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Personal Finance

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

Students Are Struggling To Fly The Nest, Reveals Lloyds TSB Student Banking

A survey by Lloyds TSB Student Banking has shown that almost half (47%) of young people starting university degrees this autumn believe they will be the most financially disadvantaged students for many generations.

Students Are Struggling To Fly The Nest

The survey of more than 1000 17-25 year olds who plan to go to university this year showed that those going into higher education have a bleak outlook on the financial costs of the course. Almost one third (31%) of those questioned said they thought that the costs of going to university would soon outweigh the benefits of a degree.

The same percentage – up from 27% in 2008 – is looking to stay at home to save money, meaning they will miss out on their first taste of independent living. The Lloyds TSB Student Banking research also revealed that almost a quarter (24%) of students believes that getting into debt while they study debt is inevitable because of the state of the economy. To compound their fears, one in five (20%) believes that it will be difficult to find a job after graduation.

Catherine McGrath, director of current accounts at Lloyds TSB, said: “It’s no surprise that in the current economic climate young people are thinking about how their university career will affect them financially and are considering the ways to make their money work harder.

“It’s important that students-to-be concentrate on their studies and don’t spend unnecessary time worrying about the future. Therefore picking the right bank accounts, using sound money management techniques and considering part-time work are all important steps that will help students manage their finances during their degree course.”

Although the majority students-to-be said that they relished the opportunity to manage their own money, more than a quarter (28%) of potential freshers admitted to being worried about managing their own finances, with 25% saying that they hadn’t received any financial guidance in advance of starting their course.

Independent financial expert, Alvin Hall, commented: “The current economic climate is very daunting for young people, many of whom may be wondering whether spending money on their education really is the best bet.

“Young people need to remember that a degree is an investment in themselves and that sometimes it takes a while for that investment to pay off. In the meantime, they need to do everything in their power to make every penny count and ensure that, when they are standing on their own two feet as graduates, they can look back on their studying and spending without regrets.”

About Lloyds TSB:
Lloyds TSB offers customers a wide range of current accounts, savings accounts, insurance, student accounts and credit cards, investment and cash ISA accounts designed to meet different customers’ needs.

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Bonds, Checking & Savings, Financial, Financial Information, Financial Management, Financial Services, Investment, IRA, Money, Personal Finance, Retirement, Stocks

Equity Mix Remains Top Choice For Pension Investments

Prudential has reported that more than one in three people retiring within the next 10 years say they would prefer their pension to be invested partly in the stock market and the remainder in other types of investments, according to new research*.

Equity Mix

The nationwide study shows that consumer confidence in the stock market continues despite recent market and economic upheavals.

Prudential asked 1002 men aged 55 to 64 and women aged 50 to 59 who have a pension how they would want their pension fund invested if they could choose:

– 35% said partly in the stock market and the remainder in other investments (40% men, 29% women)
– 29% said only in cash or very low-risk investments (29% men, 30% women)
– 22% said they did not know (18% men, 28% women)

Since the FTSE 100 index of leading shares hit a five-year low of 3530 in the week of 2nd March this year, it has climbed back up. Currently the FTSE is at 4615 w/c 27 July 2009, compared to 4413 w/c 26 July 2008 so is 202 points higher than this time five years ago.**

Andy Brown, Prudential’s director of investment funds, said: “Despite immense volatility in the stock market over the past year or so, there is still evidence of consumer confidence in equities to deliver a promising return for pension investments over the long-term.

“What is certain as well is that many people have been spooked by the recent economic maelstrom and, unsurprisingly, would prefer their pension to be in cash or lower risk investments as they near retirement.

“We’ve seen a marked increase in the numbers of people looking for a home for their money which they can trust, knowing that it has a solid capital base and a long-standing history which will stand it in good stead for the future.

“I think investors can feel confident in stock market opportunities if they are given a decent choice in how they access real assets such as the equity market. Investors can really capitalise on the markets if they can access funds across a number of asset classes and sectors from a range of different investment managers allowing diversification across assets and manager styles.”

* Survey conducted by Research Plus among 1,002 UK males aged 55-64 and UK females aged 50-59 between 23 and 30 April 2009 using an online methodology
** Source: Yahoo finance FTSE 100 charts – correct as at date of issue: 27th July 2009

About Prudential:
“Prudential” is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, savings and investment products, such as a bond investment and pensions, including advice on company pensions.

Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454. Authorised and regulated by the Financial Services Authority.

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401K, Checking & Savings, Financial, Financial Services, Investment, IRA, Loans, Money, Personal Finance, Retirement

Sunwest Trust Is Now Offering Their Latest Product – The Individual 401k, Aka I401k

Sunwest Trust, Inc. announces the launch of the Individual 401k or i401k. “The i401k gives self-employed business owners the same tax benefits that large corporations have enjoyed for years,” says Terry White, CEO of Sunwest Trust, Inc. as well as White adds, “a number of additional benefits not offered by the traditional self directed IRA.”

Individual 401k

With an i401k, business owners may be eligible to contribute far greater amounts to their 401ks than they could with any other type of retirement plan. In addition, the i401k is much simpler to administer than a typical 401k plan.

Another advantage to the i401k is the Roth contributions that you are eligible to make. You can designate some or all of your deferrals as Roth contributions. Roth contributions are after-tax dollars, so those contributions will grow tax-free.

Unlike self directed IRA, you may take loans from your i401k.

Also, the i401k has lower administrative costs than most retirement options for a small business owner. Unlike a self directed IRA, with the i401k you do not need to have a self directed IRA custodian for your i401k. You may act as trustee for your own plan.

White does note, “that the i401k is not for every small business owner and that there are restrictions and guidelines someone must follow in order to be eligible.” White recommends, those who seek to invest using the i401k, “consult a tax professional to make sure that they are making their contributions correctly and to help them fill out the form 5500-EZ when their i401k accumulates over $250,000.00.”

To be eligible to have an i401k, you must be a self-employed business owner with no full-time employees other than your spouse. Whites also states, “investors need to make sure to check with their tax professional to find out the limitations and amounts that can be borrowed from the i401k plan.”

White adds, “The timing of the i401k could not be better for business owners as well as the company. Despite the tough economy, Sunwest Trust continues to grow. By adding new products and providing the same great customer service their clients have come to expect, Sunwest Trust is well on their way to another record setting year. The company has already seen 16 percent growth from this time last year and there are no signs of slowing down anytime in the near future.”

One explanation for the sudden growth over the last two years has been the volatility of the stock market. When the stock market hits uncertain times, many investors would rather not gamble their future on Wall Street and investors look for more stable investment opportunities. Self-directed IRAs and 401ks allow savvy investors the opportunity to find the investment that best fits their investment needs, risk tolerance and retirement goals, whatever it may be.

White adds, “not all investments are ideal and whenever you make an investment there is always inherent risk involved. Each investor should acquire competent legal counsel and commit to completing the proper due diligence prior to shifting their retirement dollars into an alternative investment.” He adds, “just as it is not your local bank’s responsibility to validate the veracity of an investment, neither is it the IRA custodian’s job to validate the authenticity of the investments you make with your IRA/401k dollars. The last thing you want to do is gamble away your hard earned retirement savings blindly without verifying the genuineness of the investments your are making.”

About Sunwest Trust, Inc.

Sunwest Trust is an independently owned private company that offers self directed IRA custodian, escrow and now Individual 401k services. The company offers a huge range of financial services providing post retirement benefits, private mortgages, real estate contacts and other related fields for its clients. FDIC insured banks back the self directed IRA funds of their clients. For more information on the activities of the company, please visit http://www.SunwestTrust.com.

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Checking & Savings, Costs, Debts, Financial, Financial Information, Financial Management, Financial Services, Financial Software, Financial Solutions, Money, Personal Finance

Britain’s Disposable Expenditure On The Up For First Time Since Credit Crunch

Spending on non essential products and services is on the increase after a hesitant start to consumer spending in 2009. Research conducted by Kublax, an online money management service, reveals that discretionary spending is on the up.

Kublax - money mangement platform

Products and services, such as shoes and gifts, are usually the first areas of spending to be cut down on in hard economic times. The fact that a lot of these spending areas are showing signs of recovery is good news for the economy, as it indicates that consumers are regaining confidence. This circulates money through the economy, creating a multiplier effect, rather than leaving it stagnant in savings accounts.

Kublax took a sample of 1000 adult users and studied their specific spending habits through their finance software, from everyday living to luxury purposes. The report found a massive increase in spending in the second quarter when compared to the first quarter of 2009.

The ‘Kublax Spending Index’ revealed holiday expenditure increased by a staggering 117% in the second quarter, rising from an average spend of £511 in the first quarter to an average spend of £1107.

Other spending categories with notable increase in the second quarter include:

• 62% increase on spending on children
• 28% increase on gifts and flowers
• 12% increase on clothing

These statistics indicate a more positive economic outlook for the summer period. Tom Symonds, CEO of Kublax comments, “The correlation between the arrival of summer and an increase in monthly outgoings may also be due to a seasonal change in attitude; as the weather brightens, so too does the mood of the British public as they unwind and treat themselves more.”

The results of the ‘Kublax Spending Index’ also correlated with other industry surveys of the same period, which found decreases in spending on eating out. Kublax found 42% decrease on coffees/sandwiches/snacks, and an 11% decrease in restaurants/dining spending.

Although launched in May 2009, the site has been in beta testing phase from September 2008 and collected the data from January 2009 to June 2009.

Kublax is a money management platform through which users are able to simplify their finances. The finance software works by pulling together all building society, bank and credit card accounts into one easy access location. Once all information has been compiled, users are able to budget and manage their finances more effectively than by viewing different statements from multiple banks. Kublax automatically categorizes spending and produces diagrams and charts illustrating how you are spending your money. Comparisons to user averages as well as an effective alert and reminder systems provides a sense of financial benchmarking and real time money management that is innovate, extremely useful, and is likely to save people money and reduce stress.

With set up taking a matter of minutes, Kublax is perfectly placed to help the online generation, who hold on average two current accounts and two credit cards, deal with their ever more complex finances.

To find out more about Kublax’s online finance software, or to read more about spending habits in the UK, visit http://www.kublax.com.

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Molly Is The New Face Of M&S Pet Insurance

A beagle from South Wales is to become the new face of M&S Pet Insurance after winning a national competition to find a cat or dog with true star quality to feature in a future marketing campaign.

To enter the competition, which ran from April until the start of June, M&S pet insurance customers were asked to simply submit a photo and a few words about why their cat or dog is a star. Following the huge response to the competition and after some close deliberation by the judges, five-month-old Molly, who lives with The Mainwaring family in Blackwood, Gwent, was named the M&S Pet Star contest top-dog.

This means that Molly will now have a professional photo shoot and be featured in promotional material for a forthcoming M&S Pet Insurance campaign. The Mainwaring family will receive £100 worth of M&S vouchers. Sian Mainwaring said: “Molly is very mischievous and certainly has a mind of her own but we forgive her anything – most of the time. She means so much to us and it is wonderful that she will now be the face of M&S Pet Insurance.”

Amanda Newman, M&S Head of Marketing, said: “The huge response to the competition illustrates the fact that we are a nation of cat and dog lovers. It was wonderful to spend time looking through all the photos and reading why the cats and dogs mean so much to their owners.”

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

In November 2004, Marks & Spencer sold M&S Money to HSBC. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’.

M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

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Barclaycard Launches Waterslide iPhone Game

Barclaycard has launched a free iPhone game to coincide with its acclaimed Waterslide advertising campaign. The game, called Waterslide Extreme, is a first for the financial services industry and reinforces Barclaycard’s commitment to embracing new ways of connecting with current and potential customers.

The Waterslide Extreme game, developed by fishlabs and Dare for Barclaycard, has nine levels with the objective to steer a character down an increasingly difficult waterslide in the quickest time whilst collecting points and avoiding objects along the way. Visitors to an Apple Store or ITunes can download the application for free from mid July.

Paul Troy, Head of Advertising and Sponsorship at Barclaycard, said: “The launch of the iPhone ‘Waterslide Extreme’ game is a first in financial services. The Waterslide ad has engaged millions online and this game gives consumers the opportunity to go on the Waterslide themselves.”

CEO & Co-Founder Michael Schade, from fishlabs said: “We expect the game to be a great success from the feedback we received from the customer testing. It is great to work with a client such as Barclaycard that wants to do something different and fun and we are delighted with what we have produced.”

The concept for the mobile game is taken from Barclaycard’s latest advertising campaign that demonstrates the ease of contactless payment.

Barclaycard continue their innovation drive by being one of the first brands to use Sky’s new green button technology, providing consumers with behind the scenes footage of how the TV ad was made. An animated introductory spot to the 40″ Waterslide advert has also been created in partnership with Sky to invite viewers to engage via their green button.

About Barclaycard
Barclaycard, part of Barclays Global and Retail Commercial Banking division, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.

The company is one of the pioneers of new forms of credit card payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.

In addition to the UK, Barclaycard operates in the United States, Europe, Africa and the Middle and Far East.

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The Children’s Mutual Reveals Child Trust Funds Top 4.4 Million

The Children’s Mutual has highlighted that the latest figures issued by HM Revenue and Customs (HMRC) show the continuing revolution in children’s savings and demonstrates parents’ commitment to their children’s futures in the current environment. The quarterly Child Trust Fund (CTF) statistics released by HMRC have revealed that 4.4 million children under seven in the UK now have a Child Trust Fund.

David White, Chief Executive of the Child Trust Fund provider, The Children’s Mutual said: “These latest figures show that the Child Trust Fund generation is growing steadily and, unlike any generation before them, in 11 years’ time the first CTF recipients will reach adulthood with greater financial knowledge and an important financial headstart. The average amount saved each month by our CTF customers is £24. Over 18 years, these savings could produce a fund of around £9,750*, a significant financial help for young adults who may want to attend university or put down a deposit on their first home.

Recent research by The Children’s Mutual found that despite the recession parents still feel that saving for their children and giving them the best future they can is very important. In the last year The Children’s Mutual has seen a considerable rise in the number of CTFs being opened and a 16% increase on 2007, with record months for the number of parents with newborns opening CTF’s online in May and June.

David continued, “It is now more important than ever during these challenging economic times, that parents take the time to choose where to open a CTF and start saving towards their child’s future. And now that parents no longer have to hand over a CTF voucher when opening a CTF, it’s even easier and faster for them to set up their child’s account.”

Had a product similar to the CTF existed 18 years ago and family and friends saved£100 a month in a shares-based plan for a child over that time, that youngster could now have the benefit of a fund worth £37,400**.”

* Projected values quoted based on investing £24 a month (plus £250 government vouchers at birth and age 7) for 18 years in a stakeholder CTF account. 7% per annum assumed investment return, with charges of 1.5% of the CTF account value each year. Projected values cannot be guaranteed as shares can go up or down. Final payout could be more or less than this.

** The assumed maturity figure is based on a hypothetical calculation, tracking the real performance of shares over 18 years, from 1991 to 2009. They include £250 invested at the child’s birth and at age seven and 1.5% charges, as with the Stakeholder CTF today. This assumes investment in the FTSE All-Share index over that period including reinvestment of the dividend yield. The figures also include lifestyling. Amount Received as at end May 2009

About The Children’s Mutual – Home of the Child Trust Fund
The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children. The Children’s Mutual is the only UK company that specialises in long term savings for children and is now the choice of 1 in 4 parents for their child’s Child Trust Fund, with more than 650,000 accounts.

The Children’s Mutual has won the The Moneyfacts Award for Best Child Trust Fund Provider every year since its 2006 launch.

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CML Reported An Increase In Mortgages For Home Purchase In May, Up 4% From The Previous Month

Fixed rate mortgages accounted for 74% of all loans in the month, the highest share since August 2007.

Fixed rate mortgages

Encouragingly the CML predicted that lenders might become slightly more relaxed in the coming months following the introduction of some higher loan–to–value mortgages recently. This is backed up by the Bank of England’s recent Credit Conditions survey where lenders reported that they intend to increase lending at higher loan-to value ratios. This bodes well for first time buyers looking to get on the housing ladder.

This will be welcome news for parents who are still acting as an important source of help for young first time buyers. 80% of first time buyers under 30 are still getting help with a deposit from parents to enable them to get a mortgage.

Potential borrowers looking to get onto the housing ladder can see the range of leading deals at London & Country best buys and use a range of calculators to see how much they can borrow and what stamp duty will cost on potential properties at L&C Mortgage Calculators For more information and no-fee advice, borrowers can call free on 0800 373300 or request a call back.

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

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers.

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Nationwide Has Hit The Headlines With News That It Can Offer Homebuyers A Mortgage Of As High As 125% Of The Property Value

This initially sounds like a return to the lending practices of the “pre-crunch years” and the now infamous Northern Rock Together mortgage. Whilst the Together 125% deal actually served some borrowers pretty well it has become synonymous with the carefree credit conditions of 2007.

lcplc

However when you look closely at the Nationwide proposition it is a world away from replicating the Northern Rock product. It is designed to help existing borrowers that need to move home but now find themselves in negative equity, as their property value has fallen to the extent that it is less than the outstanding mortgage.

Nationwide allows all existing customers moving home to borrow as much as 95% of the property value albeit at higher interest rates. In this scenario the borrower still needs to put in at least a 5% deposit but they can also borrow an amount to cover the negative equity, although this is charged at an even higher rate.

The reality is that this initiative will only have any relevance to a small niche of borrowers that really need to move, perhaps to relocate for a new job or to accommodate an expanding family. However it will at least provide an option to those that have a genuine need to move.

Borrowers looking to find out how much their current property is worth can use London & Country Mortgages house price calculator. They can then calculate their loan to value ratio (LTV) by dividing the current balance of their mortgage by the current value of their home. If this is over 100% they will have negative equity.

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

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers.

L&C has won numerous awards including:

Best Mortgage IFA/Adviser of the Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy, 2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year – The Bath Business Awards 2005
Growth Strategy of the Year – National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards – 2008
Online Mortgage IFA of the Year – Financial Adviser – 2008

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New Fixed Rate Direct Two Year Bonds By NS&I

NS&I is to launch a new 2-year issue of both its Guaranteed Growth Bonds and Guaranteed Income Bonds. The new 2-year Bonds will only be available direct (via phone or online) from NS&I and will pay an interest rate of 3.75% per annum and 3.65% respectively.

Fixed Rate Direct Two Year Bonds

Customers can invest between £500 and £1 million in total in the fixed rate bonds, with guaranteed rates of interest. The Guaranteed Income Bond offers customers the opportunity to receive their interest as a monthly income, while with the Guaranteed Growth Bond customers will receive their interest at the end of the 2-year term.

The Bonds come with the 100% capital guarantee which NS&I can offer because all of its savings and investments are backed by HM Treasury.

The new Bonds, which are available online and through NS&I’s award winning UK based call centres, are part of NS&I’s strategy to encourage customers to buy and manage their savings with NS&I directly. This enables NS&I to offer a more attractive interest rate to customers.

Peter Cornish, Director of Customer Offer at NS&I, said: “Our Guaranteed Income Bonds and Guaranteed Growth Bonds offer customers a simple and straightforward saving opportunity.

“Money saved in our Guaranteed Income Bonds or our Guaranteed Growth Bonds will earn a competitive and guaranteed rate of interest for the next two years. It is a simple offer and easy to take up, either online at nsandi.com or through our UK based call centres.”

Dr Robin Keyte, Chartered Financial Planner and Director of Towers at Taunton Ltd, which specialises in fee-based financial planning and socially responsible investments, commented on the new issues from NS&I: “NS&I’s Guaranteed Growth Bonds and Guaranteed Income Bonds are an effective way for customers to earn a fixed rate of interest on their investment, either as monthly income or as a lump sum at the end of the term. Like all NS&I investments, they also have the added benefit of a 100% capital guarantee, which is something many people will value highly in the current environment.”

About NS&I
NS&I is one of the UK’s largest financial providers with almost 27 million customers and over £94 billion invested. It is best known for Premium Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security because NS&I is backed by HM Treasury.

NS&I products are available over the telephone, internet, post and by standing order. They are also available through a network of Post Office branches. Customers can also pick up brochures for NS&I Premium Bonds, Inflation-Beating Savings and Income Bonds at retailer WHSmith in 400 of its High Street stores and 155 of its travel stores.

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Best Buy Mortgages Are Available Under 3% Fixed For 2 Years And Under 5% Fixed For 5 Years

A number of factors have contributed to this. Firstly, it’s widely recognised that we are at or near the bottom of the interest rate cycle. Base rate could only fall by another 0.5% at most and in the May meeting of the Bank of England, base rate was held for the second month in a row. Consumers are looking to secure a fixed rate deal whilst rates are at their lowest. Best Buy Mortgages are available under 3% fixed for 2 years and under 5% fixed for 5 years. These fixed rate mortgage deals compare favourably with historical rates linked to lenders’ standard variable rates (SVR).

Best Buy Mortgages

Secondly there is widespread concern that when rates start to rise, they will rise sharply and so monthly repayments on mortgages linked to Bank of England Base Rate or a lender’s SVR will increase significantly over a short period of time. Securing a good fixed rate deal now will mitigate that risk.

Thirdly there is limited availability of mortgages for those with relatively small deposits (15% of house value or less) and so consumers in this situation are grabbing fixed rate mortgages whilst they still can.

Finally, as house prices have fallen, consumers have found that the value of their mortgage relative to the value of their home has increased. As the best fixed rate mortgage deals are available below 75% loan to value (ltv) it is sensible for consumers to fix their mortgage rate in case their property value falls further and the best mortgage deals are no longer available to them.

Potential borrowers wanting to secure a fixed rate mortgage deal can see the range of leading deals currently available at www.lcplc.co.uk/bestbuys. For more information and no-fee advice, borrowers can call free on 0800 373300 or request a call back.

London and Country Mortgages Ltd is the country’s leading whole of market no-fee mortgage broker and submitted over £4bn of mortgages to over 70 lenders in 2008. For more information visit our website London & Country Mortgages. L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers.

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Assets, Checking & Savings, Costs, Debts, Financial, Financial Information, Financial Law, IRA, Money, Mortgage, Personal Finance, Retirement, Taxes

Divorce Survival Kit Released as Ultimate Divorce Resource

The Divorce Survival Kit has just been released as the ultimate comprehensive resource for people experiencing divorce. The Divorce Survival Kit was developed by Carol Ann Wilson, one of the nation’s foremost experts on divorce and finances. The Divorce Survival Kit consists of a four (4) CD audio set and complete workbook filled with examples, forms and checklists. The product took over a year to complete, and it represents a great wealth of Carol Ann’s vast knowledge and experience. The Kit contains everything you need to know if you are going through a divorce and are concerned with how to survive financially.

The topics covered in the Divorce Survival Kit include:

  • Marital vs. Separate Property: Learn the truth about marital and separate property and how to keep what is yours. Don’t surrender it if you don’t have to!
  • Alimony/Maintenance: Find out if you are likely to receive alimony and how much. If you have to pay alimony, understand how to best protect yourself and minimize your losses.
  • Health Insurance: Did you know you could become uninsurable after your divorce? Protect yourself and your children.
  • Child Support: Learn what you need to know about the Child Contingency Rule that could save you from owing the IRS thousands of dollars.
  • Asset Division: Don’t ruin your financial future by failing to consider hidden assets and tax consequences. Discover the best ways to divide all your assets.
  • Dividing Retirement Accounts: This is often the biggest asset in the marriage. Avoid some common mistakes and make the most of this valuable asset.
  • Settlement Alternatives: Courtroom battles can be costly and expensive, but there are alternatives. Mediation, arbitration and collaborative divorce are explained.

Carol Ann Wilson, a Certified Financial Divorce Practitioner, is the founder of the profession of divorce financial planning. She has been working with divorcing clients and their attorneys for over 20 years.

Carol Ann’s dedication to helping couples financially survive their divorce has driven her to continuously develop more ways to help them. In addition to the Divorce Survival Kit, Wilson has authored many books and articles on divorce, has served as an expert witness in court for over 120 divorce cases, has developed software for professionals used in determining financial results in divorce settlements, and has trained thousands of divorce financial planners around the country how to work with divorcing clients to achieve fair and equitable divorce settlements.

Currently, Wilson is the president of the Financial Divorce Association, located in Longmont, Colorado, and an owner of the Academy of Financial Divorce Practitioners in Chicago. Her expertise, as the founder of the profession, is highly sought-after, and Wilson continues to consult with divorcing clients today.

“The Divorce Survival Kit is going to help a lot of people,” Carol Ann says. “I am excited to be able to offer all of my knowledge and experience in one complete package, that is affordable to anyone. I like to say that you get my 24 years of experience for less than the cost of 30 minutes with an attorney.”

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Lloyds TSB Insurance Reports Over 50s Driving Down Crime Rates

Lloyds TSB Insurance has conducted a new study that shows community-minded senior citizens are creating ‘safe havens’ with the lowest crime rates in the country.

Lloyds TSB Insurance, the home and car insurance provider, has revealed that Britain’s emerging ‘safe havens’ include North Norfolk, Berwick-upon-Tweed and West Somerset, which experience half the crime suffered in other parts of the country and whose population includes more than two in five people (43 per cent) over the age of 50.

Rates of burglary and malicious property damage are particularly low in these ‘safe havens’, running at around 40 per cent less than national levels.

The study suggests that low crime is promoted by the community-orientated mindset of older people. The over-50s are five times more likely than the under-35s to know their neighbours personally and are far more inclined to report suspicious behaviour in their area.

This anti-crime ‘halo’ created by older people is aided by much higher membership of community groups. One in six (16 per cent) are active in Neighbourhood Watch schemes, compared to a tiny proportion of those in their twenties and thirties (5 per cent).

The waning community spirit of younger Britons is explained in part by more transient, urban lifestyles. Many young people say they see “no point” in getting to know their neighbours and a hard core of one in twenty Londoners (7 per cent) has never met or spoken to anyone who lives nearby.

Phil Loney, managing director of General Insurance at Lloyds Banking Group said: “Our findings demonstrate that younger people aren’t as community-minded as their parents and this mindset can have a big impact on safety and security in our neighbourhoods.

“Young people can learn a huge amount from the older generation about security consciousness. Taking a little time to look out for other people’s property and reporting anything suspicious can have a huge impact on burglary rates and anti-social behaviour.

“We’ve spoken to some security conscious over-50s and have published some of their security tips on our website.”

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2017 adults. Fieldwork was undertaken between 27th-29th May 2009. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+). YouGov research questioned 18-35 vs. 50+ age cohorts. 4 per cent of over-50s know none of their neighbours personally, compared to 20 per cent of 18-35 year olds

About Lloyds TSB:
Lloyds TSB offers customers a wide range of current accounts, savings accounts, travel, home insurance, cheap car insurance, personal loans and credit cards, competitive home insurance quotes investment and cash ISA accounts designed to meet different customers’ needs.

Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes. Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.

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Accident Advice Helpline MD chairs Annual Claims Forum Conference

Accident Advice Helpline Managing Director, Darren Werth, in his capacity as Chairman of the Claims Standards Council, was invited to chair the afternoon session of the IEA and Marketforce’s 4th Annual Claims Forum Conference in London.

accidentadvicehelpline

Darren shared the stage with some of the insurance industry’s most significant players including Peter Hubbard, Former Chief Executive of AXA Insurance, David Williams, Managing Director Claims, AXA and John Higgins, Head of UK Personal Injury AIG.

It is thought to be the first time that a Claims Management company has been invited to participate at such a high level conference within the defendant insurance industry. Darren’s provocative and thought-provoking opening statement to the delegates echoed the warning shot issued by Lord Chief Justice Judge to lawyers at the ILEX Inaugural Lunch earlier this month that a failure to engage with the claims industry as a whole in the current environment may lead to the loss of opportunity, particularly as the future legal landscape remains very much under review.

Accident Advice Helpline remains at the forefront of the personal accident claims management industry trying to bring about reform. Accident Advice Helpline recently showed its intent to improve the industry as a whole with its acquisition and ongoing development of the Resolusion software system. The Resolusion software system will help settle claims more efficiently bringing about cost savings and streamlining the process.

About Accident Advice Helpline:
Accident Advice Helpline was established in 2000 following the removal of legal aid to accident victims with personal injury cases. The company was founded to provide access to justice for accident victims and, since its creation, has helped thousands of people claim compensation against the responsible parties.

The company has thrived and puts its success down to adhering strictly to its four key principles; integrity, dependability, reliability and accountability. As one of the most established companies in the industry, Accident Advice Helpline has worked tirelessly to ensure that making a claim is simple, fast and easy.

Working on a no win, no fee basis, the injury compensation specialist is the UK’s leading company of its kind and prides itself on quick and effective compensation claims processing, with high quality service and an admirable success rate. The level of customer satisfaction which Accident Advice Helpline is known for is characterised by television star Esther Rantzen’s continued support for the company, which she has steadily provided since 2003.

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The Children’s Mutual Finds Parents Prioritise Children’s Dreams

According to The Children’s Mutual over 5.5 million* young people in the UK are receiving financial help from their parents in order to realise their dreams and aspirations. In some cases this could lead to their parents abandoning their own dreams for the future and potentially undermining their finances.

thechildrensmutual

The research by the leading Child Trust Fund provider illustrates the finances that can be needed to realise an adult child’s ambitions and The Children’s Mutual is encouraging parents of today’s younger children to consider saving now if they want to be able to afford both these and their own retirement dreams.

Many parents of today’s 20 something’s have had to raid their own savings or sacrifice their retirement goals in order to help their adult children fulfil theirs. After spending years saving to fulfil their long-standing future plans, parents are finding that when the time comes the funds won’t cover the aspirations of both generations.

28%** of today’s 25 year-olds have financial support from their parents towards education, 23%*** towards their rent and 19%*** have financial support from their parents towards holidays and trips abroad.

David White, Chief Executive, The Children’s Mutual, commented, “We are highlighting to parents of younger children that by starting to save for their child’s future now, they can help avoid the struggles faced by the baby-boomer generation who regularly sacrifice their own dreams for those of their children.”

Research from The Children’s Mutual shows that 80%** of today’s 18 to 25 year-olds believe they can be ‘financially independent’ while still receiving financial support from their parents and 66%*** of those who are ‘completely financially independent’ still get some form of financial support from parents.

Starting to save small amounts regularly over the long-term into Child Trust Funds, is one way parents of today’s children could stand a better chance of fulfilling their own desires alongside being able to provide for their children as they enter adulthood.

David White continued; “Making the step into adulthood is often a strain financially. But from 2020 all 18 year-olds will be receiving their Child Trust Fund and those whose families have managed to save the maximum amount of £1,200 each year will have a fund that could be worth£37,100**** upon maturity. Those who save the average amount amongst our customers of £24 a month could have a fund worth £9,750 (based on investing £24 a month) when they reach age 18.”

* 6,309,156 (UK 18-25 year olds – source: statistics.gov.uk) / 100 x 87.2 (18-25 year olds who have had financial help from their parents according to The Children’s Mutual’s Financial Independence Report 2009) = 5,501,584
** Financial Independence Report commissioned by The Children’s Mutual February 2009
*** ibid
**** Projection includes monthly investment (plus £250 government vouchers at birth and age 7) for 18 years in a stakeholder CTF account. Assumed investment return – 7% a year, with charges of 1.5% of the CTF account value each year. Projected values cannot be guaranteed as shares can go up or down. Final payout could be more or less than this.

About The Children’s Mutual – Home of the Child Trust Fund
The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children. The Children’s Mutual is the only UK company that specialises in long term savings for children and is now the choice of 1 in 4 parents for their child’s Child Trust Fund, with more than 650,000 accounts.

The Children’s Mutual has won the The Moneyfacts Award for Best Child Trust Fund Provider every year since its 2006 launch.

This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their CTF partner including ASDA, Boots, The Co-operative, Lloyds TSB, Mothercare and regional bank and building societies across the UK.

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NS&I Has Announced The Launch Of A New Issue Of Its Guaranteed Equity Bond That Is Linked To The FTSE 100 Index

National Savings and Investments (NS&I) has announced the launch of a new issue of its Guaranteed Equity Bond. This will offer a potential return that is linked to the FTSE 100 index – up to a maximum of 40% over the 5-year term – without any risk to investors’ capital.

For example, if the averaged index end level is 20% greater than the averaged index start level at the end of the 5-year term, £10,000 invested would earn a gross return of £2,000 at the end of the term. If the index end level was 45% greater than the index start level at the end of the term, £10,000 invested would earn a gross return of £4,000, because the maximum return is 40%. The returns are calculated by comparing the start level of the FTSE 100 index (averaged over the first five days of the investment term) to the end level (averaged over the final six months).

While the returns paid on NS&I Guaranteed Equity Bonds are linked to the FTSE 100 index, NS&I does not invest the money in equities, so investments in the Guaranteed Equity Bond will not be eligible for dividends. Therefore investors may not get as high a return as they might through investing directly in the stock market. However, unlike investments in the stock market, any money invested is guaranteed 100% secure, backed by HM Treasury. If the FTSE 100 index end level is the same as or lower than the start level, investors’ initial capital would be returned in full.

Issue 18 of the Guaranteed Equity Bond will be on sale until 11 August 2009 (although it may close earlier if fully subscribed). Investments will earn interest at 0.5% pa gross until the Bond’s investment term starts on 26 August 2009. This interest will be paid when the Bond matures. The minimum investment level for this Guaranteed Equity Bond remains at £1,000 and the maximum investment is £1 million per person or £2 million for a joint investment.

This latest Guaranteed Equity Bond launch roughly coincides with the maturity of Issue 8 of NS&I’s 5-year Guaranteed Equity Bond on 28 July 2009, which went on sale in June 2004. NS&I has written to investors to inform them that their Bond is about to mature.

NS&I’s previous Guaranteed Equity Bond issue closed two weeks early as a result of customer demand. NS&I Guaranteed Equity Bond key features and further details available from the NS&I website

About NS&I
NS&I is one of the UK’s largest financial providers with almost 27 million customers and over £94 billion invested. It is best known for Premium Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.

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Kublax – Free Online Money Management Service

A new online financial service has been launched in the UK, set to pioneer the way forward in personal finances by simplifying the way people manage their money. Called Kublax, the finance software works by aggregating all financial information in one place, such as bank, building society, and credit card accounts, and presents them in an easy to understand way.

Kublax aims to make money management an easier procedure, while helping users to save money and create better budgets in the process. The service offers a great alternative for anyone who finds budgeting and balancing their finances difficult, or those who are looking for a free online alternative to expensive desktop financial software.

In addition to pulling together all financial details to a central source, the new service features many useful interactive features, including alerts and budgets. Once a user has uploaded the details of their financial institution, the advanced software automatically categorises the users’ expenses in order to see exactly where money is spent each month.

By setting up a budget on the service, users can track their fixed budget against their actual spending. The handy alerts system also means users can be quickly notified of any usual account activity as well as always be reminded when bills are due to avoid paying late fees.

The new service also features a unique ‘compare me’ function. This tool allows users to anonymously compare their spending with others throughout the UK, and could help users identify clear budget categories they could cut down.

Displaying data visually in easy to read graphs and charts, the product aims to make budgeting a faster and easier process for the UK consumer.

Kublax’s initiative to help consumers have better control over their finances may also help them to save. Throughout the site, users will find suggestions on where they could save via switching account providers.

Users can also feel safe using the service, as it is completely secure. The site uses bank level security and is verified to be hacker proof by McAfee. The site has been qualified by the VeriSign security seal, while their privacy policy has been approved by TRUSTe. Because the site offers a read only service, no transactions can take place via the online software.

Although only launching the product a few short weeks ago, the original concept had already won the Seedcamp 2007 startup competition, and has been well received by the media.

The free financial management service should come as a relief to the millions of Brits who have found balancing their finances and building budgets to be a time consuming and difficult process. For more information or to use the product, visit http://www.kublax.com.

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IVAs: Help Avoiding Repossession

Responding to the latest figures from the CML (Council of Mortgage Lenders), debt management company Gregory Pennington has stressed the role which debt solutions addressing unsecured debt can play in helping people avoid repossession.

gregorypennington

Released on May 15th, the CML’s figures show that 12,800 repossessions were carried out by first-charge mortgage lenders in the first quarter of 2009. “Compared with many predictions, these figures are relatively low,” said a spokesperson for Gregory Pennington. “Indeed, the CML itself has used the word ‘pessimistic’ in reference to its own estimate of 75,000 repossessions throughout 2009, and has recently revised this figure downwards to 65,000.

“It’s good to see lenders and borrowers working together to keep the figure as low as possible, but it’s important not to become complacent. There were still around 23% more repossessions in Q1 2009 than in the previous quarter – and 50% more than we saw in Q1 last year.

“Looking ahead, the repossession figures for the rest of 2009 are by no means set in stone. They depend not just on the state of the economy and the forbearance shown by secured lenders, but on the attitude of borrowers and unsecured lenders alike.

“In this recession, many people are suffering multiple ‘shocks’ at the same time. With 2.2 million unemployed and many others dealing with reduced wages, homeowners are also facing the issue of falling equity. While there’s no direct link between low (or negative) equity and repossession, this is limiting many homeowners’ ability to access ways of dealing with their debt – from debt consolidation loans and remortgaging to downsizing to a smaller property.

“It all underlines the importance of finding a solution that addresses a borrower’s priority and non-priority commitments at the same time. A founder member of DEMSA (the Debt Managers Standards Association), Gregory Pennington has 15 years’ experience of dealing with lenders of all kinds.

“Secured and unsecured lenders alike clearly have a thorough understanding of the problems consumers face today. They understand the link between secured and unsecured debt problems.

“Secured lenders know that many of today’s borrowers are facing complex financial problems, trying to deal with unsecured debts as well as secured.

“Unsecured lenders, in general, appreciate that a homeowner’s secured debts must take priority – and that repossession is unlikely to improve the borrower’s chances of repaying their unsecured debt.

“This is one reason unsecured lenders will often agree to the terms of an IVA (Individual Voluntary Arrangement).”

A solution that’s designed to address the concerns of everyone involved, an IVA can help unsecured lenders recover as much of their money as realistically possible, and can help borrowers avoid the need to focus on their mortgage / rent at the expense of their unsecured debts. Insolvency Practitioners (IPs) achieve this by calculating how much the individual can realistically afford to repay per month after they’ve taken their mortgage / rent payments and other essential expenses into account.

“Even so, we always emphasise that entering an IVA is a serious step, and is by no means suitable for everyone facing debt problems. Depending on their situation, different homeowners may be better advised to consider alternative solutions to their debt problems.”

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Debt Management Could Help With Unmanageable Credit Card Debt

Responding to a new report suggesting that there are more than 200,000 ‘secret credit cards’ in the UK – cards that are kept hidden from the holder’s partner – financial solutions company Think Money has advised consumers that while credit cards can be a useful means of funding purchases, borrowers should be careful to ensure that they can make their repayments in order to avoid debt problems in the future.

thinkmoney

Research from Halifax Credit Cards showed that people in the UK hide an estimated 217,000 credit cards from their partners. Reasons for doing this included buying items the card holder did not want their partners to know about, hiding existing debt from partners, or simply having emergency funds available.

According to credit card trade association APACS, there are 30.2 million credit card holders in the UK. Total credit card spending in 2008 was £126.2 billion.

Melanie Taylor, Head of Corporate Relations for Think Money, said that while there is nothing specifically wrong with having a ‘secret’ credit card, card holders should ensure they are hiding it for the right reasons – and not in order to hide problem debts.

“It boils down to the same principle as having any credit card. Credit cards can be a very useful source of additional finances, as well as a ‘safety net’ against any unexpected costs. Used correctly, credit cards should not cause the consumer any problems.

“However, it’s when the borrower starts delaying their repayments – paying only the minimum – that the problems can start.

“The trouble with credit card debt is that the interest is a lot higher than on many other forms of credit. If the borrower does not repay the full credit card balance at the end of the month, then the interest that accumulates on the remaining balance may be a lot higher than a lower-interest alternative, such as an authorised overdraft.

“Over time, the interest can begin to ‘snowball’, and it can become increasingly difficult to repay the remaining balance. It may not be long before the debt becomes unmanageable – which is why it’s important to get debt advice at the first sign of difficulty.”

Mrs Taylor added that the relatively low minimum repayment on credit cards means that some people can take a long time to clear the debt.

“Unlike personal loans, which carry fixed regular repayment terms, credit cards only require a minimum repayment each month. This makes it very easy to delay repaying the full balance, which is how problems start for many borrowers.

“In general, we advise people to avoid making large purchases on credit cards unless they can be absolutely sure that they can afford to repay the debt in the near future.”

Mrs Taylor said that anyone who does find themselves struggling to repay their credit card debt should not hesitate to seek professional debt advice.

“Because the interest will only continue to grow, finding the right debt solution is vital for anyone who can no longer afford to repay their credit card debt.

“One such debt solution is a debt management plan, which is an informal arrangement with the lender that can allow the borrower to repay their debt at a more manageable pace. It is often also possible to negotiate a freeze or reduction in interest, which could be especially helpful for repaying credit card debt.

“However, borrowers should always consider all options available to them. A professional debt adviser can recommend the best debt solution for the borrower’s individual circumstances.”

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Prudential Reveals That Advisers Pin RDR Hopes Online

Prudential has released research demonstrating the need for providers to constantly adapt their services to help advisers in both the online and offline environment, with more than half of the advisers surveyed (58%) ranking better quality or more online information and service options as the most important element of the product provider/distributor relationship surrounding preparations for Retail Distribution Review (RDR).

While improving online servicing is seen as a must do by advisers, they also believe that solid account management relationships must go hand-in-hand with technology. This sentiment was highlighted by 40% of advisers citing more or better dialogue with an account manager as the next most important service element surrounding their preparations for RDR. With a combination of expert face-to-face and telephone account management teams readily available to guide advisers through obtaining and completing sales, this is a service Prudential is already supports.

Ian McKenna, Director of the Finance and Technology Research Centre (FTRC) said: “RDR will make it essential for advisers to focus on the cost of doing business in ways they have never needed to previously. It is not giving the advice that takes excessive time but the preparation. Collating information manually is hugely time consuming, electronic services can deliver in seconds what might otherwise take hours. Historically the cost of those hours has been subsidised by commission, when it is the client potentially paying for the time racking up hours in this way will no longer be acceptable. Automated delivery of information to advisers will be a hygiene factor in a Post RDR environment.”

57% of advisers claimed that their volume of client enquiries regarding retirement planning remains unchanged. This is encouraging news in the current economic climate, proving that it is vital for providers to arm advisers with all the necessary tools to deal with their continuous day-to-day business.

Jon Cross, Head of eBusiness at Prudential said: “Our research shows that advisers are becoming increasingly dependent on online services to help guide them through the changes that RDR will bring. Prudential works very closely with advisers to develop its online services, we constantly review our content and navigational functionality, and will of course continue to evolve our systems to help advisers as they change their business models ready for RDR. We are committed to providing a high level of service to advisers to ensure that they spend as little time on administration as possible. Taking their business online frees up time that would have traditionally been spent processing paperwork.”

The benefits of online servicing are clear for advisers, allowing easy access to brochures, illustrations and valuations outside normal office hours. Prudential’s adviser website houses a wealth of useful material including product guides, support literature, real-time valuations and market analysis from industry experts. Advisers can also find a variety of interactive tools covering pension planning, drawing an income and annuitisation. The ‘Support for you’ section provides advisers with updates and news regarding regulatory issues such as TCF and RDR. Also under this section advisers can hear what Prudential experts have to say as they explore various opportunities and considerations advisers face in helping their clients save for and provide an income in their retirement.

Prudential surveyed 123 independent financial advisers during April 2008.

About Prudential:
“Prudential” is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, annuity products – including retirement annuity, pensions, savings and investment products. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454. Authorised and regulated by the Financial Services Authority.

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