Tag Archives: Financial Services

Financial Services

401K, Assets, Financial, Financial Information, Financial Law, Financial Services, Investment, IRA, Money, Personal Finance, Retirement, Taxes

New Tax Law for Roth IRA May Be a Bad Deal for Taxpayers

In 2010 millions of Americans will be able to do something they have never done before—convert their IRA into a Roth IRA account. Current 2009 limitations do not allow anyone who makes more than $100,000 per year to convert their traditional retirement funds into a Roth IRA.

However, beginning in 2010, the Roth IRA conversion restrictions are being lifted. But is this really a good thing for taxpayers?

“Roth IRAs are a bad idea for taxpayers because they are paying taxes now in order to avoid paying taxes on distributions that are taken later,” said Jeff Nabers, CEO of Nabers Group. The problem is partly the economic crisis that we are in. “It makes sense if we were in a commodity-based monetary system, but we’re not. We have a fiat currency system that creates an inflationary environment in which Roth conversion is a good deal for the government and a bad deal for the taxpayer.”

Additionally, the Roth IRA conversion can be costly for the taxpayers. If they opt to convert their traditional IRAs to Roth IRAs, the IRS will view this as a taxable event. Accountholders will be taxed based on the entire conversion amount for their current tax bracket. The income taxes due on the 2010 conversion can be spread over two years. However, future conversions must be included in income reports to the IRS and will be taxed during the tax year in which the conversion is completed.

Nabers cautions his clients to carefully look at all their options when considering the Roth IRA conversion. He suggests, “Instead they should continue using their non-Roth Retirement accounts for the maximum tax benefit.”

Nabers, the author of Five Steps To Freedom: How to Cut Your Dependence on Institutions and Escape Financial Slavery, points out that the most important thing that taxpayers can do in these economic times is to find alternative investment solutions. “We’re likely heading into an era of significant inflation. I recommend that people seek alternatives to volatile Wall Street Securities and dollar-denominated assets in general.”

“The action that I recommend is to get more educated on the matter and look at both sides of the story before making a decision,” said Nabers. He says deciding to convert to a Roth IRA could cost you hundreds of thousands of dollars. “Before paying taxes using half of your savings, wealth, or retirement account, consult experts about all of your options. What you don’t know could hurt you—so seek knowledge and information so that you can make an informed decision that you won’t regret.”

Via EPR Network
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College Finance, Financial, Financial Services, Loans, Money

Indiana Campaign Finance – The Online Payday Loan Company

Indiana Campaign Finance is one of the leading payday loans providers, extending instant financial assistance to its customers. The processes at Indiana Campaign Finance are very simple which makes it a trouble free process to acquire loans for emergency purposes. By keeping the formalities as little as possible, we provide fast cash to the borrowers in no time.

Indiana Campaign Finance

One of the best things about our companies is that we do not hold back payday loan online from the borrowers with bad credit. Regardless of the credit history, one can get loans from Indiana Campaign Finance. It is this facility which has leaded us this far in the arena of payday loans. Our services include quick cash advance, personal loan,home loans,student loans and credit card. We also provide car insurance and home insurance to our prestigious customers.

No matter which field of life you may belong o or for what purposes you may require loan, Indiana Campaign Finance fulfils all your requirements in the best possible manner. As it is common to all salaried people to be out of money before fulfilling their financial obligations, we come to aid of such individuals and provide them with fast cash. As the term explains, the payday loans are short term loans which are to be paid back within a few days. When you get your next wages you are supposed to return these to Indiana Campaign Finance, however, with Indiana Campaign Finance, you can also extend the time of return by opting for customized deals.

Indiana Campaign Finance lends you money without require too many detail and information. All we need to know is the simple basic information about you like addresses, occupation etc., and you will be able to get payday loans from us. You need to have a job as a precondition and a current account in a bank as well. The borrower has to be 18 or above to get payday loan from Indiana Campaign Finance.

You can apply for a loan online and our representative will get in touch with you quickly. You can also all us to get the details of different packages and other information you require. The loan you get from Indiana Campaign Finance can be spent for any need; there are no limitations to its usage. However, as the rate of interest in generally more for such kind of loans, you should opt for them only when you are in a fix and have no other alternative. In this situation, you will find Indiana Campaign Finance you best buddy who would extend the best financial services to you.

Via EPR Network
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Assets, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Learn How to Customize Business Insurance Policies

With any insurance policy, the consumer should take the time and care in making a checklist with their insurance agent to make sure all their bases are covered. Only a personally tailored business insurance policy stands the chance of being efficient while also providing the necessary amount of coverage, according to an article recently published on InsuranceAgents.com.

“When venturing out and starting your own business, it’s important to financially protect it with a quality business insurance policy,” states the article titled, ‘Make Your Own Business Insurance Policy Checklist.’ “Having all of the right coverage options and necessary inclusions will protect you from serious financial loss later.”

Here are several necessities that should be included in any business insurance policy. Without these, a business insurance policy is pretty much obsolete. Depending on the nature of the business, some types of coverage should be emphasized while others should be minimal. Talk to a licensed professional about the needs of your specific business.

-Reparation/replacement coverage for any damaged property or assets
-Liability coverage with high enough limits
-Reimbursement of any income loss if the company temporary ceases productivity (this is known as interruption insurance)
-A deductible that fits within the framework of the company’s budget
-Optional: workers compensation and health insurance for employees

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401K, Financial, Financial Services, Funding, Investment, IRA, Money, Personal Finance, Retirement

Jeff Nabers, CEO Of Nabers Group, Cautions Against The Use Of 401(k), IRA Rollovers As A Financing Strategy For A Business Start-up

One unforeseen consequence of the current recession has been the increasing number of Americans who have stumbled into entrepreneurship after losing their jobs to round after round of layoffs. Many of these people have taken one look at a job market where the unemployment rate is nearly 20% in some regions and decided to start their own businesses. It’s a bold move and certainly there is something very admirable about the idea, but also a risky one, with about half failing in the first few years; making financing a small business start-up something, which should be done with great care.

There are a lot of people who think of using 401(k) or IRA rollovers as a source of financing the start-up costs of a new business or to cover the purchase of an existing one. While you may see a lot of praise for these plans (called ROBS for Roll Over Business Start-up by the IRS), especially online where their proponents try to sell would-be entrepreneurs on the merits of this form of financing, many financial industry experts strongly recommend thinking again about using your IRA or 401(k) to fund your small business.

One of these financial experts is Jeff Nabers, CEO of the Denver financial planning company Nabers Group. Nabers has written about how ROBS work and their risks on his blog, where he warns against using these financing vehicles.

“It’s entirely understandable that people are tempted by ROBS; the recession hasn’t made small business financing easy to come by and there are more Americans than ever trying to start their own businesses. However, there are a lot of risks associated with using IRA and 401(k) rollovers. Beyond the old diversification maxim of ‘don’t put all your eggs in one basket’ the legality of the ROBS strategy has been on shaky ground. There’s a basic rule that prohibits “self dealing” for any retirement account participant, but ROBS promoters have attempted to skirt this by creating a loophole that claims a special exemption. Unfortunately, a government ruling from 2006 closed that loophole. ROBS structures could face a stiff penalty, which amounts to approximately 115% of your retirement funds,” says Nabers.

“It’s a subject that is somewhat controversial in the financial services industry, but as I have been informed by government officials and my legal counsel, the 2006 ruling means ROBS no longer occupies a legal gray area even. I can’t recommend these to my clients in good conscience. I don’t see a bright future for this strategy of funding, to put it mildly,” added Nabers.

Jeff Nabers isn’t alone in sounding the alarm about ROBS and other rollover schemes – there has been a lot of concern expressed by financial experts in the last year. Previously, ROBS was considered high risk, but as Nabers’ put it, “My recent DOL meeting was the nail in the coffin of the ROBS loophole.”

Nabers unabashedly encourages entrepreneurship in spite of the government’s unfavorable stance on ROBS. His message to would-be ROBS users is: “Start and fund your venture anyway [without ROBS]. You can still raise money from others, including from their IRA and 401(k) accounts. Frankly, that is actually a surer path to success because raising money from others will cause you to be more thorough in your business planning.”

Via EPR Network
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Checking & Savings, Financial, Financial Information, Financial Management, Financial Services, Insurance, Investment, Money, Personal Finance

The Children’s Mutual Launches CTF Cashback Site

The Children’s Mutual, leading Child Trust Fund provider, has revealed that expectant parents can earn over £200 by using its new shopping portal CTFCashback.co.uk to kit out their babies’ nurseries.

Research shows that on average, British parents spend £3,383 decorating and furnishing a nursery with a further £605 spent on prams, buggies and car seats. If parents did this shopping through CTF Cashback, they could be earning financial rewards of up to £215.

Free to use, the site enables online shoppers to build up cash in £10 increments which can be placed directly into a bank account or a Child Trust Fund with The Children’s Mutual.

The site, which offers members up to 20% cash back and lists over 1,000 retailers – many with additional voucher codes – can help parents and the wider family continue to save as the baby grows up too. By using CTFCashback.co.uk to purchase ongoing essentials such as nappies and baby wear right through to buying presents and even holidays.

Tony Anderson, Marketing Director at The Children’s Mutual, said: “All parents quickly realise that buying everything they need and want for their child can be an expensive business. We created our CTF Cashback site to assist parents in getting great value for money on all their purchases, whilst being able to save towards their child’s future”.

Over 1,000 major retailers have already signed up to the scheme including leading brand favourites such as Mothercare, John Lewis, Kiddicare.com and Marks & Spencer. Collectively, retailers are offering www.CTFCashback.co.uk members average returns of over 5% through the site, with some offering up to 20% or lump sums of up to £85.

Tony Anderson continued, “When questioning expectant and new parents through our monthly poll, nearly 90 per cent* suggested that they would like to receive ‘money back’ for their nursery shopping. We have taken this one step further so, whether it’s buying baby grows and nappies or school uniforms and family holidays we wanted cash-strapped parents to be earning money every time they spend online. With so many pulls on household budgets, www.CTFCashback.co.uk offers a practical way of helping families to be savvy with their money and encourage them to save towards their children’s futures.”

Via EPR Network
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Financial, Financial Information, Financial Services, Financial Software, Financial Solutions, Forex, Investment, Money, Stocks, Trading

Saxo Bank Acquires A 40% Stake In Initto

Saxo Bank, the online specialist in trading and investment, has announced the acquisition of a 40% stake in Initto, the Danish owned software and IT services provider. Initto has around 200 employees based mainly in India and Ukraine and the acquisition of Initto will enable Saxo Bank to continue to support and speed up the development of its trading systems.

Saxo Bank Acquires A 40% Stake In Initto

Designed to meet the varying needs and demands of financial investors and traders, Saxo Bank has developed four specialised and integrated trading platforms; the downloadable SaxoTrader, browser-based SaxoWebTrader, compact SaxoMiniTrader and phone-based SaxoMobileTrader.

Mikael Munck, CEO of Initto, commented: “Initto provides a wide range of customized IT services and software engineering solutions to clients. We have been very successful in offering and integrating our services into the organisation of our clients. We offer access to a wide range of international specialists that focus entirely on delivering high quality solutions to our clients’ allowing them to focus on core competencies, freeing up time for innovation and value creation. This is the secret of our success which we are certain Saxo Bank also will benefit from”.

Since its establishment in 2003, Initto has grown by an average of 50% per year and expects to enhance its service offerings with the support of Saxo Bank as a strong financial partner. Initto is headquartered in Ballerup near Copenhagen with a representative office in Oslo. Initto will continue to develop software and provide services to its existing client base.

In a joint statement, Kim Fournais and Lars Seier Christensen, Co-CEOs and co-founders of Saxo Bank, said: “We are thrilled to have acquired this stake in Initto, which has great synergies with Saxo Bank and fit perfectly with our business model. The acquisition is in line with our ambition to acquire fully developed businesses and utilize their expertise to develop and strengthen Saxo Bank’s products and services. Over the next few years, we will be working with Initto to further increase the value we offer our own clients. Initto’s current and future client base will also benefit from our commitment as client and shareholder. We want to remain a first class service provider and we believe Initto can help us achieve this goal.”

Via EPR Network
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Banks, Checking & Savings, Financial, Financial Services, Financial Software, Financial Solutions, Money, Security

Experian Teams with Citi to Provide SEPA Data Conversion Service

Experian, the global information services company, is partnering with Citi to provide an automated International Bank Account Number (IBAN) and Bank Identifier Code (BIC) conversion and validation service for SEPA-compliant cross-border payments. While Experian’s Data Conversion Service will be delivered across all 31 countries in the SEPA region, the partnership also extends to Citi customers initiating payments to and from the SEPA area from anywhere in the world.

Use of SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) schemes requires corporates to submit a valid BIC IBAN for all EU cross-border Credit Transfers and, from November 2009, for all direct debit payments. Additionally, several European countries have adopted the IBAN as part of their own domestic payment standard. In order to enable Citi’s customers to take advantage of the SCT and SDD schemes, the IBAN and BIC Conversion service will ensure customer databases are as accurate and complete as possible.

Experian will check, validate and convert existing domestic BBANs (Basic Bank Account Numbers) to the required IBAN and BIC standard in bulk, enabling customers to avoid rejection or failed payments, thereby reducing transaction costs and improving straight through processing of payment instructions. In addition, the bank’s customers will be able to identify invalid records that require further or correct information to be obtained or verified, including invalid account numbers and closed bank branches.

Ruth Wandhöfer, EMEA Head of Payment Strategy & Market Policy Global Transaction Services at Citi, commented: “Submitting invalid data when making a payment can be costly for corporates and their customers. However, by teaming up with Experian to ensure bank account details are converted into the right format, we will enable our customers to reduce the cost of correcting rejected payment information. In addition, the service enables us and our customer base to be ready for the introduction of SEPA Direct Debits in November 2009.”

Jonathan Williams, Director of Product Development and Strategy at Experian Payments, added: “Experian’s conversion service is already used by many of the world’s leading organisations to check their data, convert their data and then keep their data clean. By partnering with Citi, Experian is enabling a growing number of the world’s biggest businesses to make SEPA payments, while at the same time helping the bank to improve its operational efficiency.”

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

Barclaycard Announces 100 EAT Stores Across The UK To Go Contactless

Barclaycard has announced that EAT, a leading sandwich, soup and coffee shop, will rollout contactless technology and payment across its entire network of 100 stores from mid November. The rollout of contactless follows a successful pilot project in 24 London based EAT stores over the past 18 months.

The rollout, which began in March 2008 and will be completed by mid November, will see contactless payment available in EAT stores in a range of towns and cities across the UK including Manchester, Birmingham, Oxford and Cambridge. These stores join Barclaycard’s ever-expanding contactless payment network, with more than 9,000 outlets now accepting contactless payments across the UK.

Contactless allows customers to purchase items of £10 or under without the need to enter a PIN or sign, with customers requested to enter a PIN occasionally for added security.

Dan Salmons, Director of Payment Innovations at Barclaycard commented: “Contactless is the future of payments and we believe that contactless payment, via card or mobile phone, is one of the safest and most secure ways to pay. We welcome this rollout as it demonstrates how both consumers and retailers are benefiting from the convenience of quick, secure payments with contactless. Consumer feedback highlights the growing demand for contactless and we expect EAT to be amongst the first of many major retailers who will become contactless enabled over the coming months.”

Rene Batsford, Head of IT at EAT commented: “For the last 18 months we have accepted contactless payments in over 30 stores in London, and the success and feedback from our customers meant the decision to rollout contactless across our entire network, was an easy one to make. Customers across all our stores can now benefit from a fast, secure way to pay.”

Barclaycard and Barclays have issued over four million contactless enabled credit cards since Barclaycard OnePulse credit card launched in September 2007 and have the highest market share of contactless terminals in the UK. Other well-known brands such as Prêt a Manger, Coffee Republic, the National Trust, Books Etc and Yo Sushi also accept contactless payments.

Via EPR Network
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Financial, Financial Education, Financial Information, Financial Management, Financial Services, Financial Software, Financial Solutions, Loans, Money

Pennsylvania Association of Community Bankers Partner With NLA and SEF

National Lending Associates, Inc. (NLA) and Sterling Education Finance, LLC (SEF) announces their strategic partnership with the Pennsylvania Association of Community Bankers. Through this partnership, a new education financing solution called the Community Education Loan (CEL) will be provided to their member banks. “Pennsylvania Association of Community Bankers is pleased to have the opportunity to recommend to our member banks a turnkey private education product which can be customized to meet the needs of our constituents” said Richard K. Arnold, Senior Vice President/Chief Operating Officer. “Today, students and their families are finding it more difficult to obtain financing for a college education due to the continued financial pressures on traditional lenders because of the instability of the financial markets. This is a great opportunity for the financial institution to offer an alternative loan program, as well as better serve their customer base.”

The Community Education Loan program allows community banks to develop their own student loan offering without additional staffing or resources. This program is completely managed by NLA and SEF including product development, application origination, credit decisioning, disbursement processing, and loan portfolio administration services, with loan servicing being performed by PHEAA/AES. PHEAA/AES is one of the largest and most respected student loan servicers in the country.

“We are delighted that Pennsylvania Association of Community Bankers has chosen to promote the CEL program to their member banks,” said Nancy Chalker, Regional Vice President at Sterling Financial and the relationship manager for this program. “By combining the in-depth knowledge and strength of the Pennsylvania Association of Community Bankers and the private loan expertise of both NLA and SEF, we are able to bring a quality private education loan solution to this marketplace.“

For more information on the Community Education Loan go to (www.sterlingeducationfinance.org), contact Pat Cook at (828) 335-1092 or Nancy Chalker at (570) 899-1595.

About National Lending Associates, Inc.
Based in San Diego, California, with offices in Ohio, Arizona, Georgia, Pennsylvania and New York, National Lending Associates, Inc., is a nationwide specialty service company focused on providing financing solutions, loan and portfolio administration services, and technology options for the education financing marketplace (www.nationallendingassociates.com).

About Sterling Education Finance, LLC
Sterling Education Finance, LLC is an innovative education financing company dedicated to the larger mission of ensuring access to education. Our product suite is designed to offer financing solutions for every private K-12, career and trade institution, college or university based on the institution’s unique needs as well as the needs of the student and families they serve. We have a select group of origination, funding and servicing partners and all of our products are fully supported by our team of industry veterans.

About Pennsylvania Higher Education Assistance Agency/American Education Services
Created in 1963 by the Pennsylvania General Assembly, the Pennsylvania Higher Education Assistance Agency (PHEAA/AES) has evolved into one of the nation’s leading nonprofit student aid organizations. Today, PHEAA/AES is a national provider of student financial aid services, serving millions of students and thousands of schools through its loan guaranty, loan servicing, financial aid processing systems and outreach programs. As a nonprofit organization belonging to the Commonwealth of Pennsylvania, PHEAA/AES devotes its energy, resources and imagination to developing innovative ways to ease the financial burden of higher education for Pennsylvania’s students, families, schools and taxpayers.

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Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Homeowners Insurance Tips for Halloween

Generally speaking, one doesn’t usually associate Halloween with homeowners insurance. One is a night of fun-filled night of adventure, sweets, and costumes while the other is, well, there. But when it comes to saving the headache and expense that goes into filing a homeowners insurance claim, even the most festive Halloween appreciator will perk up and listen. According to an article recently published on InsuranceAgents.com, homeowners planning a Halloween party should take a few simple precautions so they don’t find themselves in a claim situation.

Halloween is one of the few occasions where homeowners across the country actually invite total strangers onto their property. With all the elements involved, anything can go wrong and it is for that reason why a quality homeowners insurance policy is important. “If you are planning a relatively large party then you might want to consider additional homeowners insurance coverage,” states the article titled, ‘Halloween Parties Gone Bad: Homeowners Insurance Affected.’ “You should consult your home insurance agent about your options regarding additional coverage for an event such as a Halloween bash.”

The first step in keeping a Halloween party safe is keeping the pets away. Even the most gentle of animals can go off on an unsuspecting guest without notice. This could, unfortunately, lead to a costly homeowners liability insurance claim. So don’t take the chance and just lock Fido in the basement for the night.

Home fires are another unfortunate occurrences at some Halloween festivities. With Jack-O-Lanterns and candles in bags lighting walkways, any number of circumstances could take place which could result in an untimely and unfortunate house fire. So be cautious and don’t be a part of the staggering statistics relating holidays and house fires.

Halloween is supposed to be a worry-free night of fun and adventure. So keep it that way with the aforementioned simple precautions. Visit InsuranceAgents.com today to learn more about saving on all types of insurance.

Via EPR Network
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Anti-Money Laundering, Assets, Business, Financial, Financial Services, Money, Security

Identity Checks Supplier Continues To Expand

Leading suppliers of identity checks and anti-money laundering services, Tracesmart, are to expand their workforce which will help manage the increasing demand for their services. The expansion will specifically involve the administration, sales and IT teams.

Identity Checks Supplier Continues To Expand

Tracesmart is currently active in a number of industries however the key B2B markets in which it operates include pensions and debt collection. Both these sectors use the company’s data cleansing and consumer location services to trace people in order to re-establish contact. The pensions industry further utilises Tracesmart’s Existence suite of services which can be used to identify scheme members who have relocated or are deceased, this helps pension schemes better manage their member payments, and protect themselves and their members against fraud.

Demand for Tracesmart Corporate services has already prompted the company to recruit seven new members of staff over recent months. They now plan to recruit a further eight to strengthen their numbers and continue their expansion within their core and new commercial arenas. Tracesmart’s employee levels will soon total sixty, and the company headquarters still has capacity for further growth as their Business Support Manager, Rebecca Westlake, commented,

“We recently completed the refurbishment of our newly expanded Cardiff head office. In line with our expansion plans, the improvements have allowed us to develop and deploy individual teams efficiently and effectively to optimise our work environment.”

With close ties to both his front line staff and the company’s major clients, Tracesmart’s Managing Director, Mike Trezise, is fully aware of how and when the company will continue to expand. Commenting on his company’s development Trezise stated,

“We continue to reap the rewards of our ongoing marketing and sales campaigns within our core sectors. Demand has further led us to increase our staff to meet current and new client needs. We will continue to ensure our clients receive the best possible service and I’m confident that we’ll experience sustained growth in 2010.”

About Tracesmart:
Established in 1999, Tracesmart Ltd is a leading provider of consumer intelligence services. It specialises in the provision of data cleansing, consumer tracing and identity verification.

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Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

No Kidding – Average Age of Child on Parent’s Car Insurance is 31

In the past year the average age of a child named as a second driver on their parent’s car insurance policy has shot up from 25 to 31 years old, according to new research from uSwitch.com. As the recession takes its toll on the Bank of Mum and Dad, 10 million drivers (39%) have a second named driver on their policy and 2.5 million (10%) of these are offspring.

Being named on a parent’s policy is a legitimate practice, providing that the child in question is not the main driver of the vehicle. However, with insurance premiums on the up, high petrol prices and other escalating costs, keeping a car on the road has become challenging for many young motorists. As a result, many are putting themselves on the wrong side of the law by indulging in a fraudulent practice known as ‘fronting’.

‘Fronting’ takes place when a young person buys and registers a car in their own name, but the insurer is falsely told that a parent is the main driver – and cases have shot up since the onset of the recession. According to the Association of British Insurers (ABI), ‘fronting’ and other forms of insurance fraud have increased by 30% since 2007 and the cost of undetected fraudulent general insurance claims is now estimated at £1.9 billion a year, up 24% from £1.6 billion two years ago.

Ultimately consumers end up paying the price for this activity – insurance fraud now adds an average of £44 a year to every household’s general insurance costs.

In addition to ‘fronting’, some young motorists are taking cost cutting to an extreme with as many as one in five (250,000) 17-20 year olds driving without insurance, according to the Motor Insurers’ Bureau (MIB). In the current economic climate it’s also unsurprising that many feel forced to downgrade their type of cover to the more affordable ‘Third Party’.

Young drivers are not alone in this – one in five (20%) of all third party policy holders have opted for a reduced level of cover because they are simply unable to afford fully comprehensive cover in the current financial environment.

Via EPR Network
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Banks, Bonds, Checking & Savings, Financial, Financial Information, Financial Services, Financial Statements, Investment, ISAs, Money, Personal Finance

NS&I Has Announced Changes To The Way Customers Can Invest In Its Fixed Rate Bonds

From the end of October, the products will only be available directly from NS&I (by freephone, online or by post) and no longer available through the Post Office.

NS&I and the Post Office have jointly agreed to this change, which is in part a reflection of the development of the Post Office’s own brand of savings products. These include Post Office Growth Bonds – a very similar range of fixed rate savings bonds to the two NS&I products. The decision also reflects NS&I’s desire to develop its direct sales channels.

The Post Office will continue to offer a wide range of other NS&I savings products – including Premium Bonds and Savings Certificates – which can be purchased over the counter.

Existing NS&I Guaranteed Growth Bond and Guaranteed Income Bond customers will not notice any change as all post-sale servicing and support is already carried out directly through NS&I.

Peter Cornish, Director of Customer Offer, NS&I, said: “We are committed to making our products as straightforward as possible and ensuring that customers understand where they are investing their money. The changes we have jointly agreed with the Post Office will do just that. Our Guaranteed Income Bonds and Guaranteed Growth Bonds will continue to offer customers a simple and straightforward saving opportunity.”

“The Post Office is our key distribution partner and we recognise it is a familiar option for many savers looking to invest with NS&I. Therefore, a wide range of our savings products will continue to be available over the counter in Post Office branches.”

Gary Hockey-Morley, Post Office Limited marketing director, said: “NS&I savings products will continue to be a key part of the ever expanding range of value for money financial services available at Post Office branches. We look forward to continuing our long standing partnership with NS&I well into the future, through providing easy access to a wide range of their savings products through our 12,000 branches which lie at the heart of communities across the UK.”

Customers can invest between £500 and £1 million in total in an NS&I fixed term bond, with guaranteed rates of interest. NS&I’s Guaranteed Income Bond offers customers the opportunity to receive their interest as a monthly income, whilst the interest earned on NS&I’s Guaranteed Growth Bonds is credited to the Bond annually.

NS&I’s fixed rate bonds are available in terms of one, two, three and five years. The two-year term was launched in July 2009 and is only available directly from NS&I.

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

Market Conditions Spell Good News For Life Insurance Policy Holders

Homeowners often fail to review their life Insurance when searching for the cheapest mortgage deal, but with both the cost of cover and their mortgage balance having fallen, many could make substantial savings just by switching life insurance providers.

Many borrowers with repayment mortgages are unaware that to ensure there is sufficient life insurance to repay their mortgage, life insurance companies assume an average interest rate for the life of the mortgage, often around 10%.

As many borrowers have not paid anything like 10% recently, and have made overpayments, their mortgage balance may well be significantly below the amount of life insurance cover.

This gives them the opportunity to reduce the level of insurance and save money, or with the cost of life cover now cheaper and competition stiff, get the same amount or even increase their cover for the same monthly outlay.

One L&C customer recently increased their life assurance from £390,000 to £423,000 to cover their new mortgage, but managed to reduce their premium, saving themselves around £130 per month.

L&C’s Richard Morea said:
The UK population is massively underinsured as a whole, so taking advantage of smaller mortgage balances and reduced premiums provides a great opportunity to make better provision for our families, without breaking the bank.

For more information and no-fee advice, life insurance policy holders should call free on 0800 0731932.

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

London & Country Mortgages Are Looking To Educate Consumers About The Importance Of Life Insurance

The protection gap in Britain is often talked about with various reasons being given for consumer s not taking this important cover. These include life insurance is too expensive, state benefits will be enough and that it is just not necessary as savings will cover any expense or loss of income. The stark reality is that people just don’t think anything will happen to them.

It appears there is poor understanding about the chance of having a serious illness, being made redundant or having an unexpected bereavement in a family. L&C, the UK’s leading fee free mortgage and protection broker are looking to educate consumers about the importance of life insurance, critical illness cover and income protection through a series of short video films. The first, Why you should protect your mortgage talks about the risks and how these may be mitigated with the right cover in place.

This free video is available at, http://www.lcplc.co.uk/videos/protecting_your_mortgage. For a FREE no obligation protection review call L&C on 0800 0731932.

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

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Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Find Security in Term Life Insurance

In the midst of massive job cuts, more and more people are finding themselves separated from benefits like healthcare and life insurance. While it’s not guaranteed that you will get sick and need healthcare, it is guaranteed that, one day, you will pass on. That makes life insurance possibly the most important insurance policy a person can have. But with all the kinds of life insurance out there, which one is the best for you?

According to a recently published article on Insuranceagents.com, any number of life insurance policies may work for you, but oftentimes the most affordable is term life insurance.

Term life insurance can provide you with some security between jobs or if you’re working only part time or at a temporary job. According to the Insuranceagents.com article, “Term Life Insurance: Get Peace Of Mind,” it doesn’t matter if you are a single, a married or single parent, old or young, rich or poor, term life insurance can be an affordable service for everyone.

It’s affordable because “it’s purchased for a specific amount of money and a specific amount of time (called the term). There is no cash value except for the death benefit. If you don’t die before the term runs out, the company owes you nothing,” which is why providers can afford to offer it for such a low rate, according to the Insuranceagents.com article.

“30 Year term life insurance is a competitive commodity so it pays to shop around and see where you can find the best rate,” recommends the article. “Using online quotes is a smart way to do just that. In no time you can compare rates and choose the carrier you want, without ever leaving home. Look for a name you can trust. There are many large insurance companies providing term life so it won’t be hard to find the right company.”

For more information or to receive life insurance rates from up to five local agents, visit InsuranceAgents.com.

Via EPR Network
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The Rise Of Stay At Home Dads

According to new research by leading Child Trust Fund (CTF) provider, The Children’s Mutual, contrary to concerns of an allegedly worsening work/life balance in the UK, many fathers are electing to be at home either full or part-time, looking after their little ones and taking care of the house. Figures refer to The Children’s Mutual Working and Stay at Home Dads research, undertaken by 72 Point. 2,187 dads interviewed in June 2009.

Following the birth of their children, 26% of dads decided to work part-time and nearly as many (24%) started working flexibly. 14% of dads chose to stop working outside the home altogether.

43% of these dads are responding to the current recession by spending even more time helping around the house, with only 27% feeling that they now need to become more focused on earning money.

Perhaps unsurprisingly, stay-at-home dads spend the greatest amount of their time each week looking after the children (4hrs 22mins) and cooking (3hrs 50mins), as well as arranging the family finances (3hrs 45mins). And even though they have more time to be with their children than full-time working dads, stay-at-home dads wished they could spend a further hour a day with their children.

David White, Chief Executive of The Children’s Mutual, said: “The changing role of dads within families is a positive step towards the greater recognition of what dads can and do contribute to family life. Dads play a vital role within their children’s lives and their homes, so it’s great to see these changing family dynamics.

“One of the most important roles for every dad is being a provider for his children, whether that’s as the main breadwinner or as the lead carer. Dads want to provide for their children now and will want to continue to do so as they grow up. One way dads can really help provide for their children is planning for the future and saving regularly over the long term. Contributing towards a Child Trust Fund is one of the ways dads can save for their children’s futures. By opening a Child Trust Fund early and saving regularly and encouraging friends and family to contribute too, dads can help to give their children a financial springboard into adulthood.”

Child Trust Funds are designed to provide a tax efficient, long term savings vehicle for all eligible children. Each eligible newborn child (born on or after 1 September 2002) receives a £250 Child Trust Fund voucher (£500 for low income families) from the Government when their parents register for Child Benefit. The Government will make a second contribution of £250 (£500 for low income families) when the child reaches seven and is considering a third in the child’s teenage years. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year.

Via EPR Network
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Recession Raises Fear Of Identity Theft

New research from Lloyds TSB has revealed 76% of adults are currently worried about identity theft and 39% feel more at risk now than they did six months ago, with the recession playing a major contributing factor. The research was conducted September 2009 by ICM for Lloyds TSB amongst 1,000 UK adults aged 18+ years.

Over half (52%) of those concerned about ID theft believe that the recession has increased the risk as rising unemployment drives more people towards criminal activity and ID theft. Coupled with this, is the fear expressed by 57% of people that social networking sites have made it easier to steal personal details – a 10% increase on those with the same worries last year.

The study shows that as many as 38% of Brits have experienced ID fraud, with almost half of those (18%) having been victims personally. However, 57% of those surveyed admit that they have not done enough to protect themselves and 25% don’t know how.

According to CIFAS, the UK’s Fraud Prevention Service, it takes an estimated 48 man hours to repair the damage resulting from fraud, and the cost to victims is frequently as high as £8,000. Typically, it takes an average of 539 days for someone to discover that they’ve been a victim of ID theft and it is on the increase; latest CIFAS figures show that it increased by 15% in 2008.

To combat this growing trend, Lloyds TSB has launched its ID Aware prevention and advisory service to help protect customers and bring them peace of mind.

Lloyds TSB’s ID Aware product allows customers to stay on top of their credit status and safeguard their identity, providing credit monitoring services and an early warning system to alert the customer to any activity involving their account. In addition, customers benefit from access to their credit status and payment history in one easy-to-understand document showing all credit cards, mortgages and loans. Credit alerts to warn the customer in the event that someone has been checking their credit status or doing anything fraudulent that affects their credit score. And if the worst should happen, expert help is on-hand. ID Aware provides 24 hour access to an advisor who will take control and set everything back on track.

Jatin Patel, spokesperson for Lloyds TSB commented: “As technology improves, it gets easier and easier for criminals to steal our identities and during tough economic times the temptation becomes greater. Protecting ourselves by shredding documents and protecting passwords is a good start, but having someone else keep an eye on your ID offers extra peace of mind.”

Lloyds TSB is also offering help and guidance through the National Identity Fraud Prevention Week (NIFP) which Lloyds TSB has supported from its birth in 2005. The Group will be putting up posters and providing leaflets in branches detailing ways to spot potential fraud. The bank is also giving information on how customers can protect themselves by safeguarding documents and making it as difficult as possible for criminals to access personal information.

Via EPR Network
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Debt Management Could Help Borrowers Approaching Retirement

Responding to new research suggesting that more than half of over-50s in Britain carry non-mortgage debt, debt management company Gregory Pennington has warned of the risks of carrying debt while approaching retirement, adding that good debt management is essential for anyone with problem debts.

Debt Management

Research from Moneysupermarket.com found that more than half (51%) of Britain’s over-50s population hold non-mortgage debt, at an average of £6,734.

Over the past 12 months, 17% of over-50s in debt have reduced their non-mortgage debt, according to the research, but 22% have taken on more debt in this time. 5% said their debt had increased “a lot”.

48% of over-50s whose debt had increased said they had gone further into debt in order to pay bills. 15% of those in debt said they believed debt would always be part of their life.

However, 48% of over-50s had reduced their outstanding borrowings over the past year, with 21% claiming to be in a lot less debt than they were a year previously.

Tim Moss, head of loans and debt at moneysupermarket.com, said: “… It’s encouraging to see that a good number of Brits aged over 50 are taking active steps to reduce the amount they owe.

“However, the fact that half of the people in this age group are still in debt above and beyond their mortgages is alarming. Those aged over 50 have to factor how long they can continue earning, and begin thinking seriously about their finances in retirement; debts that are currently easy to service could become a millstone round their neck in later retirement years.”

A spokesperson for Gregory Pennington said that trying to pay down debt in the run-up to retirement could affect the borrower’s ability to save adequately for retirement.

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64% Rise In The Number Of Drivers Being Clamped In The Last Year

LV= has revealed a 64% rise in the number of drivers being clamped in the last year. Municipal clampers typically charge £116 and private clampers £120, with the legality of private clamping companies currently under dispute.

According to the research from car insurer LV=, local councils took £21m in clamping fees over the last 12 months compared with £58m taken by private clamping firms.

It’s not just the fines drivers have to pay; according to the research 4% of drivers who had their car clamped ended up with damage to their vehicle adding to their financial woes.

As the private clamping industry is currently unregulated, motorists have no official route of complaint or to get money back in the event of being unfairly clamped. Driver who find themselves in this situation are advised that the most effective route of complaint is to send a letter via recorded delivery including relevant photography of the clamped vehicle and localised area.

The rise in clamping by private firms has been particularly dramatic over the last 12 months, increasing from 292,023 incidences to 486,705 incidences, year on year.

The most common reason cited by people for parking on private land is the lack of available legal parking spaces in the vicinity (12%). LV= is calling on the government to increase legislation on private clamping companies and increase the number of parking spaces available.

17% of drivers believe they were clamped even though they were being parked legally and 59% said there was little or no warning displayed to indicate they were parking in a private space.

Moreover, 11% of those clamped by private individuals said their vehicle was not released immediately, even after they had paid the release fee. And a number of the motorists interviewed said they received high levels of abuse from private clampers.

John O’Roarke, managing director of LV= car insurance, said: “What we’re seeing is a huge surge in the number of drivers being landed with unreasonable and extortionate fines. Private clampers make millions every year and in some cases are using intimidating and aggressive tactics to raise money from drivers who have unknowingly parked in the wrong place.

Via EPR Network
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