March 15th, 2023 | Andrew Hagger | News

Investment is a powerful way to grow your savings – in many cases, more powerful than the standard routes by which savings might accrue value. But as a beginner to investing and investment principles, it can be easy to feel confused by the various options available to you, let alone the language used to describe the more complex elements of stock markets and financial systems.

Here, some of the more beginner-friendly routes to investment are explained in simple terms, to help you make an informed decision about how you would like to start being more active with your money.

What is Investing?

First, though, it is important to define what ‘investing’ means. Many people will associate investing with the hectic scenes from the floors of the London or New York Stock Exchange, as brokers urgently close deals over the phone in the face of endless graphs and figures. While there are ways for the average individual investor to engage with stock markets this way, this isn’t investing as you should understand it; this is trading.

Trading involves the buying and selling of stocks, shares and assets during a given day to ride movements in their value, with the aim of profiting from price movements – buying low, and selling high. This involves an extremely high level of risk, though, even for traders with decades of market experience.

Investing seeks to achieve the same ends, but with lower risk; you are purchasing something of value in the hopes that it will grow in value over time, ideally at a rate that beats bank interest rates or even inflation rates. There are numerous ways to think about doing this, and numerous resources to help you along.

Investment and Advice

Given the complex nature of many financial and investment instruments, it can be a shrewd move to speak to a financial advisor – or even to entrust money for a third-party broker to manage on your behalf. But this can introduce an additional level of risk, particularly through negligent advice or handling of your money. Financial negligence is not common, but can have an impact on your short-term finances (at least, before compensation is awarded); quite simply, it pays to be vigilant with your money.

Routes to Investing

Stocks and Shares

While day traders might flit around the stock market on a moment-by-moment basis, you as an investor might ‘go long’ by buying a set amount of shares and holding onto them. If there was an individual business in which you had faith, you might choose this business to place your investment. This is how early investors in businesses like Apple grew their fortune. But success stories like Apple are rare and unpredictable.

Index Funds

Index funds are a way to engage with the stock market without assuming the high risk of putting all your eggs in one basket. These funds pool businesses together, and automatically split your investment between them – the result being a spread of risk, and a more consistent pattern of growth and returns.

Property

Investment doesn’t require you to engage with these institutions, though. Owning property is an investment, and in many ways a shrewder one than any investment you make in the stock market. This investment requires more capital, though, and is more difficult for those with less money to achieve.

March 6th, 2023 | Andrew Hagger | News

A new survey from Go.Compare car insurance has discovered that around 6% of Brits with car insurance, which equates to more than 2.1million people, have not switched car insurance in the past decade or more.

The findings, which asked drivers how often they have switched insurers, also discovered that the older generation are less likely to switch, with 12% of those aged 65 or more admitting that they have been with the same car insurer for more than 10 years.

The survey also asked why those who auto renewed without shopping around chose to stick with their current insurer – and found that a quarter (26%) claimed that it was due to loyalty – and that their insurer has always looked after them. For those aged 65 and over, nearly half (47%) said loyalty was the reason they stuck with their insurer.

Nearly one in five drivers auto renewed their car insurance (19%) said that switching was a hassle or difficult to do and so they stuck with the same provider, with those aged 35 to 44 the age group most likely (27%) to say this was their reason for renewing.

Ryan Fulthorpe, car insurance expert at Go.Compare said: “It is startling to think that despite insurance comparison website being around for more than 20 years, people still aren’t using these websites to compare both cover and price on their car insurance policies.

“Those 2.8million people could be losing out not only on financial savings, but also on improvements to their insurance cover.”

Ryan added: “It only takes a few minutes to fill in an online form and compare over 100 insurance policies, all of which will offer varying cover levels allowing you to pick and choose what you want and need, and at a price you can afford.

“Although the General Insurance Pricing Practices (GIPP) brought in by the Financial Conduct Authority last year are now in place, they only protect the price that a driver would have from the same provider, by ensuring that a renewal price is the same price that a new customer with the same risks would receive.

“By not shopping around drivers aren’t allowing other insurers to assess their risks and offer an insurance policy.”

For further tips and advice on how to get cheaper car insurance, visit: https://www.gocompare.com/car-insurance/guide/top-tips-for-cheaper-car-insurance/

February 28th, 2023 | Andrew Hagger | News

Managing your finances isn’t always an easy task but keeping your money matters in order is a good life skill to have – and even more Important in times like these when faced with the cost of living crisis.

Inflation has had a negative impact on the spending power of the average household, with real consequences for millions – from difficult decisions about heating and food costs to juggling debts just to stay afloat.

Money management does not come easy, but with a little time and effort, you can soon get a handle on your income and expenditure to ensure your budget is sufficient to meet your bills.

Here are some of the smartest ways in which you can manage your finances for the medium and long term?

Keep to a Budget

Discipline is key to managing your money and is a key aspect to help you achieve specific goals or ambitions you might have for your household. Whatever you are hoping to achieve, from saving for a home to paying down debts or even meeting a key financial milestone, your route to success always begins with the budget.

This needn’t be a complicated process to begin with. All you need to know is exactly how much you bring in each month, and how much goes out on regular and necessary costs: i.e.: rent, utilities, and car- or transport-associated costs.

Once you’ve compiled your budget at least you know how much or little you have left over and available to spend or save.

Pay Down Debts First

It may be the case that your money management efforts are focussed on reducing or eliminating debt – this is a good first step and should be your priority before you start to consider a longer-term savings strategy.

This is because the interest rate on any outstanding debts you have will always outstrip the interest you might receive on savings, reducing your saving power – it’s a bit like engaging the handbrake and the accelerator pedal at the same time. Focus on paying your debts as your first step, starting with those that have the highest interest rates, and then move from there.

Save, Save, Save

Once you’re in a better financial position overall, you can start to think about saving your money. There are many ways to approach this, all of which have their own merits, but a basic savings account with an institution you trust is an excellent start. Such accounts are easier to access than longer term fixed accounts or bonds, giving you the flexibility to meet any emergency costs you might incur in your early days of saving.

Create an Emergency Pot

Speaking of which, it might be helpful to approach saving with the same shrewdness as debts. Before putting money aside for pensions or property, you should focus on building an emergency pot equivalent to two or three months of household living costs. This pot will be an essential safety net and a good start before you move on to a wider range of cash savings and investment choices to meet you longer term goals.

February 22nd, 2023 | Andrew Hagger | News

Despite the ongoing cost of living crisis, less than half of the nation reviews its finances on a regular basis, according to new research by Go.Compare Home Insurance.

The insurance comparison site asked the country how often they audit their outgoings, and just 44% said they look for ways to save each month. The remaining 56% admitted that they only check a few times per year or less.

More than a third (36%) said they assess their accounts a few times every 12 months, while 7% said they merely do so once in this same period. A further 2% said they review their spending habits just once every few years. Shockingly, 11% said that they never audit their finances for ways to save, despite rising expenses across the country.

Younger generations tend to check their accounts the least, with 27% of 18 to 25-year-olds saying they never review their finances for ways to save – more than any other age group. This is even though fewer under-25s feel comfortable with their current income than older people.

In contrast, older age groups will assess their outgoings the most, with 46% of those over 55 saying they review their finances monthly, and just 10% indicating that they’ve never looked for ways to save.

Those with families to support also seem to check more often. In total, 46% of Brits with kids audit their finances monthly and only 10% don’t check at all, whereas fewer people without children (39%) said they review their accounts every month.

These findings come as part of Go.Compare’s new home savings research, which reviews some of the lesser-known pitfalls that could be chipping away at the nation’s finances. This includes unknowingly paying for subscription services that are no longer in use and buying insurance policies for items that are already protected by another package.

Ceri McMillan, Go.Compare’s home insurance expert, says: “With prices rising across the board, it’s more important than ever that we keep a close eye on our spending habits, so it’s disappointing that so many of us neglect to regularly check our finances.

“By failing to audit your accounts, you’ll find it much harder to spot any areas where you’re overspending and you might not notice unwanted payments being made. This includes charges for ‘idle’ subscription services that you’re no longer using or suspicious transactions that you don’t recall making.

“If you’re struggling to keep track of your finances, consider downloading a free budgeting app for your smartphone. There’s a variety of these available and they all have different features, but most will let you set a budget and categorise your purchases so that you can see where you’re overspending. Many will also help you track your ‘regular payments’ (such as subscription services), ensuring you’re only paying for what you want to be.”

More information about the research, including tips on ways to save, can be found on Go.Compare’s website.

February 21st, 2023 | Andrew Hagger | News

Mobile phones are a vital part of everyday life for many people, and if they break or need replacing unexpectedly this can come at a huge cost.

Which? is advising consumers on how they can save money on mobile phones and high contract costs amid the cost of living crisis.

1. Buy a Sim-only deal

Buying a phone outright and getting a Sim-only deal can often work out cheaper than buying a phone on a contract. Although not everyone will be in a position to pay the upfront costs for a device, today’s mid-range and budget handsets can offer great performance and a wide range of features – customers no longer need to spend big for a premium handset. These deals can also be accessed by customers who have asked their provider to unlock their phone at the end of the contract.

Sim-only deals can be more flexible, with several providers offering one-month rolling contracts. This allows customers to switch providers to take advantage of better deals, and also avoid hefty price rises that affect longer-term contracts. Which?’s phone contract calculator can help work out if a contract or Sim-only deal is better for you.

Which? has a comparison tool to compare deals, which allows you to filter by overall cost. Some networks with the cheapest deals may be unfamiliar, but they’ll still use the same networks as the top four providers – and smaller providers consistently perform better for customer satisfaction in Which? surveys.

2. Look beyond top brands and models

Whether buying a new or used phone, it is worth looking beyond the big brands. Which? often finds other commendable models in its reviews. For example, the Xiaomi Redmi Note 11 Pro 5G scored highly and received Which?’s Great Value stamp – it can be found on sale for less than £300.

Those who prefer Apple or Samsung could also pay less for certain models. The iPhone SE is Apple’s most affordable model and scored highly in Which? tests. The 2022 version can cost £449 – more than £600 less than the iPhone 14 Pro. Samsung’s alternative, the Galaxy A33 5G, costs less than £330 and also warranted a Great Value recommendation.

3. Buy refurbished

Another way to save is to buy a refurbished phone over a brand-new one – it is also more environmentally friendly. For example, an iPhone 13 costs £749 bought new from Apple, but you can find a refurbished one for around £550 from CeX, with a two-year warranty.

Buying a refurbished phone from a company rather than an individual gives the buyer more consumer protections. Apple has its own online shop for refurbished devices and Samsung also sells Certified Re-Newed phones. Both brands supply these models in new boxes with instructions and accessories, plus a one-year warranty.

Alternatively, you can buy from second-hand specialists such as Back Market, MusicMagpie or Envirofone. Devices typically come with a one-year warranty and will be graded depending on how many cosmetic faults they have. And some mobile networks such as Giffgaff, O2 and Vodafone sell refurbished, too.

4. Trade in your old phone

You could get a discount on a new phone by trading in an old one. It often doesn’t matter if the phone is a different manufacturer’s model, many retailers offer trade-ins on any phone.

You can get an instant quote via Samsung, while Apple offers a trade-in on your old iPhone and lists the maximum it will offer by model on its website. Network providers also offer trade-ins. For example, Vodafone allows customers to trade in their current phone in return for a bank transfer, credit or monthly saving on their bill. EE also has a trade-in site and claims that average savings on a phone, tablet or smartwatch are around £170.

5. Get a family or shared mobile plan

Combined Sim plans offer discounts and perks that could save money, such as rolling over and sharing unused data if there are multiple people in the household.

The downside is that it may be harder to switch to another provider in the future, as it is an extra hassle for everyone to change from a shared deal. Family plans work best if everyone uses a similar amount of data. Group plans are available from BT, EE, Sky, Smarty and Tesco Mobile.

6. Check the reviews before buying

It’s important to check reviews before splashing out on an expensive phone. If there are annoying problems with a new device, or it needs upgrading after a year or two, it might not be worth what you spend on it. Which? has a range of free advice guides to help shoppers choose a mobile phone that’s right for them.

7. Repair your old phone

If you’re looking to replace your old phone because of a cracked screen or because the battery life no longer holds up, you’ll save a lot of money by repairing instead of replacing, and it’s better for the environment. A new battery could cost less than £20, and replacing a display less than £100. Which? has a helpful guide on  how to repair your mobile phone.

Reena Sewraz, Which? Money Expert, said:

“No one wants to fork out hundreds of pounds on a new phone, especially as the cost of living crisis continues to put pressure on household budgets. Unfortunately, this kind of spending is often out of our control as our devices can pack up or need replacing at inconvenient times.

“However, there are ways to cut the costs of a new phone. If you can afford the upfront costs of buying a phone outright, then consider a Sim-only plan which normally works out cheaper in the long run.

“The biggest savings can often be found by opting for a refurbished or second-hand device, provided you buy from a reputable retailer. You could also repair your old phone, or trade it in for cash, or a discount.”

February 14th, 2023 | Andrew Hagger | News

A new study suggests as many as 37 percent of British pet owners will buy their dog or a cat a card for Valentine’s Day, while as many as four in ten (43 percent) will treat them to a gift.

In fact, nearly a tenth (eight percent) say their pet is more likely to get a Valentine’s Day gift than their partner.

The M&S Pet Insurance study found that more than two thirds (70 percent) will spend as much or more than they did last year on a treat for their pet – an average of £36, with Gen Z Brits (aged between 18-29) splurging the most (£41).

Four in ten (45 percent) believe their four-legged friend will understand the gift is a special treat.

A play toy (54 percent), edible treat (39 percent), special meal (29 percent) and a new outfit, (14 percent) were some of the most popular gifts the nation’s animals are most likely to receive on 14th February, while one in six (16 percent) can expect an extra-long walk .

A trip to the grooming parlour (11 percent) and an at-home pamper session (10 percent) are other ways the nation’s pet owners plan to spoil their furry friends this Valentine’s.

The nation’s love of their pets isn’t just for Valentine’s Day though, more than three quarters (80 percent) say that their pet should be involved in all celebrations, such as birthdays and Christmas.

Three quarters (75 percent) feel that their pet is part of their family, while two thirds (64 percent) get joy from seeing them happy.

Almost two in three (63 percent) say their pet has a positive impact on their wellbeing, with over half (60 percent) admitting they look forward to seeing their pets every day. And over half (54 percent) count sharing cuddles with them as one of the highlights of their day.

Highlighting how much our four-legged friends mean to us, four in ten (43 percent) tell their pet they love them every day, while a third (34 percent) say they have more photos of their pets on their phone than friends and family.

A fifth (20 percent) send a Valentine’s Day card every year, as a demonstration of their love for their animal (49 percent), because their pet is a valued part of their life (48 percent) and because it makes them happy (47 percent).

While one in three (29 percent) don’t want their pets to miss out on the Valentine’s Day love.

Neil Rogers, M&S Pet Insurance, said: “It’s great to see that many of us will be showing our beloved pets just how important they are, with a special Valentine’s Day treat.

“Having a happy, healthy pet is a top priority for every pet owner, but coping with unexpected costs for veterinary treatment can be difficult.

“Taking out insurance – and selecting a policy that’s right for you and your pet – can provide peace of mind for pet owners, and help to take away the worry of covering costly veterinary’s fees.”

However, over a quarter (26 percent) of pet owners do not have insurance for their animals, while a sixth (14 percent) admit to having it for some, but not all, of their pets.

Feeling that it’s too expensive (43 percent), not feeling like they need it (22 percent) and not considering it worth the money (17 percent) are the main reasons for not taking it out.

Despite this, nearly half (47 percent) admit to having had to pay an unexpected bill for their pet in the past.

When asked about whether they would be able to pay the average veterinary bill (£817 according to the Association of British Insurers), more than a third (38 percent) said they wouldn’t be able to cover the cost.

February 7th, 2023 | Andrew Hagger | News

Facing redundancy can be an intimidating time, therefore it is important to be aware of your rights and have a clear overview of your finances.

WEALTH at work have provided an overview of some of the key areas that employees will need to understand if they are made redundant.

1. Redundancy Entitlement: If your employer makes your job redundant and you are forced to leave the company, you may be entitled to redundancy pay. Redundancy packages are not set in stone, they vary according to the company but are also based on age, length of employment, and job role. For those who have been in the same job for at least two years, your employer is usually legally required to pay you. The legal minimum is called ‘Statutory redundancy pay’ however it is vital that you check your employment contract as you may be entitled to more. There are also plenty of online resources such as GOV.UK or Money Helper, which can help you understand your rights.

2. Taxation on redundancy payment – It is important to understand how much you will actually receive once tax has been paid. Usually, the first £30k is tax free, with anything over this being added to your income and charged at the marginal rate. Please note, employee National Insurance is not deducted from a redundancy payment.

For example, someone who has an annual salary of £36k, has earned £15k so far this tax year and is offered £50k redundancy would owe £4,000 in tax on their redundancy pay.

This is because the first £30k of their redundancy pay is tax free but the remaining £20k is taxable. As they have earned £15k so far this year, even with the £20k added to this, they are still within the basic rate tax band, so tax of £4,000 is due on the redundancy pay (20% of £20k). Please note, individuals could end up in a higher rate tax bracket, depending on their income and redundancy pay.

3. Review financial position and budget – Work out what assets you have, pensions, savings, ISAs, property and investments, and what liabilities you have e.g. mortgage, debt, childcare, insurance and utility bills.  Then look at any other household income and expenses. If the amount of money you need each month is more than the amount you have coming in, you can then work out what action you need to take to cover your costs. Money Helper has a great budget planner: Budget Planner | Free online budget planning tool | MoneyHelper

4. Debt repayment – If you can afford to, it might be worth using some of your redundancy payment to pay off expensive debts. There are many different types of debt with varying rates of interest.  Credit cards and overdrafts can have rates of 18 – 40%, with some payday loans having rates of 1,500% and more!

For example, a debt of £3,000 with a rate of 18% APR, could take 10 years and 10 months to pay off if paying £50 a month, with total interest of £3,495 paid. If that monthly payment was increased to £100 a month, the debt would be paid off in 3 years and 4 months, and interest paid would be only £908. If this was increased to £300 a month, the debt would be paid in 10 months, with total interest of £252 paid.

5. Mortgage overpayment – Mortgage interest rates tend to be significantly lower than other debts, and can include payment holidays for those who are made redundant. However, if they don’t have other debts, employees may want to consider overpaying on their mortgage. For example, with a £200,000 mortgage which has a 3% rate of interest over 25 years, an individual could pay £84,527 in interest over the 25 years. If this is overpaid by £200 a month, the interest reduces to £62,905 over 19 years. If this is overpaid by £400 a month, the interest reduces to £50,209, over 15 years and 6 months, and if this is overpaid by £600 a month, the interest reduces to £41,825 over 13 years. 

6. Can you afford to retire? – If you are nearing retirement age, you may consider the idea of retiring early.  Depending on your circumstances, this may be more achievable than you think. An individual could use their redundancy payment or pension tax free cash to pay off any outstanding loans and mortgages, and as a result, they may be able to maintain their standard of living. For example, someone earning £30,000 per year, once they have paid income tax (£3,006), National Insurance (£1,804), pension contributions via salary sacrifice (£2,400), mortgage (£6,000) and loans (£2,400), may end up with a disposable annual income of around £14,390. Realising that you may only need a retirement income of less than half of your salary to maintain your standard of living can be an eye opener, and make retirement a more realistic option.

7. What happens to your company pension? – It is fine to keep your pension with your previous employer and it will remain invested and safe until you retire. Some people prefer to move their pension to their new workplace pension scheme, or a private pension. There are benefits to this in that all pensions are kept together in one place, however, there can be a cost to transferring a pension; investment charges are not all the same and may not be lower, and the range of investment options vary between schemes. Make sure you check these things before moving your pension. 

8. Pay more into your pension – If you can afford to do so, it may be worth considering paying some of your redundancy payment into your pension to boost your retirement savings.  There are limits on the tax relief you can receive from pension contributions each year, so it will be important to check these carefully first.  For those approaching retirement, this may be a particularly attractive way of providing a final boost to the value of their pension pot.  

9. Beware of scams – Unfortunately, there are some really unscrupulous people in the world, who won’t think twice about scamming someone out of their redundancy pay. If you are looking for somewhere to keep your redundancy pay beyond just your current account, make sure you do your research. Before handing over any money, always check the firm is regulated by the Financial Conduct Authority (FCA).

Jonathan Watts-Lay, Director, WEALTH at work, comments;

“For organisations that are making redundancies, it’s really important that the workforce receive the appropriate support so they understand how it will impact their finances. It can be a really difficult time and it is crucial that they get help around areas such as how to budget, manage debt and cut down on spending and bills. Employees will also need to understand how much they will actually receive from their redundancy pay after tax, how to make it last if they don’t get a new job quickly, or how it could help them afford retirement when perhaps they thought it wasn’t a possibility.”

January 31st, 2023 | Andrew Hagger | News

Following the contact-free payment increase during the coronavirus pandemic, bank notes and coins are continuing to be phased out. But what does this mean in the context of the cost of living crisis?

James Andrews, personal finance expert at money.co.uk said

“Our research has revealed that 65% of people say they spend more when using their card or contactless payment device rather than cash, which doesn’t bode well for those struggling to budget during the cost of living crisis.

Many of those questioned also expressed that using cash instead of a card when doing simple things such as doing their food shop or eating out in restaurants would help them spend less. Proving that access to cash is vital for those hit hardest during the crisis.

It’s concerning that our research also found that despite a real cost of living need for access to cash, more than one in ten of our ATMS in the UK have disappeared in the last 10 years.

Going digital is fine in theory but when sections of society are struggling to make ends meet and find cash easier to budget with then there must be something done to slow the scale at which cash points are disappearing.”

FAQ’S

What are the advantages of ATMs?

24-hour service: The ATM provides service round the clock, meaning people can visit an ATM any time day or night.

Convenience: The ATM gives convenience to bank customers since they are often located in places such as airports and train stations, meaning customers don’t always have to be near a bank to obtain their cash.

Reduced workload: ATMs reduce the pressure and workload of bank tellers, which in turn reduces queues at bank premises.

What are the disadvantages of ATMs?

Security:  Unlike bank tellers, ATMs do not require the person performing the transaction to present a picture identification, they simply need the card and a pin number. This means if a bank card is stolen and the pin number somehow obtained, the criminal can get access to funds. Check out our guide on how to keep your bank details safe here.

Basic transactions: ATMs cannot perform complex transactions e.g moving money between accounts or sending money abroad, making them obsolete to some people.

Privacy: Unlike banks where premises are monitored by security guards, ATMs leave the user open to privacy leaks e.g someone behind them attempting to steal their pin number, or even cameras being placed above the ATM for the same purpose. For this reason, always shield the pin pad on an ATM with your hand while entering your pin number. Find out the four ATM scams you need to look out for here.

Fees: When using an ATM that isn’t part of your bank’s network of machines, the machine sometimes notifies you about a fee charged by the bank or company that operates the ATM. You can avoid this by only using ATMs that are part of your bank’s network, but this takes away the convenience factor.  ATMs also often charge fees when you are using a credit card rather than a debit card – find out more here.

Difficulty of use: For those who are unfamiliar with technology, using an ATM might cause some issues. An ATM is incapable of providing personalised instruction to the user in a way that a human teller can.

Eating a card: On occasion, an ATM may malfunction and swallow the user’s card. This will result in them having to contact their bank to retrieve it, and they may be left without a card for a period of time.

What is the future of the Atm?

Personal finance expert Salman Haqqi has shared his thoughts on the longevity (or lack of!) of the ATM, saying:

“The global pandemic saw many countries encouraging the use of contactless payments rather than cash, which saw ATM depletion in some countries across Europe. The UK has seen a 14% depletion in the past 10 years, which essentially means more than 1 in 10 have disappeared.

However, The new Financial Services and Markets Bill, announced in the Queen’s Speech at the state opening of parliament, is designed to shore up the country’s cash infrastructure for the long term.

This means ATMs will be protected and not allowed to become redundant in the UK, however, they may not remain as we know them.

Like most technology such as smartphones or computers, experts have predicted ATMs will evolve to include built-in finger-print or facial recognition, and they may give us access to financial advice. Furthermore, they could take on more of a traditional bank teller’s job, potentially allowing us to open new accounts, transfer money between existing accounts or make secure payments.”

January 23rd, 2023 | Andrew Hagger | News

• Saying they’ve found a problem with your computer and need access

• Asking for banking or card information, your PIN code or a password

• Mentioning anything related to PayPal or money transfers

• Stating your broadband had been hacked

• Mentioning your IP address and saying it’s been compromised

• Demanding or asking for anything

• Having an urgent or demanding tone

• Saying phrases such as ‘we are calling from your service provider’

• Ask them who your broadband provider is – If they don’t know, or the answer is something vague like Openreach, then the call is likely not genuine. Legitimate BT customer support staff would not refer to your provider as ‘BT Openreach’

• Ask them what model your router is – If it is a generic answer such as ‘BT Hub’ then be wary. If there was a problem, as they claim, they would already know straight away.

• Google the phone number that you received the call from. If it is a number associated with your provider, it will be made obvious. If it’s showing results used for a scam, be wary.

• They should never insist you run checks on your computer or ask for remote access to your computer.

• Always ask why – if they call you, the caller shouldn’t be asking any personal questions, especially not bank details or passwords. Never give out any of this information.

January 16th, 2023 | Andrew Hagger | News

With wet weather causing flooding and damage across the UK, and more rain predicted this week, Go.Compare home insurance is urging Brits to prepare and protect their homes and cars. There are a combined 258 flood warnings and alerts in England* and 76 in Wales**, causing widespread disruption in parts of the UK.

Ceri McMillan, Go.Compare’s home insurance expert, said: “With over 300 flood alerts and warnings currently in place across the UK, it’s important to consider the safety of our homes and cars – and there are several ways you can prepare and protect yourself.

“Firstly, keep a list of important numbers you may need to call if you are affected by flooding, including emergency services, your local council, your GP, and your car and home insurance providers.

“Additionally, check your home insurance documents carefully to make sure your policy covers flood, wind and weather-related damage. You can’t assume that you will automatically be covered for a weather-related claim as individual insurers and their policies will vary as to whether storm damage is covered. For example, extreme weather is not deemed a general peril for contents insurance.

“Before setting out on any car journeys, check for known flooding or obstacles on your routes, and only go ahead with your trip if it is safe to do so. If you encounter any flooding on the roads while driving, do not drive into it as you could get stuck.

“Putting together an emergency flood kit is also a good idea – include a first aid kit, essential medicines, a battery powered torch and radio, plus copies of your insurance documents, along with warm clothing, blankets, bottled water and snacks. Keep this kit in your car, and somewhere easily accessible at home, too.

“You may need to shut off your electricity, water or gas supply in the event of a flood – so make sure you know where your breakers and meters are located.

“If you think your local area is at risk of flooding, make sure to think carefully about where your car is parked – avoid valleys and ditches if possible as these will be the first to flood. At home, think about where your valuables are stored, moving them to a safe place if necessary.

“To reduce the risk of your home flooding, make sure all drains are maintained well – remove any leaves or debris and keep them clear. Clean gutters too, particularly in autumn and winter, when fallen leaves are more likely to cause blockages.

“If you do suffer flooding damage at home, make sure you record the time and date it occurred. Having these details to hand, along with photos or a video of the damage, will help you if you need to make a claim. We always recommend you pass on all the relevant information to your insurer as soon as possible after the damage occurs,” Ceri added.

Go.Compare has put together a practical checklist for prepping ahead of wet and extreme weather:

• Check your insurance – does your policy cover weather damage?
• Make sure you replace any cracked windows, fix any leaks and repair/replace any damaged sections of guttering
• Keep a list of emergency contact numbers, including your GP, insurance providers and local councils
• Keep a supply of sandbags in case they are needed
• Ensure pets are microchipped, and consider where you can safely send them if you need to evacuate your home
• If you know bad weather is on the way, walk around the inside and outside of your property and check to see if there’s anything that could be damaged or washed away.

Read Go.Compare’s guide to flooding and home insurance: https://www.gocompare.com/home-insurance/flooding-and-home-insurance/