debt consolidation loan could be the answer,” he said.

“Debt consolidation involves grouping all of your debts into convenient single monthly payments. It can also reduce interest rates if you are consolidating high-APR forms of credit such as credit cards, and it can allow you to reschedule your payments over a longer period, making your monthly payments lower. However, this may result in paying more interest in the long term.

“Alternatively, for those who want a less formal debt solution, a debt management plan can reduce your monthly payments to an amount you can afford, as well as freezing interest and other charges.

“Or for people with debts of over £15,000, an IVA (Individual Voluntary Arrangement) is an alternative to bankruptcy which could help you keep your home and other assets.”

The spokesperson added: “Above all, it’s very important that anyone struggling with their debts seeks the appropriate advice immediately, because it’s very possible that things are going to get even tighter in the coming months.”

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Checking & Savings, Credit Cards, Credit Repair, Financial, Financial Services, Financial Solutions, Personal Finance

There Are Many Myths About Credit Repair Some True Some Not We Will Attempt To Try And Clear Those Up Here

As a large Credit Repair Company, We feel the pain of negative press every day. So in an effort to help many consumers that could in fact benefit from Credit Repair we are going to address many of the myths that are out there about Credit Repair.

Myth #1 Credit Repair is Illegal.

The truth: Credit Repair is in fact so legal that congress passed a law called the Credit Repair Organization Act or CROA it can be viewed herehttp://www.ftc.gov/os/statutes/croa/croa.shtm

Myth #2 Credit Repair Companies are all scams

The truth: Many Credit Repair companies in fact are very good and reputable companies as in all professions a few bad apples have given the rest a bad name. In fact our company Revolution Credit Solutions Inc. has offered our services Pro Bono to victims of these bad companies. See press release here http://express-press-release.net/53/Revolution%20Credit%20Solutions…

Myth #3 Anything a Credit Repair Company can do for you, You can do for yourself.

The truth: While you can certainly dispute items on your own, many consumers lack the knowledge about the laws in place to protect them from unfair credit reporting. Many Credit Repair Companies have an extensive knowledge of these laws and the requirements imposed on the CRA’s by them. So, while self help is certainly possible, Credit Repair is not an easy task especially in unexperienced hands. For those consumers who want a “do it yourself” solution to Credit Repair, the first step is to read the FCRA. You can read it here http://www.ftc.gov/os/statutes/031224fcra.pdf as a matter of fact, everything we do as a Credit Repair Company is done from the FCRA. Unfortunatly for most consumers the law is very hard to interpret, and they are unable to do it them self. That’s where the value of a company like Revolution Credit Solutions Inc. lies. We use no special tricks or tactics. We merely follow the law and request that the consumers creditors and the Credit Bureaus do the same.

Myth #4 Credit Bureaus do a good job of being accurate, so there is no need for Credit Repair Companies.

The Truth: In spite of section 607b of the FCRA which requires the Credit Bureaus to maintain accurate files on consumers. Over 79% of Consumers Credit Reports and thats according to the P.I.R.G. ( Public Interest Research Group) a Government agency. See it here http://static.uspirg.org/usp.asp?id2=13649&id3=USPIRG

Myth #5 Credit Bureaus want to help you fix your credit by providing on line access to your report free and allowing you to dispute items electronically through their system.

The truth: Credit Bureaus make money, and lots of it by reporting and selling information the more information the more money. So by removing inaccurate or unverifiable information the Credit Bureaus lose money. The only reason they allow you to access your report free once a year is because they are forced to by the government, and as to their electronic disputes, they leave much to be desired. All too often the Credit Bureaus will make a great effort to discourage consumers from disputing inaccurate and unverifiable information because not only does it cost them income by removing these items, but they must also pay a full time staff of untold numbers to address these disputes, costing them much more money.

I hope this article has helped you have a better understanding of how a Credit Repair Company can help you in your quest for the American Dream. If you would like more information please contact us at 1-888-852-0005 and we will be happy to answer your questions.

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

M&S Money Is Offering M&S Credit Cardholders The Chance To Win £10,000 To Spend In Marks Spencer

M&S Money have announced that customers who hold a credit card with the financial services company will automatically be entered into the draw to become an M&S Points Millionaire.

Customers can be entered into the draw by either buying one or more selected products from M&S Money, registering to manage their account online, and/or opting to stop receiving paper statements. Customers who purchase insurance, travel money, personal loans or make an investment with M&S Money stand a chance of winning.

As well as the one million M&S points on offer, five runner up prizes of 100,000 M&S points, worth £10,000 each, are also available to be won.

Andy Ripley, Deputy Chief Executive of M&S Money commented, “Following on from the success of our first millionaire prize draw earlier this year, we’ve extended the prize draw to include a wider range of products and ways to enter. Not only can our customers bag themselves some quality products but they also have a chance of winning 1 million points, worth £10,000, and really reap the rewards of their M&S cards.”

M&S Money are also offering five runners up prices of 100,000 points worth £1,000 to be spent in store.

This is a limited offer, between and including the dates of 4 September 2008 and 29 October 2008. The winners will be drawn at random on 21 November 2008.

About M&S Money
M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers insurance for homes, cars, travel, pets and weddings, as well as loans, savings and investments.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 85 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Credit Cards, Debit Cards, Financial, Financial Services, Money, Personal Finance

M&S Money Credit Card Holder Margaret Claxton Is Celebrating After Winning A Caribbean Cruise

M&S Money has announced the name of the lucky customer who has won the latest M&S Money prize draw to win a Caribbean cruise.

Retired Margaret Claxton, of Heswall, The Wirral, will set sail on the P&O cruise ship Ventura after scooping the top prize in the competition organised by M&S Money.

The prize follows a competition in which anyone using an M&S Credit Card at M&Sstores or on the M&S website between 2nd April and 1st June 2008 was entered into a draw to win the cruise. Mrs Claxton used her card at the M&S store in Chester.

Margaret said: “I’ve never won anything like this – it’s amazing. I can’t wait to enjoy my first cruise with a close friend. It will be lovely to soak up the sun.”

This draw is just one of a series of competitions for M&S credit card customers and comes in addition to earning Marks & Spencer points and 0% interest on all shopping everywhere for six months from account opening.

The competitions are scheduled to continue at M&S Money, with the company currently offering their cardholders the chance to win one million M&S points worth £10,000. Cardholders are automatically entered into the prize draw upon purchase of financial services from Marks & Spencer. The offer ends on 29th October.

M&S Money was voted best credit card provider in the Your Money Awards 2008, which recognise excellence in online & direct service provision. The accolade means that M&S Money has won the award three years in a row.

About M&S Money:
M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top-ten credit card provider and the second largest travel money retailer in the UK. M&S Money also offers insurance for homes, cars, travel, pets and weddings, as well as loans, savings and investments.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 85 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Falling sales of new cars are another indicator that today’s economic troubles are affecting people in every part of British society

Dropping sales of new cars should serve as a reminder that economic downturns can affect everyone, whatever their socioeconomic status, said debt management company GregoryPennington.com.

Figures from the Society of Motor Manufacturers and Traders (SMMT) reveal that the number of new cars registered in August 2008 was down 18.6 per cent compared with August 2007. August is usually a quiet month for new car sales, but this year saw the worst August for new car sales since 1966 – just 63,225 registrations.

Premium brands, according to The Times, ‘were among the hardest hit, with Aston Martin suffering a 67 per cent drop to just 19 cars sold’. Land Rover sales dropped 58 per cent, and Jaguar sales 41 per cent.

“This kind of news challenges an often-held assumption that the impact of economic turbulence is more likely to felt among lower-income individuals,” said a spokesperson for the debt management company. “Even less-expensive new cars, while not ‘luxury’ products, tend to be purchased by people who enjoy a reasonably comfortable standard of living.”

Following, as they do, the news about declining sales in other market segments, the SMMT figures are a stark reminder of the decreasing spending power of the population as a whole. According to a report from comparison site uSwitch, the average UK household is £2,500 worse off than last year.

“While it’s good to see people taking sensible steps to reduce their non-essential spending,” the spokesperson for the debt management company continued, “that reduced spending will clearly have an effect on the health of British industry – in this case, the car industry.”

Furthermore, the savings people make are often ‘swallowed up’ by rises in essential bills, such as food and utilities. By definition, these bills can only be reduced up to a certain point.

Under certain circumstances, however, there may be ways to reduce monthly payments to secured and/or unsecured debts.

“Homeowners may find there are ways their mortgage provider could help them service their mortgage debt during a difficult period. Even temporary concessions can make all the difference to a household struggling to keep up with mounting bills, shrinking income, or both.”

Nonetheless, any change to the way they repay their mortgage can have a substantial impact on the borrower’s long-term finances. It may make more sense to look into the various forms of debt help which can could free up the necessary money by reducing their payments to unsecured debts.

Many people enlist a debt management company to negotiate with their unsecured creditors on their behalf: “Unsecured creditors may be willing to take a flexible approach to repayment agreements if this is the best way for the individual to repay the debt as soon as realistically possible.”

A debt management company will talk to each of their client’s creditors, explaining how their financial situation has changed, and negotiating concessions: “They may agree to accept lower payments, for example, freeze interest and / or waive charges, helping the borrower bring their expenditure back in line with their income.”

“Debt management is by no means the only option. Nor is it always the most appropriate – many people with financial problems could benefit more from a debt consolidation loan or IVA (Individual Voluntary Arrangement), either of which could help them reduce their monthly expenses, freeing up the money they need for essential bills. The important thing is to seek professional debt advice sooner, rather than later.”

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Simple tips military families should consider when selecting a bank or financial institution

For most families, choosing a banking institution can be a very involved process even in the best of economic times. But mix in the challenges of military life, tough economic conditions, and a lack of consumer trust in many different industries, and doing so can become a daunting challenge.

To help make the process easier, Pioneer Services has developed a free article for military families on how to comprehensively, effectively, and quickly choose a bank or credit union. Covering what fees to look for, convenience and service, the article also provides links to regulatory and ratings agencies for easy reference.

“Military families move around a lot, and even those who have used the same bank for years should make sure they get the best deal,” said Joe Freeman, Chief Operations Officer of Pioneer Services, the Military Banking Division of MidCountry Bank. “Add in that the banking industry is facing some tough challenges, and then trust also becomes a factor. We decided to provide our service members some easy-to-use information on what to look for when picking a financial institution, as well as give them resources so they can fully trust whichever one they choose.”

The free article, and more than 30 others on a variety of personal finance topics, can be read at PioneerServices.com.

Pioneer Services, the military banking division of MidCountry Bank, provides responsible financial services and education to members of the Armed Forces that enhance their quality of life and financial independence. For more than 20 years, Pioneer Services has been a leader in military lending. They offer the protection and security of a personal loan with the speed and flexibility service members need. Through a network of offices and on the Internet, Pioneer Services offers loans, financial education programs, 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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