Many of us feel that we are not getting the most out of our savings. Now, new research actually suggests we are being purposefully left in the dark.
In a new piece of research from Which?, it has been revealed that those people who are putting their money into savings in both banks and building societies are not getting out of the service what they ought to be.
It is reported by the company that savers are missing out on as much as £332 (an average marker) because they are not being properly informed by the banks and building societies in question, about the correct interest rates they should be earning.
What the survey research shows that it is only through consumer ignorance that the correct interest rates are not being paid and that this ignorance is directly equated to the banks withholding information to the consumer.
In what was an enormous downsizing operation, the amount of interest that was paid to savers was cut back by half in the 2008-2009 period, seeing a reduction from £39 billion to just £19.2 billion.
The research firm discovered that almost half of the 1,200 plus savings accounts available in the UK pay just 0.4 pc after tax interest with many paying less than this. In what seems almost a contradiction of terms, an average savings account in the UK would earn you just 80 pence for every £1,000 saved, leaving many asking what the point is in using such an account.
Many banks, it is reported, do not even make their interest rates public-instead they choose to withhold any fluctuations, crediting the saving consumer with an interest rate that they decide and that is in their hands to manoeuvre if they so wish.
It is thought that only a handful of banks (which include Yorkshire BS, Skipton BS, Barclays and HSBC) actually print their rates.
29 October 2010
25 October 2010
One Size Fits All-New Pension Scheme
In what is set to be one of the biggest changes in the cut-back process, the government has decided to stop varying pensions and to install a ‘one size fits all’ alternative that will entirely disregard individual personal financial situations or circumstance.
The change is being made in order to simplify the pensions scheme which was been in action for the last 50 years. What will happen is that all pension payments will be reduced (or increased) to £140 a week so everyone in Britain is receiving the same amount.
The new plans are likely to be announced as the year draws to a close in a Green Paper. One of the benefits of the new scheme will be that people will no longer be ‘means tested’ which is thought to be quite a humiliating process.
Another benefit is that couples whose pension was divided between them in the present scheme (at a basic state rate of £156.15) will now be inflated as each of them receive £140 a week. This would mean that couples could have an annual state income of £14,560 in the new plans.
As well as benefits for couples, the system will benefit single pensioners who receive the basic state pension as they will see their weekly income rise from £132.60 to the new £140 level.
The dominant feature in the change is to account for a number of loop holes in the pension system which often affected women who could not qualify for a full state pension because they had taken time out to raise their children.
Ministers aim to introduce the new pension in Parliament by the end of 2015, wanting it to be firmly installed before the retirement age plans are put in action (which will see the pension age for women rise to 66).
The change is being made in order to simplify the pensions scheme which was been in action for the last 50 years. What will happen is that all pension payments will be reduced (or increased) to £140 a week so everyone in Britain is receiving the same amount.
The new plans are likely to be announced as the year draws to a close in a Green Paper. One of the benefits of the new scheme will be that people will no longer be ‘means tested’ which is thought to be quite a humiliating process.
Another benefit is that couples whose pension was divided between them in the present scheme (at a basic state rate of £156.15) will now be inflated as each of them receive £140 a week. This would mean that couples could have an annual state income of £14,560 in the new plans.
As well as benefits for couples, the system will benefit single pensioners who receive the basic state pension as they will see their weekly income rise from £132.60 to the new £140 level.
The dominant feature in the change is to account for a number of loop holes in the pension system which often affected women who could not qualify for a full state pension because they had taken time out to raise their children.
Ministers aim to introduce the new pension in Parliament by the end of 2015, wanting it to be firmly installed before the retirement age plans are put in action (which will see the pension age for women rise to 66).
13 October 2010
US Bankers Still Receiving Big Payouts
The myth that bankers are no longer receiving enormous payouts has well and truly been shattered thanks to new research founded by the Wall Street Journal.
The figures which reveal the banking giant JP Morgan salary pay-outs, reveal US bankers are getting record breaking compensation for the second year in a row. In what seems almost inconceivable, the research that studies three dozen banks, hedge funds and money-management firms, shows that these companies will pay out £90 billion in salary and benefits this year alone.
The data flies in the face of new measures that were set to put a cap on bonuses and salaries and it also reveals that top bankers have not suffered in the slightest despite the state of the US economy and its recovery. Far from being negatively affected by the US recovery, salaries have gone up by 4% since this time last year, third-quarter figures reveal.
Charles Elson, director of the Weinberg Centre for Corporate Governance told the Wall Street Journal,
“Until the focus of these institutions changes from revenue generation to long-term shareholder value, we will see these outrageous pay packages and compensation levels.”
The research also shows that Goldman and Sachs is expected to raise compensation pay to $16.8 billion which is a rise of 3.7% despite the fact that revenue is set to fall to $39.1 billion.
07 October 2010
Alarm Bells For Homeowners
In one of the quickest declines the UK housing market has ever seen, house prices in the UK have plummeted by 3.6% in a single month, leaving homeowners with their heads in their hands, unable to believe the loss in value of their houses. It is thought that contributing factors could be the number of houses on the market as well as a decline in prospective buyers due to the unstable economy.
Halifax have commented that the decline is set to continue. A spokesperson from the firm commented:"A shortage of properties for sale contributed to an imbalance between supply and demand and was a key factor driving up house prices last year. An increase in the number of properties available for sale in recent months has reduced the imbalance. At the same time, renewed uncertainty about the economy and jobs has caused consumer confidence to falter recently, dampening the demand for home purchase."
Halifax have commented that the decline is set to continue. A spokesperson from the firm commented:"A shortage of properties for sale contributed to an imbalance between supply and demand and was a key factor driving up house prices last year. An increase in the number of properties available for sale in recent months has reduced the imbalance. At the same time, renewed uncertainty about the economy and jobs has caused consumer confidence to falter recently, dampening the demand for home purchase."
06 October 2010
Millions Of Pounds Missing Because Of Currency Firms
Crown Currency Exchange has potentially let down as many as 13,000 customers. Yesterday, it was announced that the overseas firm had slipped into administration. The effect is that their customers will not receive the money they have pre-ordered, which, in total amounts to £20 million.
This situation came about despite there being serious worries about the companies’ health from over a year ago. Concerns were voiced by the Financial Services Authority but yet, for some reason the issues were overlooked and even the authorities failed to take action against the firm which is based in Cornwall.
Even though this situation has left thousands of people, hundreds of pounds short-in some cases, thousands-the government is unwilling to tighten the regulation of similar currency firms. This is exactly what insiders are saying caused the problem in the first place and understandably, customers are furious today that changes are not being made.
A Treasury spokeswoman comments on the situation:
“Crown Currency Exchange’s business model was exceptional-it involved taking forward exchange risks. It would not be appropriate to crack down on the vast majority of currency exchanges that do not take such risks.”
Tightening up such firms would involve taking appropriate precautions that would leave customers money safe, even in a worse case scenario, with a firm going bust. This could be as simple as enforcing an law that forces currency exchange firms to keep customer cash and business cash separate.
This situation came about despite there being serious worries about the companies’ health from over a year ago. Concerns were voiced by the Financial Services Authority but yet, for some reason the issues were overlooked and even the authorities failed to take action against the firm which is based in Cornwall.
Even though this situation has left thousands of people, hundreds of pounds short-in some cases, thousands-the government is unwilling to tighten the regulation of similar currency firms. This is exactly what insiders are saying caused the problem in the first place and understandably, customers are furious today that changes are not being made.
A Treasury spokeswoman comments on the situation:
“Crown Currency Exchange’s business model was exceptional-it involved taking forward exchange risks. It would not be appropriate to crack down on the vast majority of currency exchanges that do not take such risks.”
Tightening up such firms would involve taking appropriate precautions that would leave customers money safe, even in a worse case scenario, with a firm going bust. This could be as simple as enforcing an law that forces currency exchange firms to keep customer cash and business cash separate.
30 September 2010
Budget Tips For Everyday Life
1. Budgets may be a pain but they are essential for a healthy financial life.
They're the only practical way to get a grip on your spending - and to make sure your money is being used the way you want it to be used.
2. Creating a budget generally requires three steps.
- Identify how you're spending money now.
- Evaluate your current spending and set goals that take into account your long-term financial objectives.
- Track your spending to make sure it stays within those guidelines.
3. Use a chart on your computer to track your progress.
If you use a personal-finance program such as Quicken or Microsoft Money, the built-in budget-making tools can create your budget for you.
4. Don't drive yourself nuts.
One drawback of monitoring your spending by computer is that it encourages overzealous attention to detail. Once you determine which categories of spending can and should be cut (or expanded), concentrate on those categories and worry less about other aspects of your spending.
5. Watch out for cash leakage.
If withdrawals from the ATM machine evaporate from your pocket without apparent explanation, it's time to keep better records. In general, if you find yourself returning to the ATM more than once a week or so, you need to examine where that cash is going.
6. Spending beyond your limits is dangerous.
But if you do, you've got plenty of company. Government figures show that many households with total income of $50,000 or less are spending more than they bring in. This doesn't make you an automatic candidate for bankruptcy - but it's definitely a sign you need to make some serious spending cuts.
7. Beware of luxuries dressed up as necessities.
If your income doesn't cover your costs, then some of your spending is probably for luxuries - even if you've been considering them to be filling a real need.
8. Tithe yourself.
Aim to spend no more than 90% of your income. That way, you'll have the other 10% left to save for your big-picture items.
9. Don't count on windfalls.
When projecting the amount of money you can live on, don't include dollars that you can't be sure you'll receive, such as year-end bonuses, tax refunds or investment gains.
10. Beware of spending creep.
As your annual income climbs from raises, promotions and smart investing, don't start spending for luxuries until you're sure that you're staying ahead of inflation. It's better to use those income increases as an excuse to save more.
They're the only practical way to get a grip on your spending - and to make sure your money is being used the way you want it to be used.
2. Creating a budget generally requires three steps.
- Identify how you're spending money now.
- Evaluate your current spending and set goals that take into account your long-term financial objectives.
- Track your spending to make sure it stays within those guidelines.
3. Use a chart on your computer to track your progress.
If you use a personal-finance program such as Quicken or Microsoft Money, the built-in budget-making tools can create your budget for you.
4. Don't drive yourself nuts.
One drawback of monitoring your spending by computer is that it encourages overzealous attention to detail. Once you determine which categories of spending can and should be cut (or expanded), concentrate on those categories and worry less about other aspects of your spending.
5. Watch out for cash leakage.
If withdrawals from the ATM machine evaporate from your pocket without apparent explanation, it's time to keep better records. In general, if you find yourself returning to the ATM more than once a week or so, you need to examine where that cash is going.
6. Spending beyond your limits is dangerous.
But if you do, you've got plenty of company. Government figures show that many households with total income of $50,000 or less are spending more than they bring in. This doesn't make you an automatic candidate for bankruptcy - but it's definitely a sign you need to make some serious spending cuts.
7. Beware of luxuries dressed up as necessities.
If your income doesn't cover your costs, then some of your spending is probably for luxuries - even if you've been considering them to be filling a real need.
8. Tithe yourself.
Aim to spend no more than 90% of your income. That way, you'll have the other 10% left to save for your big-picture items.
9. Don't count on windfalls.
When projecting the amount of money you can live on, don't include dollars that you can't be sure you'll receive, such as year-end bonuses, tax refunds or investment gains.
10. Beware of spending creep.
As your annual income climbs from raises, promotions and smart investing, don't start spending for luxuries until you're sure that you're staying ahead of inflation. It's better to use those income increases as an excuse to save more.
28 September 2010
Fears Over Debt Management Companies
Oh dear. It is not a very bright day for debt management companies. With the news pouring in of more and more companies who face losing their license, one cannot help but feel worried and vulnerable.
Following an enquiry from The Office of Fair Trading, it has been discovered that as many as 129 firms are guilty of some degree of malpractice. The wrongdoing ranges from giving out biased or influencing advice (when in fact it should be impartial and honest) to misleading advertising and even some firms posing as ‘free’ government organisations.
This news shows that going it alone on the internet in search of these firms can be very risky indeed, especially when we know that by the end of this year alone, over £250 million will be paid to debt management companies.
Price comparison websites offer you a safe environment to get advise and/or help if that is what you choose. The companies have already been reviewed by the website and so you can be sure that the companies they showcase are respectable.
Following an enquiry from The Office of Fair Trading, it has been discovered that as many as 129 firms are guilty of some degree of malpractice. The wrongdoing ranges from giving out biased or influencing advice (when in fact it should be impartial and honest) to misleading advertising and even some firms posing as ‘free’ government organisations.
This news shows that going it alone on the internet in search of these firms can be very risky indeed, especially when we know that by the end of this year alone, over £250 million will be paid to debt management companies.
Price comparison websites offer you a safe environment to get advise and/or help if that is what you choose. The companies have already been reviewed by the website and so you can be sure that the companies they showcase are respectable.
27 September 2010
To Pay Or Not To Pay
For the 2010/2011 academic year, interest rates for student loans are now either 1.5% or 4.4%. The rate varies depending on when you took the loan out i.e when you first started university. If you started university between 1990 and 1997 then you will be subject to the 4.4% interest rate. After this the 1.5% applies, depending on whether the Bank of England’s base rate stays at 0.5%.
Interestingly statistics show that the number of outstanding loans for the latter, comes in at a whopping 3,300,000, with the old school 4.4% loan coming in with 355,000 outstanding loans.
We are now a whole generation of Britons with student loans as so many of us go down the higher education road. So what does it mean when people say that student loans have no real cost? This is said because there is no real interest cost because the most you will ever pay is the rate of inflation i.e the rate at which prices are rising. Therefore, a student loan is essentially very different from other commercial loans where you must pay back extra cash on top of inflation rates.
To question is then is it worth paying back your student loan? An article I read today argued that in actuality, you are much better off putting that monthly payment into a high interest savings account, or into another investment because over a ten year period, you would have earned back enough money to pay off your loan, and more. The article was saying that you should prioritise those things with higher interest rates such as credit card bills and bank loans as your student loan is not going to gather much interest at all. Low interest loans do not need to paid off quickly; even if they sit unpaid, they will not collect a huge amount of interest at all. You might be better off not paying it off in this case.
It is something to think about anyway before you go rushing into paying off that student loan...
Interestingly statistics show that the number of outstanding loans for the latter, comes in at a whopping 3,300,000, with the old school 4.4% loan coming in with 355,000 outstanding loans.
We are now a whole generation of Britons with student loans as so many of us go down the higher education road. So what does it mean when people say that student loans have no real cost? This is said because there is no real interest cost because the most you will ever pay is the rate of inflation i.e the rate at which prices are rising. Therefore, a student loan is essentially very different from other commercial loans where you must pay back extra cash on top of inflation rates.
To question is then is it worth paying back your student loan? An article I read today argued that in actuality, you are much better off putting that monthly payment into a high interest savings account, or into another investment because over a ten year period, you would have earned back enough money to pay off your loan, and more. The article was saying that you should prioritise those things with higher interest rates such as credit card bills and bank loans as your student loan is not going to gather much interest at all. Low interest loans do not need to paid off quickly; even if they sit unpaid, they will not collect a huge amount of interest at all. You might be better off not paying it off in this case.
It is something to think about anyway before you go rushing into paying off that student loan...
20 September 2010
Minimising The Cost Of Divorce
With the cost of divorce so high these days, perhaps couples will think twice before heading to their nearest divorce lawyers. It might even encourage couples try and resolve their differences rather than to eternally agree to disagree...you never know.
According to experts, divorce costs are at an all time high and back at pre-global financial levels. The rising costs have much to do with key amendments to family, superannuation and tax laws in recent years, which means that there is a wider range of assets being split in marital property settlements. Even the superannuation savings of de facto couples can be divided.
Adding to this is the news that more couples are breaking up after longer marriages and thus the accumulated wealth that must be divided is proportionally higher. It is estimated that the number of couples getting divorced between the aged between 50-55 has quadrupled in the last ten years.
With statistics from the Australian Bureau of Statistics showing that 40 per cent of marriages are likely to end in divorce, couples should enter into marriage with an acute awareness of the facts. Australia saw as many as 47,000 divorces in 2008.
It would be wise to construct a pre-marital contract which states terms of a divorce if a couple were to split, rather than wait until its too late. A secured pre-marital deal might be essentially unromantic but nobody knows what will happen after marriage. It is wise to be prepared and realistic. A pre martial contract can ease some of the stress and financial difficulties of a divorce.
According to experts, divorce costs are at an all time high and back at pre-global financial levels. The rising costs have much to do with key amendments to family, superannuation and tax laws in recent years, which means that there is a wider range of assets being split in marital property settlements. Even the superannuation savings of de facto couples can be divided.
Adding to this is the news that more couples are breaking up after longer marriages and thus the accumulated wealth that must be divided is proportionally higher. It is estimated that the number of couples getting divorced between the aged between 50-55 has quadrupled in the last ten years.
With statistics from the Australian Bureau of Statistics showing that 40 per cent of marriages are likely to end in divorce, couples should enter into marriage with an acute awareness of the facts. Australia saw as many as 47,000 divorces in 2008.
It would be wise to construct a pre-marital contract which states terms of a divorce if a couple were to split, rather than wait until its too late. A secured pre-marital deal might be essentially unromantic but nobody knows what will happen after marriage. It is wise to be prepared and realistic. A pre martial contract can ease some of the stress and financial difficulties of a divorce.
16 September 2010
Consumer Confidence Dwindles- Fight Back!
With today’s report from the Office of National Statistics revealing that retail sales have dropped in the month of August, we have to wonder whether we Britons have hidden our wallets away and resigned ourselves to evenings spent in watching X Factor and playing backgammon.
With more ominous data pouring in as a result of the terrible environmental and humanitarian floods disaster, major retailers have warned us that the price of cotton is set to sky rocket due to the cotton plantations being demolished in the flood waters.
However, I wonder whether the statistics truthfully reflect our shopping sentiment. I for one know that just because the price of cotton is on the up and despite the negative data released today, when I want to shop, I will. I think most people share this sentiment, and as Britons we are, as a nation, fairly resilient when it comes to financial crises.
Here on Which Way To Pay we showcase a number of different credit cards, which although they are not the answer to all financial problems, can be extremely useful when you need a bit more financial flexibility. Simply having a credit card helps you to build up a good credit rating so even if you are not intending to use a credit card, it is definitely worth applying for one.
Have a good day,
Which Way To Pay
With more ominous data pouring in as a result of the terrible environmental and humanitarian floods disaster, major retailers have warned us that the price of cotton is set to sky rocket due to the cotton plantations being demolished in the flood waters.
However, I wonder whether the statistics truthfully reflect our shopping sentiment. I for one know that just because the price of cotton is on the up and despite the negative data released today, when I want to shop, I will. I think most people share this sentiment, and as Britons we are, as a nation, fairly resilient when it comes to financial crises.
Here on Which Way To Pay we showcase a number of different credit cards, which although they are not the answer to all financial problems, can be extremely useful when you need a bit more financial flexibility. Simply having a credit card helps you to build up a good credit rating so even if you are not intending to use a credit card, it is definitely worth applying for one.
Have a good day,
Which Way To Pay
15 September 2010
Clothing Prices Set To Soar
The price of cotton is set to soar. Believed to be linked with the large scale floods in both China and Pakistan, the price of raw cotton is up from ten cents a pound to an unbelievable rise of 83 cents a pound in the last month alone, along with the rise in VAT to 20 per cent.
This drastic increase will hit low budget high street chains such as Primark and H&M most forcefully seeing as these stores use cotton as their majority material. Consumers will have to rethink their perception of the store which is most notably known for selling £2 t-shirts and £4 jeans.
Primark Finance Director John Bason warns: “The pricing environment is a tough one for the consumer.” Customers will have to start thinking about the impact these environmental changes will have on them.
Consumer campaigners are angry at retailers for changing the prices, only when it benefits them. Campaigners have been urging retailers for years to increase their prices in order that long suffering foreign workers are paid more fairly.
Dominic Eagleton, from Action Aid comments: “For years, major retailers have been telling us they want to put prices up to help foreign workers-but don’t want to upset customers over here. This statement though, would suggest that when it suits companies they can raise prices after all if they want to.”
This drastic increase will hit low budget high street chains such as Primark and H&M most forcefully seeing as these stores use cotton as their majority material. Consumers will have to rethink their perception of the store which is most notably known for selling £2 t-shirts and £4 jeans.
Primark Finance Director John Bason warns: “The pricing environment is a tough one for the consumer.” Customers will have to start thinking about the impact these environmental changes will have on them.
Consumer campaigners are angry at retailers for changing the prices, only when it benefits them. Campaigners have been urging retailers for years to increase their prices in order that long suffering foreign workers are paid more fairly.
Dominic Eagleton, from Action Aid comments: “For years, major retailers have been telling us they want to put prices up to help foreign workers-but don’t want to upset customers over here. This statement though, would suggest that when it suits companies they can raise prices after all if they want to.”
09 September 2010
Claiming Online
Using a claims service has never been easier - simply click on a particular firm's website, fill out an initial form regarding your claim and you will generally be contacted within a short space of time.
There are so many types of claims, and for each one there are countless specialist services - injury claims, PPI claims, work claims, credit card fee claims...
But is it safe to use an online claims service? Well, as long as they are regulated and registered, run by people that are either trained lawyers or solicitors or claims experts you should be in the right hands. If in doubt it is possible to visit a standard solicitor (such as a famiily solicitor).
There are so many types of claims, and for each one there are countless specialist services - injury claims, PPI claims, work claims, credit card fee claims...
But is it safe to use an online claims service? Well, as long as they are regulated and registered, run by people that are either trained lawyers or solicitors or claims experts you should be in the right hands. If in doubt it is possible to visit a standard solicitor (such as a famiily solicitor).
26 August 2010
PPI Claims Keep Going Strong
Are you one of the millions of unemployed people in Britain? Have you bought cover on your insurance and thought that now you have lost your job, you are at least covered on your repayments?
Over 800 people a week are now complaining that their Personal Protection Insurance (PPI) was nothing but a scam, and that they were mis-sold their policy.
Insurers and lenders are claiming that there is no wrongdoing from their side, and that they have never mis-sold loan insurance.
But the cases are being looked into by the Financial Ombudsman Service (FOS) although many cases are being upheld, which means that lenders must pay compensation to customers.
The FSA has stepped in and is banning all selling of single-premium PPIs and the selling of loan insurance at the same time as the loan.
There is cynicism over the case, as some are saying that the number of complaints is so high only thanks to media attention and watchdog campaigns. Either way, if you are one of the many unemployed, you may be less than impressed to find that you are not covered...
Over 800 people a week are now complaining that their Personal Protection Insurance (PPI) was nothing but a scam, and that they were mis-sold their policy.
Insurers and lenders are claiming that there is no wrongdoing from their side, and that they have never mis-sold loan insurance.
But the cases are being looked into by the Financial Ombudsman Service (FOS) although many cases are being upheld, which means that lenders must pay compensation to customers.
The FSA has stepped in and is banning all selling of single-premium PPIs and the selling of loan insurance at the same time as the loan.
There is cynicism over the case, as some are saying that the number of complaints is so high only thanks to media attention and watchdog campaigns. Either way, if you are one of the many unemployed, you may be less than impressed to find that you are not covered...
25 August 2010
Ireland is Downgraded
As if the euro zone needed any more blows, Ireland has had its credit rating downgraded to AA- by Standard & Poor's rating agency.
Ireland's own credit rating agency saw S&P's downgrade and subsequent analysis of the Irish economy as incaccurate and exaggerated (with a huge deficit of GDP expected for 2010).
The euro currency itself actually jumped on the foreign exchange market, due to a report that showed German business confidence rose to unexpected highs in August.
Ireland's own credit rating agency saw S&P's downgrade and subsequent analysis of the Irish economy as incaccurate and exaggerated (with a huge deficit of GDP expected for 2010).
The euro currency itself actually jumped on the foreign exchange market, due to a report that showed German business confidence rose to unexpected highs in August.
23 August 2010
Australian Federal Elections
Over in Australia, federal elections held over the weekend (unlike in the UK, where elections are held during the working week) brought an unclear result, similar to the results of the UK general election in May.
The news left Australian share markets fairly cautious at open in Sydney, with moderate losses for all main indices such as the ASX 200.
Meanwhile oil managed to emerge from its 6-week lows of last week to reach a slightly improved $74 a barrel halfway through the day Monday.
The news left Australian share markets fairly cautious at open in Sydney, with moderate losses for all main indices such as the ASX 200.
Meanwhile oil managed to emerge from its 6-week lows of last week to reach a slightly improved $74 a barrel halfway through the day Monday.
19 August 2010
Alternative to Credit
The OFT intends to make changes to the way in which credit card claims are made, something which had provided a loophole: the 'original agreement'.
People who are thinking of claiming against their lender for credit card charges or a large debt might find it a bit trickier under new guidelines.
If the lender was unable to produce an original agreement document within 12 days of the borrower requesting it, the debt became unenforceable. Not bad - but now lenders are likely to be allowed to produce a 'true copy' of the document. This will suffice as evidence against the borrower.
If you think it might be too risky to take a credit (or if you can't get one) there are alternatives - the prepaid card is a great way to pay without borrowing money.
People who are thinking of claiming against their lender for credit card charges or a large debt might find it a bit trickier under new guidelines.
If the lender was unable to produce an original agreement document within 12 days of the borrower requesting it, the debt became unenforceable. Not bad - but now lenders are likely to be allowed to produce a 'true copy' of the document. This will suffice as evidence against the borrower.
If you think it might be too risky to take a credit (or if you can't get one) there are alternatives - the prepaid card is a great way to pay without borrowing money.
11 August 2010
Shares Fall on Downbeat Outlook
Financial markets around the world tumbled on Wednesday amid a general mood of gloom and nervousness.
After retreats in Asia and the Asia-Pacific region, markets fell in Europe before bringing the mood to Wall Street. All main indices fell sharply while currencies such as the Canadian dollar and the Australian dollar fell too.
Overall there is a very pessimisstic wind among markets, with careful or downbeat warnings from central banks.
After retreats in Asia and the Asia-Pacific region, markets fell in Europe before bringing the mood to Wall Street. All main indices fell sharply while currencies such as the Canadian dollar and the Australian dollar fell too.
Overall there is a very pessimisstic wind among markets, with careful or downbeat warnings from central banks.
06 August 2010
80 Per Cent Rise in Wheat Price
Could the price of a loaf of bread or a bowl of pasta be on the rise?
As if consumers need more price hikes in the aftermath of the deep recession (which is still threatening to return)...
Due to a strict export ban on wheat in Russia, which is in place until December 1, wheat prices on the futures market have surged by 80% since June.
While traders cope with the massive rise, regular consumers are beginning to worry about the price on the high street.
So far, market insiders have said that the situation remains contained.
As if consumers need more price hikes in the aftermath of the deep recession (which is still threatening to return)...
Due to a strict export ban on wheat in Russia, which is in place until December 1, wheat prices on the futures market have surged by 80% since June.
While traders cope with the massive rise, regular consumers are beginning to worry about the price on the high street.
So far, market insiders have said that the situation remains contained.
02 August 2010
Sterling Rises to 11 Month Highs
The pound is on an immensely strong day on the foreign exchange market; it has reached an 11-month high against a basket of currencies while versus the US dollar it has reached a 6-month high.
After a round of good earnings data - with big bank HSBC posting better-than-expected profits for the first half - the pound is certainly more attractive for international investors today.
The dollar, meanwhile, is on a broadly weaker streak.
After a round of good earnings data - with big bank HSBC posting better-than-expected profits for the first half - the pound is certainly more attractive for international investors today.
The dollar, meanwhile, is on a broadly weaker streak.
20 July 2010
Which is Your Top Forex Service?
The top foreign exchange companies have today posted their pre-tax profits and show an interesting round of results.
With a few position changes - the most notable of which saw forex broker HiFX retreat from #3 to eighth place - the table of results showed that there is a major jump between the profits of the top two and the rest. Why?
The answer lies in the services that such companies offer. Sure, they are all under the umbrella of 'foreign exchange' but while some offer vast coverage of global travel money (including airport bureaux de change), others offer pure foreign exchange for delivery services.
So, the next time you look for a good foreign exchange service, don't rely on their profit margins to decide which one is worthy. You might find that the smaller firms can offer a much more streamlined and expert service than the big guns at the top.
With a few position changes - the most notable of which saw forex broker HiFX retreat from #3 to eighth place - the table of results showed that there is a major jump between the profits of the top two and the rest. Why?
The answer lies in the services that such companies offer. Sure, they are all under the umbrella of 'foreign exchange' but while some offer vast coverage of global travel money (including airport bureaux de change), others offer pure foreign exchange for delivery services.
So, the next time you look for a good foreign exchange service, don't rely on their profit margins to decide which one is worthy. You might find that the smaller firms can offer a much more streamlined and expert service than the big guns at the top.
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