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.
UK government announces shared maternity leave
The UK government has today revealed that new mothers will be able to split their maternity leave between themselves and their husband effectively giving the opportunity for fathers to take six months maternity leave from their work. Despite the fact this is an issue which has been ongoing since 2004 when the Conservative party first suggested such a move it has not been well received in the busin...Read More
UK house prices have fallen 15% in the last 12 months
News that the price of the average UK home has fallen by 15% in the 12 months to October has brought further doom and gloom to the mortgage and property markets. The monthly fall of 2.2% between September and October, as reported by Halifax, brings about the 15% fall mentioned above which equates to approximately £30,000 per home in the UK.
This news was announced prior to the 1.5%...
Is Britain really the worst place to live?
A report out today suggests that Britain is the worst place to live in Europe, even though the report highlighted that it also has the highest income per person in the euro zone. With an average after-tax household income of over £35,000 it is some £10,000 higher than the European average but when taking into account the cost of living and other elements, it appears that Britain is the worst pla...Read More
PwC predicts possible double dip recession
A leaked report by PwC has today cast doubt upon the UK government plans to overhaul the UK banking system. The report was commissioned by major banks in the UK such as Barclays, HSBC and Royal Bank of Scotland and suggests that the introduction of new rules, to govern capital adequacy and banking liquidity, could actually reduce liquidity in the UK market place and push the UK economy back into r...Read More
Car manufacturers continue to struggle
With news that Bentley is disposing of 220 jobs (which is about 10% of the workforce) and General Motors is looking to cut up to 10,000 jobs worldwide (with a significant number in the UK) it would appear that the UK car manufacturing industry has yet to benefit from the various government initiatives announced over the last few weeks. Many had already indicated that help from UK government was to...Read More