Category Archives: Personal Finance

Personal Finance

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Short-Term Loans Company’s Strict Controls Help Lock Out Fraudsters

A tough approach to detecting and stopping fraudulent applications, along with a system of thorough verification checks and state of the art screening technology, are helping a leading payday loans company to nip fraud in the bud.

Payday Express, a provider of same day cash loans that people can access to see through a temporarily difficult time with their personal finances, have implemented sophisticated identity and fraud prevention checks on its website, which will detect many illegitimate attempts to obtain an instant cash loan and immediately decline them.

It warns anyone tempted to try to make fraudulent loan applications that it takes fraud very seriously and will do whatever it takes to prosecute anyone who does manage to take out a fraudulent loan and press for the maximum penalty to be imposed.

Once a dubious payday loan application has been detected and intercepted, all the details are investigated by Payday Express’s dedicated fraud prevention team. It sifts through all the details of these applications, aiming to find links between them and existing accounts, to gather as much information as possible to be passed on to the police for investigation.

As well as being passed on to the police, all fraudulent applications are also reported to the Serious Organised Crime Agency (SOCA), which carries out its own wide-scale investigations and looks for links between reported cases from its members.

Sam Walsh, of Payday Express’s fraud prevention department, said: “Our department aims to minimise the distress experienced by the victims of fraud, and limit the company’s financial losses.”

And he warned: “We provide the police with as much information as possible to investigate fraud, and will press for the maximum charges to be brought against those responsible, and to recover the funds that were falsely applied for from our company.”

Via EPR Network
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Confused.com Launches Interactive Road Safety Map

Confused.com has launched an informative mapping tool that reveals the dangers of road rage. The interactive road safety map reveals the country’s most dangerous roads and junctions.

Cyclist and motorist rage is in the spotlight this Road Safety Week and, according to Confused.com, both cyclists and car owners have strong feelings about how to handle it.

Both cyclists and motorists are turning to social media to report incidents of road related anger with Confused.com identifying 2,674 tweets mentioning both ‘road rage’ and ‘cyclist’ during the first nine months of this year. In response to this emerging danger, Confused.com created the interactive map so that both cyclists and drivers can pinpoint rage blackspots.

In addition to the cycle safety map, a survey of 1,000 motorists and 1,000 cyclists carried out by Confused.com identified what sends cyclists into a ‘two-wheel tantrum’ and turns car drivers ‘cyclo-pathic.’ Along with the survey and the map, people can learn more about ‘cycle rage’ by watching a cycle issues video about the subject.

The survey found that 72 per cent of drivers have experienced one or more incidents involving a cyclist during the last two years. A quarter of these drivers were keen to see cyclists pay road tax and 14 per cent of drivers wanted to see cyclists displaying number plates on their bikes. Getting cyclists to pass a version of the driving test was a popular idea among 44 per cent of annoyed motorists, while 43 per cent said that they would like to see cyclists take out a form of insurance. Catching those who cycle through red lights was a top solution among 59 per cent of car drivers. Almost one third of motorists said that cycling on the pavement (which the Highway Code states is illegal) should be stopped.

Meanwhile, almost a quarter of the cyclists said they’ve been beeped at or sworn at by a motorist and more than one in eight had been knocked off their bike by a motorist. Additionally, 65 per cent of cyclists told Confused.com that they feel less safe than they did a year ago and 34 per cent say they’ve been a victim of road rage.

Cyclists have some suggestions about ways to improve their journeys. Some suggestions include legalising cycling on pavements (28 per cent), introducing more bike lanes (58 per cent) and increasing the availability of hire bikes (25 per cent).

Gareth Kloet, Head of Car Insurance at Confused.com, said: “Rage on the roads is a big problem for both motorists and cyclists and our research shows that both groups have much to complain about. Whilst both parties can point at differing solutions to help improve road safety, we urge all road users to exercise respect and courtesy as the roads are for everyone and tolerance could save people’s lives.”

Malcolm Shepherd, Chief Executive of Sustrans, the UK charity encouraging people to travel by foot, bike or public transport said: “People need to be more considerate and aware of all other users when making their journeys.”

Via EPR Network
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Confused.com Launches Exclusive Motor Brand Pink Pound

Confused.com has launched an exclusive motor brand called ‘Pink Pound’ on its insurance panel.

Pink Pound Insurance is a division of Right Choice Insurance Brokers specifically set up for gay and lesbian customers and cannot be found on any other major comparison site.

Every customer has the right to get a fair chance at getting car insurance and Confused.com, with its relationship with Pink Pound, allows every customer to be treated individually. The launch of the exclusive brand allows homosexual couples to get auto insurance discounts just like other couples.

‘Pink Pound’ insurance takes customers individual situations to identify ways of reducing their premiums, to obtain competitive rates, using some gay specific schemes whilst at the same time giving the most professional service.

Mike Joseph, Managing Director of Pink Pound said: “Pink Pound insurance was created to give the LGBT community the product, pricing and personal service that is lacking from most standard offerings.

“At Pink pound we have negotiated some fantastic premiums with our specialist panel of insurers and see Confused.com as the ideal partner to ensure that this brand reaches the maximum number of potential customers as possible. Whilst further enhancing Confused.com’s commitment to provide a specialist quote for every client, from every back ground with any specific needs.”

Gareth Kloet, Head of Car Insurance at Confused.com continued: “Adding Pink Pound to the ever increasing number of insurers that we compare prices for is a great result. We do not discriminate against anyone as it’s all about getting the right cover at the right cost and insuring that everyone has an equal opportunity in getting these deals.”

Via EPR Network
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Payday Loans Company Staff Swap Their Jobs For Fully-Fledged Careers

Workers at a Bromley-based finance company are benefiting from top-flight training and development designed to equip them for long-term careers in this growing sector.

Payday Express, a British provider of short-term finance solutions, is seeing positive results from its focus on staff development, with a motivated and effective team of employees.

Staff at the company based in Bromley, Kent enjoy a full, ongoing training and development programme within their different teams, and are given encouragement by their team leaders and managers to identify and pursue opportunities for external training in specific job-related disciplines which will help them develop their careers.

Ann Shepperly, for example, started work at Payday Express as a collections agent. However, a secondment within the company to carry out User Acceptance Testing (UAT) on its new Loan Management System showed her that she had an affinity for and valuable skills to offer as a software tester.

She has now taken on a role within the company’s IT department as a QA test analyst, and is undertaking further training, with full company support, to help her to learn the extra skills her new role demands.

Another Payday Express staff member whose ambition has led to her gaining a new role, is Ann’s former collections department colleague, Militza Smith. Now working in the company’s fraud protection and liaison department, studying on a financial crime awareness course was the key to her gaining the confidence needed for her new role.

“Completing the course while still relatively new to the job was a great experience,” she said. “I was experiencing some of the situations I was learning about, and I tried to incorporate the solutions into my daily work. “The course was a fantastic start on a career path that I had not even previously considered. It has broadened my horizons and taught me to think outside the box,” Militza added.

Emma Furlong, group trainer for Payday Express, believes that the company’s commitment to its workforce’s continual development keeps staff motivated and productive, and benefits not only them, but also the company and its customers. “We aim to offer a variety of internal training courses, and arrange external courses for specific skills, so that our staff challenge themselves, broaden their skill sets, and grow within their chosen careers,” she said.

Via EPR Network
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Confused.com Partners With Road Safety Charity, Brake

Confused.com is partnering with the road safety charity Brake, joining forces against menaces on the UK’s roads. Brake’s research shows that five people are killed and a further 65 seriously injured on UK roads every day.

Brake exists to make Britain’s road safer and by lobbying the government the charity has enticed thousands of people to petition for new road safety laws. This new partnership with Confused.com will strengthen Brake’s on-going campaigns to improve road safety in the UK, helping to combat serious issues such as drug driving, drink driving and reckless motoring.

Earlier this year, Confused.com discovered that 70% of drivers don’t think enough is being done about drug driving and 71% want to see the government do more to combat it. These are the type of issues the two organisations will campaign on in coming months.

As part of the partnership, Confused.com will sponsor Brake’s e-bulletins and campaigns as well as launching a joint campaign in the New Year.By providing support and working together with Brake, Confused.com hopes to see an improvement in road safety legislation and enforcement and overall better driving and safer roads.

Road safety is an issue which Confused.com has put at the core of its business. In November 2010, the comparison website was involved in the Transport Select Committee’s investigation behind the causes of soaring car insurance costs. Confused.com believes that better driving will reduce incident rates and claims, which will lower car insurance premiums for all drivers in the long-term which will hopefully create better driving and safer roads as a result.

Katie Shephard, spokesperson for Brake, says: “Brake is delighted that Confused.com has chosen to support Brake this year and made a donation to the charity to support our cause. By supporting Brake, Confused.com is helping to raise awareness about road safety and every penny donated will go towards Brake’s work supporting families affected by road crashes.”

Gareth Kloet, Head of Car Insurance at Confused.com says:”Confused.com recognises the importance of road safety and has supported many of Brakes campaigns, including the graduated driving licence. We were overwhelmed by the response from motorists and look forward to similarly heavyweight campaigns.Confused.com will be working closely with Brake with the run up to Road Safety Week and throughout next year we will be supporting Brake on a number of road safety issues as well as unveiling our own campaign in partnership with Brake.”

Via EPR Network
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Confused.com Research Reveals The Decline Of The Driving Test

Confused.com has unveiled that 13 per cent of people know someone who is driving on roads without a driving licence, identifying a menace on today’s roads, the driver that hasn’t taken their driving test.

The research shows that there has been a dramatic fall in the number of people learning to drive in a short time period as a result of huge rises in the cost of motoring. According to figures from the Department for Transport, between April and August this year, fewer than 640,000 driving tests were taken in the UK. This represents a 5 per cent fall on the same period in 2010, and a huge 15 per cent decrease when compared with the same period the year before when learners sat almost 750,000 tests.

This drop in the number of people learning to drive also correlates with a 2.7% or£22 hike in the cost of comprehensive car insurance in the second quarter of 2011 and a 24% rise in second quarter year-on-year prices.

As a result of the increasing cost of motoring, 20% of people say they cannot afford to be on the road or take their driving test, with 21% of the age group 18-24 claiming they are most affected by cost.

Research has shown that drivers under the age of 25, and particularly men aged between 17 and 24, are those who are faced with the most dramatic rises in the cost of car insurance. In the second quarter of 2011, the average cost of a comprehensive policy for a male driver under age 20 broke through the £4,000-a-year level for the first time. This was an increase of almost 25 per cent on the previous year.

Gareth Kloet, Head of car insurance at Confused.com, said: “A new shocking trend is emerging where people no longer bother taking their driving test. As the price of car insurance increases, we are seeing that the rate of people taking driving tests is falling. This is worrying as it suggests not only that drivers are going to be tempted to drive uninsured but now they might be tempted to not even take their driving test in the first place.

“With more than 28.5 million cars on the road, people must drive safely, so they need to take their driving test and ensure their vehicle has adequate car insurance. People will need to be as savvy as ever to find the cheapest and best deals for them by shopping around on comparison sites.”

Via EPR Network
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Confused.com Launch Cash Back Credit Card Offer In Time For Christmas

Confused.com has launched a £30 cashback offer for customers looking for a new credit card to cut down interest payments on current balances or to spread the cost of their Christmas spending.

Customers will get £30 cashback once they have been accepted for a Barclaycard and transact over £250 within the first 60 days of opening their account. The £30 will be delivered straight to the customer’s door in the form of a cheque, as a little extra treat from Confused.com.

Using a Barclaycard for Christmas spending could help make shopping more effective, whether shoppers want to spread the cost with 0% interest or earn rewards with the Freedom reward scheme, as well as the £30 bonus from Confused.com.

Chris Griffiths, Head of Credit Cards at Confused.com, commented: “For those customers in the market for a new credit card we are delighted to be able to give away £30 as an early Christmas present to say thank you for using our site. This offer means customers can now get the market leading balance transfer card, Barclaycard’s Platinum, which offers 22 months 0% interest, and get an extra £30 back in your pocket.

“Sorting out your finances is often a New Year’s resolution, but if you have any outstanding credit card balances that are accumulating interest then waiting until 2012 will just add even more interest to your balance, meaning you’ll have more to repay after the joys of Christmas.Therefore a credit card with 0% interest on purchases could be a cheaper option as it can allow you to spread the cost interest free.

“When considering a new credit card it is important to shop around to find the best deal, consider how you want to use it as different cards are better suited for different purposes. Remember that the leading offers are often reserved for new customers, and most providers won’t allow you to transfer balances between cards from the same institutions. Lastly, consider the criteria for being accepted for a card, you can try our free Card Matcher tool that can help you find the right credit card for your credit profile.”

Confused.com offers a free comparison service that compares the whole UK credit card market, and offers a Card Matcher tool that can let customers know whether they are likely to be accepted for the card they want before they commit to completing an application. This service is completely free, secure and it won’t damage users’ credit score.

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Confused.com Compares Professions: Mobile Disco Owners Face The Music With Average Quotes Of £6,800

Confused.com has revealed that, despite many not realising it, their profession may have an effect on the car insurance quote they are offered.

Airline captains could be quoted as little as £320 per year to insure their cars compared with a mobile disco owner whose average cost per year is a whopping £6,800 and apprentice footballers who are tackling quotes above £6,200.

Confused.com has compiled a list of the top ten professions which generate the highest average quotations and also the lowest, based on a year’s worth of quotations. Professions generating the highest average quotations included professional footballers (£6,263.61), nightclub owners (£3841.29), students (£3,006.18) and mobile disco owners (£6,809.57). Professions with the lowest average premiums included airline pilots (£320.81), toy makers (£337.87) and china restorers (£336.44) on average receive the best car insurance quotations.

Confused.com is reminding drivers that if they change their job significantly then they will need to let their insurer know, and it may save money if the individual’s new role is statistically less risky.

Gareth Kloet, Head of car insurance at Confused.com said: “The cost of insurance is calculated on different factors such as the type of car you drive, the area you live and your own driving history as well as statistics for others of a similar demographic to yourself. This does not mean that every airline captainwill be landing a cheap deal -each individual will be quoted on their own data- but your profession can significantly affect your insurance cost so if you change jobs it’s worth letting your insurer know. Contributing factors will include the type of car you choose to drive, the average age of people with that profession and of course your claims history as a driver.

“Regardless of your profession, it’s always advisable to use a trusted comparison site such as Confused.com to get yourself the most competitive quote you can.”

For a more detailed breakdown of the most expensive professions for car insurance, visit Confused.com.

Via EPR Network
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Confused.com Research Reveals Life Insurance Timebomb Of Co-Habitees

Confused.com, the price comparison site, has revealed new research which shows that 66% of people living together as a couple do not have a will.

The new survey of 2,000 co-habiting and married adults also revealsthat 50% of people living with their partner do not have life insurance. Unsurprisingly the number of people who do have wills rises with age: 66% of over 55s have a will, compared to just 24% of 18-24 year olds. However, 47% of over 55s who are co-habiting or married do not have life insurance.

Despite not having these plans laid for the future, 65% of couples do have mortgages, 45% of which are in joint names, and 28% say they could not afford the funeral if their partner or spouse died.

Matthew Lloyd of Head of Life Insurance at Confused.com warns: “Having a will is a sensible step towards providing for the future but if you don’t have life insurance too then your partner may find themselves facing money worries as well as grief should the worst happen. The cost of life insurance is lower the younger you are and so you can save money by signing up for a policy at a younger age. For example £100,000 of cover could cost as little as 17p a day.”

He continued: “There seems to be a myth that unmarried partners are automatically protected but this is not the case. If one partner in a couple dies but you were not married or registered civil partners then you won’t automatically get a share of your partner’s estate if they don’t have a will.”

5% of couples are embarrassed to talk to their partner about getting a will and this figure rises to 10% among over 55s. When asked how they would pay for a loved one’s funeral if the money was not there, 9% would opt for a pauper’s grave while 33% would turn to family for financial help, 19% would take out a loan and 20% would put the funeral on a credit card.

People without a will may wish to take advantage of Will Aid during the month of November where many solicitors will waive their fee in lieu of a donation to the charity.

Via EPR Network
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Confused.com Launches Its 2-For-1 Dining Card To Say Thank You To Customers

Confused.com has launched a 2-for-1 dining card in conjunction with Hi-Life to say thank you to customers who purchase car insurance or home insurance in November through Confused.com.

Discounts and offers on expenses like dining out and entertainment are becoming more important as inflation erodes people’s disposable income and many people have to tighten their purse strings.

Recent research by the Institute for Fiscal Studies identifies that there has been a fall in median net household income of 3.5%, the largest single-year drop since 1981.*

These additional pressures on incomes mean people are not only on the lookout for bargains but are also becoming savvier. To help, Confused.com is giving away a 2-for-1 Hi – Life dining card to all customers who buy a car insurance or home insurance policy in November 2011 through Confused.com. For customers this means 2-for-1 on eating out all day every day at over 3,500 participating restaurants for a whole year, meaning the savings keep on coming.

Catering for all tastes and price ranges, customers can enjoy 2-for-1 at Malmaison, Loch Fyne, Prezzo, Pizza Hut and thousands of other restaurants besides.

Click here for a full list of 2-for-1 dining offers from Confused.com.

Gareth Kloet, head of car insurance at Confused.com, said: “Saving people time and money is at the very heart of our business at Confused.com so the 2 for 1 dining card offer is something we believe will add real value to our customers. With Christmas fast approaching and so many people looking to cut back on expense without making lifestyle changes, we are hopeful it will be well received as an additional thank you for using our site.”

Mark Gabriel, head of home insurance at Confused.com, added: “The recent downturn has made us more careful about what we spend and made us savvier in searching for savings. The 2-for-1 dining card can be used for a year and gives great savings on well-known restaurants throughout the UK. Car and home insurance is a necessity so at Confused.com we wanted to give our customers a great deal on their insurance but a little extra at the same time.”

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Prudential Reveals Research On The Importance Of Women’s Retirement Plans

Prudential has revealed that nearly half (46 per cent) of women over the age of 40 who live with a partner have no pension of their own, according to new research into couples’ attitudes to retirement.

The extent of women’s reliance on a partner’s pension and the State is not the only shock finding from the research, which also highlights that many UK couples could be sleep-walking into retirement poverty as they have no idea what pension income they will need to live on.

More than half (56 per cent) of couples aged over 40 have not worked out how much money they will need to live on in retirement, with two in five (40 per cent) admitting to having no financial plans in place for life after work.

British couples also seem reluctant to discuss with each other the finances that will support them in later life. One in five couples (20 per cent) admit to never having discussed joint retirement financial planning, while only half of those who have already retired made a joint decision about the annuity they bought.

Vince Smith-Hughes, head of business development at Prudential, said: “Pensions may not seem like the most exciting topic for a couple in their forties to be discussing, but couples who have not put time aside to discuss their retirement income plans run the risk of spending their later lives worse off than they had expected.”

In regard to retirement planning, Smith-Hughes stressed how important it is for women to discuss their future finances with their partner, and preferably with a financial adviser too. According to Smith-Hughes, women who don’t engage in these discussions could find themselves in financial trouble, especially if they outlive their loved one.

Smith-Hughes continued: “People may feel they can’t afford to significantly boost their retirement savings in the current financial climate, but taking even the smallest of steps can have a positive impact. Joining a workplace pension scheme, considering a joint life annuity, so the income will continue after one partner dies, and topping up National Insurance contributions are all options which can increase income in retirement. These crucial issues should be discussed between couples and, in turn, with their financial advisers.”

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Standard Life Reveals Losing A Loved One Is Greatest Fear In Retirement

Standard Life has revealed that a third (32 per cent) of retired Britons declared that losing a partner, loved one or close friend is their greatest fear in retirement.

The savings and investment specialist Standard Life is using the research to encourage the public to consider their estate planning requirements, including the creation of a Will, so they can ensure their loved ones are financially secure after their death.

Standard Life is highlighting to the public they should seek professional advice as the legislation associated with passing on wealth is very complicated and the rules between married and civil partnered couples does not apply to cohabiting couples or close friends. The simplest way for individuals to ensure their estate is paid to the right people is to create a legally binding Will – previous research from Standard Life showed that as little as 48 per cent* of the people in the UK have a Will in place.

Further results from the research shows in light of the current inflationary pressures the public is facing, the rising cost of living (20 per cent) is the retired population’s country’s second worst fear in retirement and worries about getting returns on their savings and investments (11 per cent) coming in third for those surveyed.

Julie Curtis, technical manager at Standard Life, said: “Regardless of an individual’s age losing a loved one can have a serious financial impact, but this problem is accentuated in retirement. And while married and civil partner couples benefit from the spousal inheritance tax exemption and the transferable nil rate band, cohabiting couples or close friends don’t.

“The complications of dying without a Will can be devastating on others and this is made even worse when going through the heartache of personal loss. Seeking the right advice when creating a Will ensures loved ones will be financially secure and that their wealth is passed on correctly. The cost of creating one will be far less than any legal fees your family, partner or friends will incur in trying to reclaim the estate.”

The research also shows that nearly half (47 per cent) of the UK want to leave an inheritance to their children, with a tenth (11 per cent) directing it to their grandchildren.

Julie continued: “It’s understandable that parents and grandparents want to pass their wealth on to the next generations and they should ensure they have a Will in place, which reflects this. Dying without one can create a complicated and costly process, possibly causing family rifts and further grief for those left behind.”

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Standard Life Announces That Economic Climate Could Force Retirement Rethink

Standard Life, the savings and investment specialist, has published new insight that suggests that the UK could be heading towards a perfect retirement storm; one in five (21%) of 45-65 year-olds who have financial plans in place to provide for their long term future no longer feel that their financial plans will support them into the future. Six per cent in this age group who aren’t already retired don’t think they will ever be able to retire, equating to over three quarters of a million people.

Of those who have financial plans in place to provide for their long term future, 64% of 45-65s feel confident that their financial plans will support their future post retirement. Twenty-one per cent of these adults no longer feel their plans will support them into the future, with a further 10% having never felt confident. Thirty-seven per cent of 45-65s have no financial plans in place for their long-term future; yet 72% of people currently aged between 45 and 65 who aren’t retired think they will retire between 61 and 70 years old.

John Lawson, Head of Pensions Policy at Standard Life said: “The current financial crisis has brought into sharp focus the need to make and review appropriate plans. This will clearly be challenging but there are many things you can do to make your retirement years as secure as possible.”

As part of the Changing Face of Retirement research, Standard life has published a list of top tips to help people re-engage with their financial planning, which includes seeking professional advice, continually reviewing financial goals, making a clear plan, reviewing investments, considering deferment of the state pension and increasing savings. Also included in Standard Life’s top tips is to claim tax-relief, as Standard Life estimates that 300,000 people are not claiming this currently.

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Confused.com Reveals Home Insurance Theft Claims Are Highest In November

Confused.com has revealed that November is a month to be feared amongst the British public, as the darker nights and the approach of Christmas means burglars are out in force.

Summer has come to an end marking the official start of long winter nights. However, with less daylight, Confused.com is warning people to beware as the cover of darkness can prove a tempting offer for opportunistic thieves to target vulnerable homes.

Research released by Confused.com reveals that the most home insurance theft claims are made in the month of November, accounting for 9.1 per cent of home insurance theft claims*. This marks a huge 20% increasewhen compared with the month of April where burglary claims were at their lowest**.

With the average cost of a burglary at £3,500***, its vital homeowners take all the preventative measures they can to avoid becoming a victim. Confused.com urges people to check their home insurance policies to make sure they are fully covered in the event of a burglary as dark winter nights could prompt an increase in claims as a result of break-ins.

Commenting, Sean O’ Callaghan Detective Superintendent of Essex Police, said: “The onset of darker evenings, marked by changing clocks, always signals a change of tactics by police towards preventing burglaries. The cover of darkness has obvious attractions to these criminals.

“In fact, in the month of November, 676 burglaries took place within the area of Essex**. It is important to remember that opportunists carry out most burglaries. As a resident you can make a few small changes to your property and your daily routine that can help to make your home safer, by putting would-be burglars off and making life very difficult for them.”

Detective Superintendent O’ Callaghan, continued: “Having your property burgled can be very upsetting, as not only do the victims have to deal with the psychological effects of having their home entered, but they also have to spend time dealing with insurance companies to try and get back the monetary value of any stolen items, whilst also coming to terms with the loss of any sentimental or irreplaceable items.”

Mark Gabriel Head of Confused.com, Home Insurance, added: “Having adequate cover in place will minimise the financial impact and take the sting out of having to replace any of your stolen possessions.”

For more home theft prevention tips, or to learn more about home contents insurance visit Confused.com.

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Northern Rock Launches Competitive New Fixed Rate Cash e-ISAs

Northern Rock has launched three new online issues of its Fixed Rate Cash e-ISA to complement its competitive portfolio of internet-based savings accounts.

The e-ISA offers those who prefer to operate their accounts via the internet an online option for their tax-free savings. The e-ISA is a cash ISA set at a competitive fixed rate of interest over a choice of one, two or three years and can be opened with no minimum initial deposit.

Interest, which can be added to the account or paid into another account, is paid annually on the first business day following 5 August on minimum balances of £500 (balances which fall below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax free pa /AER).

Strictly limited issues, the Fixed Rate Cash e-ISAs (issues 25, 26 and 27) allow transfers in from other providers and additional deposits can be made to the cash ISAs, within HM Revenue and Customs limits (£5,340 per tax-year from 6 April 2011) within 30 days after the product is withdrawn (excepting postal applications to transfer in from other banks and building society ISA accounts, which must be received while the product remains on sale).

To ensure funds are accepted into new accounts, Northern Rock must receive all funds within 30 days from the account opening date. Therefore, individuals must initiate any Cash ISA transfers in as soon as they receive their new Cash ISA details. After the 30 day period one may not be able to make any additional deposits into the Cash ISA. Subscriptions are not allowed to any other Cash ISAs in the same tax year(s) that one subscribes to this Cash ISA, even if the full annual allowance(s) haven’t been used.

Thirty days following the products withdrawal, no further deposits will be accepted and all three issues may be withdrawn without notice, once fully subscribed.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made, subject to a charge equivalent to 60 days’ loss of interest on the amount withdrawn (Issue 25), 90 days’ loss of interest on the amount withdrawn (Issue 26), or 120 days’ loss of interest on the amount withdrawn (Issue 27). There is a £35 fee for transfers out via CHAPS.

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Standard Life Reveals Inflation Can Reduce A Retiree’s Purchasing Power By 68%

Standard Life, the savings and investment specialist, has warned that the effects of inflation can seriously damage one’s retirement wealth. New data released today shows that a 90-year-old who retired in 1981, when petrol cost 35p a litre, would have seen the purchasing power of a £10,000-a-year level pension income fall to just £3,207 today.

John Lawson, Head of Pensions Policy at Standard Life said: “Inflation can have a huge impact on the purchasing power of your retirement income. As people are living longer, retirement income needs to go that much further, with a 60-year-old man retiring today living on average for another 26

years.

“Our research shows that 57% of people do recognise that an income keeping pace with inflation is attractive. But currently, and somewhat inevitably, the majority go for the higher starting income of a level annuity, leaving only 3% choosing an inflation linked annuity. This is perhaps understandable given that annuity rates have reached record lows and level annuities start at a higher rate than their inflation linked alternatives.

“People approaching retirement need to consider their own personal inflation rate may be higher in the future than that of the average person in the UK due to the types of products and services they will consume. After 10 years in retirement, a 60-year-old man who had purchased a RPI linked annuity with a fund of £100,000 could achieve a higher annual income than someone who had purchased a level annuity.”

An example provided by the data shows the purchasing power in today’s money of a £100,000 pension fund being used by a 60-year-old man retiring in October 2011 to purchase a level or RPI-linked annuity. Various rates of inflation are shown over a 30-year period. If inflation averaged 7% over a ten-year period, the then 70-year old man would begin to receive a higher annual retirement income than if he had purchased a level annuity.

Please note in this example the level annuity receives a higher starting income than the RPI-linked version. At year 10, with inflation at 7%, there is a crossover when the RPI-linked annuity annual income exceeds the level annuity annual income. At year 22, the total payments from the RPI-linked annuity exceed the total payments from the level annuity.

Lawson concluded: “Low inflation has persisted for the last 15 years or so, but there is no guarantee that it will continue. Rising world demand for food and fuel, without a similar increase in supply, has seen prices for the basics rocket. People retiring today need to consider that they will still need to pay for food, fuel and other essentials for a long time into the future and that these basic items are likely to cost a lot more in 10 year’s time than they do today.

“There are many options to consider at retirement which could minimise the impact of inflation on your income, so seeking financial advice is vital.”

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Confused.com Research Reveals Reasons For Lack Of Life Nsurance Cover In The UK

New research from Confused.com has revealed that 50% of adults surveyed do not have a life policy in place, worryingly, of those without life insurance, 29% have children and 52% are married, meaning loved ones would be left financially disadvantaged should the worst happen.

31% of people do not to take out life insurance because they don’t benefit from it personally. In fact, people in the UK are so laid back about future planning for their loved ones, 34% of people say that covering their possessions is more important than covering their lives.

Moreover, 20% would prefer to spend their money on an annual holiday and 11% see covering their laptop as more of a priority.

The research suggests a shift in UK mentality with more people opting to live for the moment, rather than thinking ahead.

However with life insurance policies costing an average of just £22.29 a month, it’s not really affordability that should be questioned but people’s priorities.

Matthew Lloyd, Head of Life Insurance at Confused.com, said: “It’s worrying that people are blaming cost for not having any life insurance when they spend so much money on other things, which are arguably less important than future planning for their loved ones.”

“With over 50% of people not having life insurance and 56% of their partners not having life insurance this shows a worrying future for peoples loved ones. The benefit of life insurance is peace of mind; knowing your family will be looked after financially.”

“An average life premium YTD is roughly 74p a day, which is loose change in many people’s pockets, however 34% people say they can’t afford it. Shopping around for the best deal available on comparison sites like Confused.com is essential in finding the right policy at the right price.”

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Confused.com Research Reveals How Households Reduce Energy Usage In Their Homes

New findings from Confused.com* show that 45% of UK households are avoiding switching the lights on in their homes, in a desperate attempt to reduce energy usage and keep bills down.Surprisingly 3% of people eat by candle light which is great for the romantics in us, but not ideal on a daily basis.

The research also shows that 14% of people are sharing bathwater with their family, as householders turn to more extreme ways to keep the cost of their energy down.

Household bills have risen dramatically over the last few months** and 72% of UK householders are trying to save as much energy as possible. Following a summer of price rises, bad press and damning findings from Ofgem showing that energy suppliers are making a massive profit of £125*** for each average customer, people are now being forced to ration their energy usage.

In the Energy Summit, the Prime Minister, consumer groups, energy suppliers and industry regulator Ofgem for the first time agreed that consumers need more help to get the cost of their gas and electricity bills down and urged consumers to shop around.

As many UK residents face another cold winter with many struggling to pay their bills, 52% of people admit that they wear more clothes in winter to avoid putting the heating on. Worryingly, 70% of the 55+ age range group admit they already do this, and this is before the latest price hikes have taken affect.

Lisa Greenfield, Confused.com energy analyst, said: “It’s worrying that energy prices keep rising, leaving many UK residents struggling to pay their bills. However it’s encouraging to see people adapting to this by consciously thinking about energy saving ways. Over 75% of people think about saving energy and the 55+ age group appear to be the most energy conscious.”

“We worry that people are taking extreme measures and are suffering in a bid to save energy, just by making simple changes like only using the dish washer when its full, turning your washing machine down to 30 degrees and not putting warm items in your fridge/freezer as it has to work harder to cool it down can save you money on an annual basis. However shopping around on a price comparison site and switching your tariff or supplier could save on average £248.”****

To get one-to-one advice from the Energy Saving Trust on how to cut your energy bills, those interested can join the Confused.com live webcast on 27th Thursday, at 12.30pm. They can also get their energy questions answered on the Confused.com site as well as view the energy price infographic.

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Gold Can Help You Overcome Financial Problems

Items made from gold and other precious metals such as silver and platinum could be some of the most valuable resources you have in these troubled financial times. Unlike stocks, bonds, mutual funds, 401Ks, real estate and other collectibles these items are actually gaining in value while everything else seems to be in decline.

Prices are Better than Ever

Gold is increasing in price both as a commodity and as a raw material for jewelry and other uses. In fact the demand for gold as a raw material is higher than ever so a wide variety of companies are paying more for it than ever before. This why it is now very easy to sell gold in Oceanside, NY, the buyers know that they can get a good price for it so they will purchase it.

This means that a person should be able to sell any sort of gold that he or she has in his or her home including scrap gold, bars, coins, jewelry, broken jewelry, chains, antiques and collectibles. It also means that it is now possible to sell even lower grade gold such as 10 karat items for a good price.

It is also easier than ever to sell gold long distance. There are several companies including Gold Cash that now pay a very high price for items sent in.

The higher prices also mean that it is easier than ever to pawn gold . Pawnbrokers are willing to loan more on it because the amount of the pawn loan is usually 60% of the item’s value. If the item is worth more you will receive more when you pawn it.

Anybody who is facing any sort of financial difficulty should check his or her home or safety deposit box for items made of precious metals like gold. This can include a wide variety of items including antiques, collectibles, coins and watchcases. Items that contain diamonds will be worth more than plain jewelry.

If you are unsure whether an item is made of gold bring it in or send it in. The professionals at companies like the Gold Standard will be happy to examine it free of charge and tell you what you have. That way you can put a little extra cash in your pocket or your bank account.

Remember you run now risk when you visit a pawnbroker or gold buyer they will keep your visit confidential and they might be able to help you with the extra funds that you need. We all know that extra money will come in handy these days.

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