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.
Stress pushes more UK citizens to drink
Figures released by the Office for National Statistics show that many in the UK have turned to drink during these very difficult economic times. The data shows that around one third of people regularly exceed their daily sensible drinking limit with one in five men and one in seven women over 65 drinking every day, compared to just 1% of those between 16 and 24 years of age. While men are still tw...Read More
Homeowners warned over Easter DIY mishaps
Homeowners have been advised to check their home insurance policy before undertaking any DIY this Easter weekend or risk ending up out of pocket in the event of a mishap. Home insurance provider Allianz Insurance predicts that this Easter the collective bill for damage caused by DIY accidents could reach as high as £25 million. In the event that they are not comprehensively ensured for such event...Read More
British Gas reports drop in profits
20/02/2014 British Gas have reported a small drop in profits from their residential business in 2013, citing factors such as warmer weather and increasing wholesale costs. Operating profit for the full year was recorded at £571 million, a 6% reduction from £606 million in 2012. Furthermore, parent company Centrica also posted a small reduction in profits during the same time period as they...Read More
Have you been tempted by the doorstep lenders?
With news that Provident Financial has increased its profits by 3.5% in the first six months of 2009 the doorstep lending industry has again hit the headlines. Despite the fact that Cattles, another of the U.K.'s more prominent doorstep lenders, is itself in serious financial difficulty the situation does not appear to be the same at Provident Financial. Have you ever been tempted by the doorstep...Read More
Unclaimed Premium Bond prizes top £44m
National Savings and Investments (NS&I) officials have released details about nearly 900,000 unclaimed premium bond prizes, which amass to a total value of £44m. The 898,000 prizes stretch over more than five decades, with the earliest unclaimed prize from 1957. However, at an amount of just £25, the winner will feel the full effects of inflation, which will have severely reduced the value o...Read More