Fininvest: 2011

Saturday 27 August 2011

Credit card giants go to war over balance transfers

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Meanwhile, Barclaycard has withdrawn its 24-month 0% balance transfer period card, which saw 30,000 applications since launch, the equivalent of one every minute — and replaced it with the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

£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

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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Have your say:

Tuesday 23 August 2011

Battle of the 22 month 0% balance transfer cards!

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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Monday 8 August 2011

One week left for longest 0% Card

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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Sunday 31 July 2011

Beat Holiday Card FEES

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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Friday 29 July 2011

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

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.

Capital One Classic Credit Card - Instant Online Decision >>>

Tuesday 26 July 2011

Repossession Risk: 'Hotspots' List Revealed

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."

Capital One Classic Credit Card - Instant OnLine Decision >>>

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Sunday 24 July 2011

Why a few white lies could cost you a fortune

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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Thursday 21 July 2011

Capital One to buy ING's online banking unit

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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Wednesday 20 July 2011

Just Launched! New Orange CASH Mastercard

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.

Tuesday 19 July 2011

War of the supermarket banks

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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Monday 18 July 2011

Fininvest's Guide To Stopping Your Phone Being Hacked

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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Sunday 17 July 2011

Why paying in pennies may land you a fine!

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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