£6bn lost on cancelled holidays
With a recent study revealing that over £6 billion was lost last year through people cancelling holidays they have already booked, Britons have been reminded of the importance of taking out a comprehensive travel insurance policy.According to the insurer More Than, who released the findings, while many people book their holidays well in advance, many fail to take out insurance and therefore leave themselves vulnerable to losing money spent on booked travel and accommodation should their plans change.Of all the claims made through More Than's travel insurance service last year, 26 per cent were for the cancellation of holidays, with an average cost of £856.Commenting on the findings, the company's head of travel insurance, Keira Clark, said: "It's encouraging that holidaymakers are catching on to the importance of travel insurance, but many still don't realise that by purchasing their policies late, they miss out on valuable cancellation cover."The comments come soon after British holidaymakers were advised to make sure their building insurance is up-to-date before going away, in the event of leaking pipes and water damage.
Bank of England estimates 11% of UK homeowners in negative equity
While this may be a headline grabbing report from the Bank of England, which has estimated that up to 11% of UK homeowners may potentially be in negative equity, in all honesty it is not unexpected. The report suggests that between 7% and 11% of UK homeowners are in serious trouble with their mortgages, a figure which equates to around 1.1 million homes across the UK.
The major conc...
Should unsolicited financial promotions be allowed?
The announcement that MBNA, one of the U.K.'s major credit card companies, will cease to issue credit card cheques after 31 March has prompted a discussion amongst UK consumers. Each and every day brings new and often unsolicited financial promotions to many in the UK at a time when funds are tight and credit can be difficult to come by. However, should unsolicited financial promotions be allowed?...Read More
Could the Euro zone drag the UK down?
Over the last few weeks it has become more and more apparent that trouble in the euro zone is starting to impact upon the UK economy and the cost of finance around Europe and around the world. Despite the fact that the UK is not an integral part of the euro and the euro zone as such there is a massive dependence upon internal trade within Europe which is obviously beginning to suffer. So could the...Read More
IMF believes UK jobless total set to rise
Despite hopes that the UK economy will finally turn around and move into recovery mode in the short to medium term, the International Monetary Fund (IMF) has today poured scorn on hopes that the UK jobless total will soon peak. The IMF believe that unemployment in the UK will continue to rise well into 2010 and indeed the UK is one of the worst performing economies in the world at this moment in t...Read More
Approval granted for UK's first Islamic insurance firm
Regulatory approval has been granted for the first ever specialist Islamic insurance provider in the UK, it has been announced. Principle Insurance has been cleared for business by the Financial Services Authority and will offer home insurance and motor insurance products. In keeping with Shariah law, the firm will not use interest and will shun investments in sectors that contravene Islamic princ...Read More