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.
Home purchase mortgages double in 12 months
The British Bankers Association (BBA) has today confirmed that 42,238 mortgages were approved in October against 42,073 the previous month. These mortgages are specifically house purchase mortgages, which do not include redemptions and repayments, and show a 98% increase compared to the same period last year. So what exactly does this mean? While there is no doubt that the UK mortgage market an...Read More
David Cameron urged to back BP
David Cameron is today under pressure after apparently refusing to back BP in a war of words with the US government. Despite the fact that Pres. Obama appears intent on shifting the blame from the US government and the US authorities to the UK government in relation to the Gulf of Mexico spill David Cameron has said nothing in public to defend BP and Britain as a whole. So why is BP so important t...Read More
Drivers lie over claims to insurance companies
Millions of British motorists would lie to insurance providers to avoid jeopardising their claim, a new survey suggests.The study by Moneysupermarket found that 2.5 million drivers in the UK would bend the truth to ensure they received a payout.When asked what they would do if they had failed to lock their car properly leading to it being stolen, 26 per cent of motorists said they would resist tel...Read More
Quarter of Brits 'would move overseas to save'
One in four first-time buyers would move abroad to live frugally while saving for a deposit on a home in Britain, according to National Savings and Investments' (NS&I) latest survey.Young people were found to be the most mobile group with one in four willing to consider emigration, even as far as New Zealand and Australia, while more than a third of people aged 25 to 34 would consider relocating i...Read More
Comic Relief has its work cut out this year
While Comic Relief has become something of a national treasure, raising hundreds of millions of pounds for worthy causes, there are concerns that tonight's event could be overshadowed by the depressed economic situation in the UK and around the world. Historically the event has managed to avoid being affected by economic uncertainty in the country but after the recent falls it seems inevitable it...Read More