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Personal Finance

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

Barclaycard Retailer Rewards Scheme Takes A Step Forward

Barclaycard, a leading payment provider in the UK, has announced that it has taken a step forward with its plan to introduce a retailer rewards scheme by signing an agreement with Welcome Real-time to provide the scheme’s IT infrastructure.

Welcome Real-time will work with Barclaycard to develop the software that will enable Barclaycard customers to benefit from a retailer rewards scheme that is expected to encompass retailers ranging from sole traders to major high street names.

Dan Salmons, Director of Payment Innovations at Barclaycard said: “Barclaycard is committed to making life easier for its customers, both consumers and retailers and this scheme will enable up to ten million of our card holders to be rewarded when using their Barclaycard to purchase goods and services with retailers participating in the scheme.”

“Barclaycard has close to 90,000 retailer relationships, many of which we expect to participate in the programme, and we believe this scheme will change the way people shop in the UK. That is why we are partnering with a world leading loyalty solutions provider to ensure that we develop a simple hassle free rewards scheme that will truly benefit our customers.”

Welcome Real-time is the global loyalty solutions provider for banks and retailers of all sizes and is headquartered in France.

Francois Dutray, CEO of Welcome Real-time, said of the announcement: “We are delighted to be working with Barclaycard in the UK to develop a rewards scheme that will make a huge impact on the British High Street. It is a great opportunity to develop a scheme with the potential for millions of customers and many retailers in the UK, whether large or small.”

Barclaycard will make further announcements about the development of the rewards scheme in the coming months.

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 payments and is at the forefront of developing viable contactless credit card and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues business credit cards 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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Lloyds TSB Has Announced That It Has Increased The Rate On Its Popular Monthly Saver Account To 5 Per Cent

Lloyds TSB Monthly Saver account holders can enjoy this competitive fixed rate for twelve months on regular monthly deposits between £25 and £250. If customers find they have additional funds to save, they can increase the amount on their monthly standing order at any time during the 12 month period, up to the maximum monthly deposit of £250.

Colin Walsh, managing director of Savings and Investment at Lloyds TSB said, “Given the uncertainty around us, getting into a savings habit has never been more important. This is why we want to make it as easy as possible for our customers to build a nest egg and provide the added incentive of a competitive savings rate.”

Should the need arise customers can also benefit from instant access to their savings, without incurring any withdrawal penalty.

Colin Walsh continued: “We know some savers want the reassurance of being able to access if they need to, so this product allows customers to dip into their funds without penalties.”

Lloyds TSB Current Account holders can open a Monthly Saver account either in branch or through telephone banking.

To help savers make the most of their money Lloyds TSB has a dedicated savings hub at Savvy Saver, full of advice, information and useful planning tools. Users can also submit and share their own savings tips, to help other savers maximise their cash.

– Funds withdrawn from the account cannot be replaced
– Standing Order on the account can be changed at any point during the twelve month period.
– This product is subject to availability

About Lloyds TSB:
Lloyds TSB offers customers a wide range of current accounts, savings accounts, insurance, personal loans and credit cards, 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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Checking & Savings, Financial, Financial Information, Financial Services, IRA, Money, Personal Finance, Retirement

According To The Latest Survey From Prudential, Financial Advisers Are Not Convinced That Their Clients’ Retirement Planning Is On Course

The new Prudential survey found that over two-fifths of advisers (43 per cent) said they are either not that confident or not at all confident, that their clients’ retirement planning is on course, compared to just a third (34 per cent) who said they are either reasonably confident or very confident.

However despite their doubts about how well their clients are prepared for retirement, a third of advisers (33 per cent) actually reported an increase in the number of enquiries from clients about pensions and retirement planning over the past three months. Additionally, half of the advisers surveyed said they had seen an increase in the number of clients using the open market option when shopping around for their annuity in the past three months.

Andy Curran, Director of Intermediated Sales at Prudential, said: “Advisers and providers have taken a fair amount of flak over the years for apparently not informing people that they have the freedom to shop around for the retirement products which best suit their needs.

“It’s good to see that half of advisers say they’ve seen an increase in the number of people using the open market option but it seems to me that it’s taken a financial crisis for people to start their financial planning.

“What is worrying is the feedback from advisers that their clients’ retirement planning is not on course, especially in these unprecedented times when personal financial security should be top of the agenda for everyone.”

Prudential surveyed 123 independent financial advisers during April 2008.

About Prudential:
“Prudential” is a trading name of The Prudential Assurance Company Limited and Prudential Unit Trusts Limited. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, pensions, savings and investment products. The Prudential Assurance Company and Prudential Unit Trusts Limited are registered in England and Wales under number 15454 and 1796126. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Authorised and regulated by the Financial Services Authority.

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NS&I Reveals That Brits Are Failing To Make The Most Of Summer Savings

According to the latest NS&I Quarterly Savings Survey, much of the British population is failing to make the most of money saved on household bills and outgoings during the summer months as the increased sunshine makes them forget their budgets.

More than two-fifths (42%) of Britons think they spend less on outgoings such as utilities and groceries during the summer months, with people expecting these summer savings to average more than £75 (£77.39) a month. However, rather than setting these extra pounds aside, it seems they’re being spent on leisure actives. Nearly half (48%) of the population think they spend more on leisure activities in summer, this is more than likely to be impacted by children’s school holidays. During this season, outgoings on activities like socialising with friends, parties and holidays increase by a monthly average of more than £100 (£109.80). The warmer weather carries much of the blame for this rise in spending as 43% of Britons say improvements in the weather made them feel more relaxed about their outgoings.

While 92% of people say they use less heating in summer, four-fifths (82%) hang washing outdoors rather than use the tumble drier and more than two-thirds (70%) save on transport by walking more – there are other expenditures which outweigh these savings. Nearly two-thirds (60%) of the population confess to spending more on holidays in summer than winter and almost two-fifths (39%) are more likely to spend money going out to bars and restaurants with friends.

Dax Harkins, NS&I‘s savings strategist, said: “Everyone loves to see the sunshine, but people should try not to be so dazzled that they forget their finances. It’s great that many essential household costs are less during the warmer months, but Brits would be wise to try and make the most of these savings by putting some of this money away. Summer fun doesn’t need to be expensive.”

In fact, by taking a careful look at their finances, Britons could make even more seasonal savings. More than a quarter (26%) of the population feel there are more opportunities to set money aside during the summer of which they currently aren’t taking advantage. Further, 23% believe that they could look more carefully at the amount they spend socialising to reduce their outgoings

Harkins continued: “Some people (7%) say that they’re too busy to budget properly. I would urge everyone to try and set aside a small amount of time, even just half an hour each month, to review their incomings and outgoings and to assess how they can better plan their budget – and as a consequence make their longer-term finances healthier.”

NS&I’s Savings Survey
For a copy of NS&I’s Savings Survey, case studies or further information on the statistics supplied in this release please contact the NS&I media team. Previous copies of the survey are available from http://www.nsandi.com/press-room/savingsurvey/index.jsp. Selected regional data is also available on request.

The telephone survey was carried out by TNS among 1003 GB adults aged 16 and above, 1 – 3 May 2009.

About NS&I
National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments to almost 27 million customers. NS&I is best known for Premium Bonds, but also offers a range of savings accounts including easy access savings accounts, savings bonds, investment accounts and high return savings. All products offer 100% capital security, because NS&I is backed by HM Treasury.

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Huge Black Hole In Unclaimed UK Business Travel Expenses Revealed By Barclaycard

The new Barclaycard 13th Annual Commercial Business Travel Survey has highlighted a worrying trend that employees might not be as prudent with managing their own business travel expenses as they perhaps should be. Thirty two per cent of the business travellers surveyed stated that they fail to claim back all of their expenses, amounting to an average £373 in unclaimed business travel expenses each year. The survey also found that the more senior an employee is, the more money they are likely to lose in unclaimed expenses. There is also a clear division between the sexes as it appears men are lazier about claiming expenses than their female colleagues.

barclaycard

There are 38,486 companies employing more than 100 people in the UK, according to the Office of National Statistics, and even assuming each of these companies only employs 100 people and a third of these employees do not claim back, the total loss in unclaimed expenses would amount to a staggering half a billion pounds (£473,724,174) in the past year.

Worryingly, if employees tried to claim back almost half a billion in travel expenses from last year, companies could be crippled in an already pressurised economic environment. This begs the question does the government have an obligation to both the individual and businesses to lay down general guidelines on claiming expenses that will protect both parties?

In addition, Barclaycard found that only 61 per cent of respondents claim back all of their expenses – a drop from 79 per cent last year – suggesting that the UK is becoming less rather than more financially prudent as a nation and there is a growing problem with British business travellers managing money.

Neil Radley, Managing Director of Barclaycard Commercial, commented: “Anyone who regularly travels on business knows keeping track of all expenses can be tricky, especially when your top priority is your performance. Managing incidental and often small costs can drop to the bottom of the list of priorities. Barclaycard has found that the most sensible action companies can take is to help their employees to centralise their costs and to give them the facility to create automatic records by using company credit cards responsibly to keep better track of their expenses.”

About Barclaycard Commercial
The 13th annual Barclaycard Commercial Business Travel Survey was conducted in December 2008, amongst a nationwide sample of Barclaycard Commercial card holders. A total of 2,202 respondents (CEOs, chairmen, non-executives, financial directors, executive directors, managers and personal assistants) provided their thoughts on all aspects of business travel including attitudes to the environment and in-flight technology, airlines and hotel preferences and online bookings.

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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Prudential UK Is Set To Improve The Service Delivery Offered To Advisers In The Defined Contribution (DC) Pension Market With The Roll-Out Of A Newly Enhanced Systems Platform

Prudential UK is set to improve the service delivery offered to advisers in the Defined Contribution (DC) pension market with the roll-out of a newly enhanced systems platform. The platform will introduce improved delivery capability and functionality for both new and existing clients and is a clear sign of Prudential’s further investment in the DC market. It also signals a serious commitment to clients and their members through the delivery of enhanced levels of service.

The new platform introduces a step change in the online services provided by giving clients greater branding options and easy access to key data. Recently enhanced retirement planning and investment comparison tools are also available to assist members in making more informed choices to help achieve their retirement goals.

The enhanced platform is designed to sit alongside Prudential’s dedicated account management programme and will produce continued improvements in both quality and member response times.

Martyn Bogira, Director DC Pensions, Prudential said, “Not only have we improved functionality for our clients, we also now have the flexibility to further tailor our service to the specific client and their members. We believe that the new platform in conjunction with our innovative investment solutions, and our communications capability will enable consultants to design bespoke solutions for our shared clients.”

Prudential’s proposition is powered by Capita Hartshead’s HartLink technology and brings together the systems expertise of the Capita Hartshead team and Prudential’s extensive experience in the DC market.

HartLink is one of the largest pension administration databases in the UK and is currently used to administer the records of over 3.4 million members. HartLink has proven to be highly scalable and the underlying architecture is effectively limitless in terms of database storage capacity.

About Prudential:
Prudential is a trading name of The Prudential Assurance Company Limited, registered in England and Wales. This name is also used by other companies within the Prudential Group. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454. Authorised and regulated by the Financial Services Authority.

Prudential has been in the corporate pensions and group pension schemes market since 1929 and now provide DC pensions for over 5,700 schemes. Prudential employs an experienced team of individual’s to support the DC proposition. The DC area spanning servicing, marketing, account management and investment supports over 660,000 scheme members.

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NS&I Invites Voters To Pick Their Favourite Sustainable Garden At BBC Gardeners World Live

The NS&I sponsored Grow Your Own campaign is to showcase three gardens f r o m 10 June in Birmingham.

NSIgarden

For the second year, three unique and visionary garden designs have been selected to be displayed at the BBC Gardners’ World Live event. The designs all feature modernity, sustainability and growing fruit and veg as key themes.

Visitors to the show will be able to vote for their favourite garden in the Grow Your Own area of the show which is also supported by NSI. The overall winner of the NS&I Growing Gardens Today Competition will be announced live on the Grow Your Own area stage by gardening expert Carol Klein on Sunday 14 June.

Of the competition, Carol Klein said. “I am thrilled to be announcing the overall winner of the NS&I Growing Gardens Today competition this year. This year’s designs are hugely creative, incorporating recycled and sustainable materials while showing different ways to grow your own fruit and vegetables. NS&I is a big supporter of encouraging the public to grow their own in a sustainable and cost effective way.”

Visitors to the show will also have the opportunity to pick up good gardening money-saving tips and ideas for contemporary working gardens. Expert gardeners will be giving practical demonstrations and advice on growing and using fruit, veg and herbs.

The winners:
Sheila Jean Dearing, a former bio-medical scientist, f r o m Devon, has always been deeply interested in gardening and developed her passion further when she began cultivating her own gardens. Her design, ‘Forest to Fork’ (located at Stand GA25), combines creativity with science to produce a space that is both beautiful and practical. Designed using FSC softwood throughout, this garden demonstrates how a small space can be productive, low maintenance and eco-friendly with a modern feel.

Christopher Parry and Rene Humphrey f r o m Bath, both graduated f r o m the Oxford College of Garden Design in 2007 before going on to set up their own garden design business TwentyEightDesigns. ‘Urban Veg’ (located at Stand GA23) is the first show garden built by the duo and aims to show NEC visitors a contemporary space made for today’s city lifestyle. Designed with sustainability in mind, the garden includes many recycling components such as reusable materials, a sleek built in compost bin and reclaimed bricks for walls.

Sally Wilding-Webb f r o m Devon has a certificate in garden design and firmly believes that the roots of good garden design are in horticulture. Sally aims to show visitors that a garden can be a sustainable fruit and veg plot as well as an area of relaxation. Her design ‘Everything in the garden’ (located at Stand GA24), encompasses modern techniques – such as a pond to encourage wildlife, lavender to welcome bees for pollination and an array of fruit and vegetables. 

All three gardens are located in the popular Grow Your Own area at the show. Voting commences at 9am on Wednesday 10 June 2009 and closes at midday on Sunday 14 June 2009.

 

About NS&I
NS&I is one of the UK’s largest financial providers with almost 27 million customers and over £92 billion invested. It is best known for Savings Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range of savings accounts. All products offer 100% security, because NS&I is backed by HM Treasury.

About the RHS
The RHS is the UK’s leading gardening charity dedicated to advancing horticulture and promoting good gardening. Its charitable work includes undertaking scientific research into issues affecting gardeners, holding plant trials and educational events and activities.

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NS&I’s June Jackpot Of £1million Has Been Paid To A Surrey Resident, Who Bought His Winning Bond In March 2006

The winner, a gentleman from Surrey who wishes to remain anonymous, became ERNIE’s 233rd Premium Bond millionaire. He said of the win: “When Agent Million knocked on my door and told me that I’d won the jackpot I thought it was a practical joke! I’m still in shock but once the news sinks in I cannot wait to share the good fortune by treating my family to a lovely summer holiday.”

In Surrey, more than 535,300 people hold Premium Bonds worth £1.4 billion. There are more than 13,500 unclaimed Premium Bonds in total worth at least £796,000. This is the 13th time that the £1 million jackpot has been won in Surrey.

In March, NS&I announced that from the April prize draw onwards, one of the two monthly £1 million Premium Bond jackpot prizes will be replaced by a wider mix of other prizes in the monthly draws.

Similarly, a new £25 Premium Bonds prize has been introduced to the draws alongside the existing prizes (ranging from £50 to £1 million). These changes have been introduced because Premium Bond holders say that maintaining the chances of winning tax-free prizes on a regular basis is particularly important to them.

In June’s draw ERNIE paid out more than 1.1 million prizes, amounting to more than £33 million in value. There were 40,520,994,477 eligible numbers in the Premium Bond draw.

1. In June there were 1,125,583 prizes and a total prize fund of £33,767,475.
2. All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax.
3. Pictures of ERNIE (including the new ERNIE 4 machine), Agent Million and people buying Premium Bonds are available in high-resolution jpeg format from the NS&I media team.

About NS&I
National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments to almost 27 million customers. NS&I is best known for Premium Bonds, but also offers a range of savings accounts including easy access savings accounts, savings bonds, investment accounts and children’s bonus bonds. All products offer 100% capital security, because NS&I is backed by HM Treasury. Further information and digital images are available from the NS&I media team. An ISDN line is available for interviews.

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Tooth Fairy Tightening Purse Strings As Recession Bites

The Children’s Mutual’s annual Tooth Fairy Index has revealed that the average cost of a child’s tooth has fallen six per cent from £1.22 to £1.15. The index shows that even the Tooth Fairy is having to fight the economic gloom, giving away £1.3* million less this year than last, as the credit crunch extends its clutches to the magic realm of Fairyland.

Tooth Fairy Index

In 2008, the Child Trust Fund provider’s Tooth Fairy Index found the average cost of a tooth had risen by an impressive 16% on the previous year. But 12 months on, the tooth market is showing signs of decay as parents resist the ‘fairy pressure’ reported in previous years, with 24% now happy to pay less than average, stating this helps their children understand the value of money.

David White, Chief Executive of The Children’s Mutual said: “The fall in the value of teeth provides the perfect opportunity for parents to talk to their child about the value of money and the impact of the credit crunch. Talking about the value of money in terms children can easily understand can help them appreciate the importance of saving.”

Encouragingly, 55% of all children save some or all of the money the tooth fairy leaves in exchange for their teeth. Children in the South West have the most bulging piggy banks as over three quarters (77%) are saving their tooth pennies, while those in Scotland are choosing to splash their cash, with 51% spending all the money the tooth fairy leaves under their pillow.

The Children’s Mutual’s Tooth Fairy Index reveals that attitudes towards the tooth fairy vary widely across the UK. Children in Northern Ireland benefit the most from the tooth fairy’s generosity, as one in 8 children (12.5%) receive £5 or more for each tooth that wobbles free, whereas 12% of children in the Midlands have a gap in their purses as well as their mouths as they are forgotten by the tooth fairy altogether.

The report also indicates that the tooth fairy herself has changed over the years. Traditionally, the tooth fairy has been known for leaving money, letters, and a sprinkling of fairy dust on her nightly rounds, though some parents recalled receiving an orange, toys or a book as a special treat from the tooth fairy. Their children in turn are now the recipients of mobile phone credit and magazines as the tooth fairy flies into the twenty-first century.

About The Childrens Mutual
The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children and secure their financial futures. The company specialises exclusively in family-focused finance products, and is currently the choice of 1 in 4 parents for Child Trust Funds.

The Children’s Mutual, as an expert in savings for children, made a significant contribution to the Government’s Child Trust Fund consultation process and is widely recognised by the business community and press as an industry expert on family finance. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder Child Trust Fund partner.

A breakdown of the average amount of money left per tooth in each region of the UK is available upon request.

All research conducted by 72 Point who interviewed 2070 parents with children aged 5-15 in May 2009
* Average number of children aged 6-11(4.8m) losing 4 teeth per year x the average tooth fairy rate of £1.15 – average number of children = 4.8m x 4 teeth per year = 19.2m; 19.2m x 1.15 = £22.8m. Last year’s value = £23.4m – this year’s value of £22.08 = £1.32m

The Children’s Mutual has a large database of case studies available. David White, The Children’s Mutual Chief Executive, is available for interview. 

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National Savings And Investments (NS&I) Has Increased The Interest Rates On Its Income Bonds By 1%.

The revised interest rates came into effect from 20 May 2009 for Income Bond customers.

nsandi

Guaranteed Income Bonds are intended to provide investors with a100% secure monthly income at a competitive variable interest rate. This no risk guarantee to the investment capital is possible because National Savings and Investments is backed by HM Treasury. Income Bonds can be cashed in at any time with no notice and no penalty and income can be paid directly into a bank or building society account or into a NS&I Investment Account or Easy Access Savings Account.

The combination of complete security and the increased interest rates are expected to make NS&I Income Bonds especially attractive in the current economic climate.

NS&I constantly reviews savings products offered by other providers and has made this decision to take into account the rates available on other types of products which might be considered by Income Bond customers. NS&I continues to follow a pricing strategy designed to balance the interests of its savers, the taxpayer and the stability of the financial services market.

The interest rates on NS&I’s other savings products, including NS&I’s Guaranteed Income Bonds, will remain unchanged.

This brings the new Income Bonds variable gross rates* to 1.7% p.a. (1.71% AER**) for savings of £500 – £24,999 and 2% p.a. (2.02% AER) for savings of £25,000+.

*Gross means the taxable rate of interest without the deduction of UK Income Tax
**AER stands for Annual Equivalent Rate and enables the comparison of interest rates from different financial institutions and across different products on a like-for-like basis. It shows what the notional annual rate would be if interest was compounded each time it was credited or paid out. Where interest is credited once a year the rate quoted and the AER will be the same

 

About NS&I
National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments to almost 27 million customers. NS&I is best known for Premium Bonds, but also offers a range of savings accounts including easy access savings accounts, savings bonds, investment accounts, and children’s bonus bonds. All products offer 100% capital security, because NS&I is backed by HM Treasury. Further information and digital images are available from the NS&I media team. An ISDN line is available for interviews. 

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Leading Child Trust Fund Provider, The Children’s Mutual, Has Announced The Launch Of A Very Different Return Of Premium Term Life Insurance Policy

thechildrensmutual.co.uk

Traditional Term Insurance products ask people to pay regular insurance premiums on the understanding that if the person insured dies during the policy term a payment will be made to the family or executors. But, if the person insured survives the term neither they nor the family will receive anything back.

The Children’s Mutual has teamed up with insurance experts ACE Europe Life Ltd to offer customers the ACE Return of Premium Term Life Insurance policy, which gives families the financial security of up to £100,000 cover in the event of death, combined with a guarantee that if the worst doesn’t happen all premiums paid will be returned. This ensures that, as well as peace of mind throughout the term, policy holders will have something to look forward to at the end of it too.

Designed to be easy and affordable as well as rewarding, the Return of Premium Term Life Insurance can be applied for online by simply completing 4 straightforward questions to check eligibility. There is no medical to pass and the length of term is selected by the applicant at the time of submission – f r o m 5 to 18 years – to reflect personal circumstances and requirements.

David White, Chief Executive Officer of The Children’s Mutual, leading Child Trust Fund provider, commented: “We are delighted to announce the launch of what we believe to be the only product of this kind in the UK. We have worked closely with ACE to develop a form of Term Insurance that will offer our customers reassurance and value throughout as well as giving them an added reward at term end.”

The new ACE Return of Premium Term Life Insurance policy has been created to provide a win-win situation for policy holders – with protection for loved ones should the worst happen, and money back if it doesn’t.

Benefits include:

– Peace of mind for the whole family
– Up to £100,000 of cover 
– All premiums back if the holder survives the full policy term
– Quick and easy application process 
– Variable length of policy – f r o m 5 to 18 years 
– Affordable monthly payments

To celebrate this innovative new product, a special introductory incentive is being offered, where policy holders pay just 99p a month for their first 2 months of cover. Additionally, if the partner of a policy holder also takes out cover, then they will pay just 99p a month for the first 2 months as well, plus receive 15% off all their monthly premiums after that.

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 and secure their financial futures. The company specialises exclusively in family-focused finance products, and is currently the choice of 1 in 4 parents for their child’s Child Trust Fund.

The Children’s Mutual, as an expert in savings for children, made a significant contribution to the Government’s Child Trust Fund consultation process and is widely recognised by the business community and press as an industry expert on family finance. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder CTF partner.

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New Premium Club By M&S Money Will Offer Shopping And Travel Membership Benefits Exclusively To M&S Credit Card Holders

M&S Money has launched its new Premium Club which will offer shopping and travel membership benefits exclusively to M&S Credit Card holders – including both new and existing customers.

M&S Money

M&S Premium Club membership benefits include triple loyalty points on the M&S Credit Card* for all shopping at M&S, both in-store and online, special treats throughout the year, including birthday gifts and seasonal treats, and worldwide multi-trip family travel insurance, which includes extra cover for winter sports and independent travel.

Amanda Newman, M&S Premium Club Manager, commented: “Premium Club offers our credit card holders more of what they want from M&S, with exclusive access to a collection of benefits and rewards with an overall value several times the cost of membership.

“Our customers love the M&S loyalty scheme and, with Premium Club, they will get their money back in many ways. Being able to earn triple points has created great excitement with customers, as they will get three times the reward for the same amount of shopping at M&S.”

Existing M&S Credit Card holders can apply to join Premium Club at M&S stores, by phone or online. New customers can apply for the credit card and M&S Premium Club via the same methods, using just one application form.

New research** commissioned to celebrate the launch of M&S Premium Club confirms that shoppers are on the look-out for value. In order to save money, over a third of those questioned (35%) said they’d buy a package of goods that’s worth more than the price they paid. A further 19% regularly collect loyalty vouchers and money off coupons.

Shoppers are even more intent on being rewarded for their loyalty, with nearly two thirds (64%) expecting to receive extra loyalty rewards, and a further 50% wanting discounts on items they buy regularly. On the customer service side, 38% would like recognition and being treated with courtesy, and another 24% want to feel special and receive free gifts.

* M&S Credit Card 15.9% APR typical variable (the rate received will depend on assessment of the customer’s circumstances). 
** Research carried out on behalf of M&S Money by YouGov 24th to 27th April 2009, among 2,221 people aged 18 and over.

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 home insurance, car insurance, pet insurance, and wedding insurance, as well as 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. 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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Debts, Financial, Financial Management, Financial Services, Money, Personal Finance

Debt Management: The Earlier, The Better

Responding to news that the Credit Services Association (CSA) has agreed that its members will grant 30 days’ ‘breathing space’ to borrowers who have fallen behind on their debt repayments, debt management company Gregory Pennington has advised struggling borrowers to take advantage of the opportunity to seek expert debt advice.

gregorypennington

The CSA, which represents debt recovery agencies in the UK, says the addition to its code of practice is “one of a series of positive measures being introduced […] to ease the pressure on debtors”.

It comes after discussions between the CSA and the Department for Business Enterprise and Regulatory Reform (BERR) aimed at helping the increasing number of people getting into trouble with debt.

The CSA said that it “acknowledged that the present economic environment is placing greater pressure on debtors, and debts are increasingly being passed to agencies for collection”.

Starting from the moment that the borrower informs the debt recovery agency that an accredited debt adviser has been appointed to the case, debt recovery agencies will take no further action to recover the debt for a 30-day period. Borrowers can use this time to establish the best way to tackle their debts, with the assistance of their debt adviser.

Consumer Minister Gareth Thomas said: “This new 30-day rule will give people a breathing space to help them take control of their finances as well as encourage them to seek help from debt advisers.”

A spokesperson for Gregory Pennington said: “This 30-day period will give struggling borrowers some room to do something about their debts before a debt collector will take any action. This has become more important in recent months, with the economic downturn putting pressure on many people’s finances.”

However, the spokesperson reminded borrowers that their situation with debt doesn’t have to go as far as dealing with debt collectors, as taking the right action early can often set the borrower on their way to becoming debt-free.

“A debt collector will rarely get in touch with a borrower unless they have fallen quite significantly behind on their debts. With that in mind, the best course of action for anyone struggling to repay debt is to get in touch with a debt adviser at the first sign of problems.

“Debts can grow very quickly – and the higher the interest rate, the more rapidly they will grow. That means that the further the borrower falls behind on their debt repayments, the more costly it may become.

“We advise that people who are having difficulties with their debts should not hesitate to get expert debt advice. The sooner the problem is addressed, the sooner it can be solved.

The spokesperson added that finding the right kind of debt solution can be a huge step forward for people who are looking to clear their debts.

“There are a number of debt solutions available to help people in various situations with their debts, and a professional debt adviser can offer guidance on the most suitable solution for a borrower’s circumstances.”

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

Saving & Debt: Base Rate Should Not Discourage Caution

Commenting on the recent spate of base rate cuts – and the resulting 0.5% base rate – financial solutions company Think Money pointed to the potential implications of the Bank of England’s actions over recent months, and urged savers not to risk debt problems by turning their backs on saving.

“In the short term,” a Think Money spokesperson began, “it’s important to realise that many people – the vast majority of the country – haven’t benefited from these cuts in any way at all. A full 50% of the UK’s 11.75 million mortgages are fixed-rate deals, 40% tracker and 10% SVR (standard variable rate).

“Clearly, anyone on a fixed-rate mortgage won’t benefit any more than someone who’s renting their home. As for SVR deals, lenders aren’t obliged to pass on any reductions, and many have passed on only part of these cuts. Even people on tracker deals haven’t universally seen their interest rates drop by the full 4% since October, as many of those deals have come up against their collar.”

In the longer term, there’s the question of what lessons people will take with them once the recession is over. Many people on fixed-rate mortgages will be looking at the low rates on offer today, calculating how much they could save if they switched and comparing this against the cost of the early repayment charges they would pay if they left their current mortgage early.

“In future, they may be unwilling to sign up to fixed-rate deals – or at least reluctant to sign up to the longer-term fixed-rate deals which come with more substantial charges for early repayment.

“In other words, some may be tempted to sign up to a tracker or SVR deal the next time the base rate reaches 5 or 6%, believing that another fall will soon follow. There’s nothing inherently wrong with variable deals, but they’re not suitable for everyone: people whose monthly finances can only just cover their mortgage payment should think very carefully before committing themselves to a deal with an interest rate that could go up as easily as down. For people in that situation, erring on the side of caution – and taking a fixed-rate mortgage – could be far more sensible.”

The other long-term effect of these base rate cuts, of course, could be in the country’s attitude to savings. Now that the average interest rate on instant access accounts has plummeted to little more than 0%, interest is simply not keeping pace with CPI (Consumer Price Index) inflation – and for people who aren’t paying variable mortgages, this figure is more relevant than the RPI (Retail Price Index) measurement.

“We would, however, stress that interest is by no means the only reason people should build up their savings. With or without interest, a savings account is its own reward, helping people cope with financial challenges without running into debt problems.

“Even so, the thought of watching savings shrink in real terms may be enough to put many people off saving in a standard savings account. This could be terrible news: whether they stop saving altogether or feel they need to ‘gamble’ their money in higher-risk investments, they could be leaving themselves open to all kinds of debt problems in the future.”

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

Barclaycard Announces The Conclusion Of A Project To Create A New Range Of Corporate Imagery, Whilst Simultaneously Fostering Some Of The Best Up And Coming Talent In The UK Industry

Barclaycard undertook a project to hire four semi-professional photographers in order to create a new set of imagery that moved away f r o m the traditional metaphors and financial services conventions.

barclaycard

Unusually for a big business, when Barclaycard realised it needed fresh creative images to sit with the new visual identity, and its customer promise, “One Step Ahead”, it decided to bypass the usual route of enlisting established corporate photographers. Instead the credit card and payment acquiring business set up a new programme to uncover some of the most talented semi-professional photographers and help them to get their career on the road.

The four photographers chosen – Australian Noel McLaughlin, Russian Natalia Urazmetova and fellow Brits Stuart Hendry and James Ellerker – were tasked with producing shots around a central theme of liberation that were warm and had a natural feel. The brief requested genuine situations with real people and with a clear focus on a key moment within the image.

Sharon Zimmerli, Senior Design and Identity Manager, Barclaycard said: “Our image content needs to remain optimistic and positive and must be intelligent and imaginative enough to engage our audience. By entrusting our brief to photographers who are inventive and talented, but not yet accustomed to the conventions of corporate photography, we were able to create fresh and engaging imagery to fit with our brand.”

The project was in many ways inspired by the success of social media photo sharing site flickr. When Barclaycard sourced notional images to demonstrate the style of photography which fit best with the new visual identity, most of the images that were deemed a neat fit were f r o m flickr.

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 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 cards and charge cards to business banking customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer its 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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Debts, Financial, Financial Management, Financial Services, Money, Personal Finance

Debt Advisers Direct Have Underlined The Importance Of Seeking Debt Advice Before Financial Problems Reach The Stage Where They’re Insurmountable

“In the midst of a recession, professional debt advice has an even greater role to play than usual,” said Melanie Taylor, Head of Corporate Relations for Debt Advisers Direct. “With repossession and unemployment figures rising and many households living with the threat – or the actuality – of reduced income, people across the country are realising that once-manageable debts are suddenly taking up much more of their monthly budget. In many cases, the strain is simply too much.”

debtadvisersdirect.co.uk

The insolvency trade body R3 recently expressed its concern ‘that those with financial problems do not think they ‘need’ debt advice‘. Quoting from YouGov’s quarterly ‘DebtTracker’ of February 2009, R3 pointed out that only 37% those who had fallen behind with many bills or credit commitments had actually taken action and sought debt advice in the previous six months.

Of those who acknowledged that they were struggling with bills and commitments, a full 65% were of the opinion that they simply did not need advice about their financial problems.

“It’s alarming to see so many people in trouble and not looking for help,” Mrs Taylor continued. “Financial problems rarely resolve themselves unless the individual takes positive action. Clearly, many people are able to do so on their own, but while it’s good for people to have confidence in their skills, even the most financially capable people may find they benefit from the insights which someone who specialises in debt could supply.

“Particularly worrying is the thought of people who desperately need to look for debt advice but have yet to do so – either because they’ve not realised the severity of their financial problems or because they’re nervous about asking for help.

“Regarding the first of these two groups, we would like to stress the need for everyone to keep a close eye on their income and expenditure at all times – and this is especially important during challenging economic times when incomes are more likely to fluctuate and access to debt solutions such as debt consolidation or remortgagingmay be relatively restricted. One call to a debt adviser should help them gain some clarity on their situation, helping them understand exactly where they stand and what their options may be.

“Regarding the second group (those who acknowledge their financial problems but may be embarrassed about seeking help), we would like to make three specific points. First, that there are plenty of people in their situation; second, that debt advisers are there to help, not to judge; and third, that the solution to their debt problems could well be much simpler than they expect.

“Many people don’t want to face up to their debt problems because they dread hearing that bankruptcy, repossession, or some other ‘extreme’ scenario is the only way forward. In the vast majority of cases, however, these fears are unfounded. It’s true that there were 10,400 repossessions in the final three months of 2008, yet this only represents 1 in 1,100 mortgages – just as the 19,000 bankruptcies in that period represent an extremely small percentage of the people facing debt problems.

“Once they take the step and talk to a debt adviser, borrowers may be surprised to realise their lenders are willing to consider ways of repaying their debts in a way that’s actually quite manageable.

“Nonetheless, the earlier they seek debt advice, the more options they’ll probably have open to them. By taking action sooner rather than later, they’re likely to save themselves a great deal of time and worry, as well as money (in the form of fees, legal costs and interest charges).”

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Debts, Financial, Financial Management, Financial Services, Money, Personal Finance

Saving Is Important, But Debt Should Be Priority

Debt management company Gregory Pennington (www.gregorypennington.com) has welcomed news that more consumers are concentrating on putting money towards their debts rather than making savings, saying that this may make the best financial sense in the current economic conditions.

Gregory Pennington

However, the company added that consumers should be careful about where to draw the line, as savings can be a particularly important and useful aspect of people’s finances.

In Nationwide’s latest Savings Index, its senior economist Martin Gahbauer said that households were looking to increase the amount of money put towards their debt repayments “in response to the uncertain economic environment”.

He added that the negative level of housing equity withdrawal reported by the Bank of England earlier this month reflected this trend, and showed that households were using their available cash to reduce their mortgage balances more quickly, rather than spending it on non-essentials or putting it into a savings account.

Indeed, the Bank of England’s figures showed that in the final quarter of 2008, homeowners put a collective £8bn more towards their mortgage debt than they took out in equity withdrawals. It was the third consecutive quarter in which homeowners repaid more than they withdrew, although 2008 was the first year in a decade in which this had occurred.

A spokesperson for Gregory Pennington said that given the current state of the economy, repaying debt should be a priority for anyone who feels that their debt could become a burden.

“Debt repayments can be a burden on anyone’s finances, and that can become even more the case in times of financial hardship. In a time when many essential costs are rising, and when the risk of unemployment is higher than usual, reducing debt is particularly important.

“Even if a person’s debts seem relatively manageable now, a few unexpected events could change that. It’s essential that anyone who borrows money considers their long-term ability to repay the debt. Equally, anyone who finds themselves struggling should contact an expert debt adviser as soon as possible.”

However, the spokesperson added that savings are still very important, and people should look to save money whenever it is sensible to do so.

“Technically, it makes more sense to repay debt than save, even if that means using up those savings,” she said. “That’s because interest on debt nearly always grows faster than on savings, meaning that the person will spend less in the long run by tackling their debts first.

“However, being in debt doesn’t always mean people should avoid saving. If the borrower’s debts are entirely manageable – especially if their terms and conditions do not allow them to make overpayments – then there is no real reason why they should not put money into savings at the same time.

“Savings can offer a great deal of protection against debt, as well as long-term security. For example, a person who puts money aside every month is much better placed to manage any unexpected costs that may arise, or to get by in a period of unemployment.

“It can be difficult to decide whether it’s worth saving money or putting it towards debt repayments. We advise anyone who is unsure what to do with their money to seek free, impartial advice from a professional financial adviser.”

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Banks, Checking & Savings, Financial Services, ISAs, Money, Personal Finance

Lloyds Banking Group Has Announced Its Participation In The New Electronic ISA Transfer Process Which Is Being Introduced

The Group has been working with the British Bankers’ Association (BBA) and other savings providers to adopt the process ahead of the new tax year.

cash isa

Lloyds TSB, Halifax and C&G will now be able to send and receive cash ISA transfers electronically via the Bankers’ Automated Clearing Services (BACS). These changes will speed up the transfer process by reducing the delays caused by sending cheques in the post.

Colin Walsh, managing director of savings and investment with Lloyds Banking Group said: “The industry wide delays experienced by customers last year were largely due to the outdated cheque and postal system on which the ISA transfer market was dependent. The move to electronic transfers is an important step forward but it is essential we continue to work together as an industry to improve the process.”

Ahead of the new tax year, Lloyds Banking Group has conducted a thorough review of its own internal procedures to ensure the transfer process is as efficient as possible. As a result, the bank has invested in its tracking systems to provide customers with up to date information on the progress of their funds.

The BBA estimates that during the peak ISA season, up to 1000 transfers a day could move more efficiently thanks to electronic transfers.

Colin Walsh continued: “Given today’s unprecedented low rate environment maximising your full tax free allowance has never been more important. As the UK’s largest provider, with a market share of 24 per cent, Lloyds Banking Group is fully committed to participating in the ISA transfer market, both through the use of electronic transfers and by allowing customers to transfer in historic ISA funds.

“However, we have always said this needs to be an industry wide initiative and, as and when other providers introduce the electronic transfer process, more customers will be able to reap the benefits. I believe there will be significant improvements this year, but there is still work to be done.”

About Lloyds TSB:
Lloyds TSB offers customers a wide range of current accounts, savings accounts, insurance, personal loans and credit cards, 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.

The following savings providers are participating in electronic transfers:
* Lloyds Banking Group: Lloyds TSB, Halifax, Bank of Scotland and Cheltenham & Gloucester
* Full participation from Birmingham Midshires, IF and Scottish Widows is currently being rolled out 
* RBS Group: RBS, NatWest, Coutts
* Santander: Abbey

 

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Debts, Financial, Financial Management, Financial Services, Money, Personal Finance

Debt Advice Important For Struggling Borrowers

Responding to news that total personal debt levels in the UK have risen over the past year, Debt Advisers Direct have warned of the dangers of getting into debt in this difficult time for the economy, and advised anyone who finds themselves struggling to repay debt to seek expert debt advice.

Debt Advisers Direct

New lending figures released by the Bank of England this week revealed that total personal debt in the UK stood at £1.458 trillion at the end of February – a rise of £34 billion compared with the previous year.

That means that despite increased caution amongst financial institutions with regard to lending, the average UK adult has taken on approximately £680 in additional credit over the past year.

However, Bank of England statistics also show that the rate at which personal debt is growing has slowed compared with February 2008, when the total increased by £111 billion compared with the previous year.

A spokesperson for Debt Advisers Direct commented: “A £34 billion increase in total personal debt may surprise some people, given the relatively cautious nature of the lending industry over the past 18 months, even though it is only around a third of the levels seen in the previous year.

“On the one hand, it may suggest that the market for loans and mortgages is not as difficult as many people believed. Lenders have still issued a relatively large amount of money in the past year.

“On the other hand, it could also indicate that people are making more use of the credit they already had. For example, whereas people may have used their credit cards and overdrafts sparingly in the past, many people who have been put under pressure by the economic downturn may have found it necessary to spend more on credit.

This is fine in the short term, so long as those debts are repaid, but if the borrower can not afford to repay those debts in full, then the situation can become more serious.”

The spokesperson added that consumers could benefit from avoiding getting into debt wherever possible, and ensuring that they promptly pay back any credit they do use.

“With more people currently at increased risk of redundancy or a reduction in income, it makes sense for people to ensure that their finances are well prepared for the future. For most people, that should involve reducing debts wherever possible.

“Of course, that is difficult for people whose finances are already stretched to their limits. We have seen massive rises in many essential costs of living over the last 18 months, which have led to many people falling behind on their commitments.

“That’s where a professional debt adviser can help. There are a number of debt solutions that can help people in difficult financial situations to reduce their debts and make their monthly outgoings a lot more manageable. It’s important that anyone who finds themselves struggling to repay their debts seeks debt advice as early as possible to prevent the problem from becoming any worse.”

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