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.
Stocks rebound following sell-off
Stock markets in Europe and Asia have shown signs of recovery following yesterday's global-sell off, which was prompted by fears about the health of the US economy and its mortgage market.London's FTSE 100 index was up 1.37 per cent to 6,083.10 in early trading, having lost 2.5 per cent off the value of its shares at the close of the previous day.Germany's Dax 30 index was also up 1.7 per cent fol...Read More
Olympics fail to Provide Economic Boost
Analysts have delivered a blow to the hopes that the Olympics would provide the UK with a major economic boost, after it was claimed that the event had not returned significant financial gains to the UK, after £9.3bn was spent in preparing for, and running the games. The construction sector did reap huge benefits from the preparation for the Olympics, and the games also provided a good chance...Read More
Is the student loan system being milked by European students?
As news that more than 70% of students who took out student loans have yet to make any repayments is released into the public domain, there are serious concerns over potential bad debt problem for the UK Student Loans Company. The Student Loans Company was set up by the authorities to administer low-interest loans across the UK specifically for further education. Out of 2240 students who should ha...Read More
Are we seeing a recovery on the UK high street?
A number of UK retail companies have, over the last few days, published suggestions that life on the high street could be improving with sales set to rise in the short term. While we await official retail figures from the various retail agencies and more detailed guidance from retail companies, it does appear as though the last couple of weeks have seen an increase in activity on the high street.<...Read More
Northern Rock valuer to receive £4.5 million!
As the government reveals the appointment of an independent valuation expert to arrive at a 'price' for Northern Rock it has been revealed that Andrew Caldwell, the man in question, will be paid a one off fee of £4.5 million no matter how long it takes him to arrive at the figure.
This is all part of the ongoing dispute between shareholders of Northern Rock and the government with...