Direct Debit insurance 'con'
The average charge each year levied against Britons choosing to pay for home contents insurance via Direct Debit is £31, a new survey shows.Abbey Home Insurance estimates that British households are paying a total of £290 million per year simply for the convenience of paying their home contents insurance premiums by Direct Debit.An estimated 9.3 million people pay for home insurance by Direct Debit and many are not aware that they are often charged for doing so, with 44 per cent of the 215 home contents policies on the market levying a fee for Direct Debit customers.Average APR on charges for payment by Direct Debit is 19.16 per cent per home insurance policy, with the highest rate charged set at 34.9 per cent. This means that, with the average annual premium for contents insurance at £160 a year, customers are paying an average of £31 a year extra for Direct Debit transactions.Prasad Shastri, Abbey head of insurance marketing, said: "Using Direct Debit to buy home insurance is not a service you should be paying for. There is no point using a competitively priced insurer if they then go and add to your annual bill using back-door methods."A recent study by financial website MoneyExpert discovered that car insurance customers pay as much as £182 extra in fees when they opt to pay their premiums monthly by Direct Debit.Consumers are advised to check that they have the appropriate level of home contents cover and are not being charged high additional amounts to pay their premiums by Direct Debit in order to ensure they have the best rate for the level of cover they require.
BP announces difficulties with new well cap
Engineers have detected seepage and a possible methane gas leak on the seabed in the region of the Gulf of Mexico oil well which is causing so many problems for the company. This is a hammer blow for BP which had initially thought that the new cap was enough to stop the leak and effectively bring to an end a disastrous period in the company's history. However, engineers are now moving back to the...Read More
Hershey finally gives in and walks away
US outfit Hershey has today walked away from a potential bid for Cadbury with many analysts expecting the announcement today. The company had apparently been on the verge of a potential counterbid for the UK giant but the financial muscle and the fact that the Kraft Foods offer was recommended by the board appears to have swayed the company. This now leaves the way open for Kraft Foods to complete...Read More
Brown bullish on economy
Gordon Brown has delivered what is widely expected to be his last Budget speech and has given an upbeat verdict on the British economy.The chancellor is widely expected to have stepped up to the dispatch box for the 11th time today, ahead of what is looking increasingly likely to be a clear road to the Labour leadership.And in his opening comments this lunchtime, Mr Brown delivered a glowing verdi...Read More
What does the EU do for you?
As money gets tighter in the UK and more and more of the population continue to suffer from a rising cost of living some people are starting to ask whether the UK's contributions to the European Union are working - are they making a difference to your life?
The fundamental problem with the EU and the EU parliament is the fact that many of those working there are unelected and seem t...
When will the remortgage market recover?
While this week we saw a slight increase in net mortgage funding in the UK the remortgage market is still very much dead on its feet. As more and more UK homeowners continue to worry about negative equity and indeed keeping up with their mortgage payments, the once common option of remortgaging and either reducing interest terms or extending the life of their mortgage has disappeared for many.