moneynet in the press

Daily Mirror - 28th September 2005

STUDENTS FACE A TOUGH TIME ON THE FINANCIAL FRONT, SO MAKE SURE YOU'RE ON RED ALERT

Richard Brown chief executive of money comparison website moneynet.co.uk says: "Most students think long and hard about their choice of university - they should apply themselves equally to tracking down the best account. Avoid gimmicky marketing ploys such as free MP3 player and go for what really matters - interest rates charged on overdrafts or paid on credit balances. Students should also avoid costly credit cards."

Cambridge Evening News - 28th September 2005

£3bn COST OF CARD OFFERS

Richard Brown, Moneynet ceo said: "Recent research shows spending on credit cards is expected to rise by just 3 per cent over 2005 - down from last year's rate of 8 per cent - and the forecast is zero growth by the end of 2006. The standard credit card is effectively an endangered species. Debit card use is currently going up at a rate of 20 per cent a year, and now accounts for two-thirds of all spending on plastic. And there are new threats to the overall health of the credit card - Egg's new Money Manager account, effectively a debit card with an overdraft facility where you earn interest on credit balances and pay interest when overdrawn - is likely to herald a new trend, with more flexible cards that will pay interest when in credit."

The Times - 17th September 2005

ALL WE WANT IS MANY HAPPY RETURNS

Richard Brown, chief executive of Moneynet, the online price comparison service, says: More people are switching banks than ever before. This has made children's accounts less worthwhile for banks. The children probably won't stay loyal for life. Children's accounts are also relatively expensive and time-consuming to run because children don't invest large amounts. They are more likely to bring in a bag of coppers than a cheque for £1,000."

Shropshire Star - 15th September 2005

CREDIT POSER FOR GRADUATES

"The major credit reference agencies such as Equifax and Experian hold detailed files on our financial histories which start as soon as we open a bank or credit related account," said Moneynet chief executive Richard Brown. "The majority of graduates are looking at servicing a minimum debt of £15,000 until their mid thirties, which is clearly not the best way to start out when it comes to wanting to arrange a mortgage or anything else requiring a sound credit history. So we would advise students to keep an eye on their credit files to make sure all the information held on them is accurate. In addition, it is crucial that students understand the importance of not over committing themselves as missed payments could mean they have accumulated an adverse credit history even before they embark on a professional career. This could take years to repair."

Metro London - 14th September 2005

BE WARY OF BANK TACTICS

Richard Brown, chief executive of online financial data site Moneynet.co.uk, warns students to avoid being taken in by gimmicky special offers. “Banks love students because they want to keep their business when they graduate, but most young people can afford to be choosy when it comes to picking a bank,” says Brown. “We encourage them not to be blinded by the marketing razzmatazz and focus on core banking services, free overdrafts and decent rates of interest.”

Daily Mirror - 14th September 2005

KEEP A LID ON ENERGY PRICES

Richard Brown, chief executive of Moneynet adds, “Comparison sites give consumers more control and are a better option than switching after a knock on the door or unsolicited telephone call.”

Daily Record - 13th September 2005

CAN YOU PROTECT AGAINST THE ID HIJACKERS?

Richard Brown, chief executive of financial data provider Moneynet adds, “Many of these policies are flawed. They do not offer full financial compensation to victims of fraud. Few, if any of them, appear to offer insurance protection against actual financial loss in the event that a credit card company, for example, refuses to cover the loss. While ID protection services may have a degree of value, they shouldn’t be used as a reason to take out an otherwise uncompetitive product.”

Yorkshire Post - 10th September 2005

RISK FOR STUDENTS

Moneynet.co.uk is warning students to keep a close eye on their credit files and to ensure that they keep debt payments up to date otherwise they could be in for a shock when it comes to arranging credit in the future.

The Guardian - 10th September 2005

PUTTING STUDY ANOTHER WAY

“We would advise students to keep an eye on their credit files to make sure all the information held on them is accurate,” says Richard Brown, chief executive of Moneynet, an online financial data comparison site. “It’s crucial that students understand the importance of not over-committing themselves as missed payments could mean they have accumulated an adverse credit history even before they embark on a career,” says Richard. “It could take years to repair”.

IFAonline.co.uk - 9th September 2005

GREATER GRADUATE DEBT MAY AFFECT CREDIT FILES

"IFAs will need to re-address the financial landscape," says Brown. "Their traditional client base will have less money during their twenties and early thirties to put into pensions, investments and savings. But, there will always be a market for IFAs, as graduates will still tend to get married, buy a home and have children and therefore need products like life insurance, income protection and mortgages."

Evening Standard - 7th September 2005

CREDITORS STRIKE BACK

Richard Brown, chief executive of financial comparison website Moneynet, says: “We are concerned that credit card companies will simply try to recoup their lost income with higher charges for all.” He warns that in the coming months anyone shopping around for a better deal will have to keep an even closer eye on the small print. “As the credit card companies find more ways to maximise their profits, it is essential that consumers fight back by examining all the terms and conditions before they commit themselves.”