Make sure you have essential insurance, says expert
Article Category: Debt Consolidation Help and Advice
Consumers failing to insure themselves against risks will only come to regret it, one expert has said.
Fool.co.uk revealed those considering cutting back on insurance policies should ensure they do not cut essential cover such as car and home insurance.
David Kuo, head of personal finance at the website, said those that buy insurance they do not need are right to cancel such cover as it is a waste of money but consumers must ask themselves one question.
"Whether you can afford to bear the risk?
"But if you don’t buy insurance that you do need, then eventually your decision will come back to haunt you," he concluded.
YouGov Research commissioned by Deloitte has found significant numbers of consumers are looking to save money when it comes to insurance policies.
More than one quarter (26 per cent) of those buying insurance from a price comparison website are looking to reduce their spending.
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Payday loans on the up, says poll
Article Category: Debt Management Help and Advice
There is an increasing amount of payday loans being taken out by UK households due to bad debt, new research has found.
A report by Moneysupermarket.com – commissioned by the Times – revealed the total number of payday loans taken out by Brits has soared by 130 per cent since last August.
Vince Cable, the Liberal Democrat shadow chancellor, said the trend proves people are struggling to cope with bad debt as a result of the credit crunch, reports the publication.
Chris Tapp, of debt charity Credit Action, agrees with the MP’s view saying those with financial difficulties are increasingly turning to such loans which can charge interest rates of 1,335 per cent.
"The growth of people who have problems who have such a loan has been notable in the last six months," he added.
A report by charity YouthNet released earlier in the week revealed half of the UK’s youngsters have experienced debt problems.
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Brits expect property price falls, says poll
Article Category: Debt Management Help and Advice
The majority of British householders expect UK property prices to fall within the next year, one new study has found.
A survey by YouGov found nearly three-quarters of UK households expect the market’s price correction to continue for at least 12 months.
The Building Society Association (BSA) Property Price Tracker revealed one-quarter of Brits think prices will fall by five to ten per cent, with the average forecast being 7.1 per cent.
Adrian Coles, director general of the BSA, said it is clear the positive outlook of the housing market is a thing of the past.
"However, this must be kept in perspective. Property price inflation has been so great over recent years that a 7.1 per cent fall in prices means that most people still have considerable equity in their property," he added.
The poll found a great difference in anticipated price drops across the country and shows a clear north/south divide, he concluded.
Homeowners in the Yorkshire and Humberside region were more positive in their predictions as they forecast an average fall of 4.8 per cent.
It was reported by Personnel Today this week that thousands of UK workers are seeking second jobs in order to cope with the effects of the rising cost of living.
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Shoppers sign up for loyalty schemes
Article Category: Debt Management Help and Advice
The rising cost of living has driven 500,000 shoppers to sign up for online loyalty schemes.
According to consumer loyalty website froggybank.co.uk, the number of consumers singing up to get money off internet purchases has boomed by 64 per cent in the past six months.
The company added there has been a 40 per cent rise in the number of repeat visitors using the sites for smaller items.
Nadeem Azam, marketing manager of the website, said the firm is seeing an unusually high number of people registering and immediately claiming cashback.
"This trend is being driven by people having less money in their pocket because of the rising cost of fuel, food and other items."
A report, commissioned by Asda, by the Centre for Economics and Business Research released earlier in the month found the average British family is worse off this year as the cost of living rises.
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Workers seek second jobs, says expert
Article Category: Debt Consolidation Help and Advice
Thousands of UK employees are seeking second jobs in order to cope with the effects of the rising cost of living, it has been reported.
PeoplePerHour.com revealed a rise of more than one third (35 per cent) in the number of full-time workers registering their freelance services in order to raise extra cash, according to Personnel Today.
Xenios Thrasyvoulou, the website’s founder, told the publication the current economic conditions are contributing immeasurably to workers looking for extra work.
"Skilled professionals are struggling to make ends meet. It’s little wonder increasing numbers of them are harnessing their experience and skills to offer freelance services outside office hours," he added.
Meanwhile, the nation’s bad debt looks set to continue as more borrowers fall behind with repayments according to HBOS.
The lenders chief, Andy Hornby, warned nearly 30,000 of the firm’s customers are at least three months behind with mortgage payments and are at risk from having their homes repossessed.
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Poll: Youngsters struggling under debts
Article Category: IVA (Individual Voluntary Arrangement)
Up to one quarter of young people in the UK have suffered mental health problems because of bad debt, new research has said.
A report – called Penny for your Thoughts – by charity YouthNet also revealed one in five 16 to 24-year-olds hope for the best when it comes to their finances.
More than two-thirds (68 per cent) of those polled said they had been encouraged to take out credit they did not want or could not afford.
The report found almost half (47 per cent) of the young people asked had experienced debt problems.
Janet Roberts, grants manager at the HBOS Foundation, said: "This report highlights the serious strain bad financial decisions can put on people’s mental health as well as on their pockets."
A Mintel report released in 2007 found one in five youngsters aged between 18 and 24 would consider declaring themselves bankrupt or file for an IVA (individual voluntary agreement) if they had bad debt problems.
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Inflation exceeds 11%, says index
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Inflation hits 11.6 per cent – quadruple that of the Bank of England’s official figure, it has been reported.
The Daily Mirror index revealed the figure on Monday (June 23rd) explaining that transport costs were up 16 per cent, food by 14 per cent and utilities by 13 per cent.
People struggling with bad debt worried about making repayments could find it even harder to keep their heads above water in the current financial climate.
The publication cites The Grocer’s research which found a typical weekly basket of shopping containing 25 items now costs £2,067 annually – showing a year-on-year rise of £263.
Meanwhile, a recent Centre for Economics and Business Research report commissioned by Asda found high costs had outstripped earnings leaving households £8 worse off compared to last year.
A YouGov survey revealed last week nearly half of Britons fear they will fall into debt over the next 12 months.
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Strike action looms in pay row
Article Category: Debt Management Help and Advice
Thousands of local authority workers are threatening to strike over a pay row, it has been reported.
Industrial action by workers at Doncaster council has been threatened because staff say they are struggling with the soaring cost of living and the pay rise offered is not enough, according to the Doncaster Free Press.
Members of trade union Unison voted in favour of the strikes after rejecting a 2.45 per cent pay rise from Town Hall bosses.
Doncaster conveynor Russ Ballinger told the publication: "The pay offer is not adequate at the current time given the rising cost of living. Many of our members in the local authority are low paid workers who are hardest hit by fuel and food price increases."
According to the union, nearly 600,000 council workers – including binmen, dinner ladies, architects and surveyors – were balloted.
It added that almost 250,000 local authority workers earn less than £6.50 per hour and it is looking for a rise of around six per cent.
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Pension savings ‘not enough’
Article Category: Debt Management Help and Advice
Brits are not saving enough money for retirement, one expert has said.
IFG Financial Services revealed the nation’s average pension contributions are not enough and this will lead to shortcomings in retirement.
Donna Bradshaw, a financial planning strategist at the firm, said people are not saving enough in general – maybe it is a cultural thing in this country.
A national obsession with property investment has distracted workers from looking at how much they are actually putting away for old age.
"Over the years we’ve made pensions unattractive with maybe too much legislation, but we need to focus people through an education process," she concluded.
The Fidelity Retirement Index reports that current trends show households are on track for just 42 per cent of their income when they retire rather than the Pension Commission’s target of two thirds.
Established in 1972, IFG claims to be a leading firm of independent financial advisers with offices nationwide.
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Young ‘need to plan money’
Article Category: Debt Management Help and Advice
The nation’s youngsters need to plan for their financial future as soon as possible, one charity has said.
According to the Personal Finance Education Group, financial advice aimed at young people is a "very sensible" idea.
Wendy Van den Hende, the charity’s chief executive, said many people do not think about what their life will be like in 40 or 50 years time.
"However, they will be living a very long time and they will need to prepare for a very long future and as soon as they start, the better," she added.
The Financial Services Authority has launched a website designed to be a one-stop-money-information-shop for young adults.
According to research carried out by YouGov and children’s charity Rainer more than three quarters of youngsters have been in debt.
The research found a third of young people have owed more than £5,000 and one in five have had a bad debt of more than £10,000.
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