Money Saving News for November 2008
- Ban on PPI is "a victory for consumers" - 14th November, 2008
Hitting back after yesterday's statement from the Association of Finance Brokers (AFB), Consumer website Which? has hailed the decision by the Competition Commission to ban the practice of point of sale Payment Protection Insurance (PPI) as "a victor...
- Building Societies 'may not pass on rate cuts' - 14th November, 2008
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The chairman of the Building Societies Association (BSA), John Goodfellow, has said Building Societies have a range of issues "that must be considered" when debating whether to pass on the benefits of the Bank of England's rate cut to borrowers.
He said that though Nationwide had passed on the 1.5 per cent interest rate cuts to borrowers, for most Building Societies the base rate of interest was only one of many factors affecting interest rates.
Mr Goodfellow added "societies have been called upon to pay a significant share of the cost of bailing out failed institutions in the banking sector", but had not received any funds from the government.
According to the BSA, Building Society members who are savers outnumber borrowers by about eight to one and Building Societies have a duty to look after the interest of their members... - Whiplash claims 'add costs to car insurance' - 14th November, 2008
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Car insurance premiums may rise due to increasing numbers of people making whiplash claims, according to AA insurance.
The AA has contributed to a new report by the Association of British Insurers (ABI) which claims that 1,200 people claim for whiplash every day following car accidents.
According to the report the numbers claiming for whiplash on their car insurance have increased by 25 per cent over five years and these claims cost the insurance industry £1.9 billion in 2007.
Simon Douglas, director of AA Insurance, said the whiplash claims cost around £66 on every insurance policy... - ABI: Ban on PPI is bad news for borrowers - 13th November, 2008
The Association of British Insurers (ABI) has warned that the ban on Payment Protection Insurance (PPI) put in place by the Competition Commission will have a "devastating" effect on borrowers....
- New tracker mortgages 'welcome but still wide of the mark' - 13th November, 2008
Independent analysts have cautiously welcomed the reappearance of tracker mortgages on the market but say that lenders' rates of interest still have "some way to go"....
- Lenders 'refuse to reduce fixed-rate mortgages' - 13th November, 2008
A study has revealed that lenders are refusing to make significant reductions in the rate of interest on fixed-rate mortgages despite the Bank of England's slashing of the base rate last week....
- Brits take 'reality check' - 12th November, 2008
A study released today shows that as the average household wealth falls across Britain, Brits are increasingly becoming more realistic about the amount they spend....
- Brits 'put their trust in savings accounts' - 12th November, 2008
After last month's banking crisis, savers could be forgiven for thinking that banks may not be the safest places for their money, but a survey released today shows that Britons' attitudes to savings accounts have become more positive since the credit crun...
- Customers turn to high interest loans as credit dries up - 12th November, 2008
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With the banking crisis cutting off the flow of consumer credit, experts have warned that customers are increasingly turning to high interest forms of borrowing in order to get by.
Francis Walker, spokesperson for the debt relief charity Credit Action, said that as cheap loans are no longer available, the public is increasingly turning to payday loans or pawnbrokers for credit.
Ms Walker said the trend was worrying, especially for those on modest incomes because "the poorer you are, the harder it is to get credit".
She said that while a needy person turning to high interest forms of borrowing was understandable, it could have severe consequences... - Lack of insurance 'puts Britons at risk' - 11th November, 2008
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Brits are putting themselves at risk by not having life insurance, a survey published today reveals.
The survey, carried out by Fairinvestment.co.uk, found that 24 per cent of Brits did not have important insurance packages such as home insurance, travel insurance and life insurance.
Responses to the survey revealed that only 12 per cent of people had insurance to cover payment protection and almost a quarter lived without life insurance.
The figures showed that as many as 90 per cent of 19 to 21-year-olds surveyed had not bothered to take out life insurance...