July 30th, 2021 | Andrew Hagger | News

NewDay, a leading UK provider of accessible credit, has launched Bip – the first completely cardless consumer credit proposition in the UK. Bip has been designed around the customer, offering a fully digital credit experience that is simple to use, fully transparent on costs and with the customer in complete control.

With no physical card, Bip customers can apply and have access to appropriate credit within minutes. Bip (https://www.Bip.credit/) is available via the App Store and Google Play – and can be added to the digital wallet of the user’s mobile phone. Just like a traditional card, it can be used anywhere Mastercard® is accepted when making contactless or online payments.

Bip offers a transparent and seamless customer experience:

• No hidden fees – no annual, foreign exchange or late payment fees.  Just one interest rate – typically 29.9% APR.
• Easy application process via the app. If eligible, users can be up and running in minutes.  No need to wait for a card and PIN to be despatched by post.
• Paperless (and plastic-less) apart from regulatory required communications – for example letters regarding changes to credit limit.
• The full credit card experience (including secure access to CVV) via the app.

In addition, Bip has been designed to ensure the customer stays in complete control:

• Customers can set two kinds of spending caps to give them control – including a warning and a freeze cap within the app.
• Customers can also set spending alerts to ensure they remain in control.
• Customers can see how much they could save on interest with the Payment Calculator, allowing them to understand the impact on the interest they will pay by increasing their repayments.
• Everything is accessed through the Bip app – including a chat function to help customers service their account.

NewDay has involved its customers in the design of Bip from the start, producing a solution that truly meets their needs, which is evident from customer demand and initial feedback from the testing phase. The firm has successfully recruited a waiting list of over 30,000 customers through the development and testing of Bip. The product is rated ‘Excellent’ on Trustpilot, with a score of 4.5, with customers especially positive on aspects such as the ease of applying, simplicity of use and ability to track and cap spending (https://uk.trustpilot.com/review/www.Bip.credit).

Sharvan Selvam – Commercial Director at NewDay said: “We worked with our customers all the way through the design, testing and launch of Bip.  It is a proposition designed to make credit easy to access, simple to use and, importantly, puts the customer in full control.”

Bip will be backed by a full consumer launch including mass market advertising later this year. Bip is the latest product from NewDay – one of the UK’s leading credit providers. NewDay offers credit to a broad spectrum of UK customers, providing accessible credit to close to 5 million people. This includes underserved sections of the market such as existing prime credit customers who may have seen their credit score reduced; and those new to credit who don’t have a full profile with the credit bureaux. At the heart of NewDay is its proprietary technology underpinned by two decades of underwriting experience and intelligence.

July 29th, 2021 | Andrew Hagger | News

An article published on BBC News today has highlighted the amount of money that the NHS in England may need to pay as a result of medical negligence claims, which are currently still ongoing.

The estimate, which includes possible future settlements, could amount to £4.3bn in legal fees and place a heavy burden on the NHS to cover clinical negligence.

But what are the true cost of medical negligence claims and what impact have they had?

Medical negligence claims are a common occurrence that doctors are faced with. They are not always successful and usually involve a lot more for those filing a claim than simply seeking compensation. Often, costs covering special treatments and rehabilitation need to be considered and emotional factors can make things a lot harder to deal with. Some solicitors only require payment for medical negligence claims if the suit is successful, making it easier for patients to handle costs.

Which doctors could be liable and what are some examples of malpractice?

Mistakes can result in damages in many different situations and aside from doctors and surgeons, dentists, nurses, pharmacists and even psychologists may be liable. Reasons for malpractice suits can range from receiving the wrong medication or instructions from a doctor to releasing a patient too early from a doctor’s care.

The BBC figures show how many claims could potentially be settled. However, the numbers are slightly misleading, since a significant amount of the claims may not actually result in settlements. The NHS reported that in 2018/19 over 44% of claims did not lead to any compensation and did not need to be paid by the National Health Service. In this case, legal fees would not apply either, which may reduce the figures significantly.

How can doctor’s avoid making mistakes that could lead to damages?

Hofstra University, a private university based in Hempstead, New York, explains how practitioners could avoid lawsuits filed by patients. In an infographic on the university’s website the following advice is mentioned:

• Communication is key. Listen and communicate with patients in a calm manner, without making assumptions.
• Staying up to date with changes in the medical field.
• Don’t ignore conflict. Whenever a patient raises a concern, make sure to address it and listen.
• Ask for your patients consent. Misunderstandings can lead to unhappy patients, which is why it can help to ask for your patients consent as often as you feel is necessary.
• Develop procedures. In order to make this process easier, develop specific guidelines and rules that are to be followed by doctors and staff in your office.
• Follow up. Following up with patients is a simple way to find out if there are any further issues that may need to be addressed.

Its vital for both doctors and patients to be mindful when discussing a treatment or issue and to place importance on good communication. This will make it easier to avoid any damages and injuries.

July 26th, 2021 | Andrew Hagger | News

Are you currently saving up for a first house, or do you know somebody who is? Raising a deposit is now widely understood to be the biggest barrier to getting on the property ladder for younger people – with 10% and above expected as standard. 

The pandemic has also disproportionately affected young people in terms of employment opportunities, creating further challenges for would-be first-time buyers. Yet new research from equity release experts Key Advice has found that older relatives who are homeowners helped out by gifting an average of £42,500 in 2020. 

This figure is almost two-thirds of the average first-time buyer deposit of £57,278, a figure which is skewed somewhat by astronomical living costs in London. 

So how much do first-time buyers need to raise for deposits across the UK – and where exactly are they receiving the most financial help? 

How do first-time deposits compare across the UK?

It will come as no surprise to many that UK first-time home deposits are highest in the capital of England, at a staggering £130,357. 

That’s almost £70,000 more expensive than the next costliest region, the South East of England, where first-time deposits average out at £64,910. The South West is next up, with £51,397 required to purchase the average first home. 

At the other end of the scale, first-time buyer deposits are at their lowest – £29,523 – in Northern Ireland. The North East of England and Wales offer the next cheapest property with deposits of £29,563 and £32,663 respectively. 

Which residents are most generous? 

Key Advice’s report found also that older homeowners gifted younger relatives more than the money required for a deposit in some areas.

In Wales, for example, older relatives gifted younger family members 135% of the average first-time deposit on average. Those in Northern Ireland, the North East of England and the East Midlands were also extra generous, gifting 116%, 113% and 108% respectively. 

These figures contrast those seen in the North West of England, where donations added up to only 67% of the average first-time deposit required in the area. London homeowners offered up around 79%, which is impressive considering this represents an average gift of £102,826. 

How equity release can boost first-time buyer deposits   

It’s common for older family members to support young people at this stage in their lives, and gifting is a popular way to do it. This can be done through spare savings or equity release, which involves freeing up cash that’s tied up in property. 

Helping out younger family members is a key motivation for many equity release customers, with some £755 million being donated through this route last year alone.

With property prices booming so far in 2021, first-time buyers will likely have to rely on older relatives more than ever.   

July 25th, 2021 | Andrew Hagger | News

• All the latest Covid travel related info in one place

• Up to date covid related travel details for 55 countries – including a 4-step guide which covers, before departure, at your destination, before you travel home and on your return to the UK

• Links to all the current travel documents you need such as health control and passenger locator forms.

• Clear and concise details to cut through the raft of ever-changing rules and regulations.

People are desperate to get away for a week or two in the sun but are faced with a massive fog of confusion with overseas travel rules changing by the minute.

Caxton, the travel money specialists, have designed a ‘Global Travel Tracker’ to help consumers plan and manage their holiday travel arrangements with confidence, helping them understand what they need to do before they set off, whilst they are away and when they return home.

Travellers can search via an interactive map or click on one of 55 countries listed to find out the latest info regarding PCR testing, any isolation requirements and vaccination documents for their chosen destination – see the page for Croatia for example, here

Alana Parsons, Chief Operating Officer at Caxton FX said: “Many of our customers are desperate to get away but are faced with constantly changing covid related travel rules and regulations”.

“The Caxton Global Travel Tracker is a ‘one stop shop’, giving travellers clarity and the latest essential details to help them prepare and remain covid compliant wherever they are travelling to.”

  “Our site is being updated daily with the latest information regarding traffic light status as well as vaccination documentation, PCR testing and quarantine/self isolation requirements for each destination.”

July 15th, 2021 | Andrew Hagger | News

Gatehouse Bank this week revealed it reached an ecological milestone – 5,000 trees have been planted in permanent new woodlands on behalf of Green Saver customers.

The bank launched the accounts in February, when all its new fixed-term accounts and Cash ISAs were transformed into Green Savers, with a tree planted for every new account opened. Customers with maturing fixed-term savings who chose to reinvest also became Green Savers.

Specialist UK ecological company Forest Carbon, which creates and develops woodland and peatlands for carbon capture, is responsible for planting the trees on Gatehouse’s behalf in four locations across Britain.

Geraldine Burnett, the bank’s corporate social responsibility manager, said: “We are absolutely delighted that 5,000 new trees have been planted across in the UK in just five months thanks to the Gatehouse customers who have opened fixed-term saving accounts with us.

“As an ethical bank, we are committed to finding new ways to help and preserve the environment, and our Green Saver accounts enable customers to play their part in contributing to a greener future, while also benefiting from competitive saving rates.”

Forest Carbon has planted the trees across its woodland projects in Crook in County Durham, Penrith in Cumbria, Aberfeldy in Perthshire and Moffat in the Scottish Borders. The carbon credits associated with the tree planting are also registered on behalf of customers.

The bank has four fixed-term deposit accounts and four ISAs, all of which are Green Saver Fixed Term Deposit Accounts and Green Saver Cash ISAs.

Fixed Term Green Saver rates

July 14th, 2021 | Andrew Hagger | News

After a tumultuous year in which weddings have been curtailed, postponed and cancelled, optimism amongst UK wedding guests is increasing with greater numbers of ceremonies and receptions set to take place in the second half of 2021.

New research from American Express reveals that British wedding goers are treating themselves to new outfits and beauty products to mark the special occasion.

Fashion and beauty top the bill

As lockdown restrictions are set to fully end in England and further ease in Scotland on July 19, enabling greater numbers of guests to attend a UK wedding, research showed that Brits will spend an average of £130 on new outfits to attend weddings in 2021, equating to £2.1 billion across the UK as a whole.

It was also revealed that wedding goers this year will spend an average of £84 on hair, beauty and grooming for the occasion, equating to £1.3 billion³ across the population.

The high spend on fashion and beauty is reflective of the increased anticipation amongst Brits attending weddings in 2021, after a disruptive year for wedding planners, brides, grooms and guests due to Covid-19 enforced restrictions on ceremonies and receptions. Approximately 6 in 10 (61%) UK wedding guests who have or will be attending a wedding this year have experienced a wedding being postponed due to the pandemic.

A third to spend more compared to before Covid-19

Greater excitement and gratitude amongst wedding goers in the UK has led to nearly a third (31%) of guests planning to spend more this year compared to before the pandemic. Furthermore, with many spending long periods apart from friends and family over the last year, 62% said they are happy to spend more celebrating with their loved ones since lockdown restrictions started to ease.

June 30th, 2021 | Andrew Hagger | News

It’s not so long ago that the concept of the electric car was still very much a concept. To see one rolling down the street ten years ago was a definitive novelty, but how things can change.

Today, the EV is no longer much of a head turner, instead a burgeoning automotive staple on our roads. And because of that, the long-standing car article fodder of “petrol and diesel vs electric” is now a rather more poignant debate. EVs are getting cheaper (while still not being that cheap), and combustion powered vehicles are being phased out by the government (but not just yet), so now there appears to be much more of a grey area for new car buyers than there once was when it comes to picking one way or the other.

A difficult choice indeed, then, but what are the fundamentals behind the current combustion vs electric question?

How much will the upcoming ban impact the combustion cause?

In 2030, sales of all new petrol- and diesel-powered cars will cease. In 2035, once futureproofed hybrid cars will follow. You’ll still be able to run petrol, diesel or hybrid cars past their respective ban dates and buy and sell used vehicles from those groupings – but what does that mean down the line?

The long-term picture isn’t good for combustion vehicles, and is so intentionally on the government’s part. The UK intends to be a leading green superpower, and the phase out of combustion vehicles is a big part of that venture. What that likely means for drivers of combustion cars in the future is higher taxes, costlier insurance and higher expense and difficulty attached to maintenance, but not right now.

Today, consumer thinking will be split between those looking ahead and others more concerned with the short term. Combustion cars in 2021 still represent solid value, but sustainably minded individuals might be ready to move off them already with their next car purchase.

Are we ready to go electric just yet?

The electric dream that the UK harbours comes with an immense amount of infrastructure requirements and fundamental changes to the commercial automotive landscape – all of which take time to implement. If today everyone went out and purchased an EV, the country simply wouldn’t be ready. There aren’t enough charge points – far from it in fact – and the commercial side that accompanies car ownership (such as insurance and servicing markets) isn’t equipped to support a fully EV ownership base either.

That’s not to say you shouldn’t get an electric car today, because you will still be in the minority of buyers and won’t be short of charging and support resources. However, the UK’s overall readiness for the electric revolution today is something to consider in the wider picture of debate – and petrol and diesel car ownership remains vital to support the steady growth of electric-ready infrastructure.

A matter of cost

For all the sustainability concerns, future legislature and questions around resources, the bottom line of the debate for most buyers, unsurprisingly, still boils down to cost. EVs are undoubtedly more accessible in the market than ever and offer major running cost benefits post-purchase, however their upfront cost will still provide an insurmountable hurdle for many buyers for the foreseeable future.

In a UK car market that is already heavily biased towards used cars due to their relative inexpense upfront, new EVs are likely to be overlooked by most typical consumers who simply don’t have the money to buy such a vehicle. There are workarounds to this problem, with many new EV drivers opting for a finance deal or car leasing, but both still carry a hefty financial commitment.

For most mainstream EV options, you can expect to pay a 15-20% markup against a new combustion alternative which, when we’re talking about a purchase worth tens of thousands, is a financial step too far for many. Until EVs can narrow this gap further, expect petrol and diesel cars, predominantly in the used and temporary markets, to retain their popularity for some time. Buyers could, for example, utilise car leasing options  the other way and choose a quality short term combustion model to tide them over until EV prices drop to a more accessible point.

With the writing on the wall for new combustion vehicles, sales will get progressively and noticeably less popular the closer we get to 2030.

So, electric vs the rest: what’s the conclusion? There’s no set answer, but the buying decision is undoubtedly much more of a balanced one than it’s ever been before. In essence, if you can afford an EV, there’s really no downside to buying one as you’ll enjoy better performance, much reduced running costs and be relatively set for the future. With that said, right now, their traditional counterparts still carry value and win in the all-important upfront price column – a factor which will be more than enough for many drivers to lean in that direction for the next couple of years at least.

June 21st, 2021 | Andrew Hagger | News

Dog owners planning a staycation this summer have been urged to have adequate pet insurance in place to help protect them financially in the event their canine companion causes property damage or injury whilst on holiday.

With limitations on foreign travel continuing, millions of Brits are expected to holiday closer to home this summer, offering the opportunity for their pooches to accompany them.

According to research commissioned by Tesco Bank, 21% of British dog owners took their dog on holiday somewhere in the UK during the past 12 months, with a holiday home (rented or owned) the most popular accommodation option among those who did (45%)

According to the Pet Food Manufacturers’ Association, 3.2 million households in the UK have acquired a pet since the start of the pandemic and there are now more than 12 million dogs in the UK.

Tesco Bank is calling on those dog owners who haven’t already done so to have pet insurance in place and give themselves peace of mind.

Tesco Bank Pet Insurance paid out almost £65,000,000 in pet insurance claims from March 2020 to February 2021, processing around £172,000 in claims a day. Most of these were for medical treatments, with common conditions including sickness, tumours and lameness. The average medical claim paid out between March 2020 to February 2021 was £727.50.

Pet insurance can also protect owners if their dog causes an injury or damages someone else’s property. Last year, Tesco Bank Pet Insurance processed a public liability claim worth more than £45,000 after a customer’s dog knocked over a claimant, causing a fractured wrist and another claim worth £2200 for damage caused to a vehicle when the customer’s dog ran into the road while off their lead.

Mark Airey, Commercial Director, Insurance at Tesco Bank said: “Dogs are part of more and more families and the prospect of being able to take them on holiday will be an appealing one for those planning a well-earned staycation this summer.

“However, even the best-behaved dog can cause accidental damage, particularly if they are in an unfamiliar environment, and we want to help our customers avoid the stress of an unexpected bill.

“Pet insurance offers cover against a range of events and it’s important that customers research and choose the policy that is right for them and their pet.”

June 18th, 2021 | Andrew Hagger | News

First impressions matter and what your house looks like from the outside can say a lot about what it might look like inside.

If you are thinking about selling your home, improving the kerb appeal can increase interest in the property. Buyers may be less likely to check out the rest of the property if the outside looks rundown or unattractive. Even if you don’t plan on selling right now, making improvements now creates an inviting entrance for guests. Below we’ve highlighted a variety of ways you can improve your curb appeal. 

A fresh lick of paint

It sounds so simple, but it can make a huge difference. Giving your front door a fresh lick of paint gives the exterior a design boost and covers any cracking paint. Choose a neutral modern colour, or if you’re feeling extra creative, opt for a bright colour to attract attention. This is a cost-effective solution and can have a huge impact on improving the whole aesthetic.

Add symmetrical patterns

Symmetry adds a focal point and is pleasing to the eye. Now you don’t have to splash out to achieve this, simply adding matching lanterns on either side of the door or using decorative aggregates on either side of your path can help create a clear lead up to the front door. 

Add potted plants

Don’t worry if you don’t have the time nor the money to put in flowerbeds. Potted plants are a great way to spruce up the entrance to your home and you can take these with you when you move. Opt for planters that are durable outdoors regardless of the weather. Hanging baskets are also a great option and they don’t have to be real if you lack the green fingered touch. 

Scrub your window frames 

If you’re cleaning your windows, take the time to give your window frames a good scrub. Over time, dirt and grime will collect, and they will benefit from a wash to bring them up to scratch. You cold also paint tired frames to inject some life back into them. 

Use a pressure washer

There is nothing more satisfying than using a pressure washer to clear years of dirt and grime off your porch and driveway. If you don’t own a pressure washer, there are plenty of places where you can rent one for the day. 

Regardless of whether you are planning on selling your home or not, giving your home a kerb appeal boost can make a huge difference on how the exterior of your home looks. You don’t have to spend money to make improvements, sometimes all it takes is a little bit of elbow grease to get stunning results. 

June 9th, 2021 | Andrew Hagger | News

Hundreds of thousands of UK cyclists could be putting their two-wheeled transport at risk, because they have no bicycle insurance.

A study of 2,000 UK people who purchased pedal cycles in the last 12 months, discovered that two fifths (38%) had no cover for their bicycles – either under a home insurance policy or through specialist bike insurance.

According to The Bicycle Association, retail bike sales increased by 60%* between March and December last year, while analysis by GlobalData** suggested 1.3 million Brits bought a bicycle during the first national lockdown alone. The Association estimated that the UK cycling market was worth an incredible £2.2billion at the end of 2020.

The Aviva study discovered the average purchase price of a cycle in the last 12 months was £835 across all models. The survey also found that one in three people questioned had purchased an electric bike (e-bike), rather than a standard pedal cycle. The average cost of an e-bike was revealed as £1,201, although one in four (26%) paid more than £1,500.

Where do you store yours?

The research revealed the most popular places for storing these new purchases when not in use as follows:

NB: Respondents were able to select more than one storage place.

Home insurance policies usually cover pedal cycles and e-bikes when in the home, although this may not extend to taking the bike out and about. Many insurers offer a pedal cycle add-on to home insurance which covers cycles when they are not at the home address, but there are often requirements that the bike should be secured when it is not being ridden.

There are also stand-alone products available, such as Cycleplan, which provides specialist cycle protection against theft and damage with optional add-ons available, including public liability, legal expenses, personal accident and loss of earnings insurance, in case the customer is injured while cycling and unable to work as a result.

Sarah Applegate, Risk Lead for Aviva General Insurance says: “Cycle insurance can provide great peace of mind, but people should consider their cover carefully. Home contents insurance often covers bikes and e-bikes while in the home, but there may be a single item limit for possessions stolen or damaged, so more expensive models may need to be listed separately to ensure they are fully covered. Similarly there may be a limit for items stored in sheds and outbuildings – often around £2,500.

“Some home insurance providers also offer a cycle add-on option to cover bikes away from the home, while stand-alone special policies are available through providers such as Cycleplan. However, thefts may only be covered if the bike is locked or secured in accordance with the security requirements of the policy or in the customer’s control. It’s always best to check with the insurer if in any doubt.”

“It’s really important that customers do their homework, read through policy documents and note any restrictions, so they choose the product that’s most suitable for their cycles.”

You should keep your hat on….

The study also discovered almost three fifths of cyclists surveyed had encountered an unpleasant incident when using their new purchase. The most common occurrence was falling off their bike and being injured (19%). Yet in spite of this, only 30% of cyclists questioned said they always wear a helmet when on their bike.

Thefts were much more prevalent amongst cyclists with e-bikes. According to the survey, three times as many people with e-bikes had had a bike stolen (21%), compared to people with standard pedal cycles (7%).

Cycle-related incidents experienced in the last 12 months:

NB: Some cyclists have experienced more than one incident.

Aviva has the following advice for people to protect their cycles and themselves:

1. Prevent thieves from taking your bike by locking it to a fixed object such as a bike rack or a ground anchor, these are often found in designated bike parking areas.
2. Use good quality locks such as a D-locks which are strong and difficult for thieves to cut through. It’s even better to use two different types of locks to thwart thieves.
3. Ensure the lock is around the wheel, frame AND anchor to which it is attached. Otherwise thieves may be able to remove parts of your bike and lift the main frame away.
4. Invest in a well-fitting quality cycle helmet. You may wish consider knee and elbow pads – even seasoned cyclists have mishaps.
5. Remove easy-to-steal parts or accessories like the saddle and post, pumps, or clip-less pedals. Some thieves like to steal these too.
6. Leave your bike in a well-lit area with CCTV cameras where thieves are less likely to loiter.
7. Register your bike with a tracker website such as www.immobilise.com  so police authorities can trace and identify your bike if it does get stolen.
8. Photograph your bike and note down the serial number, make and model. If it does get stolen this will make it easy to identify to the police and insurers.
9. Security-mark the frame using an ultraviolet marker. If it is stolen and found again, it will be identified as yours and possibly returned to you.
10. Familiarise yourself with your insurance policy and make sure your cover is adequate for your needs. Home insurance may be suitable for some, but more expensive models may benefit from more specialist cover.