Fininvest

Six secrets about your credit card

2012-02-14T13:43:00.004-08:00

We reveal six lesser-known facts every credit card user needs to know.

Finvest.co.uk

When they're trying to attract new business, credit card companies are keen to advertise market-leading balance transfer offers and other attention-grabbing perks. However, they're less willing to volunteer certain other pieces of information.

So if you already have a credit card or you're considering applying for one, make sure you're familiar with the following six facts.

1. People in debt have rights

If you find yourself in credit card debt and feel your lender is behaving unreasonably, you're not powerless.

According to the Lending Code that governs banks and building societies, lenders "will not subject customers to harassment or undue pressure when discussing their problems".

They have just been told they are no longer allowed to use Facebook, Twitter or other social networks to contact you, for example, as making public what should be private is causing "stress and embarrassment".

And credit card companies must also ensure attempts to recover debt either by the company or "another party" are "carried out within the appropriate legal jurisdiction".

As a case in point, Devon businessman Keith Harrison had £20,000 of credit debt written off earlier this year when a judge ruled he had been "tortured" by hundreds of calls from his lender MBNA and a debt collection firm Link Financial.

Bear in mind, Harrison's case is rare and if you're experiencing debt problems, it's probably wise to contact the company to explain your situation.

Need help with Debts over £15K? Click Here

Less than £15K? Click Here

Unfair bank and Credit card charges? Claim Here - FREE advice

2. The cash withdrawal catch

If you're clued up with your finances, you probably know better than to withdraw cash on your credit card. In most cases, you'll pay an extremely high interest rate, which is often between 25% and 30%. ( Consider applying for a Cashplus - Find out more here )

Furthermore, many card providers charge interest on your cash withdrawals from the moment the money leaves your account. This system is unlike the vast majority of credit card transactions on which you won't pay any interest if you clear your balance in full when your next bill arrives.

What's worse, there are a series of transactions that count as a cash withdrawal — and so attract the same fees and charges — which you might not expect.

So even if you clear your debt when you receive your next statement, you could still be hit by hefty interest payments on certain transactions or cash withdrawals.

3. You can reject rate hikes

Have you ever received a letter from your credit card company informing you the interest rate on your credit card is set to increase?

If so, you've been the victim of a practice known as "rate jacking" and, unfortunately, it's perfectly legal. Provided they give you 30 days' notice, a credit card company is entitled to increase the interest rate you pay on your credit card.

However, you don't have to sit passively back and accept the higher rate. Under current rules, borrowers have 60 days to object to the increase. By choosing this option, they will be able to repay the debt at their current interest level "within a reasonable period".

4. Interest-free offers can be revoked

If you've managed to secure a market-leading 0% credit card deal, you'll need to be diligent if you want to hold onto it.

A number of lenders will withdraw an interest-free offer if you fail to make a minimum repayment or exceed your agreed credit limit. Should this happen, you would revert to the representative APR.

A similar scenario may also apply if you take out a credit card to earn rewards or cashback. If you fail to pay your bill on time in one month, you may lose any rewards you've earned during that period.

5. Almost half won't get the advertised deal

Under the terms of the Consumer Credit Directive, a lender is only required to offer its representative APR to 51% of accepted borrowers.

Almost inevitably, companies give their most competitive deals to customers with the cleanest credit scores. As a consequence, you could end up applying for a card expecting a particular interest rate — only to be offered a much less favourable deal.

6. Assertiveness could pay off

If your credit card company offers a more competitive representative APR than the one you're currently receiving, try asking to move onto the lower rate. What's more, you could say you'll take your business elsewhere if necessary.

Unsurprisingly, this tactic has a greater chance of success if you always make your payments on time and are likely to be accepted for a more competitive card elsewhere.

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Go shopping, Get Rewarded ... With Orange Pre paid Card.

2012-01-28T00:00:00.000-08:00

the benefits

The Orange Cash prepaid MasterCard®rewards you when you buy things and helps you stay on top of your spending.

get rewarded as you spend

And remember, you can use your points to top up your friends and family Orange pay as you go phones too. Just have a look at the table below to see what your rewards could get you.

rewards

Points	mins	or texts	or credit	or ORL Voucher
100	20	150	-	-
200	50	500	-	-
500	200	Unlimited for 1 Month	£5	£5
2000	1000	Unlimited for 6 Months	£20	£20

Orange Cash rewards are only available on eligible purchases*.
* Eligible Purchases = purchase of goods or services based on cleared transactions except for: – Refunded transactions (example refund in a shop or a disputed transaction) – Gambling transactions (based on Gambling MCC code) – Account to Account transfers – ATM withdrawals – Fees/charges to card account – Airtime top-ups

it’s quicker and easier to pay

Your Orange Cash card comes with PayPass contactless payment technology, the quick and easy way to pay for those smaller items of £15 or under - like a cup of your favourite coffee or a bite to eat. Just tap your card on any reader wherever you see the contactless symbol and you've paid!

covered for loss and theft

Since it comes with Chip and PIN security, you can use Orange Cash with complete confidence. Plus you’re protected if you lose it or it gets stolen, if you report it straight away. Find out more

Summary of Orange Cash terms: Your Orange Cash card can be used anywhere that MasterCard is accepted, except self service petrol station pumps. There’s a fee for cash withdrawals, but none for paying by card in stores or online (apart from payments to gambling websites). Online statements are free.In certain circumstances, you may have to pay a fee to get back any money loaded on toy your card . Remember that you may have to pay to top up your Orange Cash card in some places, including Post Office ® branches where it costs £1.50. You have to be over 13 to apply for an Orange Cash card. If you are under 18 years of age you must obtain permission from a parent or guardian. The Orange Cash prepaid MasterCard® is issued by Barclays Bank PLC pursuant to license by MasterCard International Incorporated. MasterCard is a registered trademark of MasterCard International Incorporated. This card is an electronic money product. The electronic money associated with this card is provided by PrePay Technologies Ltd, a company regulated by the Financial Services Authority for the issuance of electronic money. PrePay Technologies Ltd is a registered service provider of Barclays Bank PLC.

Fasano, financial experts.

Prepaid Is Prepared

2012-01-27T00:00:00.000-08:00

What is it?

In a nutshell, the Orange Cash prepaid MasterCard® is a card that can be loaded with cash and used just like a credit or debit card, online and in the shops. It’s just like having cash in your pocket but better, with rewards as you spend and added peace of mind.

Peace of mind in your pocket

You might not need a credit card, or you might already have one but want something a bit more convenient that puts you, and nobody else, in control of your money. The great thing about Orange Cash is you can only spend the money you’ve put on the card, so there’s less chance of spending more than you bargained for when you’re out and about.

The benefits

The Orange Cash prepaid MasterCard® rewards you when you buy things and helps you stay on top of your spending.

Get rewarded as you spend

When you spend Orange Cash instead of notes and coins, you get rewards that can be exchanged for Orange shop vouchers, which might be handy for buying a new phone. And if you’re an Orange PAYG customer, you’ll also be able to get free minutes, texts or credit as well. You collect one point for every £1 you spend, then exchange your points for rewards*.

And remember, you can use your points to top up your friends and family Orange pay as you go phones too. Just have a look at the table below to see what your rewards could get you.

Orange Cash rewards are only available on eligible purchases.

It’s quicker and easier to pay

Covered for loss and theft

Since it comes with Chip and PIN security, you can use Orange Cash with complete confidence. Plus you’re protected if you lose it or it gets stolen, if you report it straight away.

How you use it

The Orange Cash prepaid MasterCard® can be used securely online, in stores, at ATMs, abroad and even to top up your phone.

Load cash wherever you areYou can load your Orange Cash card from your bank account, at the Post Office, PayPoint, any of our Orange shops, online, using a credit or debit card, or as a salary payment from your employer.

Spend online or on the high street

You can use your card online or on the high street, wherever you see the MasterCard acceptance mark. And remember, you’ll always be secure when you use it, including when you shop online.

www.fininvest.co.uk

HSBC Bank Account pays 6% on your cash

2012-01-14T14:03:00.000-08:00

HSBC has launched a new promotion on its Bank Account, which allows account holders to earn a market-leading rate on their money

When I was at school I worked at Next in my spare time so, for me, the phrase ‘January sale’ conjures up images of people desperately rifling through racks of clothes, barging each other out of the way in order to nab that £10 top.

But it’s not just the high street retailers that are at it – even banks now launch January sales, with enticing offers on select deals. And HSBC’s sale has included the launch of a current account paying an amazing fixed rate of 6% on balances!

Banking with HSBC

As part of its January Sale, HSBC has revamped its current accounts, and now has a number of extremely attractive deals.

My favourite is the simple Bank Account. Whether you are a new or eligible existing customer, you can secure a whopping rate of 6% interest fixed on balances up to £2,500. However, in order to secure the deal, you will need to get your switching forms over to HSBC by 5pm on the 31st January.

You can also get this rate if you go with the HSBC Advance account or the HSBC Premier account.

With the Advance account not only will you get 6% on your money, but also life insurance cover up to £3,000, worldwide travel insurance, roadside breakdown assistance and exclusive deals on a rate of products and services. It will set you back £9.95 for the first 12 months, and £12.95 thereafter though. However, I’m not a big fan of packaged accounts like this, and the FSA has its own concerns too, as we highlighted in The new bank mis-selling scandal.

With the Premier Account you’ll get wealth management advice from an HSBC IFA, family banking accounts and all sorts of other personal services.

However, to qualify, you’ll need to meet any of the following criteria:

Joint savings or investments of at least £50,000 with HSBC in the UK.
An annual income of at least £100,000 paid into your HSBC Premier Account, as well as either: 1) a mortgage of at least £300,000 with HSBC or 2) a product taken out from the bank’s independent financial advisory service, excluding mortgage-related insurance.

In other words, it's not an account for everyone.

More from HSBC:

HSBC Advance Account
HSBC Online Bonus Saver Account
HSBC Credit Card

Britain: The next European superpower

2012-01-11T11:01:00.001-08:00

For a country apparently in inexorable decline, the UK has a brilliant future ahead of it. It may no longer have an empire, a decent football team, a trustworthy banking system or affordable public debts, but the future still looks bright.

So bright, in fact, that by 2050 Britain will have the largest GDP per capita of any major Western European country, according to Ruth Lea, economic adviser to the Arbuthnot Banking Group.

Brazil may now be bigger than Britain and China and India may continue to streak ahead, but it's not all bad news for Blighty. In Europe, we will be top dog. Número Uno. Nummer eins. υπ 'αριθμόν ένα, as they say in Greece.

We will, in fact, be the new European superpower.

Europe's finest

Arbuthnot isn't the only company claiming big things for the UK in 2050. Last May, HSBC (LSE: HSBA.L - news) predicted the UK will still be the sixth largest economy in the world in 38 years' time, only a fraction smaller than Germany, but bigger than Brazil, Mexico and France. Okay, Brazil has recently overtaken us, but nobody's perfect.

The HSBC report, 'The World in 2050', also predicted we would grow faster than the US, France and Japan, with the UK moving back into surplus by 2020.

UK will have gold in sacks

Goldman Sachs (NYSE: GS - news) has also been bigging up Britain, claiming we will leapfrog France to be Europe's second biggest economy by 2050 (ninth overall), and will also close the gap on Germany.

By then, we will be the fifth richest country in the world, according to income per head (behind the US, Korea, Japan and France).

So forget 2012, think 2050. It's only 38 years away. And then we'll be rich!

People power

But on what grounds do they justify these outlandish claims? Ruth Lea puts it largely down to demographics. While the flow of the European babies dries up, the UK is spilling out the little ones.

Our working population is set to rise 5% between 2010 and 2050, compared to just 2% in France and a dreadful 25% drop in barren Germany. Italy (21%) and Spain (14%) will also stop squeezing out the workers of the future.

Japan (31%), China (19%) and Russia (27%) will see an even sharper drop in their working populations.

Among Western nations, the prolific US will strike demographic gold, with a 16% increase in its working population. Globally, watch out for India, set for a 45% rise.

In the long term, the numbers are working in our favour.

Dumbing up

We Brits are so used to doing ourselves down that this research will make many suspicious. It's little use having the quantity if we don't have the quality, and British parenting and schooling need to improve markedly if we are to fulfill our destiny as Europe's mid-century superpower.

Much of our healthy birthrates are due to immigrants, who tend to have larger families, at least in the first generation or two. If the Conservatives somehow squeeze immigration levels, birthrates could fall over time.

Still, Britain looks a good investment for the future.

Sorry, Russia

Whither emerging markets in 2050? Some now claim their glory days are over, with the BRICmarkets falling between 20% and 30% over the past 12 months.

Or are they just taking a breather?

Ruth Lea still believes China will be the biggest global economy in 2050. Brazil will also do well. Both will be seen as rich by today's standards. India should also have made "startling progress".

There is bad news for Russia, which will be demographically demolished, along with Germany, Japan and Italy.

Goldman Sachs agrees that China will be number one in 2050, followed by the US, India, Japan, Brazil, Mexico, Russia, Germany and the UK.

UK rules OK?

As Ruth Lea admits, anybody predicting how the world will look in 2050 is making "heroic assumptions". By failing to spot Brazil breathing down Britain's neck, HSBC has already gone from hero to zero.

There will be plenty more shocks and surprises over the next 38 years. But if these forecasts are broadly correct, now could be a great entry point for those giants of the future: China, India, Brazil, the US, Korea, Mexico -- and the UK.

HSBC Bank Account pays 6% on your cash

2012-01-11T09:57:00.000-08:00

HSBC has launched a new promotion on its Bank Account, which allows account holders to earn a market-leading rate on their money

www.FININVEST.co.uk

When I was at school I worked at Next in my spare time so, for me, the phrase ‘January sale’ conjures up images of people desperately rifling through racks of clothes, barging each other out of the way in order to nab that £10 top.

But it’s not just the high street retailers that are at it – even banks now launch January sales, with enticing offers on select deals. And HSBC’s sale has included the launch of a current account paying an amazing fixed rate of 6% on balances!

Banking with HSBC

As part of its January Sale, HSBC has revamped its current accounts, and now has a number of extremely attractive deals.

My favourite is the simple Bank Account. Whether you are a new or eligible existing customer, you can secure a whopping rate of 6% interest fixed on balances up to £2,500. However, in order to secure the deal, you will need to get your switching forms over to HSBC by 5pm on the 31st January.

You can also get this rate if you go with the HSBC Advance account or the HSBC Premier account.

With the Advance account not only will you get 6% on your money, but also life insurance cover up to £3,000, worldwide travel insurance, roadside breakdown assistance and exclusive deals on a rate of products and services. It will set you back £9.95 for the first 12 months, and £12.95 thereafter though. However, I’m not a big fan of packaged accounts like this, and the FSA has its own concerns too, as we highlighted in The new bank mis-selling scandal.

With the Premier Account you’ll get wealth management advice from an HSBC IFA, family banking accounts and all sorts of other personal services.

However, to qualify, you’ll need to meet any of the following criteria:

Joint savings or investments of at least £50,000 with HSBC in the UK.
An annual income of at least £100,000 paid into your HSBC Premier Account, as well as either: 1) a mortgage of at least £300,000 with HSBC or 2) a product taken out from the bank’s independent financial advisory service, excluding mortgage-related insurance.

In other words, it's not an account for everyone.

More from HSBC:

HSBC Advance Account
HSBC Online Bonus Saver Account
HSBC Credit Card

Prepaid is Prepared

2012-01-09T02:33:00.000-08:00

the benefits

The Orange Cash prepaid MasterCard® rewards you when you shop and helps you stay on top of your spending.

get rewarded as you spend

And remember, you can use your points to top up your friends and family Orange pay as you go phones too. Just have a look at the table below to see what your rewards could get you.

rewards

Points	mins	or texts	or credit	or ORL Voucher
100	20	150	-	-
200	50	500	-	-
500	200	Unlimited for 1 Month	£5	£5
2000	1000	Unlimited for 6 Months	£20	£20

Orange Cash rewards are only available on eligible purchases*.

* Eligible Purchases = purchase of goods or services based on cleared transactions except for: – Refunded transactions (example refund in a shop or a disputed transaction) – Gambling transactions (based on Gambling MCC code) – Account to Account transfers – ATM withdrawals – Fees/charges to card account – Airtime top-ups

it’s quicker and easier to pay

covered for loss and theft

Since it comes with Chip and PIN security, you can use Orange Cash with complete confidence. Plus you’re protected if you lose it or it gets stolen, if you report it straight away. Find out more

Fasano, financial experts.

Credit card giants go to war over balance transfers

2011-08-27T11:00:00.000-07:00

Credit card companies are caught in a head-to-head battle to try to bring out the longest 0% balance transfer period.

Halifax has now extended its 0% balance transfer period from 20 months — which for a short time was the longest period on offer on the market — to 22 months on its Balance Transfer credit card, narrowly beating the 21-month offer Barclaycard brought out last Friday.

However, Barclaycard quickly matched Halifax and extended this to 22 months with its Barclaycard Platinum card.

As an extra sweetener, if you apply directly through the Barclaycard site you will get a £20 refund.

Although both cards offer the same time frame for the 0% balance transfer, the deal from Halifax comes with a hefty fee of 3.5%, while Barclaycard has managed to keep fees at 2.9%.

Meanwhile, Barclaycard has withdrawn its 24-month 0% balance transfer period card, which saw 30,000 applications since launch, the equivalent of one every minute — and replaced it with the shorter deal.

[Useful: Compare 0% balance transfer cards]

Other deals

Just behind Barclaycard and Halifax is Virgin, with its 19-month 0% balance transfer period and 2.49% fee.

The length of time 0% balance transfer periods last has doubled in the past five years, according to Defaqto, but these deals are usually restricted to new customers.

David Black, spokesperson for Defaqto, says: "The credit card market abounds with some very attractive offers but it remains the case that the best deals are aimed at new customers. Therefore, those with good credit ratings have a real incentive to change their credit card on a regular basis and should ensure that they choose a card that matches their likely usage."

Balance transfers explained

Q: What is a balance transfer?

A: A balance transfer means you effectively switch the debt from a card with a high interest rate to a card with a 0% balance transfer and while the balance transfer period exists you won't be paying any interest on the debt.

Q: How do I qualify for one?

A: The best deals are for new customers and especially those with a good credit rating. Many card providers will automatically reject you if you already have one of its products, or if you have done in the past 12 to 18 months.

Q: What are the costs involved?

A: You will have to pay a fee of about 3% and some providers have a minimum amount you must transfer. When choosing a card, first work out if the balance transfer fee is worth paying in relation to the amount of debt you have.

Q: What should I watch out for?

A: When the introductory period ends you may be hit with higher than average interest rates. At this point, it may be worth moving the debt over to another card with a balance transfer period (if you are eligible) or if you've cleared the debt changing to another card altogether with a lower interest rate.

Is it cheaper to eat junk?

2011-08-27T10:58:00.000-07:00

£1 for a frozen pizza, oven chips for £1.25, 15 garlic slices for £1.35… These prices at a well-known frozen food retailer explain why lots of Britons think junk food is cheaper than healthy options.

As students get ready to go back to uni, I've had an undergraduate cousin to stay and he's been eloquently defending the number of pizzas he eats.

"There are four of us in my student flat and none of us spend more than £10 on main meals every week. On top of that, we're always full and our meals all taste good," he explained.

"Face it; it's just cheaper to eat crap."

The cheaper, healthier challenge

What if I could suggest meals that cost the same but were healthier and more varied, I asked. He looked unconvinced.

"It has to be cheap," he said, "but it also has to be easy to cook and taste good too. I know it sounds a bit lame, but I'm really busy. I don't want to waste hours in the kitchen every night soaking lentils and mashing potatoes."

What about a big batch of lasagne or soup and then freezing portions? Apparently communal freezers make that a bit of a nightmare.

So I asked him to tell me his typical menu for three nights. My challenge was to match it with easy, healthy alternatives that take no more time to prepare and cost less.

Three nights of low-cost junk

Night one: Four cheese pizza - £2

Night two: Frozen Chicken Tikka Masala - £1.50

Night three: Cheesy Beans & Sausage - £1

Yes, you read that right. You can apparently buy a frozen dish of cheese, beans, sausages and potatoes, all mixed up together, ready for the microwave. I didn't eat particularly well when I was a student, but this is convenience food gone bad.

Three alternative suppers

If my cousin agreed to eat with his flatmates each evening, then they could all spend the same amount but have a more varied diet.

To serve four people the above meals for three nights would cost £18, so what alternatives can I suggest with that budget?

Night one: Vegetable stir-fry and noodles - 96p a head

We had this one for supper while he visited. My regular supermarket has a very student friendly offer of three stir-fry items for £2.50. We picked up fresh noodles, a bag of vegetables and a bag of spring greens, then spent £1.36 on a jar of black bean sauce.

Total cost £3.86 and just six minutes to cook — that's even less than the pizza would take.

The 96p stir-fry

Night two: Chilli, prawn and broccoli spaghetti - £1.63 a head

As easy to assemble as the stir-fry, this is a two-pan dish. The spaghetti can be prepared using one saucepan and a wok. Boil the spaghetti, steaming the broccoli above it. Then everything can be stir-fried together in the wok and it's done.

A 500g pack of dried spaghetti is just 41p, 2 broccoli heads for £1.50, 300g of cooked and peeled prawns for £2.14. Season with chili flakes for £2.49 (which they won't use up on one dish). So, £6.54 in total, that's £1.63 a head.

Night three: Sausage omelette - £1.73 a head

Apparently cheesy beans and sausage is very tasty and perfect revision food, so I thought he needed something similar. A sausage omelette allows the flatmates to buy their ingredients together but cook at different times if they need to, and it's really simple to prepare.

His nearest supermarket sells a box of 12 large, free-range eggs for £2.88, making each flatmate a three-egg omelette each. It also sells 12 high welfare Cumberland sausages for £2. Add a couple of onions (21p each) and three peppers (£1.65) and the total cost is £6.95, that's £1.73 a head.

In total, that's cost £17.35, less than the junk food menu.

That's an average cost per person per meal of £1.44. What's more, the meals were tasty, easy and the person cooking them is able to regulate the salt, sugar and other ingredients.

Cheap and easy

So it's not impossible to eat reasonably healthily for the same price as the ready meals my cousin's been surviving on as he studies.

However, in order to afford easy, healthier meals that come in at the right price, he'll need to persuade his flatmates to eat with him.

This will let them share the cooking and, if each student is only cooking twice a week at the most, they might be willing to spend time preparing more advanced meals. It might even get competitive.

While many people sing the praises of proper, home-cooked food made from scratch, it's undeniable that a large section of society is unable or unwilling to spend the time needed.

But there are healthier options that are as cheap and quick as a frozen pizza, as one flat full of teenagers hopefully now knows.

If you have a money-saving scheme you'd like to see tried out then let us know in the comment box below.

The 2 top 0% balance transfer credit cards


	Halifax Balance Transfer Credit Card Mastercard	Barclaycard Extended Balance Transfer Visa
Introductory Balance Transfer Period	0% for 22 months	0% for 22 months
Balance Transfer Fee	3.50% (min £3.00)	2.90% (min £7.25)
APR	17.9%	17.5%
Representative Example	Based on a credit limit of £1,200 charged at 17.9% variable per annum for purchases. Representative 17.9% APR variable.	Based on a credit limit of £1,200 charged at 17.5% variable per annum for purchases. Representative 17.5% APR variable.

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Help! My work history isn't UK-based

2011-08-27T10:54:00.000-07:00

Help! My work history isn't UK-based

I can't get a job because my work history is from outside the UK

I have been in London now for one year. I was lucky enough to obtain a part-time job when I arrived that allowed me the opportunity to get settled.

That has now finished and I have been looking for a job in the industry that I have succeeded in for over 15 years. I have held many levels of position, run successful departments and I am a loyal, committed, hard worker.

I am a dedicated, organised multi-tasker, have a degree, speak languages, and have great technical skills – you name it, I have the experience.

My problem is no one wants to hire me because I have never worked in the UK. I have worked with two recruitment agencies (a joke because of their level of service and lack of support) and every time I find a job on their site they say I'm not qualified simply because I have never worked here.

Everyone I know tells me not to get desperate, that I am good at what I do and times are tough, but it is getting very trying when I can't even get the individuals who are qualified and connected to assist me. How am I ever going to gain UK experience if no one is prepared to provide an opportunity? I am willing to take an entry role at lower pay as I know I need to start at the beginning again and I am not afraid to do so, but I have not even been considered for that either. Every day I apply for three to six jobs online. I am frustrated at where I am at.

Pete says:

I wish I knew two things: the nature of the industry in which you've clocked up 15 years of successful experience; and which country you were in while you were doing so. On the face of it, it does seem very odd that no potential employer in the UK seems to think your previous experience and qualifications count for anything in this country.

Are conditions so different? Does this objection make any sort of sense to you? If not, have you tried to counter it upfront in your many applications?

There's always the possibility, of course, that employers are using your lack of local experience as a convenient and seemingly objective reason for turning you down when their real reasons may be altogether different.

More positively (and improbable as it may seem to you) I suggest you try to turn this apparent obstacle into a small but potentially important advantage. Somewhere in your favoured industry I assume there must be at least one British-based company that has some dealings with the country you previously worked in. Meticulous research should enable you to identify it – or, possibly, even them. Don't wait for any such opening to show up on a recruitment agency site; you need to take the initiative yourself – as you've already done with some relative success.

Put yourself in the shoes of such a company and present your background as a positive attraction. Show how your knowledge of this other market could be of particular value to them. With any luck, you'll find that a few thoughtful and well-targeted applications prove more successful than your blanket approach.

Readers say:

• I have always gained employment by approaching the companies that I would like to work for. On three occasions roles have actually been created for me when none were advertised. Employers like to see a proactive approach. Skip the employment agencies. MrsDaisyP

• Use your unique cultural perspective to market yourself. Whatever country you come from, there will be someone who wants to know how to do business in that country. Try trade associations, chambers of commerce and see if you can't sell your services as a consultant. Don't work for nothing though. You have too much going for you, and that also sets the tone and makes employers expect other people to do it. horizon10

• So much of getting a job, regardless of qualifications, is not what but who you know. Make sure everyone you know knows you're looking for work and ask them to keep an ear out for anything that might suit you. I'm also not originally from the UK, and the best jobs I've got have been through the "hometown mafia" – people who've also moved here to work and who knew me and were happy to recommend me. Personal recommendation goes a long way, especially when the market's tight, and a lot of companies pay staff who do recommend someone and they pass probation, so it's a win-win … tarnarama

How can I find a new career without the tension of interviews?

I am 54 and currently unemployed. Over the last three years I have left two jobs due to bullying and had spells of unemployment in between. One job lasted four months and another in the civil service lasted 18 months. I had spent the last six months in the latter job desperately searching for another and then events took a turn for the worse and I resigned as life had become impossible. Prior to the last three years I had an unbroken employment record stretching back 20 years, encompassing team-leading and office management.

As you can imagine, I am feeling demoralised with what seems to be constant job hunting and frustration. I didn't pursue the bullying in either case as I was just so glad to get out. I have had interviews but I get very tense about them and feel I don't perform well. On the plus side I do voluntary work to keep busy and acquire new skills (minute-taking, PR, book reviews) and I have finally learned to touch type. I have also taken up wildlife photography and am busily upgrading my IT skills.

I've always done admin work and have key transferable skills to offer any employer but am apprehensive about encountering another repressive regime. There's also the after-effects of the bullying.

Pete says:

By the sound of it, all your 20-year work experience was with big organisations. My very strong instinct is that you should now be thinking of becoming a valued part of something very much smaller. You're obviously an intelligent and enterprising person, with multiple skills and interests. At 54, I doubt if you're looking for a great new Career with a capital C. The sort of job that would suit you best may not even be advertised anywhere.

Many small- and medium-sized businesses would find what you can offer extremely attractive: and the chances are, you'll only find out about them through personal contacts. The job may even not have a precise name. (In many such firms, they say: "Oh, Molly looks after all that.") If you involve all your friends and acquaintances, and all the people you meet doing your voluntary work, you may be surprised to find what a potentially wide network of contacts you have at your disposal. And at the end of such a search, no intimidating interviews, no repressive regimes, no hierarchies: just an opportunity to be useful and appreciated and to find your confidence again.

Readers say:

• Have you thought about temping? I quit my last job rather suddenly, and without anything to go to, but I chased a job I saw on a website which was advertised through an agency and I have been there for several months on a rolling contract, which looks like it will continue for some time yet.

My confidence was pretty low when I resigned and I was very apprehensive about working anywhere else but like you I had an unblemished work record and a fair few admin skills. I now work for a very good company and have got to know some lovely new colleagues and the job is well within my scope. I'm much happier and feel more confident now. Don't let the bullies win – good luck! besidethesea

• I think you've been pretty brave leaving jobs, even if the bullying has knocked your confidence. Keep that in mind: a lot of people stick at a job and put up with the crap because it offers security, but it's a hell of a price to pay. Again, ask people you know if they can keep an eye out for potential jobs for you. If you have 20 years' experience, then surely there are ex-colleagues who've moved on elsewhere and would recommend you? tarnarama

• I have been in this situation and would recommend counselling. It wasn't until 18 months after I had left that I realised it had affected me more than I had realised.

I was becoming scared of getting back to work [and] I signed up for some counselling with a local voluntary organisation provider. The counsellor I worked with was trained in transactional analysis – she was great, we really focused on what the issue was … which helped me get my confidence back. And taught me how to handle some situations in a different way in the future. I only attended for seven weeks – I felt that was enough – and it definitely helped. runningwild

• Don't mention your history of being bullied when you go for interviews. The old expression "no smoke without fire" could be applied here – and there will be many who will assume the problem is with you. So don't let them. ExBrightonBelle

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Battle of the 22 month 0% balance transfer cards!

2011-08-23T09:27:00.000-07:00

Category: Credit cards
Date: 23/08/2011

It's difficult to keep up with everything that's happening in the 0% balance transfer market. Competition is fierce!

Recently Barclaycard released the longest ever 0% balance transfer card – for 24 months. It was an aggressive move and although no-one's offering 0% for 24 months at the moment, there are two cards offering 0% for 22 months.

Twenty-two months, to put it another way, is the second longest 0% balance transfer deal ever offered.

The 2 top 0% balance transfer credit cards


	Halifax Balance Transfer Credit Card Mastercard	Barclaycard Extended Balance Transfer Visa
Introductory Balance Transfer Period	0% for 22 months	0% for 22 months
Balance Transfer Fee	3.50% (min £3.00)	2.90% (min £7.25)
APR	17.9%	17.5%
Representative Example	Based on a credit limit of £1,200 charged at 17.9% variable per annum for purchases. Representative 17.9% APR variable.	Based on a credit limit of £1,200 charged at 17.5% variable per annum for purchases. Representative 17.5% APR variable.

Halifax and Barclaycard are battling it out to be the top card. Although neither would win a catchy name competition, Barclaycard just has the edge over Halifax. That's because:

Barclaycard offers a lower balance transfer fee
Barclaycard offers a lower Representative APR
Halifax is limiting its balance transfer deal to balance transfers of up to £3,000, while Barclaycard imposes no limit (other than the credit limit it offers you)

Although the Halifax Balance Transfer Credit Card is a little more expensive to transfer a balance to, it might be suitable for you if you need to transfer credit card balances away from Barclaycard. This is because you can't transfer balances you already have with a particular credit card provider, to a new promotional rate with that same provider.

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One week left for longest 0% Card

2011-08-08T02:33:00.000-07:00

One week left to get 24-month interest-free credit card

If you want to get your hands on the best balance transfer card ever, you re running out of time.

The credit card offering the longest ever 0% period on balance transfers is set to be withdrawn on Friday 12 August.

The Barclaycard Platinum - which only launched last month - sits clearly ahead of the competition in the balance transfer card market, offering an unbelievable 24 months of 0% interest on any debt transferred onto the card. It even has a very competitive transfer fee of 2.8% of the balance transferred.

No other balance transfer card has ever offered such a mammoth interest-free period, so it should be no surprise that Barclaycard has received sufficient applications that they are set to withdraw the card much earlier than usual.

[Useful: More on the Barclaycard Platinum 24-month 0% deal]

Making use of a balance transfer card

Balance transfer cards are designed to help you pay off debt which you have accrued on an existing credit card.

The cards offer a set period where you will not be charged any interest on the debt you move onto the card, allowing you to pay off that debt in manageable chunks, safe in the knowledge that every penny of your repayments is going towards the debt, rather than added interest charges.

However, you will be charged a percentage of the debt as a transfer fee when you move the debt onto the balance transfer card. So obviously, the larger the debt you transfer, the more expensive the fee will be.

Clearly, if you want to take advantage of the amazing Barclaycard offer, you'll need to get a move on and apply today.

However, the good news is that even if you don't manage to get the Platinum, there are still plenty of excellent balance transfer cards to choose from.

The best of the rest

Below are the top 3 balance transfer cards once you look beyond the Barclaycard:

Halifax balance transfer MasterCard
Royal Bank of Scotland
Capital One

Bearing in mind that last November 16 month offers were the best you can find, it's clear that borrowers currently have an amazing range of deals to choose from.

Let's say you have £2,000 of debt to clear. With the Halifax card, and with the fee added on top, you'll only need to pay £103 a month in order to clear the debt before you'll start having to pay interest. Indeed, even with the Creation card, your monthly repayments will work out at just £121.06 a month!

[Useful: Check out the top 0% balance transfer credit cards]

If you need a little longer

But what if your debt is more significant? Or if £120 every single month is a bit beyond your budget?

Borrowers in this position have a couple of options. They can simply go with one of the cards above, and pay off as much as they can within the 0% interest period, before then moving the remaining debt onto another balance transfer card.

This involves a fair bit of hassle, as you have to shell out on a balance transfer fee more than once, and have to spend time shopping around and applying for the second card.

You also have to be aware of which cards will even accept your transfer — you can't move debt between cards offered by separate brands of a single provider. So for example, you can't move debt from a NatWest card to an RBS one, or from a Virgin card to an MDNA one.

A better, and far simpler, option may be to make use of a low APR card. As the name suggests, you will have to pay interest on the debt you move on to the card, however, that rate of interest is far smaller than what you will pay on a normal balance transfer card after the 0% period finishes.

A great example of a low APR card is the Barclaycard Simplicity, which charges just 7.9% APR on your debt. What's more, there is no transfer fee to pay. You can secure an even lower rate with the MBNA Rate for Life — just 5.9% for the life of the balance transfer. However, you will have to shell out a 2% fee.

More from Fasano.co.uk.

The top ten 0% credit card deals

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Beat Holiday Card FEES

2011-07-31T00:00:00.000-07:00

The holiday card rip-off

With Britons forking out a massive £391 million a year in fees to withdraw cash abroad, we look at the best cards to help you avoid getting ripped off during your holiday.

Brought to you by http://www.fininvest.co.uk/ - Ask the Experts!

British holidaymakers withdrew £14.2 billion on debit and credit cards while abroad last year — forking out £391 million in fees for the privilege, according to Sainsbury's Finance. On an individual level, these debit and credit card charges equate to £41 a year.

Furthermore, you could also be stung with a heavy fee if you use your credit card to make purchases on holiday as most lenders will load a fee of between 2.5% of 3%.

So what are your options if you want to avoid getting ripped off this year?

Top pick with Halifax

By waiving fees on both spending and cash withdrawals abroad, the Halifax Clarity Credit Card is one of the most competitive travel card options on the market at present.

What's more, this card becomes even more attractive if you have a Halifax Reward Current Account and pay in at least £1,000 a month. In this case, you will be paid £5 every month you spend more than £300 on your credit card.

Although you should always aim to clear a credit balance in full each month, the card carries a relatively low 12.9% APR if this is not possible.

No commission on purchases

If you would like a credit card primarily for spending on holiday, the Post Office Credit Card charges 0% commission on purchases.

However, this card is not such an attractive option if you need to withdraw cash with a fee of 2.5% and an eye-watering 24.1% interest rate.

In addition, you could avoid a cash advance fee on your travel money if you use the card to get your currency from the Post Office. However, it would be wise to double check the Post Office actually offers a competitive exchange rate before committing yourself to anything.

If you're going on holiday soon

With the Nationwide Credit Card (15.9% APR Representative) you could benefit from unlimited commission-free purchases abroad until 31 July.

Although there may be little point applying for this offer at this point in time, existing customers going abroad in the very near future should remember to use their Nationwide card.

Once the offer has expired, the card becomes a little more complicated as the value of your commission-free purchases abroad is determined by how much you spend in the UK (this is calculated at a ratio of five-to-one).

Imagine you spent £1,000 on the card in the UK, you would be entitled to £200 worth of commission-free purchases for your next trip.

Although this card comes with a 17-month balance transfer period, borrowers with a significant credit card debt may not wish to spend on their card, which would perversely prevent you for 'earning' the commission-free spending.

[Useful: Apply for a top travel card]

Travel insurance and no commission… with a catch

In addition to fee-free cash withdrawals and purchases, the Sainsbury's Gold Credit Card offers worldwide family travel insurance and does not charge you to withdraw money or make a purchase abroad. However, you will need to pay a £5 monthly fee which equates to £60 a year.

If you have a large family and travel extensively, the insurance package has a great deal to offer — providing worldwide cover for two adults under 65 and up to six children.

Despite the numerous plus points, it would be prudent to ensure you would use all the benefits before committing yourself to the monthly fee.

Avoid a debit card disaster

Like credit cards, many debit cards also impose rip-off fees and charges for overseas usage. In fact, research from Defaqto has found the average debit card will charge a fee of £3.06 for £100 of spending abroad and £3.96 on £100 of cash withdrawals.

If you want to escape debit card fees, Norwich & Peterborough Building Society's Gold Current Account offers free usage abroad. Alternatively, existing Santander customers with the Zero Account will not pay any fees on foreign spending or purchases.

If you don't want a new debit or credit card

If you don't want to switch your bank or credit card provider, you could consider a prepaid credit card that will only allow you to spend the amount you have already paid onto the card.

Unlike conventional credit cards, prepaid products do not require you to have your credit checked which could make them suitable for those with a less-than-perfect financial history.

Remember it would be wise to shop around for the best prepaid card and Sainsbury's research found that two thirds of these cards impose a charge if you want to withdraw your money abroad. At present, FairFX and Caxton FX provide market-leading prepaid cards for use overseas.

[Useful: Compare deals on travel-friendly credit cards]

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Store cards 'more risky than credit cards', consumers warned

2011-07-29T23:59:00.000-07:00

Many UK consumers are still getting themselves into bade debt through failing to treat borrowing on store cards sufficiently seriously, it has been claimed.

Just this month, the insolvency trade body R3 reported that two in three insolvency practitioners across the UK have had to help out people who have signed up for store credit cards without having any real understanding of the terms and conditions of such products.

And, according to the Consumer Credit Counselling Service (CCCS), many people don't even treat store cards as 'real money', meaning that they often fall into adverse debt conditions in the long-run.

Tom Howard, a spokesman for the CCCS said: "Store cards are a very real form of debt and, when mismanaged, can get you into as much as, if not more trouble as credit from high street lenders.

"Consumers need to be aware of what they are committing themselves to."

In particular, consumers need to weigh up any potential benefits with the possible risks they face should they default on repayments, he added.

The latest figures published by Credit Action reveal that total UK personal debt stood at £1,460 billion at the end of 2009.

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Repossession Risk: 'Hotspots' List Revealed

2011-07-26T23:59:00.000-07:00

Some 65 "repossession hotspots" have been identified by housing charity Shelter as unemployment levels rise and more homeowners find themselves in negative equity.

Corby in the East Midlands was found to have the highest rate of at-risk homeowners with some 7.56 per 1,000 - nine times higher than the lowest rate in West Dorset of 0.83.

The Northamptonshire town has the highest proportion of homeowners who have been issued with a possession order for their home over the last 12 months, according to the research.

It is closely followed by Barking and Dagenham and Newham in London; Knowsley, Merseyside and Thurrock, Essex.

A possession order is an advanced stage of the repossession process which means a homeowner is at serious risk of losing their home.

The study by the housing and homelessness charity identified 65 of 324 local authorities as repossession hotspots.

Shelter warns that the figures reflect a need for homeowners across the country to prepare for higher mortgage repayments when interest rates rise as expected later this year.

A recent report by the Financial Services Authority said banks are masking the true scale of the threat, with experts predicting repossessions will hit 45,000 next year.

The findings of the charity's report correspond with these areas having higher and increasing rates of unemployment.

The average rate of unemployment in the local authorities with the highest rates stood at 9.6%, compared to 5.3% in those with the least.

And unemployment has risen, on average, by 3.3% over the last three years in the most at risk areas, compared to a 1.4% increase in the lowest, Shelter said.

The study also identified clusters of local authorities - Tyneside, Kent coastal towns (Thurrock, Medway, Swale) and The Wash (South Holland, Fenland, Peterborough) - among those in the highest risk group.

It also highlighted a red "ribbon" of repossessions across northern England from the Mersey in the west to the Humber estuary in the east.

The results are based on analysis of the latest Ministry of Justice figures on the rates of claims leading to possession orders per 1,000 households for each local authority, published in May 2011.

Campbell Robb, chief executive of Shelter, said: "This research paints a frightening picture of repossession hotspots across the country where homeowners are literally on the brink of losing the roof over their head.

"We know only too well that the combined pressures of high inflation, increased living costs and stagnant wages are really taking a toll on people.

"All it takes is one thing like job loss to tip people over the edge and into the spiral of debt and repossession and ultimately homelessness."

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Why a few white lies could cost you a fortune

2011-07-24T23:59:00.000-07:00

Many of us are tempted to bend the truth a little in order to secure cheaper insurance premiums. But it's a dangerous - and potentially expensive - game to play.

Ever wondered what would happen if you told a few white lies when you applied for car insurance? After all, does it really matter who the main driver is? And does that speeding conviction from a few years back really make any difference?

You’re a good driver so surely a few little fibs to save yourself a few quid is ok in the grand scheme of things?

The truth is it does matter, to insurance companies at least. If you lie on your application for insurance you could find your policy is invalid when it comes to making a claim. In the worst case scenarios you could be prosecuted for fraud or blacklisted by insurance companies.

Fronting

The most tempting method to get cheaper car insurance is for a parent to insure a vehicle in their name as the main driver, with their son or daughter down as an occasional driver, when in fact the child is the main user. This little trick is commonly known as “fronting”.
A survey by the Association of British Insurers earlier this year found that more than half of motorists surveyed said they would not rule out doing this, despite the fact that it is fraud, could invalidate their insurance and lead to a criminal conviction.

Families tempted to “front” should be aware that insurance companies are clamping down on fronting – and have various ways of catching you out. So you’ve been warned…
For more on fronting, check out This lie could cost you thousands.

A dodgy past

Lying about your past is tempting when it comes to car insurance. Previous claims and driving offences will bump up your premium.

In some cases omitting to mention past claims will be detected when you take out the policy. If they’re not, chances are you will be found out if you have to claim again.

Insurers now have very sophisticated software, introduced to combat organised fraud, which analyses claims for patterns. All the insurance companies share the claims data so you’re likely to be caught if you lie or omit the truth about your driving history.

The same goes for motoring convictions. In some cases minor convictions won’t make a massive difference to your premium anyway so it’s best to own up.

Other lies

Lying about your address is another common fib drivers tell their insurers. It’s commonly used by young people living in high-risk inner city area but insuring their car at their parents’ address, normally a nice safe village in the country.

But if you have an accident miles away from where you say you live, claims investigators will probably look into where you - and your car – spend most of your time.

The same goes for where you park your car at night. The safest options from an insurance point of view are a garage or driveway, as opposed to on a public road. However you’ll be quickly exposed by your insurance company if you claim to park overnight in a garage - but it turns out you don’t have one.

Will you get found out?

In many cases if you lie to your insurer and don’t ever have to make a claim then you might never get found out. But is it worth the risk?

Insurers, the police, the DVLA and other bodies in the car insurance industry are increasingly sharing data in order to clamp down on those committing insurance fraud.

And don’t assume that once your application for insurance has been accepted, and you’ve been sent the policy, you’re in the clear.

Generally if you need to make a claim the insurer will do further checks. If it finds out you lied on your application form then it’s perfectly within its rights to reject your claim and cancel your policy.

As well as affecting any money you’d receive towards repairs or medical treatment, this could mean any other driver you injure or whose car you damage will pursue you through other channels to get compensation.

Serious consequences

Depending on the severity of the lie, the insurance company could prosecute you for fraud – which could land you with a prison sentence in the most extreme cases.

Once you’ve been convicted for fraud you’re likely to find you’re blacklisted by pretty much all major insurers in the future. You’ll either find it impossible to get cover or pay well over the odds for it.

Insurance fraud isn’t a victimless crime either; it costs every honest driver more money. The Insurance Fraud Bureau estimates that undetected general insurance claims fraud costs £1.9bn a year, with £350 million coming from fraudulent car insurance claims.This adds an average of £44 to the average customer’s insurance bill.

So, think again. Is that white lie you tell your insurer really as harmless as you think?

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Capital One to buy ING's online banking unit

2011-07-21T23:59:00.000-07:00

Capital One said Thursday it would buy ING Direct, the online banking unit of ING, in a $9 billion deal that would transform it into the fifth-largest US bank in terms of deposits.

"Capital One will acquire ING Direct from ING Groep (Amsterdam: INGA.AS - news) in a stock and cash transaction valued at $9.0 billion," the US bank said in a statement announcing its deal with Amsterdam-based ING.

"Upon closing, Capital One will become the fifth largest depository institution and the leading direct bank in the United States."

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Just Launched! New Orange CASH Mastercard

2011-07-20T23:59:00.000-07:00

what is it?

In a nutshell, the Orange Cash prepaid MasterCard® is a card that can be loaded with cash and used just like a credit or debit card, online and in the shops. It’s just like having cash in your pocket but better, with rewards as you spend and added peace of mind.

a prepaid card that’s designed for you

Shopping online has never been easier. You’ll get all the benefits of having a card with Orange Cash. So now you can shop ‘til you drop online and on the high street without having to carry a wallet full of cash. Just like that. Easy.

peace of mind in your pocket

You might not need a credit card, or you might already have one but want something a bit more convenient that puts you, and nobody else, in control of your money. The great thing about Orange Cash is you can only spend the money you’ve put on the card, so there’s less chance of spending more than you bargained for when you’re out and about.

a card for everyone

You don’t need a bank account to get an Orange Cash card, so you can keep your day-to-day spending money and your bank account separate.

You don’t even need to be an Orange customer to apply for Orange Cash.

War of the supermarket banks

2011-07-19T23:59:00.000-07:00

As Britons become more and more disillusioned with the big banks, supermarkets and high street retailers are increasing their selections of money products – but which is best?

Can you get a good deal on your finances at the same place you do your grocery shop? To find out, we've rated four supermarket banks to see how they fare.

0% credit card deals

Tesco: When it comes to 0% credit cards, Tesco has one of the top deals with the Clubcard Credit Card which offers 15 months on new purchases and nine months on balance transfers.

Furthermore, card holders can earn one Clubcard reward point for every four pounds spent on the card — even outside the supermarket.

Sainsbury's: If you want a card that carries 0% deals on both balance transfers and new spending, Sainsbury's offers 12 months on each which allows you to avoid interest on both new credit card spending and existing debt. Thereafter, the APR Representative is 16.9% or 15.9% for those with a Nectar Card.

Marks & Spencer: If you're looking for a card with a 0% period on new spending, M&S offers 15 months interest free — vying with Tesco for top spot on the best-buy tables.

While M&S does not offer a balance transfer period, the Tesco card comes with nine months interest free. However, M&S does offer a lower representative APR — 15.9% versus 16.9%.

The Co-operative: Although ethical bank Co-op does not offer conventional 0% deals, its Platinum Fixed Rate credit card charges 9.9% APR representative for five years. Long-term low rate cards could suit borrowers who do not believe they could pay off a debt within an introductory 0% period.

WINNER: Despite strong propositions from Sainsbury's and M&S, we would award to the top spot to Tesco. In fact, the Clubcard Credit Card is one of our favourite deals currently on the market.

Loans

Tesco: Despite a top credit card offer, the supermarket is not a market-leader for personal loans — offering 7.4% APR Representative on amounts between £7,500 and £14,999 compared with the best rate of 6.7% from Alliance & Leicester.

Sainsbury's: Within the personal loan market, Sainsbury's is one of the major players for amounts between £7,500 and £15,000. At the moment, it is offering 6.8% to those with a Nectar card. Bear in mind, it is relatively easy to obtain a Nectar card if you want to advantage of this deal.

Marks & Spencer: Marks & Spencer also offers competitive personal loan rates — currently 6.9% APR Representative if you borrow between £7,500 and £15,000. Although there are lower rates on the market, anything below 7% is nevertheless competitive.

The Co-operative: If you're looking to borrow between £7,500 and £14,950, the APR Representative is 9.9% which is far higher than any of the other options discussed.

In line with its ethical stance, Co-op promises the money you borrow will not come from profits associated with human rights abuses or unnecessary pollution.

WINNER: In our view, Sainsbury's deserves first place in this category. Despite the stipulation that you need to be a Nectar customer, this is easily overcome if you want to borrow at this competitive rate.

Rewards

Tesco: Tesco Clubcard points are one of the most well-known examples of reward and loyalty schemes.

At present, the store is running its double points promotion allowing you to earn two points for every pound spent. Doing a quick calculation, spending £50 in store or online per week would equal rewards worth £52 a year.

These points can then be redeemed against Tesco shopping or you could potentially triple their value (to £156) with Tesco Rewards. Under this scheme, you get a more favourable return on your points when you exchange them in certain restaurants, theme parks or get discounts on foreign holidays.

Sainsbury's: Like a number of other supermarkets, Sainsbury's shoppers can earn rewards for their shopping in the form of Nectar points.

Spending £50 a week at Sainsbury's (roughly £200 a month) would bag you £22.50 worth of points which could then be redeemed at retailers such as Sainsbury's, Argos and Vue Cinemas.

Marks & Spencer: Those with a credit card from M&S could earn rewards for their spending. If you spend £50 a week at M&S, you could earn £26 of vouchers a year to spend at the store. Furthermore, you earn rewards for shopping at other retailers other than M&S but spending £50 a week would bag you a measly £13 a year.

The Co-operative: Becoming a member of the Co-op entitles you to a share of the business' profits according to how much you spend and how well the company performs.

You can either choose to take your rewards as money or voucher — alternatively you could make a donation to local communities.

WINNER: According to our calculations, Tesco has the highest rewards potential. However, the best option for you probably depends on your spending habits so it might be worth checking out points calculators on the supermarkets' websites when choosing a reward scheme.

Insurance

In addition to banking services, the four retailers also offer a range of insurance products — each including home car and pet.

WINNER: Because your insurance quote will depend on factors specific to you, it is difficult to assign a winner in this category. If you are shopping around for a new policy, it's worth checking a range of quotes to make sure you get the best deal.

FINAL VERDICT

Coming top in both rewards and 0% deals, Tesco takes the crown of best supermarket bank. In addition the retail giant is planning to launch a range of mortgages later this year — the details of which remain to be revealed.

Nevertheless, there are competitive deals from both M&S and Sainsbury's while the Co-op deserves points for its ethical credentials.

Remember, interest returns and returns on rewards schemes vary depending on your circumstances so do your homework before applying for a new financial product from the supermarket or anywhere else for that matter.

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Fininvest's Guide To Stopping Your Phone Being Hacked

2011-07-18T09:21:00.001-07:00

News of the World journalists were able to hack into so many people's voicemail because most phone users have never changed their voicemail password.

Few people are aware that they can listen to their mobile voicemail from a landline - simply by entering a password. And if they haven't changed that, it's likely that it will be 0000 or 1234 - meaning it's easy to guess and get into your voicemail.

So follow these simple guidelines for how you can change your password and make it much harder for anyone to break into your voicemail.

IMPORTANT POINTS
Don't choose an obvious password, like 0000, 1234 or even your birthday. Ideally, you will choose four random digits, completely unrelated to you, so no one will be able to guess it.

It will still be possible to break into your voicemail using a computer to crack the passcode, but this will make it far more secure.

Vodafone

Dial 121 to enter your voicemail, then press 1 for the main menu, 4 for mailbox settings and 2 for security settings. Vodafone do not have a default password and will automatically send a randomly-generated code to your mobile if you access your voicemail from another phone.

Orange

Hold down 1 to access your voicemail. Press 3 for settings, and 3 again to set a new password - you won't be able to access your voicemail from another phone without doing so. It also won't let you select anything too easy to guess - so 2222 or 5678 will not be permitted.

O2

Get to your voicemail by dialling 901. Dial 4 for voicemail settings, then follow the prompts to choose a new pin.

T-Mobile

Hold down 1 to access your voicemail, select 'personal options' from the menu, then select 'To change mailbox features' and follow the prompts. You won't be able to access T-Mobile voicemail from another phone until you have set your own pin.

3

Dial 123 to access your voicemail. Select 4 to change your mail settings, then 2 to manage your login options, then 1 to change your passcode.

Virgin Mobile

On Virgin, the way you change your pin number varies by handset, so hold down 1 to access voicemail, then follow the instructions.

Tesco Mobile

Call 905 to access your voicemail, then press *. Choose option 4 and follow the prompts to change your passcode. As Tesco Mobile services are provided by O2, the default passcode is 8705.

iPhone

Tap on Settings, then choose Phone. Press the wide button near the bottom saying 'Change voicemail password'. Enter your new password, then re-enter it and tap Done.

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Why paying in pennies may land you a fine!

2011-07-17T23:59:00.000-07:00

Whatever you do, don’t hoard your cash and pay your bills like this...

“If you look after the pennies, the dollars will look after themselves”; the words of American industrialist J. Paul Getty and advice we could all occasionally benefit from heeding. Unless your name happens to be Jason West that is.

Yes, this disgruntled Utah man had obviously been listening to Getty’s proverb a little too intently when he stormed into his local clinic to reluctantly pay a $25 medical bill. And unfortunately for West, his pugnacious penny payment landed him in something of a pickle with the police...

‘Do you take cash?’

Mr West had disputed the $25 charge issued by Basin Clinic, Utah as he claimed he had settled it months ago. So when he turned up at the clinic in person and still didn’t manage to get the bill dropped, he lost his rag.

West politely enquired as to whether the clinic took cash, which – unfortunately for this particular receptionist – they did. Presumably delighted with the answer, the disgruntled patient then proceeded to dump 2,500 pennies onto the counter, telling the cashier that he was more than happy to wait around while the change was counted.

The clinic obviously didn’t see the funny side of West’s antics as they quickly called the police to report the penny-pushing patient, claiming that he had been throwing coins at staff. The police confirmed that pennies were strewn about the clinic floor and desk and decided to charge West with ‘disorderly conduct’. If he is found guilty West will face a fine of $140 – or 14,000 pennies.

West had something of a simple reply to the clinic's accusation when questioned by a local paper, “that’s just the nature of pennies... they’re round”, he said.

Penny payment protocols

The clinic confirmed that it would have been happy to accept West’s portly payment, if only he hadn’t transferred it to the teller in such an aggressive fashion. But they would have been well within their rights to reject the 2,500 pennies.

While American law states that US coins or currency (including Federal Reserve notes and national bank notes) are legal tender and hence have to be accepted for payments of debts, dues, charges and taxes, an individual or organisation can still put reasonable conditions on the manner in which they will accept the payment. As long as they do not contravene state law, that is. So in theory the clinic almost certainly could have told West to gather up his pennies and pull out a bill or two.

Internationally, American coinage law is fairly unclear, as most countries set out specific regulations for settling bills in coins. The Eurozone limits coin payments to a maximum of 50 pieces while Canadian law states that payment in 1c (cent) pieces must not exceed 25c. Australia places their 1c limit at 25c and while New Zealand no longer has any 1c or 2c pieces, there is a $5 threshold for payments using 10c, 20c and 50c silver coins.

Here in the UK, the limit for paying in 1p or 2p coins is 20p, while 5p and 10p pieces are legal tender up to £5 and 20p and 50p pieces are acceptable for payments up to £10. Gold sovereigns are also legal tender with a face value of £1. But in reality – due to the high value of gold – they are usually bought and sold as bullion.

In England and Wales £5, £10, £20 and £50 notes are all legal tender for payment up to any amount. However they are not legal tender in Scotland or Northern Ireland.

Legal tender

This discrepancy between paying in notes across the UK arises because of the narrow and largely unknown technical definition of legal tender in the UK. Officially, legal tender law only really affects court cases involving non-payment, as a debtor cannot successfully be sued if payment is offered in legal tender.

This has no impact on ordinary transactions, which can take place in any form – whether notes, coins (legal tender) or even stamps – so long as both parties agree.
As a result, a debtor in Scotland or Northern Ireland could have their payment legally rejected if they offered it to the court in notes rather than coins. Though practically, I can’t imagine this ever happening!

But being turned down at the till with a handful of metal isn’t the only reason why you shouldn’t hoard your savings in coins...

Your cash is eroding

Earlier this week the Office for National Statistics announced that the Consumer Prices Index measure of inflation stayed at 4.5% throughout May. This indicates a continued rise in prices at more than double the target rate of 2% set out by the Bank of England. As a result of these jumping prices the actual spending power of any physical coins or notes you are holding onto is eroding every day. But there is a way to fight back against this erosion.

By stashing your cash away into a savings account, you can earn interest on your nest-egg and offset the impact of rising prices. Here’s a rundown of some of the best deals around at the moment...

Santander

Alternatively, if you get hold of a cash ISA for your savings, you won’t even pay tax on the interest you receive. And why should you, when as we reported earlier this month every £1 you earn at work before lunch goes straight to the taxman?

For a full list of all the top accounts for your cash head over to our savings centre or ISA centre now.

Are you a hoarder?

What do you do with your spare pennies? Are you a hoarder?

Let us know in the comment box below.

More: Compare savings accounts and ISAs What we can learn from the people of Richmond

Why now is a good time for a bond

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The secret reason banks reject you

2011-07-15T23:59:00.000-07:00

Even if you have a perfect credit record, banks will turn you down for credit for this reason....

Up until a couple of years ago, I had no credit rating. I got through university without getting a credit card, my mobile had been in my mother's name (sadly I was still the one stumping up for the bill every month). I was essentially a non-entity, credit wise.

And that's part of the reason I was turned down for my first credit card. I had no credit history or record, so HSBC had no way of judging whether I was an appropriate person to lend to.

However, it has now emerged that it's not just people that have never had credit that are disappearing in the eyes of the credit rating firms — and therefore the lenders. It could be any of us.

Disappearing debts

According to reports, between 40 million and 50 million financial accounts — credit cards, mortgages, loans, current accounts — that are still being used are nowhere to be found on credit reports.

And the reason they are missing from credit reports is simply that they were taken out before the year 2000. This is significant because from 2000 onwards, legislation required lenders and providers to revamp their terms and conditions, to include customer approval for sharing their details with other organisations.

Those approvals were not generally included in customer contracts before the year 2000, and that's why the banks and building societies have been unable to share those details with the credit rating firms.

Say goodbye to getting any credit

This is hugely significant to anyone who took out a credit agreement prior to the turn of the century, for a number of reasons. Firstly, let's say you bought your home in 1999 on a 10-year fixed mortgage. By now you will be safely on the standard variable rate, which in many cases is nice and cheap thanks to record low Bank of England base rate.

However, if you choose to remortgage to a new deal to ensure you take advantage of lower rates, you may come into serious difficulty as the new lender will likely struggle to find any record of your original mortgage on your credit report — and therefore will be unable to ascertain just how good you are at repaying such a sizeable debt.

It doesn't even have to be anything as significant as a mortgage — if you have been with the same current account provider for more than a decade and want to move elsewhere, you may struggle to do so because of this. Credit cards may also be tantalisingly out of reach, despite you effectively meeting all of the provider's criteria.

How to fix your invisible credit records!

The first thing you should do is check your credit report. You can actually get a free trial to see your credit report from the three main providers, Experian, Equifax and Callcredit.

Get on there and see exactly what the banks see each time you apply for credit. If you see any obvious credit history that is missing, most likely because of when you took it out, then it's a good idea to give the lender a call.

They will need your explicit permission before they are able to share the information with the rating firms, so make sure they are completely clear that you want those details shared.

Just how quickly that information appears on your credit record will obviously vary depending on the provider involved.

Once the trial comes to an end, obviously you will then be charged a monthly subscription for the service, so once the necessary changes have been made you may want to cancel the subscription. However, I've been a member of Credit Expert for a couple of years, as I like to keep on top of any changes that crop up from time to time on my record.

Look out for any mistakes

Of course, it's not just missing credit history that you should be keeping an eye out for when you check your record — chances are there may be an error or two in there as well which will be undermining your chances of getting credit.

One factor that regularly causes borrowers to come a cropper is the electoral roll. One of the first things bank check when you apply for credit is your registered address on the electoral roll, so make sure that information is correct.

Other things to look out for are accounts or cards that have now been closed, as well as linking you to other people (former partners for example) which will have an impact on your rating.

Finally, if there is something in your credit report which you think doesn't accurately reflect your position — perhaps there is an explanation for a missed payment for example — then you have the option of adding a Notice of Correction, of up to 200 words, to state your case.

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Public sector pension age to rise to 66

2011-07-12T23:59:00.000-07:00

The Government has confirmed it is to adopt a number of Hutton’s pension suggestions. And the unions aren’t happy.

Danny Alexander, the chief secretary to the Treasury, has confirmed that the retirement age for public sector workers will increase to 66.

This is in line with the planned increase in the state retirement age, and is just one of a number of the recommendations made by Lord Hutton earlier this year which the Government will be adopting.

Working longer, for worse pensions!

Lord Hutton, a former pensions minister under the Labour Government, published his report back in March, which contained a number of controversial suggestions to help alleviate the current pensions crisis which the Government faces.

Here were the main suggestions Hutton came up with:

Existing final salary schemes should be replaced by new schemes where the pension entitlement is linked to career average earnings.

Linking normal pension age in public service pension schemes to the State Pension age.
Members of the ‘uniformed services’ (armed forces, police, firefighters) currently have a normal pension age of less than 60. This should be raised to 60.

Public service pension schemes should have a ‘clear cost ceiling’ – the proportion of pensionable pay that taxpayers will contribute to employees’ pensions.

Introducing more independent oversight and stronger governance of pension schemes.
Overhauling legal framework to make pensions simpler.

And while many industry experts supported those suggestions, unions representing public sector employees were predictably outraged.

Unjustifiable

In a speech inevitably leaked long before it was due to be given, Alexander said it was “unjustifiable” to expect private sector workers to work longer and pay more, so that private sector workers could enjoy an earlier retirement, on decent pensions.

And while you won’t find too many private sector workers who would disagree with that assertion, the timing of the speech is interesting, given negotiations are still ongoing between the Government and the unions. The unions accused Alexander of a ‘breach of trust’ by going public with details before they had been put to the unions.

Let’s take a look at some of those details which Alexander has announced.

A jump from 60 to 66

The headline change will be linking the retirement age of public sector workers to that of private sector workers. Currently, public sector workers get to retire at 60, while private sector workers are set to see their retirement age move to 66 by 2020. So public sector workers should prepare for a pretty hefty jump in the time they will need to work before collecting their pensions.

Another big change will be the increase in contribution levels. I outlined current contribution levels in the Public sector to work longer for worse pensions, but the Government wants to see the average public sector employee hand over around 3.2% extra by 2014.

Of course, exactly how much extra you’ll need to pay will vary depending on your salary. Those at the top end of the scale will need to pay as much as 5% more than they currently do, a significant increase, while those on the most modest wages will be unaffected.

Indeed, around 750,000 employees will not have to pay a penny more than they currently do (those who currently earn £15,000 or less), while a further 500,000 workers will see their additional contributions capped at 1.5% (those earning £18,000 or less).

A question of fairness

That last point is an important one. Whenever discussions of public sector workers and their ‘perks’ come up, there is all too often a focus on those employees at the top end of the scale, enjoying very healthy salaries and pensions to boot.

However, as you can see, there are around 1.25m workers on very modest salaries of less than £18,000 and it would be wrong to assume that the pensions they eventually enjoy will allow them to live a life of luxury in retirement.

A striking change

The next stage will almost certainly be striking action by the members of various public sector unions. For example, the National Union of Teachers has already voted overwhelmingly in favour of industrial action, with a strike scheduled for 30 June. A whopping 92% of members voted to strike.

This will not be the last strike we see. Indeed, with the changes likely to be implemented relatively slowly, there is a decent chance that we will see protracted strike action for years to come.

Get planning!

So whether you are a public sector or private sector worker, it is clear that relying on the state or anyone else to pay for your retirement is an unwise course of action – it’s down to you to follow the example of the Malaysians and take responsibility for your own retirement planning.
Just how much you need to retire in comfort is up for debate, something we looked at in It doesn't cost much to retire well. That said, too many of us miss out on the pension income we should be enjoying – to find out more, check out The £3.2bn pension boost.

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Why now is a good time for a bond

2011-07-10T23:59:00.000-07:00

You can get a decent rate on your savings by locking them up for a year.

If you are looking around for a good place to put your savings, you will know that there are thousands of different options, all with universally poor interest rates. Gone are the heady days of the 7% interest rate, and rates hovering around the 3% mark seem here to stay.

Even if you are likely to get a pretty poor return, it is still worthwhile understanding all the options open to you and scouting around for a respectable deal.

What kind of account is for you?

In the past, when the rates of a fixed rate savings account or bond were significantly higher than their instant access counterparts, it was definitely worth locking your money away and reaping the rewards. But can it still be worth it with today’s lower rates?

Instant Access: A typical instant access account today will give you around a 3% return on your money, as we explained in The best place to put your savings. They offer greater flexibility, allowing you to withdraw and deposit money at will, with no penalties. If you are the kind of person who keeps an active eye on savings and is happy to go through the process of changing an account to get a better rate at the drop of a hat, then this could be the option for you.

Fixed Rate: If you have less time to devote to financial dallying, and just want to put your savings somewhere safe, then you might be better off finding a fixed rate account that suits you.

The longer you are willing to lock money away for, the better the rate. Today, in order to earn anything significantly over the 3% mark, you would have to commit to four or five-year terms.

With Scottish Widow Bank's Five-Year Fixed Term Bond you can get a rate of 4.25%. If you go for a four-year fixed term, such as that offered by the Lloyds TSB eBond, you will earn 3.95%

There is uncertainty about what interest rates will do over the next year or so, but opinion seems to be leaning in favour of rates increasing, and you will be unable to take advantage of these increases if your money is locked away. However, the Monetary Policy Committee of the Bank of England has just confirmed that UK interest rates will remain at the record low of 0.5% for the time being, so these predicted increases are not coming anytime soon.

Compromise with a one-year bond

If you fancy dabbling with a fixed rate account, but don’t want to commit yourself for too long, you might want to think about investing in a one-year bond.

The bond involves locking your money away for a period of one year, during which time your interest earnings will be unaffected by the vagaries of fluctuating base rates of interest. Typical one-year bond rates are over the 3% mark, with the Tesco Bank Fixed Rate Saver offering 3.40% and the Post Office Online Bond Issue 4 offering 3.35%, which are both higher than the top instant access rates at the moment, even if not by much.

The pros

It’s not all plain sailing with the one-year bond, and it’s important to be informed about the good and bad points of any financial product.
Rate of interest is not influenced by the Bank of England base rate. The rate stays fixed until the bond expires.

The safety of your money is guaranteed up to £85,000 under the Financial Services Compensation Scheme.

They are a simple financial product, just pay in and forget about it until the bond is about to expire. If you dislike chopping and changing, and all the paperwork that entails, then this could be for you.

The cons

You have no access to your money for the term of the bond – which could pose a problem if you suddenly need emergency access to your cash.

If interest rates rise significantly then the bond cold become uncompetitive. For example, if you go for the Tesco Bank Fixed Rate Saver 1 year bond, paying a rate of 3.40%, and the official Bank of England base rate was to rise 1% - 2% over the next year, then you could find yourself missing out.

Financial Planning

Despite experts predicting that interest rates will rise, no one can say for sure if and when this will happen, or if any rise will be significant enough to get excited about. If you decide to go for a one-year bond, hedge your bets by using it as part of an overall savings plan. You might like to counteract any risk by putting a maximum of 50% of your savings in a fixed rate bond, and spreading the rest elsewhere.

This gives you flexibility and allows you to relax whatever happens to the base rate!

To help you make up your mind, check out the table below of some of the best one-year bonds in the market today.

Lloyds TSB

NATWEST

RBS

Santander

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Earn £60 a year from an empty current account

2011-07-08T23:59:00.000-07:00

Even if you finish the month with no cash in your bank account, you can still get a great return.

We all want to get a decent return on our cash, whether that's the money we set aside in savings or whether it's the cash we keep in our current accounts. And it's become the case that there are a handful of current accounts which actually offer a better return on your money than dedicated savings accounts, a near-farcical situation.

However, with one brilliant current account, you can get a great return, even if the account is empty for most of the time.

The Halifax Reward current account

My wife and I took out the Halifax Reward current account jointly when we bought our house, to cover the main bills, and it's been a fantastic — and very clever — account.

Despite the fact that the account states that it pays interest of 0%, it actually offers a great return, whether you have money in there or not!

Here's how it works. Each month that you pay in £1,000, you'll benefit from a payment of £5 from Halifax. And you'll get that payment, irrespective of your balance at the end of the month. So long as you pay in £1,000, it doesn't matter if your closing balance is £1,000 or £0, you'll still get the money from Halifax!

In fact, you'll get the money even if you end up overdrawn, though that's not a smart move with this account, as you'll be charged £1 for every day you're overdrawn.

The overdraft scandal

£60 a year for nothing!

So over a year, that works out as £60, even if your current account is empty most of the time, an extraordinary result.

What's more, by having this current account, you'll benefit from more attractive deals on other financial products from Halifax. For example, if you go for the Halifax All in One credit card, ordinarily you would enjoy 10 months of 0% interest on both balance transfers and purchases (hence the All in One name). However, if you have the Reward current account, you'll get an extra two months free from interest on purchases, making it one of the best cards around!

Similarly, if you go for Halifax's marvellous Direct Reward ISA, the tax-free rate of return you'll enjoy on your cash will jump from 2.8% to 3%. You'll also enjoy an extra 0.2% on your savings in the Web Saver Extra account (taking it to 2.70% currently).

And when it comes to mortgages, you'll enjoy a rate 0.2% lower than those available to non-current account holders.

That's a hell of a return, just for paying £1,000 a month into your current account!

Open a new bank account now

Going for an upgrade

In fact, there's even an upgraded version of the Reward account to consider, the Halifax Ultimate Reward Account.

As with the basic Reward account, each month in which you pay in £1,000, you'll receive £5 from Halifax, irrespective of your closing balance.

However, with the Ultimate Reward account you'll also enjoy a fee-free £300 overdraft, worldwide multi-trip travel insurance, AA breakdown cover and accident management, mobile phone insurance, home emergency cover, travel accident cover, identity theft assistance and card protection for all of your debit and credit cards.

As with any packaged current account, there will be a fee to consider, in this case £12.50 a month. So if you reckon you'd benefit from all of those extras, it may work out as the best account for you. However, personally I'm not a big fan of packaged current accounts, and would rather go for the basic Reward account and then sort out whatever insurance I needed separately.

Top cash ISAs this year

How it compares

The top rate of interest currently available from any current account is 5%, which you'll enjoy if you go for the Santander Preferred In-Credit Rate account. However, that rate will only be paid up to a balance of £2,500 (while you'll also have to deal with the customer service levels, which are generally slated by lovemoney.com readers).

After a year you should be looking at about £100 in interest (for basic tax-rate payers, anyway) if you maintain the balance at £2,500 for the full year. That's great if you're in a position to have that much cash in your current account, but with the economy as tough as it is at the moment, many of us are not in such a comfortable position.

If instead you maintain a balance of only around £1,000 over the year, you'll be looking at an after tax return of about £40, falling short of the return from the Halifax Reward Account.

The other current account paying a decent rate of interest is the Lloyds TSB Classic with Vantage which pays 4%. However, that's only payable on sums of between £5,000 and £7,000. So for those of us who don't have a huge stash of cash to keep in our current accounts, it doesn't rival the Halifax Reward account.

In fact, unless you are the sort of person who ends the month with a bank balance in credit to the tune of thousands of pounds, I don't think you can get a better return anywhere else than from the Halifax Reward account.

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It doesn't cost much to retire well

2011-07-05T23:59:00.000-07:00

The pensions industry would have you save so much money that you have a higher income in retirement than your final salary. But that's not necessary!

Scottish Widows is the latest pension provider to tell us how terribly short we are from achieving our retirement goals.

Apparently, we think we need £24,300 per year (in today's prices) in retirement to live comfortably. Scottish Widows does nothing to discourage this belief but, if that is the case, most of us are going to have a very disappointing retirement indeed.

I can tell you now, the vast majority of us won't have anything like that when we retire. Most people in their 50s are now earning £22,000 or less, according to Office of National Statistics data. Yet on average we get around 30% of our final incomes when we retire, reports the Organisation for Economic Co-operation and Development. That's a long way off the 110% we think we need.

Hence, £24,000 is an incredible expectation.

The good news is we're wrong

The good news is that our estimates of what we need to live comfortably in retirement are likely to prove far too pessimistic. Several readers have written to me about how they live happily and comfortably on between £8,000 and £11,000 per year.

That certainly won't apply to most people, but it instantly demonstrates that we don't all need £24,000. Most of us will probably need between £11,000 and £18,000. Yes, some people with high bills or expensive tastes might need much more, but most of us can live, not just sufficiently, but comfortably on far less.

Costs in retirement are considerably lower

The main reason for this is that we can reduce our costs dramatically when we stop working. By the time you retire you have, I hope, paid off your mortgage and debts. That should certainly be your goal. You have also stopped commuting, and finished buying sandwiches and coffee on the way to work every day.

Most of us will at this stage no longer have to support our children in any meaningful way. We will eat more home cooking, and eat less overall. We'll go out drinking and entertaining less. The largest part of our wanderlust might already have been sated in our youth but, if not, we can rent out our homes and go travelling on the proceeds.

Yes, we might buy more tea bags and newspapers, and more time at home with our weakened bladders may mean we flush the toilet more. Also, if we think we'll be particularly healthy and active that may cost extra, yet on the whole we can expect our costs to be far lower than they were in our 30s and 40s. What's more, as the retirement years go by, we'll spend less time on the pistes and more with our feet up and a good book. That helps counter the effects of rising prices on our retirement income.

One big thing to consider is the cost of long-term care. A large minority of us go into care, and it's not cheap. How you choose to go about preparing for the possibility that you will become unable to look after yourself is a personal decision, but one worth researching and thinking about.

Unrealistic expectations

Not only do we think we need £24,000 to retire comfortably, but on average we want to retire at 62, says Scottish Widows. Very few people will manage both of those goals – and most of us won't achieve even one of them.

Anyone retiring at 68 can expect to live another 15 years. 60 years ago, we were lucky to live half as long after our retirement, even though we retired earlier. This means our retirement pot has to stretch out for a much greater time period.

We should therefore set our expectations for working longer. That way, if we manage to retire earlier, we'll be pleasantly surprised. If we don't, at least we can console ourselves that we expected this, and that we might still enjoy many more years with our feet up than our grandparents did.

Read more on this in Watch out if you want to retire at 65.

How much do we need?

And now to the important question: if most of us don't need £24,000 to live comfortably, how much do we need?

Pensioners receive more benefits and pay less taxes, which helps stretch their money further. We might even get the first £7,000 or so of annual income from the state pension (in today's prices), although governments will likely fiddle with that by the time many of us retire.

This is a great start, but we can't rely on the state and will need to save more. Since we are all individual with very different needs and wants, we must do our best to estimate the retirement pot we need ourselves, and then estimate how much we should save to get that pot. I have helped you do this in my guide, which you can find in Good news about your pension.

Finally, don't leave thinking about this until it's too late. £50 invested now for retirement might become £200 in real terms in 30 years. (Plus inflation on top, making the saved amount nominally hundreds of pounds more – although that won't mean you'll be able to buy more.)

If you wait 20 years to save that £50, it may just become, say, £80 ten years later.

Starting early makes a massive difference, even when you're talking small amounts.

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Every £1 you earn before lunch goes to the taxman

2011-07-03T23:59:00.000-07:00

Every penny earned before 1pm goes to HMRC, so it’s vital to ensure your savings avoid the taxman’s clutches.

What have you achieved this morning? According to some new research, all you’ve actually managed to do is meet your tax obligations!

Nothing to show for it

According to some calculations by Fidelity International, your morning’s work is all to the benefit of the taxman. The firm looked at how much of our daily earnings find their way into the taxman’s coffers, using VAT, National Insurance and Income Tax. And remarkably it found that for basic rate taxpayers working 9am to 5pm, every penny they earn before 1pm goes directly to HM Revenue & Customs.

It’s even worse for higher rate taxpayers, who have to labour through until 1.45pm before they see any return on their efforts.

That’s a pretty depressing thought. So it’s understandable that you would want to keep your afternoon’s wages as far away from the taxman as possible. So if you’re saving some (as you really should) then the best place for that cash is an ISA.

Increasing returns

The lovely thing about an ISA is that the interest you earn on your savings is absolutely tax-free. So your money works a lot harder in one of these accounts! What’s more the annual limit of how much you can save in an ISA increased at the start of this new tax year to £10,680, of which a maximum of £5,340 can be saved in a cash ISA.

That means you can enjoy even more cash, tax-free! And what’s more recent weeks have seen a succession of enticing new ISAs launched.

Let’s take a look at the newest deals:

One year ISAs

First up, we have the one-year fixed rate ISA from Santander, paying 2% on sums from £500, and 3% on sums of £8,500 or more. The fact that the rate is fixed will be reassuring for some as it means that you know exactly what return you’ll be getting over the next 12 months.

However, while you can open the account in person or online, you can only manage it by post, which is hardly the most convenient method in 2011.

A better account comes from Norwich & Peterborough Building Society, again offering a fixed rate, this time paying 3.05%.

So how do these accounts compare with the current best one-year ISAs?

FirstSave

NATWEST

ROYAL BANK OF SCOTLAND

As you can see, it is possible to enjoy a rate of a whopping 5% on a one-year ISA. However, there are a lot of hoops to jump through with the Nottingham BS Starter ISA. You can only open it in branch and you won’t be able to make any withdrawals. It’s not really an option for that many of us.

What’s more, the latest ISAs are not exactly breathing down the necks of the market-leading accounts.

What about longer-term ISAs?

Two-year ISAs

Another new ISA from Santander is the two-year deal, paying a fixed rate of 3.70%. Again the account can be opened with a minimum of £500.

Meanwhile, Leeds Building Society has launched its own two-year fixed rate ISA, which also pays 3.70%! The account offers access to 25% of the funds contained within the ISA at any time without notice or penalty.

And as the table below demonstrates, these new accounts are both eye-catching deals over this time period.

Santander
FirstSave

RBS

Natwest

A long term option

ISAs come in far longer term forms as well, and last week saw a new five-year ISA launched by Newcastle Building Society.

The account pays a rate of 4.20%, a big jump on the rates available over shorter terms. Of course the problem with going with such a long- term product is that in a year or two years’ time, that rate may not look anywhere near as attractive, but your cash is trapped in the account.

The inflation equation

The problem, of course, is the high level of inflation the UK is currently experiencing. It's making it much harder for savers to earn a decent return on their cash.

With the Consumer Prices Index measure of inflation back up to 4.5% in April, that means that savers have a tough job finding accounts that offer an inflation-beating return. And with inflation unlikely to fall by any meaningful amount in the immediate future, savers will continue to have to take a ‘damage limitation’ approach, or try to find alternative ways of getting a return on their cash.

More: Compare market-leading savings accounts Get cashback with your current

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Apple planning iPhone 5 and iPhone 4S release date in September?

2011-06-28T12:21:00.001-07:00

Apple planning iPhone 5 and iPhone 4S release date in September?

Apple's new iPhone looks increasingly likely to have a release date in September - but some sources suggest the company might spring a surprise, releasing both an iPhone 5 and an iPhone 4S simultaneously.

Sources have suggested that the brand will begin production on the fifth-generation iPhone – the iPhone5 – in August, ready for a late-September launch.

Morgan Stanley analyst Katy Huberty released the intelligence in a note to clients following business meetings in Taiwan stating: 'Apple's next iPhone will begin production in mid to late August and ramp aggressively' into the autumn.

And Deutsche Bank's Chris Whitmore added fuel to the fire by issuing a note stating that Apple could launch two new products, the high-end iPhone 5 and the mid-range iPhone 4S, in September.

'With Nokia and RIMM struggling, time is right for Apple to aggressively penetrate the mid-range smartphone market,' he added.

Mr Whitmore also described the iPhone 4S as an unlocked smartphone with a pre-paid voice plan which could cost somewhere around the $349 (£218) mark.

Little is known about the iPhone 5, although sources have hinted that it boasts a radical new design which makes it stand out from its predecessors. BGR stated that it will have a very different case design.

But it's not just smartphone launches that Apple may have planned. Ms Huberty also suggested that a TV design is in the pipeline.

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Get cashback with your current account

2011-06-26T23:59:00.000-07:00

RBS and Natwest are now offering cashback with their current accounts...

Banks are so keen to lure in current account customers that there is constantly an ever-changing array of incentives for customers keen to abandon their old account and start anew elsewhere.

At the moment, several banks are offering new customers cold hard cash if they transfer their account. Others are now offering cashback if you use a debit card in a similar way to how some credit card providers offer cashback on purchases.

We look at the best offers out there and whether a cash incentive makes opening certain accounts worthwhile.

Cashback on debit card purchases

Some current accounts have been handing out straightforward cash for switching for some time, but Natwest and Royal Bank of Scotland have decided to go down a different route and have started to offer cashback on debit card purchases instead. To qualify, customers need to switch to either RBS Standard Current Account or Natwest Current Plus.

Every time you use your debit card for the first six months you will receive 2% cashback, up to a maximum of £125 (the cashback will be credited to your account). This adds up to £6,250 worth of spending over six months – easily done if you use your debit card for everything possible.
Be warned, however, that ATM withdrawals and cashback in shops don't count. Nor does cash withdrawals within a branch, gambling transactions or money transfers.

To qualify for the deal, customers need to be new to either RBS or Natwest and pay in at least £1,000 a month which equates to a pre-tax salary of about £14,200.

But are the Natwest or RBS current accounts any good?

They’re not bad if you manage to stay in credit, and of course, earning cashback as you spend is a great bonus to have on your account.

However, if you slip into the red, arranged overdrafts are charged at a hefty 19.9% EAR. Unarranged overdrafts are charged at £6 per day. So if you go overdrawn and continue using your debit card to get the cashback, you’ll find the overdraft charges dwarf the cash you get for using the debit card.

The good thing is both accounts are fee-free so there’s no monthly charge to worry about.
Cash in a lump sum

Of course, as I’ve already mentioned, some providers offer cold hard cash for simply opening their current account.

Santander, for example, has been offering money to switch to its current accounts for a while now. New customers opening its Preferred current account get a £100 sign-up bonus.
But that’s not all. They also get 5% in-credit interest on the first £2,500 for the first year (1% after that), plus a 0% overdraft for the first year. The amount of interest-free overdraft you’ll get depends on your circumstances but Santander pledges to match your existing overdraft up to £5,000.

To get the perks you need to pay in £1,000 a month and switch over all your direct debits and standing orders to your new account.

Santander’s Reward and Premium current accounts offer a £100 bonus for signing up too, but these accounts come with a monthly fee and a package of benefits. So you’ll need to work out whether the perks make the fee worthwhile.

Existing Santander current account customers can also earn £25 by recommending a friend to open a current account with the bank. They’ll need to do so through its online referral process for it to count though. You can find out more in Make £125 from your current account.

Similarly, First Direct also offers new customers a £100 joining bonus if they open a 1st Account. However, you’ll need to pay in £1,500 a month to be eligible; this equals a pre-tax salary of about £23,100. Alternatively, you’ll need to have another First Direct product – such as insurance.

Fail to keep up the minimum monthly deposit and you’ll be hit with a £10 monthly fee - so make sure you pay in the minimum £1,500 each month or the £10 charges will soon wipe out the £100 opening bonus.

1st Account holders get a £250 interest-free overdraft and are charged 15.9% AER after that – not the highest rate around but higher than some so this account is best for those who remain in credit pretty much all the time.

The good news is the 1st Account has won several awards for customer service and in the unlikely event that you don’t like it and decide to leave after a year, it will pay you another £100.

Regular cash each month

The Halifax Reward account doesn’t offer a lump sum to new customers but does pay £5 every month an account holder pays in at least £1,000. So that’s £60 a year. The good news is the period of time you’ll get the £5 a month for is currently indefinite – although Halifax reserves the right to change this at a later date if it chooses to. What’s more, you’ll get this whether you’re in credit or overdrawn.

That said, the overdraft charges on the account are pretty high and will soon wipe out the monthly cash incentive. So you’ll be far better off if you stay in the black.

Find out more about this account in Earn £60 a year from an empty current account.

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Do you know your consumer rights?

2011-06-20T11:42:00.000-07:00

It pays to know your consumer rights before you make a purchase, so you don t accept items you re not happy with or end up with goods you can t return.

As Mary Portas shows in her hit television show 'Mary Queen of Shops', you often have to be tough to get the best service from stores. But you also need to mug up on the law if you want to avoid being ripped off in either the real or the virtual high street.

The rules protecting shoppers differ depending on how you shop, with online buyers offered additional safeguards, mainly because you can't inspect your purchases in advance.

And for consumers taking out a financial product such as a loan or pension, there are cooling-off periods to give them time to ponder the financial implications of their deals.

Espe Fuentes, lawyer for consumer rights organisation Which?, says: "When buying in person you have rights under the Sale of Goods Act to return, reject or have the item repaired if it's not of satisfactory quality. But you don't have a right to return them just because you don't like them.

"Many retailers such as Marks & Spencer or TK Maxx allow a change of mind, but these policies are not part of your statutory rights, they are extra."

This is why you see that curious phrase "this does not affect your statutory rights" at the bottom of a retailer's returns statement - because its policy does not replace the law.

Shops offer these additional benefits as a gesture of goodwill, to keep you coming back.

John Lewis, for example, recently upgraded its policy - previously a 28-day no-quibble return arrangement - to a never-ending refund policy on returned goods so long as they are unused, unworn and accompanied by receipts as proof of purchase.

Be aware, however, that even tolerant retailers may expect you to keep the original packaging, if relevant, and may charge you if they have to replace it.

Fuentes warns: "You need to check each retailer's policy. People come a cropper because they assume they are entitled to return goods with no questions asked.

"I had a recent case when someone bought a sofa but had failed to measure their sitting room correctly, so the sofa didn't fit. The store did not take the sofa back, and legally it doesn't have to, as it's your responsibility to get the measurements right."

According to a Which? survey carried out in late 2010, just 18% of shoppers check returns policies before making a purchase.

Faulty items

Faulty or wrongly described goods are covered by tighter rules, with retailers legally obliged to replace them even if you don't have a receipt - although you may have to produce some proof of purchase.

"In this situation you have a month to return them," says Fuentes. "This can cause problems, as often people buy presents well in advance of a birthday or Christmas so that period has expired by the time they discover the fault. Because of that, you won't necessarily get a refund but might have to make do with repair or replacement.

"Under contract law, consumers have up to six years after purchase to return a faulty product."

The Trading Standards Institute warns consumers against being fobbed off by retailers that direct you to the manufacturer if your product is faulty. It says if goods are not of satisfactory quality or are wrongly described it's the retailer's responsibility to sort out the problem.

Even if the goods come with a manufacturer's guarantee, this is in addition to your consumer rights.

Sales shopping

Goods might be marked down in the sales but you still have the same rights if they prove to be faulty or unfit for purpose. Shops displaying signs saying "no refunds on sale goods" are breaking the law.

Fuentes says: "Often you see something reduced because it has a button missing, but if you get it home and find the seam is ripped you're entitled to take it back."

Watch out for any changes to a store's own returns policy during the sales period - Monsoon normally allows 28 days, for example, but that reduces to seven days for sale items.

Distance shopping

Shoppers buying remotely get extra protection. "The law recognises that if you've bought an item through a catalogue or online you need to ascertain what it really looks like," says Fuentes.

If you buy online, by phone or post, the Distance Selling Regulations 2000 gives you up to seven working days to return them or inform the seller if you're not happy. Both the value of the goods and the postage should be refunded.

The drawback for serial returners, however, is that they have to pay the return postage and packing charges - unless the retailer offers it as part of its own returns policy. Be warned: refunds are not usually allowed on CDs, DVDs and computer games if they are no longer sealed, unless they are faulty.

Holiday purchases

If you have a change of heart and cancel a confirmed holiday booking you're likely to lose your deposit or face a cancellation charge because you're breaking a contract.

You'll only be able to cancel a package trip if the content has changed significantly after booking. Sometimes you can transfer a holiday in the event of a death in the family - but not just because you changed your mind.

To cover yourself against a tour operator going bust make sure it's signed up to either the Air Travel Organisers' Licensing (ATOL) or the Association of British Travel Agents (ABTA), or a similar scheme which protects you against financial loss or being stranded abroad.

Think about taking out holiday insurance too - but check the policy's small print on cancellation and curtailment.

If you pay for your holiday by credit card, and it costs between £100 and £30,000, you may be covered by Section 75 of the Consumer Credit Act and be entitled to a refund should something go wrong, even if you booked individual elements of your holiday yourself rather than a package.

You will need to contact your card issuer. If it rejects your claim, take it up with the Financial Ombudsman Service (FOS).

Buying a motor

When you buy a car from a car dealer or an online trader it must be of 'satisfactory quality', 'fit for purpose' and 'as described'. Failure to comply with these rules means you're entitled to a repair, replacement or refund, as with any other product, according to government-funded advice service Consumer Direct.

If you buy over the phone or through the web, you also have a cooling-off period of seven working days in which to cancel and get your money back.

You have fewer rights if you buy privately, as the car simply has to match the seller's description and be legally theirs to sell.

Phones and broadband

Always scrutinise the terms and conditions before signing up with a home phone, mobile or broadband provider - some may give you a cooling-off period (they must give you seven days if you sign up online or by phone) but others don't, which could land you with a charge if you change your mind.

If you have a broadband service that doesn't work for four weeks continuously, you're entitled to cancel the contract without penalty. If your complaint is unresolved within eight weeks, you can then contact one of two resolution services, Otelo or Cisas, depending on which provider you use.

Financial products

Many financial products allow you to change your mind about buying without penalty, so long as you cancel within a set period. For credit agreements, such as credit cards and personal loans, the cooling-off period is 14 days. For general insurance it's also 14 days, and for life insurance and pensions, 30 days.

If you feel you have been mis-sold a financial product, you need to complain to the company first, and if that fails, seek redress from the FOS.

Mortgage borrowers can get out of a deal any time before completion, but you risk losing money if you've paid a valuation and certain other fees that are not refundable.

Once you have completed, if you want out, you'll have to pay the loan off somehow, such as by switching to another lender, and there may be early redemption penalties and exit fees that would make that option expensive.

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Tesco Clubcard credit card – the best ever card for spending?

2011-05-16T07:26:00.000-07:00

Tesco shakes up the credit card market by increasing its interest-free purchase period to a market-leading 15 months

Tesco used to offer the best card you could find for purchases, then Marks & Spencer increased its 0% period to 15 months. The supermarket giant has now fought back, and its Clubcard Credit Card is now the joint market leader.

Don't pay interest until August 2012

If you want to spread the cost of an expensive purchase, a credit card with 0% purchasing power lets you do this interest free. During the introductory period, these cards waive interest on all new credit card purchases.

Imagine you spent on a card with a 15-month 0% period today, you would not pay any interest until August 2012. Taking out the card could be especially beneficial if you're hit with an unforeseen expense you can't currently afford such as car repairs or essential home improvements.

Despite an identical 0% purchase period, Tesco beats M&S when it comes to the balance transfer period — offering nine months while M&S does not carry a balance transfer period at all.

[Useful: Apply for the Tesco Clubcard Credit Card]

Earn rewards on your spending

In addition to its interest free period, this card can also be used to earn rewards - for every £4 you spend, you receive one Tesco Clubcard point worth a penny. You earn one point a pound if you use the card at a Tesco petrol station.

As well as using your points on discounts at Tesco, you can redeem them against foreign holidays, in restaurants or on days out.

Furthermore, Tesco has recently partnered with energy company E.ON to allow customers to put their points towards paying their energy bill.

Because the credit card acts as a Clubcard, you also earn standard Clubcard points when you shop at Tesco.

The downsides

With a whopping 24.9% interest rate on cash withdrawals and a fee of 3%, it's an expensive mistake to withdraw money on this card.

And when the interest free period expires, you'll be charged 16.9% APR on any balance left on the account. Therefore it's wise to ensure you clear the cost of your purchases before the offer expires and interest kicks in.

What are my alternatives?

If you're looking for a credit card primarily for balance transfers, Barclaycard currently offers the most competitive deal with 20 months — the longest-ever interest free period.

In addition, there are other more attractive offers if you would like a straightforward rewards card. For instance, the American Express Rewards Credit Card allows you to earn up to £90 worth of bonus vouchers in three months which can be spent at big name retailers such as Boots and Amazon.

Is the Tesco card right for me?

As long as you clear your debt in full before the 15-month offer expires, this card could be a fantastic way to spread the cost of purchases while avoiding paying interest.

However, you could get a better deal elsewhere on balance transfers or rewards and if at all possible, you should try to avoid using the card to withdraw cash.

You just woke up £200 worse-off

2011-04-06T01:18:00.000-07:00

Today’s changes to tax, national insurance and benefits will leave many worse-off, including single parent families, and reduce the incentive to work. Find out why and how the average person will be £200 worse off.

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Today sees the start of a shiny new tax year. Happy 2011/12 everyone! Unfortunately, for many UK taxpayers, the new tax year is far from happy, and instead brings an additional £200 tax bill, according to the Institute for Fiscal Studies (IFS).

This may come as a surprise. After all, the Government is very proud of the fact that the personal allowance, the amount of income you can receive before paying any tax at all, is going up to £7,435. This will remove 500,000 taxpayers from income tax completely, according to IFS figures.

What they are perhaps less keen to mention is the fact that the simultaneous lowering of the 40% tax rate threshold down to £34,000 will actually make 750,000 more taxpayers liable to 40% tax.

Unsurprisingly, the wealthiest will contribute the most to refilling the Treasury coffers, as their tax changes will be exacerbated by the restriction on pension contributions.

But it is one earner families with children who will be worst affected, according to report.

The report actually concludes that the main winners from these reforms are non-working lone parents, being the only household type to gain on average.

It says low- to middle-income households without children will benefit.

Amazingly, the reforms "will slightly weaken the incentive to work at all", according to the IFS.

Was this David Cameron's aim when he introduced the reforms? Presumably not… Download free guides to saving tax

Aren't changes normal at the start of a new tax year?

Yes, but the issue has been exacerbated this year because of the sheer number of different taxes and benefits affected. The biggest change, affecting the most people, will be the 1% increase in National Insurance Contributions, which is expected to bring in more than £9 billion on its own.

The increase in the personal allowance is good news for lower earners, but higher earners will pay £1 billion more through the lowering of the basic rate band and the changes affecting higher rate tax relief on pension contributions.

But the lowest paid do not escape scot free. By switching the method of inflation used to increase benefits from RPI to CPI (a lower measure), the Treasury is pocketing a cool £1.1 billion, and cutting the winter fuel allowance and certain other benefits by 1.5% brings in more than the same amount again.

And it's worse if you have children. The health in pregnancy grant, the baby element of Child Tax Credit and Child Trust Fund are all scrapped, and the Sure Start Maternity grant restricted. Child Benefit is frozen, and will soon become means-tested, and the maximum amount of childcare costs covered by Child Tax Credit falls 10% to 70%.

Overall, the net payday for the Treasury (after adjusting for the reduction in corporation tax, effective from 1 April) amounts to £5.35 billion, which works out at approximately £200 for each and every UK household.

Obviously, not every household will suffer by this much, some will be better off. But a significant number will be worse off and given the substantial changes to benefits, it is likely to be those with children who are claiming benefits that are hit the hardest. Which seems a little harsh to me.

What's worse, this £200 penalty is in addition to the effect of the VAT, fuel duty and other indirect tax increases in January this year, which will already cost the average household an extra £480 this year.

With salaries already eroded by inflation, this is not great news for the average pocket.

What can we do about it?

Unfortunately, most of these changes are going to be hard to avoid — with the exception of consumption taxes like VAT, fuel duty and alcohol/cigarette levies, there is very little action we can take to avoid being hit by the changes.

An employee is not going to volunteer to take a pay cut just so he can pay less National Insurance, for example.

Similarly, someone on benefits is at the whim of the Government if they decide to change those benefits currently in receipt. And, as the IFS concludes, the changes actually widen the benefit gap, making it less worthwhile financially for those claiming benefits to go and seek work.

However, if we are on the downside of the equation, we can maximize our tax-free allowances by investing in ISAs and for those who will be denied a Child Trust Fund, you could consider setting up a Junior ISA instead.

Tax efficient investment schemes, such as the Enterprise Investment Scheme (EIS) have been modified to allow greater amounts of tax relief, and pensions are still a tax-effective means of long-term investment for many people, whose contributions fall within the new, lower limits.

What do you think of the changes?

Let us know using the comments box below!

Could this plan give Child Trust Funds a future?

2010-11-22T00:00:00.000-08:00

Child Trust Funds (government payments of £250 at birth and age 7 into an investment plan) are likely to be scrapped for all families with an income of more than £16,000, if the Conservatives stick to their manifesto pledge.

The Lib Dems wanted to to scrap them entirely. The coalition government is yet to announce what it will do.

In a new document today - The Coalition: Our Programme for Government - there was still a lack of detail, stating only: 'We will reduce spending on the Child Trust Fund and tax credits for higher earners.'

For and against CTFs

Fans of CTFs argue that they are key to teaching a new generation how to save.

Opponents say they are too big a cost in the age of austerity.

The SMF plan for saving CTFs for middle income families

Today, a think-tank today suggested a way to make CTFs 'work better for much less money'.

The Social Market Foundation argues that the cost of the scheme could be reduced by two-thirds by cutting the value of the CTF voucher given to each child at birth from £250 to £50 and scrapping the second contribution on a child’s 7th birthday.

To better encourage saving in the CTF, the government should match families’ contributions up to £50 per year up to age 5 funded by axing tax relief on all non-CTF children’s savings, it says.

The SMF argues: 'With reform, Child Trust Funds can achieve important policy objectives for the government widening financial engagement particularly amongst the less well paid, encouraging saving and giving all young people a financial stake in the future.'

The think-tank says that in contrast, other children’s savings accounts, which benefit from tax-relief, are typically used by wealthier households to shelter their savings from the taxman: government figures show that half of all children do not have any financial assets of their own.

To cut the annual cost of the Child Trust Fund policy, the SMF says the government should:

- Abolish universal CTF payments for seven year olds, saving £218.5m;
- Reduce the value of universal payments at birth to £50, and the value of additional awards for lower-income households to £200, saving £153m;
- Abolish tax-relief on non-CTF children’s savings accounts for under-16s, saving the Exchequer £181.4 million, and recycle this saving to fund the cost of CTFs.

To improve saving rates and active engagement with Child Trust Funds (CTFs) among lower-income households, the SMF says the government should:

- Simplify choices around opening a CTF account;
- Impose restrictions on how Child Trust Funds can be used at the age of 18;
- Make receipt of full voucher entitlements among low-income households conditional on using financial advice
- Strengthen the role of the CTF in citizenship policy;
- Implement matching contributions for low-income households up to £50 each year for the first five years of a child’s life, at a cost of £165m per annum.

My view

Speaking as an investor in two Child Trust Funds, I accept that doling out a total of £500 on Britain's richest kids is a nonsense. But entirely scrapping the scheme entirely for middle income families is throwing out the baby with the bathwater - especially if the Coalition government is to tranform Britons from consumer-obsessed spenders into shrewd savers.

My elder child will soon be at an age where I can explain why he's the proud owner of a growing investment account. Millions of other children will also be having the same conversations - without Child Trust Funds, that learning process would not be happening. Let us know what you think [Do you agree with the SMF's plan for CTF's?] and put your view in the comments box below.

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How banks took us all for mugs (and got away with it)

2010-11-15T00:00:00.000-08:00

I’m at the European Commission’s Consumer Summit in Brussels, which has a focus on bank fees, and reluctantly, I’m beginning to accept that the villains of the Noughties will simply walk away from the mess they've created.

Let’s lay out the charge sheet covering the major sins of the last decade:

* Casino banking was a major contributor to the economy-wrecking credit crunch;

* Banks, and other lenders, pushed loans and mortgages to those unable to repay – on a grandscale;

* Banks aggressively ramped up the cost of banking for those most likely to be in financial hardship: the applying of penalty charges (sometimes more than £35 a pop) for millions of customers;

* And so as not to leave any group of customers feeling left out in the exploitation stakes, bank ‘advisers’ flogged high-risk investments to customers looking to avoid risk.

How not to treat customers

So, we have bank account customers, borrowers and investors all wronged to varying degrees.

It’s not exactly something out of the Tesco manual of how to keep your customers happy.

But hey, why should they care? The banking industry remains massively profitable, bankers continue to collect enormous bonuses and there’s little evidence of any over-arching force bringing it to an end.

For some bankers, it feels like the party’s only just begun. After all, some of the competition has disappeared at a time when there’s more business to be done: countless recession-hit companies have been forced to turn to banks to help them raise money by issuing extra shares or bonds. And the cherry on the cake has been that central banks have generously slashed rates and therefore borrowing costs for banks.

But don’t get me started on investment banking.

Instead, let’s focus on the banks’ consumer sins for a moment (putting aside the casino banking that bought about the worst recession in 80 years – that’s the last time I’ll mention it. Promise).

Credit cards, loans, mortgages

Banks lent to people who couldn’t afford it. On loans, they also added expensive insurance (payment protection insurance) that customers often didn’t need, or disguised the true cost of repaying the debt. They also sent enticing ‘cheques’ that added expensive debt to their credit cards of those cashing them. These, of course, were mostly cashed by those least likely to be in a position to repay. On mortgages, loans that were more than five times bigger than annual income were common. Some of those people are now in arrears or have had their homes repossessed.

The result: As the borrowers fail to repay all of the money lent out, the banks simply pass on the cost to other borrowers. That’s why rates on loans and credit cards have soared relative to the base rate in the past two years.

Action: The EC passed laws in 2008, which now force banks to make rates clear from the start. That doesn’t help those already lumbered with expensive debt. Today I asked the EC consumer department’s head of financial services and redress, Dirk Staudenmayer, whether banks can be trusted to make individual lending judgements. He preferred to put the emphasis on financial education: teaching the next generation how to manage money. But what about those in trouble today?

Investments

If you have a pot of cash, the last thing you should do is ask your bank what to do with it. That, at least, is the conclusion you could make from reading the countless tales of mis-selling in recent years. Our sister title Money Mail has done an incredible job in exposing this dubious practice. Basically, bank staff were able to earn better commission by selling a risky investment when a safer product may have been better,

Result: Sadly, many of the victims were elderly people looking to place their money somewhere safe where it could pay them an income. Some lost most of their money. Some Barclays customers were inspired to set up a website: http://www.barclaysinvestmentvictimsclub.co.uk/
Banks claim to be phasing out dubious bonus schemes.

Action: The FSA, which regulates the industry and makes up the rules, and the Ombudsman, which decides on compensation, are being urged to work together more closely to spot when problems arise. But there are no new rules in place to stop banks doing this again once the dust settles.

Bank accounts and charges

The banks began steadily increasing penalty charges – fees on exceeding overdrafts or bouncing cheques, etc - in the early Noughties as an easy way to make more money. But they overcooked it, and some shrewd consumers hit back. They found a law that suggested penalties should only cover the costs incurred by the bank. The industry ran scared, paying out millions in refunds until a two-year test case that repeatedly found against the banks got turned round on appeal, with the UK Supreme Court ruling late last year finally killed off the refund party. This week the Office of Fair Trading, previously feisty on the issue, tamely admitted that banks had done much to reduce fees..

Result: Many bank customers are unlikely to get back fees at a time they could really used them - the banking industry-induced recession may have left them struggling. They can still attempt to get back unfair fees by putting a case to the ombudsman. But in the end, the banks will probably keep most of the rip-off charges. Meanwhile, charges are lower but there’s no rules to stop them rising again – only consumer and media coverage could stand in the way.

Action: The OFT will continue to look at the issue, but don’t expect much given that the Supreme Court ruling clipped its wings on the issue. As for Europe, surely there’s good news around the corner if the EC’s consumer bods are focused on bank fees? I asked the top man on consumer issues John Dalli - the new EC Consumer Commissioner. He wants to provide the means for consumers to compare bank accounts on the full price (all bank fees included). He believes transparency and comparison is the answer then it can be ‘left to the market’. If this comparison could be extended across borders, then that would help further, he says, increasing competition and decreasing costs.

I like the theory, but the full 'harmonisation' of banking services across Europe is unlikely to happen in my working lifetime.

What’s more, Britain’s online banking comparison industry is far more advanced than in Europe. But the EC’s study of the cost of banking in nation states last year ranked the UK a pitiful 17th, with customers paying nearly £100 a year, on average. Conclusion? Widespread access to bank comparisons has not made banking cheaper in the UK.

The issue in the UK is the lack of competition (consider that the recent banking licence granted for Metro Bank was the first for a start-up in 150 years).

And that’s why bankers will get away with it.

P.S. Feel free to use this blog post to urge the EC and UK authorities to get tough on any of these issues. I’ll make sure they see it. Then write to your MP and tell them how you feel.

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Why it pays to complain... properly

2010-11-08T00:00:00.000-08:00

Last week I witnessed possibly one of my favourite moments in television history.

OK, OK maybe that’s a slight overstatement, but the sight of a grown man unashamedly admitting that he has written to his local council to complain about himself was pure TV gold.

And the clincher for me? He was complaining about himself... for sending too many complaints.

Chris ‘the professional complainer’ Byrne made 179 complaints in all to his local council. Most of them were petty gripes – park benches in the wrong places, broken drain covers in roads and such like.

His official moanings had seen local authorities rack up a £100,000 bill investigating them all. But, rather tragically for the council, only three were genuinely worth the effort.

And - surprise, surprise – those three upheld grievances included the one against himself.

All in all, ITV’s It Pays to Complain was a bit of mixed bag. Some moments you thought, ‘Hey, it really does pay to complain - I’m off to get my money back!’; others, you were left frustrated as the advice dished out by presenter Jonathan Maitland and his side-kick, complaints expert Jasper Griegson, failed to hit the spot.

Alongside Mr. Byrne, ITV managed to unearth another unique character, Danielle Gallagher. Danielle told us she receives between £700 to £1,000 a year, averaging several complimentary vouchers per week, just for writing letters of complaint. Another professional whinger, but this time with an end product.

But the crux of ITV’s programme revolved around two hidden camera experiments to see how far the great British public needs to be pushed before the complaints start rolling in.

The first took place in a restaurant. ‘We’ve hired the worst waitress in Britain,’ Maitland said as three unwitting customers, Jenna, Sarah and Fabienne, were treated to unacceptably shoddy service.

First, the waitress dallied for 15 minutes before taking their order. Then she answered a phone call in the middle of noting their choices. Next, she brought out the wrong dishes and asked them to eat the food anyway. Finally, she added a 20% service charge to the bill.

Not a word of complaint. Not one. And they met the bill in full. ‘If we were with our boyfriends we would probably have walked out or got some money off,’ the girls explained afterwards. Not an acceptable excuse, said the experts.

In another scene, ‘Eddie the taxi driver’ takes all sorts of liberties while his passengers watch the meter tick round. In one set-up, he takes several wrong turnings, adding a few extra pounds to the fare. In another he stops for a newspaper, leaves the meter running, and dawdles around outside a local convenience store. Again, no complaints.

It made intriguing viewing – a window into our reserved Britishness. But for all the entertainment, ITV’s offering was short on substance. What should we say when a taxi driver takes liberties like that, Maitland asks? ‘I’d say something. I’d be firm but polite’, says Jasper. Thanks guys, but we need more.

Getting your money back often comes down to writing a succinct, yet powerful, letter of complaint. But as Danielle Gallagher would attest, this is a skill in itself. She offered up a couple of excellent pointers to getting started:

‘Know what you’re complaining about and don’t go off on a tangent,’ she said. ‘And know who you’re complaining to, as well. It’s no good complaining to the check out girl or waitress who’s just served you’.

Sound advice. But what about the actual writing business? What should you say? How should you word it? This is where ITV stopped short. Which was a shame, because a little guidance at this stage and you could be on to a winner.

But no fear, if it's help you crave, you've come to the right place. At This is Money we’ve put together a guide on how to write the perfect letter of complaint . It’s not a guarantee for success, but it’s as close as you’ll get.

So if you’ve been mistreated by a company and left out of pocket, don't get mad. Don’t sit back and accept your fate. Get even. Jasper Griegson, the 'King of Complainers' expands on the useful hints and delves into the finer details of the getting your money back.

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The credit card trick that won't die

2010-11-07T00:00:00.000-07:00

Read about a credit card trick that just isn't dying, despite the best efforts of the government, the media and others.

It astounds me that none of our usually sharp-eyed readers have spotted an unexpected discrepancy on their credit card bills from September, but it's some comfort that no readers anywhere else have either.

I'm hoping it's because you lovemoney.com readers have been using your credit cards in a way that avoids all the many costly traps. One of the sneakiest and most expensive is supposed to be scrapped from the beginning of next year. Due to government pressure, the credit card industry has agreed to re-order the sequence in which we pay off the various debts on our cards (cash withdrawals, balance transfers and purchases being the main ones) so that the most expensive is paid off first.

Up till now, if you had, say, a balance transfer at 0% and a purchase at 16%, whenever you made a repayment the card provider would reduce your balance transfer first, leaving the more expensive purchase on the card for longer and therefore costing you much more interest. This practice is known as negative order of payment, but in January it should be reversed.

There have always been honourable exceptions to this that take a positive order of payment, notably the Nationwide Gold Card and the SAGA Platinum Credit Card, but 99% of credit cards have had the negative (expensive) order of payment I've just described.

MBNA (which includes the popular Virgin Credit Card and dozens of other brands) has tried to grab some attention by making the changes early. From September 2010 it has been paying off the most expensive debts first.

Or has it?

The credit card trick that won't die

Two months ago, I put my cynical hat on (it's rarely off) and called MBNA to find out exactly how it was going to implement the changes. I learned, incredibly, that it is still not going to quite make the switch to a completely positive order of payment.

Here's how it's going to keep doing it. Let's say you have a 0% balance-transfer deal lasting 12 months and a 0% on purchases deal lasting three months such as the MBNA Rewards Credit Card. (Most cards offer long transfer deals and short purchases deals.) If MBNA was giving us a completely positive order of payment, it would pay off the the purchases deal first during the initial three months. That way, if you have a £600 transfer and a £600 purchase, you could pay off the purchase in three months at £200 per month and be charged no interest in the fourth and following months.

However, MBNA is not doing that. When two 0% deals are running simultaneously, rather than paying off the shorter 0% deal first, MNBA will use your repayments to pay off the deal that reverts to a higher interest rate. You might have a balance transfer deal expiring in 12 months reverting to 17% and a purchases deal expiring in three months reverting to 16%. Rather than pay off the urgent purchase first, MBNA will pay off the transfer instead. The nub is that you will pay more interest sooner, and most people will pay much more interest altogether.

Back in August, MBNA's interest rates for balance transfers and purchases were identical but, low and behold, now it has increased the balance transfer rate by a couple of percentage points. That's all it needs to ensure that, after three months, those people who used both deals and haven't fully paid off their card will still pay interest.

Extraordinary defiance

Considering the huge pressure from the media and consumer groups, and threats from the government, this just shows how extraordinarily little respect lenders have for customers and authority. It's clear that treating customers fairly in the financial industry is still a long way off.

These firms have an unfair advantage in their knowledge of marketing and their expertise in cooking up contracts. We could be excellent scientists, mechanics and doctors trying to work hard and be productive, but since we have no training in matters of debt, we could be struggling under it, and being less productive and useful because of it. Lenders, meanwhile, work at nothing other than improving their methods for taking more money from borrowers.

As far as I know, I'm still the only commentator to have realised this trick continues at MBNA. I have read thousands of contracts and have years of practice gleaning these things, but if I'm still the only person to have realised what's begun here, what chance does the typical consumer have when attempting to read the small print? If the full force of the media, government and consumer groups can't protect us from these things, I don't see who can.

What this trick might now cost you

MBNA is still, even after huge and sustained condemnation and campaigning, clinging on to what it can from this old card trick. The good news is the power of negative order of payment has been substantially diminished. Anyone with a few thousand pounds on a new card before these changes might have expected to pay hundreds extra in interest per year. Now the extra interest could be reduced to just tens of pounds extra. Even so, from the many tricks card companies use, it will still remain one of their greatest winners.

Not all card providers will do the same

I called a couple of other banks to see what they're planning to do. Barclaycard, which will implement the changes on 26 November 2010, said that it will pay off the shortest 0% deal first. In other words, it should apply true positive order of payment, although I won't relax till I've read the details for myself.

Lloyds Banking Group told me it will always pay purchases before balance transfers when the interest rates are equal, regardless of the lengths of the deals. This means if the banking group develops a card with longer purchase deals than balance transfer deals, you'll meet the same trap as MBNA in reverse. The group comprises of Lloyds TSB, which will implement this new hierarchy on 15 January, and Halifax and Bank of Scotland, which will do so on 20 November.

No more tired excuses on credit card debts

2010-11-06T02:22:00.000-07:00

Let there be no more petty excuses - if you get into debt on credit cards, you’ve only got yourself to blame.

The news today that banks are ‘luring customers back into the red’ with juicy introductory credit card rates has been twisted by the critics to say the least.

It’s almost as if the poor, desperately in-debt Mr. Average Briton is scrambling around looking for a scapegoat. And in banks, he’s find a ready-made villain. ‘Why, oh why, did you offer me credit I couldn’t afford?’, Mr. B says. Please. Give me a break.

It reminds me of that wonderfully allegoric film, ‘Confessions of a Shopaholic’. You wouldn’t have thought it, but this Hollywood chick flick is as potent a study on modern consumerism as a scholarly journal (and easier on the eye, too).

Protagonist Rebecca Bloomwood (Isla Fisher) is a college graduate with a shopping addiction. She manages to rack up £19,000 of debt on credit cards buying clothes, bags, shoes etc.

And all this before she has a job. The metaphor for our modern consumer culture is clear: Rebecca can simply spend, spend, spend with no thought for tomorrow.

Her spendthrift profligacy is, of course, only made possible by cards offering dirt-cheap credit. But that is not the message of the film. No. The moral here is that getting into debt was her choice, her responsibility.

The same is clearly true in our own lives. Undeniably, having the ability to make key purchases when your cash flow has dried up is positive. Thank goodness for the credit card when you’re two days from payday and the fridge looks like a wasteland – crumbs, spilt milk, a knob of butter, but little else.

The problem, though, is that we abuse this luxury, this lender of last resort. We spend more than we have on cards far too often. ‘I want that plasma TV and I can afford it because I have a credit card’ is no good when you’re already deep into an overdraft.

We keep rack up debts, transfer the balance from card to card, pay off the minimum each month and try to survive. But eventually it always comes back to bite us when the interest-free periods end and we’re hit with punitive rates. Many borrowers end up paying through the nose for costly cards advertised as ‘free credit for 12 months'.

In ‘Confessions…’ (without ruining it for those still keen to watch), that’s exactly what happens to Rebecca, who is stalked by a debt collector throughout.

Blaming banks and card providers for our woes because they offer enticing deals is pretty pathetic – we must all learn to manage our own finances and take responsibility for our spending. Yet it’s almost as if today's apologetic commentators are excusing those who can’t and don't.

Stewart Hosie, a member of the Commons Treasury select committee, says: ‘Of course credit card companies are businesses, but I would ask them to have not just attractive deals for new customers and transfers, they should make sure they have affordable rates all the time.

'There is no point offering great introductory deals if people cannot service that debt.'

Sure banks have a responsibility to foster well-run businesses. But no more. The fact that banks offered offered credit to 'sub-prime' borrowers was no more the cause of current financial crisis than the fact that millions of us were reckless in applying for loans we couldn't repay.

Credit cards should be avoided altogether by those struggling under the weight of debts and who have small and unstable disposable incomes.

I know critics will argue with me, but I feel that we only have ourselves to blame. It's our modern materialistic insistence on keep up with the Joneses - whether it be the latest iPhone, an expensive holiday to the Costas, a new car, or a shopping spree in New York (delete as applicable). I admit, I'm guilty of craving what I can't have. But that doesn't make it right.

Sure today’s credit card offers are ‘even more generous than before the recession’ and that's a bad sign from a banking point of view. But on a personal level, it shouldn’t matter. We should have learnt our lesson by now: only ever borrow on a credit card if you are 100% sure you can afford to repay, in full, when the amount is due.

Need help to get out of Debt? - Visit www.FININVEST.co.uk Today.

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A Banking Facility with no credit checks!

2010-07-13T13:26:00.000-07:00

card one banking is a unique banking facility that's open to everyone*, irrespective of your current situation or past credit history. There are no credit checks!

We'll help you manage your money so you can keep track of your payments or standing orders. Even if you can't pay an item, we won't charge you a bounced payment fee, but we will let you know in good time.

We'll ensure all your bills are paid on time and even give you a Prepaid MasterCard� so you can keep control of your day to day spending.

Make a fresh start with the cardONE banking account

The cardonebanking account is open to everyone and it's quick and easy to apply. If you're like so many people and find yourself constantly going overdrawn, then we can help.

NO CREDIT CHECKS

cardonebanking is a secure banking facility that's hassle free. You won't be charged bounced payment fees or incur any overdraft fees.

We'll give you peace of mind that all your regular outgoings are taken care of by our Account Management Team.

What you'll get:

# Sortcode and account number
# Prepaid MasterCard� Card
# Online account access

Easy Access to Your Account

# Online Banking
# An online banking facility also makes monitoring your account easier. You can view balances, check transaction history and even print off statements 24 hours a day, 7 days a week.

Automated Telephone Banking

Our new automated telephone banking service allows you to check you balance, load your card and also activate your new cards automatically and within seconds.

Mobile Banking

You are able to access your account on the move using our Mobile Banking service, checking your balance and loading funds to your MasterCard just by simply sending a text message (SMS).

You can also speak to a customer account manager in our customer contact centre for account information and for answers to any queries you may have.

Easy Online Application - Apply here today or visit www.FININVEST.co.uk

Warning that IMF might have to rescue UK

2010-04-23T03:58:00.001-07:00

Shadow business secretary Ken Clarke has warned that the International Monetary Fund might have to intervene if markets react badly to a hung parliament.

Clarke said the City would be greatly troubled by an indecisive election result.

"Bond markets won't wait," he said.

"Sterling will wobble. We have seen even minor flickers in the opinion polls causing problems with interest rates in the recent past.

"If the British don't decide to put in a government with a working majority, and the markets think that we can't tackle our debt and deficit problems, then the IMF will have to do it for us."

But is Clarke right or just scaremongering to secure more votes? Have your say using the comment section below

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Claim Back Default Charges

2010-04-07T06:15:00.001-07:00

Claim Back Default Charges

Claim Back Your Unfair default Charges

Reclaim Your Unfair Default Charges Today

Do not delay in claiming back all your default charges from every credit card you have used in the last 6 years.

The bank charges case was only lost on a narrow technicality and the court added that there may be different legal avenues through which bank charges can be challenged by consumers. We will wait and see and let you know.
Meanwhile do not delay in claiming back all default Charges on your Credit Cards.
• There are 68 million credit cards in the UK

• The average claim per card we have dealt with is £500.

• If you are 'average' you have about 3 credit cards in your wallet/purse right now.

• If we don't win we work for FREE
So we urge you not to give up just yet and fill in our short online application form to start your claim today.
I am struggling financially, is there anything I can do?
Yes, banks are still required to help customers in financial hardship so if you are struggling then it is recommended that you put in a bank charges claim as soon as possible.
Remember you can still claim for unfair credit card charges and mis sold payment protection insurance. These areas were not affected by the Supreme Court ruling and we are extrmely successful in claiming these charges back.

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Beware April price changes

2010-03-24T04:30:00.000-07:00

Spring is in the air as April approaches - but beware the price changes coming with it.

By Nathalie Bonney

Stamps

Make sure you stock up on stamps before 6 April, when the price of both first and second-class stamps will increase.

First-class stamps for standard letters weighing up to 100g will rise by 2p to 41p, while second-class stamps will increase in price from 30p to 32p.

The cost of sending ordinary meter and account mail, which is largely sent by small businesses, will remain at 36p and 25p respectively.

Royal Mail estimates the rises will add 3p onto the average household's 50p weekly expenditure on postage.

Last April, the cost of a first-class stamp increased from 36p to 39p and a second-class stamp rose from 27p to 30p. The price of special next-day delivery, meanwhile, increased from £4.65 to £4.95 for mail up to 100g.

TV licences

Licence fees are based on a six-year BBC funding settlement that started in April 2007. In year one (2008) and year two (2009), the licence fee increase was set at 3%. In years three (2010), four (2011) and five (2012), the increase is set at 2%. The BBC can set any increase in year six, up to 2%.

This means that on 1 April, the cost of a TV license will rise by 2% from 1 April, the cost of a colour television licence will be £145.50 (from £142.50) while a black and white licence will be £49 (up from £48).

Motoring costs

A new ‘showroom tax' based on the most polluting cars will come into effect in April. The introduction will cost drivers from £110 tax in the first year of ownership.

Band M vehicles (those that produce over 255g of CO2 per km) will have to pay £950 while drivers of greener cars – up to band D (producing (121-130g CO2/km) won't have to pay anything.

From 1 April, the government will also add 3p in fuel duty and VAT on to the cost of petrol and diesel.

Fee to go bankrupt

From 6 April 2010, the fee you will have to pay to go bankrupt will jump a whopping 25%, from £360 to £450. On top of this, bankrupts also have to pay a £150 court fee.

Phone calls

From 1 April, BT will shift the start time of its off-peak period from 6pm to 7pm. Meanwhile, its peak period will start at 7am rather than 6am.

The move means 4.7 million people signed up to BT's Evening & Weekend plan will no longer wil able to enjoy free calls until 7pm. A further 8.5 million people on BT's Weekend plan, meanwhile, will no longer talk for free from 6pm on Friday evenings.

BT has written to affected customers suggesting they move from its Evening & Weekend plan (which currently costs just £2.99 a month) to its Anytime Plan (which is more costly at £4.99 a month).

London taxis

Taxi fares are reviewed annually and calculated by Transport for London, based on a cost index that has been used since 1981. From 1 April 2010, the average taxi fare will increase by 2.3%. This is the lowest rise since 2004.

Last April taxi fares increased by 3.4%.

Multi-channel TV

Households with a subscription to Virgin Media's L and XL TV packages will see prices rise from 1 April. Customers with a subscription to the L package will see prices rise from £10 a month to £11 a month, while those on the largest package, XL, will now pay £23 a month, instead of £21.50.

New tax for high earners

Anyone earning above £150,000 will be subject to the new 50% tax rate - meaning 50p of every pound they earn goes to the taxman.

OTHER CHANGES TO EXPECT IN APRIL...

* The ISA allowance will increase to £10,200, of which £5,100 can be held in cash.

* The number of qualifying years for the full state pension will drop from 44 years (for men) and 39 years (for women) to a universal 30 years. The retirement age for women will also increase to 65 years, in line with men.

* New national insurance credits are being introduced for unpaid carers, so that the years they spend looking after others will count towards their state pension. They must spend at least 20 hours a week caring to qualify for this or in the case of parents receive child benefit for children under the age of 12.

* Child benefit and some disability benefits will increase by 1.5%.

* People in Northern Ireland will benefit from free prescriptions while prescription costs in Scotland will drop to £3.

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Plan to force dog owners to pay £500 to insure their pet 'will penalise responsible owners'

2010-03-09T06:02:00.000-08:00

Plan to force dog owners to pay £500 to insure their pet 'will penalise responsible owners'

By Niall Firth and Steve Doughty
dailymail

A plan to force dog owners to fork out for expensive insurance will penalise responsible owners who look after their pets properly, animal charities warned today.

Owners may also be required by law to have a microchip implanted on their pet under Government plans to curb the use of dangerous dogs. Insurance for dogs can cost in excess of £500 a year.

But critics today warned that the new proposals should be targeted at those who to flout the laws rather than responsible dog owners who take care of their pets.

Dog owners could soon have to pay for insurance which covers damage or injury their pet causes

Shadow Environment Secretary Nick Herbert, said: 'The problem of dangerous dogs is growing and the current legislation is clearly not working, but the Government's proposals risk penalising millions of law-abiding dog owners with the blunt instrument of a dog tax.

'We should be targeting the minority of irresponsible dog owners, not the vast majority who are responsible dog lovers.

'And we need to legislate carefully, not in haste, so that we don’t repeat the mistakes of the infamously flawed Dangerous Dogs Act.'

The measures, part of proposed changes to the Dangerous Dogs Act unveiled today, are aimed at tackling the growing problem of vicious animals being bred for use as weapons, particularly on inner-city estates.

But a spokesman for the Kennel Club said: 'We believe that any new legislation must tackle the root cause of the problem which is irresponsible ownership.

'This sort of proposal will not work in isolation.

'Any new proposals must be targeted at those who continue to flout the laws rather than the majority of responsible dog owners.'

An RSPCA spokesman said: ‘It is important that the right people are targeted with this.

‘The crux of these proposals is that the Government is trying to tackle anti-social behaviour with dogs but it’s important that the vast majority of fantastic dog owners are not penalised for the small minority.’

'But in the end nothing has ever happened. If Labour are re-elected in May all we'll get is the same tired-out old approach and none of the changes the country really needs.'

Another measure being considered is the use of Dog Control Notices for misbehaving animals - known as 'Dogbos'.

Chris Laurence, vetinerary director at the Dog's Trust said that insurance for dogs was of relatively little value.

‘Far more important are control orders and compulsory micro-chipping,’ he said.
muzzle the devil dogs.jpg

Control notices would allow police officers and council officials to force miscreant owners to muzzle, leash or even neuter their pets.

‘It is control orders that are important because they mean legislation in a private place rather than just in public places,' said Mr Laurence

Ministers are suggesting making it compulsory to have only third party insurance to cover attacks by dogs on bystanders, neighbours or workers.

Dogs may be implanted with a microchip to identify their owner.

The price of microchipping and insuring a dog means that families could face bills of £100 and more to legally own a pet under the new rules.

The proposals come in the wake of outcries over incidents like the death of four-year-old John-Paul Massey, savaged by a pit bull at his home in Liverpool last November, and protests by employers and unions over the rate of attacks by dogs on workers such as postmen.

Home Secretary Alan Johnson said: 'The vast majority of dog owners are responsible, but there is no doubt that some people breed and keep dogs for the soul purpose of intimidating others, in a sense using dogs as a weapon.

'It is this sort of behaviour that we will not tolerate; it is this sort of behaviour that we are determined to stop.'

The plans for curbing the use of intimidating dogs were put forward in a Department of the Environment consultation over changes to the Dangerous Dogs Act, the 1991 law often cited as an example of hastily-made and unworkable legislation.

The Act names four breeds, including pitbull-terriers, which are banned.

However the law also allows the banned breeds to be kept in some cases, if they are neutered, tattooed with the owner's details, microchipped, and are allowed out in public only if on a lead and muzzled.

Figures uncovered by the Tories have suggested 100 people every week are treated in hospital after being bitten by a dog, with the number of cases rising from 3,079 in 1997-8 to 5,221 last year.

In London alone, the number of dangerous dog cases going to court increased from 35 in 2002-3 to 719 in 2008-9.

The rise in the so-called 'status dog' has prompted the Metropolitan Police to set up a new unit to handle a surge in the number of attacks and to kennel hundreds of seized animals.

Terrible cases to make the headlines in recent years include that of John-Paul Massey, a four-year-old who died at his grandmother's house in Liverpool last year after suffering 'massive injuries' inflicted by a dog later found in tests to be a pitbull, a breed banned under the Dangerous Dogs Act.

In February last year, three-and-a-half-month-old Jaden Mack was killed by a Staffordshire bull terrier and a Jack Russell at his grandmother's home in Ystrad Mynach, South Wales, devastating the local community.

The previous summer there was a rash of attacks by dogs on children in different parts of the country.

Victims: John-Paul Massey, four, died after suffering 'massive injuries' inflicted by a dob. Right, 13-month-old Archie-Lee Hirst was killedby a rottweiler

There were reports of children being bitten in Guisborough, Cleveland; Killingworth, North Tyneside; Chesterfield, Derbyshire; and Grimsby, Lincolnshire.

At the start of 2008, nine-year-old Chloe Grayson was left scarred after she was attacked by a 10-stone rottweiler in Rotherham, South Yorkshire. She was attending a New Year's Eve party with her parents at a neighbour's house.

The attack came just three days after 13-month-old Archie-Lee Hirst was killed by a rottweiler in the back yard of his grandparents' home in Wakefield, West Yorkshire.

Two weeks earlier, kennel worker Mandy Peynado's arm was amputated because of injuries she suffered trying to protect her throat when she was mauled by a rottweiler at Knightwood Kennels, near Salisbury, Wiltshire.

On January 1, 2007, five-year-old Ellie Lawrenson was found bleeding to death in the living room of her grandmother's home in Merseyside after attending a family party.

The dog involved, named Reuben, was shot at the scene by Merseyside Police. It was later confirmed that the animal was a 'pitbull terrier-type' banned under the Dangerous Dogs Act.

In September 2006, five-month-old Cadey-Lee Deacon was fatally attacked by a pair of rottweiler guard dogs at the Rocket pub in Leicester, which was run by her grandparents.

In March last year, an 11-year-old boy's ear was torn off in an attack by a pitbull-type terrier in the Alway area of Newport, South Wales.

Adults were also attacked - including railway engineer James Rehill, 78, who was 'dragged like a doll' through the street in a fatal attack by his own dog in January last year.

Witnesses looked on in horror as Mr Rehill was savaged by his rottweiler in Newham, east London.

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The 7 biggest supermarket scams

2010-03-01T09:11:00.000-08:00

Household Bills - Beware of these supermarket scams

Find out how to fight back against supermarket scams and rising food prices so you can beat the grocery stores at their own game...

Believe it or not, recent figures suggest that over the past few years, the wholesale price of basic food essentials, such as bread and butter, has plummeted almost 50%.

No, I'm not making this up. And yet, I can't say I've noticed. In fact, every time I'm at the checkout, I'm continually amazed at how much money I manage to spend on food each week.

So why are my food bills continuing to spiral upwards? Well, apparently, supermarkets simply haven't been lowering their prices in line with declines. And in fact, prices have still been going up.

If you ask me, this is a bit sneaky. Unfortunately, however, it's not the only trick adopted by many supermarkets – there are lots of them. So here are seven supermarket scams to avoid at all costs...

Size matters

You might think you'll save yourself some pennies if you buy larger packs of goods. After all, generally speaking, buying in bulk is supposed to be cheaper.

But according to research from mySupermarket.co.uk, shoppers could be paying up to 46% more by opting for bigger packs. For example, an 800g jar of Hellmann's mayonnaise was found to be 33% (99p) more expensive than buying two jars of 400g mayonnaise.

The best way to avoid this is to always check product details before buying – it's a really good idea to check the price per weight. Although this may sound like a lot of hassle – particularly if you're walking around the supermarket in a bit of a hurry – if you shop online using mySupermarket.co.uk, you will find it much easier.

That's because this nifty website allows you to track how much your shopping would cost at each of the UK's four major supermarkets (Sainsbury's, Tesco, ASDA and Ocado/Waitrose). It also means you can easily see how much you'll be paying per gram/kilogram, so it's easy to check which is the cheapest option, no matter how big or small the packet.

What's more, it will also tell you when you can 'swap and save' by substituting a bag of grapes for a box of grapes, for example. The savings soon stack up!

Special offers

Special offers such as 'buy one get one free' deals can be very tempting. But while in some cases these can help to slash your food bills, they don't always provide the best value for money.

Often you'll find the very best deals are on perishable items such as fruit and vegetables. So unless you can guarantee you'll eat two bags of satsumas in a few days, you may find you end up throwing a lot of food away.

What's more, if you head down to your local greengrocers or market, you will probably find you can buy the same product even cheaper. Or simply grow your own!

Similarly, be wary of deals such as 'buy one get one half price' and 'two for £3' – if you don't actually need to buy two, don't get too sucked in. Some supermarkets cunningly raise prices one week and then reduce them the next so that they can claim a discount. So don't buy more simply because you can.

Delicious smells

I have to confess that I fall for this one on a regular basis. I just can't resist the smell of freshly baked bread as I walk down the bakery aisle. Usually this trick works its magic and I find myself loading up my trolley with the stuff.

But try not to let yummy smells tempt you into buying items you really don't need or didn't intend to buy in the first place. Stick to your shopping list!

Relaxing coffee shops

These days it seems that supermarkets are determined for you to spend hours and hours wandering around their aisles.As a result, coffee shops such as Starbucks and Costa have started springing up in supermarkets, allowing you to while away the hours, enjoying a cup of coffee and a spot of lunch, before continuing to amble along the aisle.

After all, what better way to spend your day than in the supermarket? And the longer you spend in the supermarket, the more you might spend on your food bill! Don't get sucked in – walk in, stick to your shopping list, get out!

Product placement

Do you ever find yourself wondering what's at the top of the supermarket shelf? The one you can't quite reach? Supermarkets will often put the most profitable items at eye level so they are easy to find, while the cheapest items will be at the very top or very bottom of the shelf. This means you may need to be prepared to do some hunting if you want the best bargains.

Similarly, you may find the most expensive products, such as electrical goods, are placed near the entrance to the supermarket. Meanwhile, the cheaper basic foods will be towards the exit – so you'll have to pass the tempting electrical products to get to them.

Changing layout

It drives me mad when I walk into my local supermarket to find that everything has been moved around.

This is another cunning ploy adopted by supermarkets and means that however well you thought you knew the layout, you can guarantee you won't know where anything is anymore, and you'll be forced to traipse around the supermarket looking for everything on your shopping list.

As a result, you'll pass other tempting items which you're more likely to throw into your trolley. So again, stick to your shopping list!

Location, location

If you often run into your local supermarket at the station to pick up a few bits on your way home from work, be careful. That's because prices can change depending on the store location – even if it's the same chain.

Very large stores are likely to be the cheapest, while convenience stores and those in petrol stations and at motorway service stations will be more expensive. So try to avoid doing a big shop in the more expensive stores.

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Postman loses job after signing for a parcel to help frail customer

2010-01-29T04:21:00.000-08:00

A postman reportedly lost his job after signing for a parcel to help a frail customer.

Royal Mail bosses took disciplinary action after the pensioner called his managers to thank him for his kindness!

The postman is reported to have put his signature to the recorded delivery when a parcel firm arrived on the doorstep as he made his own rounds.

Concerned that the elderly householder would have to trek to the sorting office to collect the parcel when she got home, he signed for her.

After disciplinary action was taken the postman was signed off work with stress and subsequently retired on the grounds of ill health.

The case was one of several cited during a parliamentary debate by Liberal Democrat MP John Pugh.

Postal workers came in for some harsh criticism during last year's strike - but this case shows that they may have good reason to be angry with their bosses.

Have your say on this story using the comment section below

Why bother working when children of better-off parents are banned from school trips?

2010-01-29T04:19:00.000-08:00

Why bother working when children of better-off parents are banned from school trips?
Thursday 28th January 2010

By Mike Jones

Schoolchildren have been barred from trips to a safari park, football ground and indoor ski centre because their parents are too well-off.

Instead, under a Government-funded scheme, being trialled across Trafford Council in Greater Manchester, the trips are open only to children who receive free school meals because their parents are on benefits.

This has led to accusations that some parents are being penalised for working as children were banned even when they were willing to pay.

While disadvantaged children should be helped whenever possible what kind of message does this type of initiative send out to the hard-working parents this Government supposedly stands up for?

Instead of tackling real inequality surely such initiatives do nothing but perpetuate this country's growing "Shameless" culture. Do you agree? Tell us your views using the comment section below

6-month paternity leave plan - that'll rescue the UK economy

2010-01-29T04:14:00.000-08:00

Thursday 28th January 2010

By Mike Jones

Women are already entitled to a year's maternity leave - now their other halves will be able to get six months off under plans to improve fathers' rights.

Ministers are understood to be pushing ahead with the plan after it was delayed because of the economic downturn.

But with our economic recovery already delicately poised, what impact is this likely to have (aside from deferring thousands from appearing on the dole figures?) Tell us what you think using the comment section below

When did blowing your nose become a criminal offence?

2010-01-29T04:06:00.000-08:00

When did blowing your nose become a criminal offence?

Thursday 28th January 2010

By Mike Jones

A man is reported to be facing a criminal trial after he was caught blowing his nose behind the wheel of his car.

He was given a £60 fixed penalty notice after a policeman decided he was "not in control of his vehicle" when he wiped his nose with a tissue.

But the father-of-two told the Daily Record newspaper that he had "made sure it was safe" to blow his nose before taking his hands off the wheel.

He claimed he was in stationary traffic and had put his handbrake on when he committed the alleged offence in October last year.

When did blowing your nose become a criminal offence? Have your say using the comment section below

A secret truth about your credit card,

2009-12-20T12:26:00.000-08:00

A secret truth about your credit card
By N.Faulkner

If you're not careful, this secret could cost you dear...

Your credit card may be hiding a dirty secret. Its parents.

For example, did you know that M&S Money - the provider of insurance, loans and credit cards - is wholly owned by HSBC and not Marks & Spencer?

Didn't think so.

* How good is your credit rating?

It just goes to show that favourite brands aren't necessarily controlled by your favourite organisations.

With credit cards , this matters more than you think.

There are well over 100 companies and charities that offer credit cards , but there are less than a score of card issuers. Understandably, HSBC is the card issuer for HSBC cards and for M&S Money cards. It's not surprisingly the issuer of First Direct cards, as it wholly owns that online bank too.

Yet it is also the issuer of Marbles and John Lewis cards.

Why does this matter?

Most card issuers will not let you have another of its cards, even if you buy a different brand.

You need to stop using your existing card for at least six months and in many cases longer before you will be considered for another card by the same issuer.

The problem is that the more times you apply for credit the worse your credit record
looks. Therefore, you don't want to apply for another card from the same issuer.

This is a major problem if you wish to transfer you existing card balance to a cheaper deal. It may be that a new 0% credit card deal will save you hundreds in a year, but you endanger your chances of getting a new card, or any other form of credit, be it loans or mortgages , if you apply for a second card from the same issuer , and get rejected.

But how do you find out which cards have the same issuer?

Buried in the small print

It can be extremely difficult to find out who the card issuer is for any given card. I went to the Tesco Financial Services website and could not find anywhere who the issuer was. It's not in the summary box, which card providers are obliged to present to us at the earliest opportunity. To find out who issues Tesco's card, you must read the terms and conditions.

* Compare credit cards

However, it's not just that it's buried in the terms and conditions, it's also that the terms and conditions are buried! It's not until you've given Tesco all your personal data by going through its online application form that you are given the opportunity to read the terms of the deal you've just applied for!

What's more, the terms and conditions don't always say who the issuer is, which is why I had even greater difficulty with Sainsbury's Finance. It was only by calling each of these companies' press offices that I was able to discover that Tesco still uses Royal Bank of Scotland and Sainsbury's now issues its own cards. (It used to be Lloyds.)

These difficulties finding the issuer are not limited to supermarket credit cards so, to help you out, here's a list of card issuers, which I've worked hard to ensure is as accurate and up-to-date as possible:

Card issuer

Card provider (i.e. the brand/the company you applied to)

Allied Irish Banks

SAGA

American Express

American Express

Bank of Ireland

Post Office

Barclays

Argos
Barclaycard

Capital One

Capital One

CitiGroup

BMIBaby
Citicard
Egg card

Co-op

Amnesty International
Barnardo's
Childrens Aid Societyf
Co-op
Greenpeace
Help the Aged
Labour party
Liberal Democrat
Medical Foundation
Oxfam
Ramblers Association
Save the Children
Smile
Stroud & Swindon

Yorkshire BS

GE Capital

ASDA

Debenhams

Santander

Paypal

HSBC

First Direct
GM Card
HSBC
John Lewis
Marbles
M&S Money
Waitrose

Lloyds Banking Group

all "lifestyle"
Amazon

Bank of Scotland

Cancer Research
Carphone Warehouse

Halifax

IF
ipoints
Lloyds
More Than
NSPCC
Smart

MBNA

BikeCard
BMF
BMI
breakthough breast cancer
british heart foundation

Cheshire Building Society

Childline
Football clubs
homebase
ICICI
MBNA

Melton Mobray Building Society

Norwich & Peterborough
PADI
Play.com
Rugby League clubs
Ryanair
Ski Club GB
Star trek
Sonycard
Toys R US
Unicef

Virgin Money

Virgin Atlantic
World superbikes

WWF

National Australia Group
Yorkshire Bank
Clydesdale Bank

Nationwide

Nationwide
RBS Group
Mint

Natwest

Lombard Direct
First Direct

Royal Bank of Scotland

Tesco

Ulster Bank

Sainsbury

Sainsbury's card

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Is this the most generous man in Britain?

2009-12-07T14:20:00.000-08:00

By Mike Jones

An Oxford University researcher has pledged to donate £1million to African charities - despite earning only £33,000 a year.

Toby Ord, 30, has cut his annual salary to £20,000 – and given away the rest.

Taking into account inflation and pay rises, he believes he will be able to hit his £1million target.

"Many people agree that global poverty is one of the biggest moral problems of our time, but very few people are prepared to donate a large part of their income to help eliminate it.

"I decided to put my money where my mouth was and to set up a society for people who want to join me in this. Ideally it will become a well-recognised way of living one's life, something akin to being a vegetarian."

Is this the most generous man in Britain? Tell us what you think using the comment section below

What monetary value would you put on your marriage

2009-12-01T00:00:00.000-08:00

By Mike Jones

A top economist has calculated a formula to determine what happiness in a marriage is worth when converted into money.

Paul Frijters reckons it equates to £18,000 to a man, while for woman it is just £9000.

The figures are a lump sum people would need to receive out of the blue to make them as happy as their marriage would over a lifetime.

Divorce makes a man feel like he had lost £61,500.

But a divorced woman feels as though she had only lost £5000.

How much value do you put on your marital happiness? Tell us using the comment section below

Housing fraud informants to receive rewards of up to £500

2009-11-30T03:04:00.000-08:00

The government is to offer cash rewards of up to £500 to people who report neighbours they suspect are unlawfully subletting their council home.

Ministers have been told that between 50,000 and 200,000 social rented homes in England are occupied by unauthorised tenants, at a time when waiting lists are full and housing projects have stalled.

They are expected to target 8,000 tenancy cheats in a first wave of investigations this week across 145 local authorities after a trawl of council records by the Audit Commission. There is a growing crisis as demand for social housing has soared during the recession. About 1.8m households are on waiting lists in England, while just 60,000 social homes have been built in the past two years.

Unlawful subletting is a serious problem in London, where the shortage of accommodation means unscrupulous social tenants can charge subletters four times the amount they pay in rent to their council or housing association landlord.

One housing association told the Guardian it had reclaimed one of its London properties from a tenant who had made £32,000 over three years from unlawful subletting. During that period he had been living in France in a house he had bought. That association is currently investigating 56 suspected cases of unlawful occupation.

It is estimated that about one in 20 social homes are unlawfully acquired or sublet in London alone. Figures show that one in nine families in London are on a housing waiting list, while almost 13,000 families in the capital are classified as homeless.

John Healey, the housing minister, said last night: "We can't allow cheats to hang on to the tenancies of council houses they don't need and don't live in."

The crackdown will be difficult for subletters, who have no rights or protection if a social home is reclaimed, and who can be evicted in as few as seven days.

Healey will this week publish new guidance urging housing officers to make regular unannounced visits to high-risk properties, such as homes in multistorey blocks in sought-after city centre locations, homes with two or more bedrooms, and where rent is paid in cash.

Landlords will be told to make regular audits of their tenancies, set up hotlines to enable anonymous reporting, and adopt a range of measures including taking photographs of new tenants to keep on an electronic tenancy agreement database.

The guidance, drawn up for ministers by the Chartered Institute of Housing, calls on officers to use "settling-in visits", traditionally undertaken to ensure the new tenant is comfortable, as an opportunity to "detect any suspicious activity."

It will also urge councils and housing associations to reclaim empty "non-occupied" – council and housing association homes, where tenants no longer live at the property but continue to claim housing benefit there. Experts suspect tens of thousands of properties currently lying unused in this way could be freed up.

See also: Nosy neighbours offered £500 rewards by council to spy on residents. >>>>

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Punitive fees return on personal loans

2009-11-29T00:00:00.000-08:00

The rates on personal loans have been rising for a while, but Moneyfacts figures reveal that all personal loan providers in the UK bar two are also charging early redemption charges if borrowers pay loans back early.

According to Moneyfacts, The Post Office and Zopa, the person-to-person online lending marketplace are the only providers to steer clear of ERCs.

Zopa said early repayment fees are bad for borrowers because they discourage borrowers from paying off credit quickly. It also said these fees are often hidden, so surprise borrowers as they attempt to exit the deal.

Early repayment charges are typically an extra cost of one or even two months’ additional interest, adding a significant amount to the overall cost of the loan, said the firm, which isn’t included in the initial rate presented to the customer before they buy.

Giles Andrews, CEO and cofounder of Zopa said: “Zopa has never charged an early repayment fee because we believe it is a nasty, hidden cost designed to protect the provider’s profit margins and discourage people from doing the right thing financially.”

He added: “Even our friends at the Post Office have a clause in their small print that says they can charge such a fee if they want. But the real culprits are the rest of the market that has used the banking crisis as a justification to withdraw a genuinely customer-oriented feature.”

FREE GUIDE TO EQUITY RELEASE

2009-11-23T00:00:00.000-08:00

Your home is probably your greatest asset and possibly the most successful investment you have made.

Yet, whilst the value of your home may look good on paper, it is of no practical use to you unless it can be released as cash so that you can enjoy what should be the best years of your life. Equity release allows you to convert some of the value of your home into a tax free lump sum - surely the perfect way to get ready for Christmas!

* Many home owners aged over 55 with little or no mortgage can benefit from equity release
* Receive a tax free lump sum to spend as you wish - repay your outstanding mortgage or debts, make home improvements, help family onto the property ladder, or arrange that once in a lifetime holiday; it's entirely up to you
* Or structure the plan to suit your needs - choose to receive a monthly income for life or set up a draw down facility for future use
* Live in your home for life. Plus most plans also allow you to move house in the future if you wish
* Facilities to guarantee an inheritance for your family

We are the longest established equity release specialist in the UK and pride ourselves on giving you expert, impartial advice and a first class service. As an established broker, we are able to secure special rates just for our customers that you would not always receive going direct. We search all providers for you, including high street names, to find the right deal for you. These are just some of the lenders offering us great deals for customers at the moment:

Equity Release Service

* We offer a friendly professional service and a free no-obligation initial consultation.
* Our expert advisers compare and contrast all of the different equity release plans available to find the best product to suit your needs and circumstances.
* All of our advice will be given on a one-to-one basis and then provided in writing.
* We are authorised and regulated by the Financial Services Authority (FSA).
* We will only recommend plans that are members of Safe Home Income Plans (SHIP) or those with similar guarantees and safeguards.

We hope to speak to you soon

This card has been designed for clients with a bad or no credit history.

2009-11-20T14:24:00.000-08:00

Over 300,000 People have enjoyed the benefits of this card and are building their credit history.

Low, easy-to-manage credit limit from £100
A credit limit increase after four months if you manage your account responsibly"
Register for email alerts to help you stay in control

Before you apply, check you're eligible

We're more likely to accept you if:

You're over 18
You have some history of managing your credit even if you have had CCJs or defaults in the past
You are on the electoral roll

We're not likely to accept you if:

You've never had credit in the UK before
You have been declared bankrupt in the last 12 months

Please note that meeting these criteria does not guarantee acceptance

Claim back your unfair bank charges today - no win no fee

2009-11-19T14:31:00.000-08:00

Got a Credit Card?. Have you ever been charged for going over your limit or missing payments? If so, you are in line for a payout

The Office of Fair Trading has ruled that you can claim back most of the fees that have been charged in the last 6 years.

Why not let us help you get what you deserve. The average claim is about £400.00.

CLAIM NOW

Unless we win your claim, you do not pay a penny.

Kind regards

www.FININVEST.co.uk

Fininvest is a financial holding company

2009-09-29T23:59:00.000-07:00

Fininvest is a financial holding company controlled by Silvio Berlusconi's family and managed by Silvio Berlusconi's oldest daughter Marina Berlusconi.

The Fininvest Group is composed by many important companies, e.g. Mediolanum (an insurance and banking company), Medusa (a major Italian film production company), Mondadori (one of Italy's most important publishing companies), A.C. Milan (a football team) and Mediaset, which is, at present, the biggest private entertainment competitor in Italy, owning three channels (Canale 5, Italia 1, Rete 4), a digital TV broadcasting network and many other companies related to TV broadcasting.

Type Private

Founded Finanziaria d'Investimenti, Srl (1978)
Headquarters Milan, Italy
Key people Marina Berlusconi, Chairman
Pasquale Cannatelli, CEO

Industry Financial holding

Revenue ▲ € 6,196 Billion (2005)
Operating income ▲ € 2,871 Billion (2005)
Net income ▲ € 1,297 Billion (2005)
Employees 19,755

Government helpline aims to benefit UK workers and employers

2009-09-22T12:24:00.000-07:00

Government helpline aims to benefit UK workers and employers

The government has launched a pay and work rights helpline, to offer advice to workers struggling with issues from redundancy to employee rights.

Commenting on the launch of the Government's new Pay and Work Rights helpline TUC General Secretary Brendan Barber said: “This vital new helpline was a key recommendation of the TUC's Commission on Vulnerable Employment final report last year. It will ensure workers at risk of mistreatment by their employers not only have a phone number that they can call to find out about their rights to the minimum wage, excessive working hours and agency standards, but they can also ask for help in enforcing these rights.”

Barber said the move should also enable better co-ordination between the national enforcement agencies, ensuring more effective enforcement of employee-related law.

“The helpline and enforcement agencies will champion the rights of vulnerable workers, and ensure that rogue employers who flout the law do not get away with it.

'This will not only benefit workers across the UK, but will also help employers by promoting fair competition and preventing good employers from being undercut by bad ones using unlawful practices,” he said.

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UK mortgage holders wasting low interest years

2009-09-22T12:11:00.000-07:00

Research by professional advice website Unbiased.co.uk suggests that more than half, or 53 per cent of borrowers who say they are on a tracker mortgage are failing to take advantage of historic low interest rates to pay down their mortgage balances.

Of those surveyed, just one in five, or 20 per cent have kept mortgage repayments at the levels they were before the round of rate cuts earlier this year, allowing them to slice capital off the outstanding balance and cut down the amount of interest they pay or cut down their loan term.

Instead, nearly one in five, or 19 per cent of those tracker borrowers are spending their monthly repayment windfall on day-to-day expenses or treating themselves, while a more sensible 24 per cent say they are diverting these savings to pay off other debts. Just seven per cent say they are allowing the balance to build up month by month in their current account, and 20 per cent are bolstering their savings in deposit accounts.

Worryingly, said Unbiased, over one in ten (12 per cent) are not overpaying on their mortgage afraid that they will be charged for doing so.

David Elms, chief executive of Unbiased.co.uk said: "Tracker and standard variable rate mortgage borrowers have watched interest rates plunge to record lows during this year, presenting an ideal opportunity to pay off their outstanding mortgage more quickly. Such action would enable many thousands of borrowers to take years off their mortgage repayment term, or enjoy a greater level of repayment comfort down the line, should the economy take longer to recover.

"Our research suggests most tracker borrowers are not taking this action, however we're encouraged by the large number who are using their repayment savings to erode their more costly credit card and personal loan debts.”

For more info we recommend the following sites:

www.FasanoFinance.co.uk
www.Fininvest.co.uk All the knowledge you need.

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