Owner: Finance Window URL:http://financewindow.blogspot.com/ Join Date: Sun, 22 Jul 2007 13:43:49 -0500 Rating:0 Site Description: The aim of my blog is to offer help & advice on credit and debt issues including loans, credit cards, bank accounts as well as ideas on how to make and save money.
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13 fantastic money saving tips 2007-07-22 07:48:00 Never got any spare cash? Here are 13 useful money saving ideas - just watch those pennies turn into pounds! Save directIf your wage is paid directly into your bank account you could save money each month by setting up a weekly or monthly standing order from your current account into a building society account. This way the money comes out the day you are paid, so you soon get used to the money not being there. You'd be surprised how it adds up! Keep a spend diaryWrite down every single penny you spend for about two months. You'll be shocked at how much money you waste. I was spending over £100 a week buying lunch, take-aways, eating out, and buying magazines. I now make my own sandwiches for work, eat out OR have a takeaway once a week as a treat, and instead of buying magazines, I get books from the library. Set a weekly cash budgetThe best thing I find is dividing your spending money (the money you have left after putting money aside for all the bills, rent, car insurance etc) in
Drivers 'could save money with multiple policies' 2007-07-22 07:44:00 Drivers have been advised to consider reducing their car insurance premiums by taking out multiple purchase discounts.Price comparison website MoneyExpert found that 13 per cent of car insurance providers offer discounts to those who choose more than one policy, giving them savings of up to 40 per cent.The site suggested that those who take out additional cover could receive a discount of around ten per cent on their main policy.Alternatively, it stated that people with additional cover could be entitled to money off their buildings and contents insurance.Sean Gardner, chief executive of MoneyExpert, commented: "Loyal customers who buy a range of policies from an insurer are being rewarded and that's to be welcomed."It can make sense to put all your business with a company if you value the customer service."The advice comes alongside recommendations from the Association of British Insurers, which has urged people not to use a mobile phone while driving.Stricter punishments for those w Read more:Drivers
Saving Money on Gas and Electricity 2007-07-22 07:40:00 Having read about all the increases in prices over the last 6 months in my gas and electricity bills, and still being with my original suppliers (I'm sure you know the ones!) this January I decided to do something about cutting them.I looked around the internet for an independent service. The first one i found was uswitch.com. I put in my post code and supply details. It produced a quote - I could save £74 a year. Never one to take a first quote I looked around and found a link recommended by an independent journalist, Martin Lewis. This one was www.energyhelpline.com/cashback and apparently paid me £10 cashback to switch to a better supplier.Using this service, I found that there were even more suppliers available (uswitch.com didn't seem to show companies like npower or Atlantic) and one of them saved me £125 a year. I switched with energyhelpline.com and I have just got my cashback.There seems to be a lot of comparison companies to help you switch; mine has gone through OK and Read more:Saving
, Money
Save money on your credit cards 2007-07-22 07:27:00 A rise in the interest rate wouldn’t only be bad news for homeowners, but could also spell disaster for those of us with flexible friends.An increase in credit
card rates might follow hot on the heels of a rise in mortgage rates, but already a typical credit card charges interest at a massive rate of 15 per cent a year. However, there are ways to actually save money on cards by taking advantage of the deals on offer, depending on what kind of spender you are. Offers of ‘interest-free’ periods and low ‘annual percentage rates’ (APR) weigh down the postman’s bag every day, and while most of them go straight in the bin, the occasional few appear to be too good a deal to miss. Compare credit cardsBut are they really that good? The main thing to look at is the APR, because this is what you will pay on any debts and will help you to get a realistic idea of the cost of credit. It takes into account both interest rates and any other charges, such as a yearly card charge or a charge
Motorists set to save thousands with PetrolPrices.com 2007-07-22 07:21:00 Not only are UK motorists paying more for petrol than many other places in the world, but they are also overpaying for their fuel by up to £5.8 billion pounds per year. I know that I would definitely notice that sort of money missing from my piggy bank, so I was relieved to find that that the figures relate to UK motorists as a whole, rather than on an individual basis. Motorists in the UK purchased a total of 35.5 billion litres of fuel during 2005. The potential saving between the cheapest and the most expensive fuel was found to be as much as 21 pence per litre. That's a lot of money to be throwing away. That's why Petrolprices.com is proving to be a very popular choice with motorists looking for the best deals around. The UK’s only comprehensive and free fuel price website for consumers, Petrolprices.com shows motorists where they can find the cheapest petrol stations near any town or postcode of their choice. Prices are updated daily and displayed conveniently using Google Ma
Tackling your debt problems 2007-07-22 07:16:00 There are many people in the UK today that are struggling to keep up with repayments on unsecured debts, but all too often people are unaware of their options and often take an inappropriate route to try and ease their financial worries. Some people try and ignore the problem until threats of county court judgements and bailiffs start dropping through the door, others take out loan after loan by way of a short term fix whilst making the situation far worse in the long run, and some continue to struggle on until the stress of the situation makes them ill and they can no longer cope.The debt problem in the UK has now reached such high levels that a number of agencies have been made available to help consumers in this sort of situation, which means that there is no longer any need to find yourself in one of the three scenarios outlined above. There are agencies that focus on making a profit from helping those with debt problems
, but there are also fee free agencies available as well as or Read more:Tackling
Identifying debt problems 2007-07-22 07:12:00 More and more people in the UK are finding themselves with high levels of debt that are very difficult to manage. For some people making ends meet can be tight but manageable, and although they may have to make cutbacks in terms of luxuries and non-essentials they can continue to keep up with repayments. However, for others trying to manage debts becomes an impossible task that entails trying to find additional funds every month that simply aren't available.In order to identify whether you have a debt problem that needs to be addressed you need to sit down and work out your outgoings. You should write down every payment that goes out of your account each month, from overdraft interest charges to regular bills, direct debits, mortgage or rent, insurance premiums, loans, credit card repayments, etc. You then need to calculate how much per month you need for essentials such as food, clothing, travel expenses, and the like. Once you have done this, add up the total and then compare it aga Read more:problems
Could an IVA help you? 2007-07-22 06:57:00 An IVA has become an effective alternative to bankruptcy for those that are struggling to meet repayments on their unsecured financial commitments, although it is still a process that should not be entered into lightly. It is important to consider the pros and cons of an IVA in order to determine whether it is the right route for you, and you should also look at other options that are available to you in order to help you to reduce your monthly repayments and manage your debts more effectively.Conditions of entering into an IVAThere are various conditions attached to entering into an IVA, and it is these conditions that will determine whether you can successfully enter into this type of arrangement. These include:You or your partner (if part of the IVA) must be in full time employmentYou must have unsecured debts of at least fifteen thousand poundsThere must be a majority vote to accept the IVA from your creditors, otherwise another solution will have to be considered.Benefits of an IV
Consumer debt in the UK 2007-07-22 06:54:00 Over recent years there has been a great deal of concern with regards to the levels of consumers debt in the UK, which have been rocketing. By the end of March 2007 personal debt levels in the UK had soared to over £1.3 trillion, which reflected a rise of £1.16 billion or 10.5 percent over the previous twelve months. And despite the fact that debt levels continue to rise, consumers are still flocking to take out loans, credit cards, store cards, and various other forms of unsecured credit – and lenders are willing to provide them with the finance that they need.People in the UK are racking up unsecured debt like there is no tomorrow, and over recent years making applications for finance has become easier and easier. In the past, those looking to take out a loan had to go cap in hand to the bank manager, which most people didn’t really want to do unless it was really necessary. Lending criteria was more stringent, and more questions were asked with regards to what the money was fo Read more:Consumer
What is an IVA? - Individual Voluntary Arrangement - Debt Help 2007-07-22 06:51:00 Introduced in the mid 1980s, IVAs have become very popular amongst those with high levels of unsecured debt. An IVA stands for IndividualVoluntary
Arrangement, and this is a binding contract made between the borrower and his or her creditors with regards to repayment of a debt. When they were introduced IVAs were seen as an effective alternative to bankruptcy, providing those in debt with a means of making more affordable repayments, reducing debt levels, and protecting assets. With consumer debt levels and bad debt at sky high levels in the UK, these IVAs have become increasingly popular amongst those looking for a solution to their debt problems.There are a number of considerations to bear in mind if you are thinking about opting for an IVA. Firstly, there are many IVA 'specialists' crawling out of the woodwork in the UK, but many of them are more concerned about making a profit rather than having the consumer's best interests at heart – fee charging agencies can make thousands Read more:Debt Help
Debt Management - Debt Help and Advice 2007-07-22 06:30:00 Bad debt levels in the UK are higher than ever these days, and recently broke through the £100,000 barrier for the first time. An increasing number of consumers in the UK are finding it a real struggle to keep up with repayments on their unsecured financial commitments, and this is resulting in missed payments, late payments, charged being incurred, and adverse information on credit reports. Far too many consumers in the UK tend to bury their head in the sand when financial problems arise, but it is important to realize that this will only make the situation worse. It is important for consumers in the UK to learn about the different options available to them if they are struggling to repay their unsecured debts.One thing to remember is that if you are struggling with your debts and you have both secured and unsecured finance, you should always continue to pay your secured loans as a priority, as otherwise you will end up losing the asset against which the finance is secured, which for Read more:Debt Help
, Management
Supplement your pension - ways to make money in retirement 2007-07-21 17:59:00 From running a B&B to writing a book about your area of expertise, Jim Green, author of Earn Money In Retirement, shows you 10 ways to supplement your pension:1. Bed & BreakfastOld-fashioned B&Bs are making a comeback and flourishing everywhere in the UK due in the main to (a) the incidence of modern day migrant workforces and (b) ever-increasing DSS clientele requirements. This is a sound option for couples in retirement
who own their home.Upside* Modest start-up costs * Good cash generator * Repeat business factor * Low if not zero debtors' listDownside* Labour intensive * Requires patience to put up with a constant flow of strangers in the home2. Home HandymanHave you fixed enough bathrooms to last you a lifetime or you could face carrying on - albeit at a lesser pace. Many retired tradespeople set themselves up to perform handyman services for those who can't do it themselves or don't have the time; plumbers, electricians, bricklayers, painters and decorators, carpet fitters Read more:Supplement
How to pay less for just about everything 2007-07-21 17:42:00 MortgagesExperts believe that as many as 70% of borrowers are paying lenders’ punitive standard variable rates – the interest charged when the initial offer which your lender enticed you with expires.By shopping around it’s possible to switch lenders and take advantage of some of the most competitive deals available. For example, a borrower with a £100,000 mortgage over 25 years who is paying SVR should be able to save at least £100 a month by snapping up a best-buy deal.However, you should check out whether your existing loan has any early repayment charges. And don’t automatically opt for the very lowest rate but look out for fees and incentives like a refund of valuation or legal fees.If you don’t fancy the hassle of remortgaging with a new lender, ask what your existing lender can offer to stop you leaving.Energy billsDespite soaring utility prices, there are still savings to be had by switching supplier. Energywatch, the industry watchdog, says gas customers can save a
Revamp your finances! 2007-07-21 17:31:00 Would you like a pay rise? Silly question, of course you would - especially in January when most of us are feeling the pinch after our Christmas excesses. But what if your boss isn't feeling generous? If you take the time to rearrange your finances
you could award yourself a whopping rise instead.This isn't about cutting back or changing your lifestyle; it's about making pain-free improvements to your finances to free up money to save, clear your debts or indulge yourself. Even if you're not in debt and you think your finances are in good shape, if you reassess your providers and review your spending habits you'll be surprised how much you can save.Read on to see how you could give yourself a pay rise of £10,000 or more.MortgageYour mortgage is probably your biggest monthly expense, and if you're on a dud deal it could be costing you hundreds of pounds every month. Experts estimate that around 70% of homeowners are paying their lender's standard variable rate, which your mortga Read more:Revamp
Top 10 credit card tips 2007-07-21 17:23:00 Pick a credit
card - or cards - according to your spendinghabits. If you clear your balance each month, look for a cashback cardor one with loyalty points. If you won't be able to pay it off straightaway, optfor a low or 0% interest rate card.Before travelling abroad, check the charges your creditcard firm will make. You may find it makes sense to take out a card that doesn'tapply an overseas loading charge.Steer clear of store cards: the interest rates are extortionate so you'llget better value from an ordinary credit card. Many retailers will offer you 10%or 20% off your purchases if you take out a store card - it'sfine to take advantage of these offers just make sure you pay it off immediatelyotherwise the high interest charges will quickly wipe out your savings.Set up monthly direct debits to pay at least the minimumrepayment off your card. This avoids late payment charges.Always pay more than the minimum balance - otherwise itcould take 25 years to repay a £2,000 debt.If you
Using credit cards abroad 2007-07-21 16:54:00 If you're planning to escape the rain and jet off somewhere hot this summer be sure to use the right credit
or debit card so you don't face some unpleasant statements on your return. The wrong card can add nearly £100 to the cost of your holiday, and uSwitch.com estimate British holidaymakers will throw away a whopping £355 million in charges for using our cards overseas this summer.Every time you use your card to make a purchase or withdrawal, you will be charged an exchange-rate loading fee of around 2.61% in the USA and 2.56% in Europe. You will also be stung with another fee for withdrawing cash of around 2.3%. Luckily a few providers offer cards that don't charge, or levy a smaller fee. Nationwide's debit card levies no charges for withdrawals or purchases, while its credit card charges a just a 2% withdrawal fee. The Post Office Classic Mastercard also doesn't charge a foreign loading fee and just 2% withdrawal fee.While withdrawal fees are unavoidable with credit cards, y
How to claim FREE property: PART 2/2 2007-07-23 15:20:00 HOW TO MAKE A CLAIM FOR FREE UNCLAIMED LAND AND PROPERTY IN ENGLAND AND WALES This is a very detailed document on how to: LEGALLY claim
land in England and WalesPART 2ADVERSE POSSESSION(This document refers to claims in England and Wales only)CONTINUING THE SEARCHOnce you have received the results of the searches back from the Land Registry, you will need to continue looking for an owner or what has happened to him. If the neighbors are unable to help, ask at local pubs and shops, especially newsagents, they are often a mine of information. Go back to the Council offices and see if they have records of past rates or council tax payers for the property
, you could also try the public utilities, gas, electricity and water. Any of these could have forwarding addresses. The owner could also have moved into a retirement home or institution, or be living with relatives. The possibilities are endless. DEAD or ALIVE?Once you have a name you will easily be able to find out whether they are alive
How to claim FREE property: PART 1/2 2007-07-23 05:19:00 HOW TO MAKE A CLAIM FOR FREE UNCLAIMED LAND AND PROPERTY IN ENGLAND AND WALESThis is a very detailed document on how to: LEGALLY claim
land in England and Wales .PART 1ADVERSE POSSESSION(This document refers to claims in England and Wales only)INTRODUCTIONThe sole purpose of this document is to educate the user and give information on Adverse Possession as it applies in England and Wales.We compiled the information from a lot of research, together with legal advice, based on a Pilot project. The result is now published in this file.This document is supplied "as is". I offer no further advice and we do not give any services related to Adverse Possession due to time constraints and the focus on other parts of our business. Nevertheless, the information is very much valid, lucrative and of use to anyone who has the timeand tenacity to undertake such a long-term project. This information was current at time of writing, however, the user must exercise reasonable care as specific details may Read more:property
STEP 5 Letter Template 2007-07-23 04:25:00 PARTICULARS OF CLAIM1. Between [insert dates of first and last charge eg 1/5/03 and 9/2/06] the Defendant applied numerous default charges to the Claimant’s [This means you because you are the person claiming the money] bank account. It is understood the Defendant contends the charges were debited in accordance with its contract with the Claimant.2. The charges applied are an unfair penalty under the Unfair Terms in Consumer Contracts Regulations, which state: “A term is unfair if it requires any consumer who fails his obligation to pay a disproportionately high sum in compensation”. The amount charged does not reflect the cost of the breach.3. Under the law of penalties, the charges are an unlawful ‘extravagant’ penalty. A charge is a penalty if it does not reflect an item’s true cost.4. Under the County Courts Act 1984, the claimant is entitled to interest at a rate of 8% per annum from the date they were first deprived of the money. This totals [insert amount of interest Read more:Letter
STEP 4b Letter Template 2007-07-23 04:19:00 [INSERT NAME, ADDRESS AND TELEPHONE NUMBER][INSERT DATE][INSERT NAME AND ADDRESS OF BANK]Dear Sir or Madam,Re. Account number: [INSERT ACCOUNT NUMBER]I refer to default charges applied to my account amounting to [INSERT TOTAL OF CHARGES PLUS INTEREST], which I have requested you pay back.I wrote to you on [INSERT DATE], making the original request for a payment in settlement of my claim. As I have not heard from you/not received a satisfactory response [DELETE AS APPROPRIATE], I am writing to inform you I intend to claim the full amount claimed together with interest up to the date of judgment and court fees in the proceedings through the county court.This is based on the Unfair Terms in Consumer Contracts Regulations, as I believe these default charges are unfair and not proportionate to your costs, and therefore the [INSERT NAME OF COURT] court will rule in my favour.I have attached a full schedule of the charges and interest with this document. [INCLUDE THE PRINT OUT OF CHARGES AND Read more:Letter
STEP 4a Letter Template 2007-07-23 04:16:00 [INSERT NAME, ADDRESS AND TELEPHONE NUMBER][INSERT DATE][INSERT NAME AND ADDRESS OF BANK]Dear Sir or Madam,Re. Account number: [INSERT YOUR ACCOUNT NUMBER]I refer to default charges applied to my account amounting to [INSERT TOTAL OF CHARGES], which I have requested you pay back.I wrote to you on [INSERT DATE], making the original request for a payment in settlement of my claim. As I have not heard from you/not received a satisfactory response [DELETE AS APPROPRIATE], I am writing to inform you I intend to claim the full amount claimed together with interest up to the date of judgment and court fees in the proceedings through the county court.This is based on the Unfair Terms in Consumer Contracts Regulations, as I believe these default charges are unfair and not proportionate to your costs, and therefore the [INSERT NAME OF COURT] court will rule in my favour.I have attached a full schedule of the charges with this document. [INCLUDE A LIST OF CHARGES AND BE SURE TO KEEP A COPY FOR Y Read more:Letter
STEP 3 Letter Template 2007-07-23 04:14:00 [INSERT NAME, ADDRESS AND TELEPHONE NUMBER][INSERT DATE][INSERT NAME AND ADDRESS OF BANK]Dear Sir or Madam,Re. Account number: [INSERT YOUR ACCOUNT NUMBER]I am writing to request that you repay all the default charges that have been applied to my account. I do not believe these charges reflect the true cost to [INSERT NAME OF BANK].The charges total £[INSERT TOTAL CHARGE]. I believe I have been unlawfully deprived of the money and therefore ask that you repay me the full amount. Please find a full schedule of the charges with this document. [INCLUDE A LIST OF CHARGES AND BE SURE TO KEEP A COPY FOR YOURSELF]I look forward for a full response to this letter within 14 days.Yours faithfully,[YOUR SIGNATURE][YOUR NAME (PRINTED)] Read more:Letter
STEP 2 Letter Template 2007-07-23 04:11:00 [INSERT NAME, ADDRESS AND TELEPHONE NUMBER][INSERT DATE][INSERT NAME AND ADDRESS OF BANK]Dear Sir or Madam,Re. Account number: [INSERT YOUR ACCOUNT NUMBER]I am writing to request a fully comprehensive list of all the default charges for direct debit, unauthorised overdrafts and standing orders I have paid over the last six years.Please find enclosed a cheque for the maximum statutory charge of £10. If you are unable to provide this data, I will accept a copy of my statements going back six years; I understand that statements on their own are not covered by the Data Protection Act 1998, yet I’m not requesting the statements per se, but the charges, which I’m entitled to by law.If you store any of the older records on microfiche, please be aware that the Information Commissioner deems this to be a relevant filing system under the Act. As such, any microfiche data must be sent to me in fully legible and comprehensible form.I look forward to your response within 40 days, as [INSERT NA Read more:Letter
List of data protection addresses 2007-07-23 04:02:00 In most cases the initial letter you will have to send to your bank will be a Data Protection Act Request. This will allow you to obtain 6 years of previous statements for a fee depending on each bank. They have 40 days to send you this data. The relevant addresses
are all here.AbbeyData Protection ManagerData Protection TeamRegulatory ComplianceAbbey House201 Graftons Gate EastMilton KeynesMK9 1ANAlliance & LeicesterCustomer Contact CentreBootleMerseysideGIR 0AAAmerican Express Services LTDPO Box 68BrightonBN2 1YLBank of Scotland aka HBOSDate Protection ManagerTrinity RoadHalifaxWest YorkshireHX1 2BRBarclays BankBarclays Data ProtectionRadbroke HallKnutsfordCheshireWA16 9EUBarclaycardData Protection TeamDept LRCBarclaycardNorthamptonNN4 7SGBradford & BingleyData Protection Team H18PO Box 88Croft RoadCrossflattsBingleyWest YorkshireBD16 2UACahootFriars House,Manor House Drive,Coventry,CV1 2TECapital OneLegal Compliance SpecialistCapital One Bank (Europe) plcTrent HouseStation stree
How to re-claim unlawful bank charges: Part 1 2007-07-23 03:01:00 This is a step-by-step guide, including template letters, to forcing your bank to repay the last six years charges for going beyond your overdraft limit, or cheque and Direct Debits bouncing. Thus you can join the thousands who’ve already successfully reclaim
ed £100s or £1000s.It’s a true consumer revolution, I believe the penalty charges banks and credit card companies levy are unlawful; the banks of course disagree.Reclaiming unlawful bank charges, in a nutshellThe law is plain: any charges banks levy on their customers must be proportional to the actual costs they incur. The simple question is, ‘does it really cost £35 to send an automated letter when someone’s gone 1p over the limit?’Thus write to your bank asking for a list of your last six years’ charges, add interest on top and ask for a full refund. When it refuses inform it you’ll go to court under the small claims system. In most cases, the bank will simply pay out; one person received £17,500.Yet this isn
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