AXA rewards safe motorists
Financial giant AXA has revealed a new car insurance policy which will see those with eight or more years no claims bonus receiving a 90% discount on their premiums. This compares to the average discount of 65% on a maximum five-year no claims bonus and will obviously further benefit the vast majority of drivers in the UK who do not claim on their car insurance.
This comes at a time when the AA has confirmed that UK car insurance premiums will rise by between 10% and 15% in 2010 with the majority of the increase caused by uninsured drivers causing accidents on the road. It would appear that slowly but surely we are seeing a polarisation between safe drivers and dangerous (and uninsured drivers) with many other insurance companies certain to follow the lead set by AXA.
Car insurance premiums have been on an upward spiral for many years now with the cost of covering uninsured drivers taken on by the industry and then spread out amongst insured motorists. Whether or not this is a fair allocation of the added expense associated with uninsured drivers is debatable but it is a trend which began some time ago and has ultimately led to a massive increase in car insurance premiums for "no apparent reason".
IVA lenders getting tougher
Lenders of individual voluntary agreements or IVAs are becoming "tougher" when it comes to making the agreements, according to Debt Free Direct.Insolvency director, Derek Oakley, said: "The attitude of lenders who are not as helpful in agreeing IVA deals and [they] are becoming much, much tougher and are denying access to an IVA, which we've assessed as the best solution for people, to quite a bro...Read More
Is Matalan up for sale?
Retail giant Matalan is rumoured to be up for sale this evening with PricewaterhouseCoopers hired to advise the company about a potential £1.5 billion sale. Despite the rivers of blood on the UK high street, the Matalan clothing chain has performed very well throughout the recession and majority shareholder John Hargreaves, who took the business back under private control in 2006, is set to liqui...Read More
The young and workers mostly likely to be in poverty
24/11/2014 Young people and those in work are now more at risk of poverty than the elderly and the unemployed, a report has shown. The report was written by the New Policy Institute for The Joseph Rowntree Foundation, a British social policy research and development charity, that funds a UK-wide research and development programmes. It showed that over the last decade there has been a large...Read More
Council of Mortgage Lenders plays down mortgage recovery
Michael Coogan, the director-general of the Council of Mortgage Lenders (CML), has played down hopes of a short-term recovery in the UK mortgage market. Despite signs that demand may be returning to the market, the director-general suggested that these "green shoots" have no roots. So what does this mean for the UK mortgage sector?
The CML believes that the UK mortgage market will r...
Has Barclays bank turned the corner?
Barclays bank took the unusual step today of publishing exceptionally detailed information regarding the forthcoming 2008 results. In an open letter to investors from Marcus Agius and John Varley it was revealed that the bank will announce write-downs of no more than £8 billion. It was also confirmed that the group will make a profit of £5.3 billion in 2008, even after the substantial write-down...Read More