July 20th, 2018 | Andrew Hagger | News

20 Jul 2018 As the great summer getaway begins in earnest this weekend, holidaymakers are being warned to plan ahead to avoid being stung by scandalous exchange rates at the airport as they are offered rates up to 20% lower than the market rate for euros, meaning travelers could end up losing out, says travel money expert FairFX.

New research by FairFX found that holidaymakers leaving their currency exchange until the last minute could lose over £100 worth of euros for every £500 exchanged, thanks to poor exchange rates at the airport.

Holidaymakers heading away as the schools break up for summer could be losing out on holiday cash by leaving it until they get to the airport to get their holiday money.

In some airports, currency exchange desks were offering as little as €0.89 euros to the pound, compared to live market rates of €1.117.

FairFX’s airport rate check – euros:

July 18th, 2018 | Andrew Hagger | News

18 Jul 2018 M&S Bank is urging holidaymakers to check their car insurance policy before driving abroad this summer as research* reveals that nearly half (48 per cent) of those planning to drive their car in mainland Europe believe they either aren’t, or don’t know if they are, insured to drive in the EU.

When it comes to breakdown cover, more than half (56 per cent) either don’t know if they are, or say they wouldn’t be covered, if they broke down on one of mainland Europe’s roads this summer. While many policies will offer some form of cover when driving in the EU, the level of protection offered may not be the same as when driving in the UK.

M&S Bank research into car insurance amongst British motorists planning to drive on the Continent this summer revealed that, of those planning to drive in mainland Europe, nearly all (97 per cent) said their main purpose for taking to these roads was for their main holiday (61 per cent), mini-break (27 per cent), or to visit friends / family (8 per cent).

Paul Stokes, Head of Products at M&S Bank, said: “Self-drive holidays are an increasingly popular option for many British holidaymakers, with nearly a third planning to drive in Europe over the next 12 months, compared to 11 per cent in 2017.

“However, before they take to Europe’s roads this summer, it’s important that they check whether they have adequate car insurance, and also breakdown cover in place, before they go on holiday, as some policies don’t offer like-for-like cover outside of the UK; only then will they have total peace of mind, should the worst happen.”

In addition, more than one in ten either don’t plan to, or don’t know if they will familiarise themselves with the road rules and regulations of the country they are driving in, with 11 per cent saying they don’t have time and three per cent believing that driving in mainland Europe is the same as driving in the UK.

However, many drivers may be surprised to find that driving regulations can differ widely across many EU countries. For example, if you are travelling in France, vehicles driving through regions such as Paris and Toulouse must display a ‘Vignette’ (sticker) in the windscreen due to low emission zones; failure to purchase and display the vignette when driving in these areas could result in fine between €68 and €135.

In addition, if you are travelling in Croatia, not only would you need to carry a first aid kit and warning triangle at all times, you must use dipped headlights in the daytime from the last Sunday in October to the last Sunday in March, while those driving on Spanish roads and who require glasses, must always ensure that they carry a spare pair with them.

Paul Stokes continued: “As well as doing their homework into the driving laws of all the countries they will be travelling to before setting off, we would urge drivers to also consider the length of time they will be away, as part of their research; while some insurance policies include extended EU travel cover as standard, drivers should not assume this is always the case. By taking the necessary precautions before setting off, motorists can help to avoid unnecessary stress and further delays on the roads.”

M&S Car Insurance policies include travel cover within the EU for up to 90 days in any single cover period***. M&S Premier Car Insurance customers also benefit from UK and European breakdown cover, covering the policyholder not just their car.

Top tips for driving overseas this summer:

• Check your car before setting off, ensuring the oil, screen wash, coolant and tyre pressures are all at the correct levels
• Plan your journey beforehand so you know exactly which regions / countries you’ll be travelling through and then familiarise yourself with the local driving laws
• Have a travel guide to hand that contains local phrases in case you need to ask for directions or for recommendations of places to stop
• Make sure you have some local currency to pay for toll booths etc
• Bring games/ entertainment when travelling with children to ensure they are kept occupied and do not distract the driver
• Have refreshments in the car to avoid dehydration in the heat

July 17th, 2018 | Andrew Hagger | News

17 jul 2018 If you’re claiming tax credits (Working Tax Credit or Child Tax Credit), ICAEW is reminding everyone to renew by the 31 July deadline. If you miss the cut-off date, your tax credit payments will stop and you may have to pay back the tax credits you’ve been given since 6 April 2018.

Jane Moore, ICAEW Tax Technical Manager, said: “If you claimed tax credits last year, you should have already received your renewal pack – if not, you should contact HMRC as soon as possible. The renewal process gives HMRC the information it needs to finalise tax credit awards for last year, and it will renew the claim for this year.”

If you don’t complete your renewal by the 31 July deadline it could mean:

• Your payments will stop
• You may have to repay all the tax credits you have received so far this tax year
• You might even find yourself with a penalty

Jane says: “Not everyone will need to contact HMRC, but if your renewal pack contains an Annual Declaration form asking for details of your income in 2017/18, you must reply to HMRC. You should also let HMRC know if there have been any changes in your circumstances which you have not reported previously. If you are a couple and have made a joint claim, you need to give details of income and circumstances for both of you.”

You should ensure you have key documents relating to income when you renew, including payslips and business accounts as well as any childcare costs incurred. If you don’t have the final figures for your income – for example, if you are self-employed but your accounts aren’t ready yet– you can use estimates, but you must still renew by 31 July 2018 and provide the actual figures by 31 January 2019. HMRC may have already inserted income figures on the Annual Declaration using the information it already holds, such as payroll figures sent in by your employer – but you still need to check to make sure these figures are right.

July 16th, 2018 | Andrew Hagger | News

16 Jul 2018 With over 23.8 million Brits jetting off on holiday this summer, Policy Expert warns holidaymakers to be vigilant, even at the airport, as more than one in ten say they have fallen victim to theft before even boarding the plane, or know someone who has.

The study of over 4,700 people showed that almost half (46%) will be going away this summer and this number may rise, as 13% are still undecided. For some, this holiday will be one of many this year, as almost a third (32%) of Brits have at least two holidays, while one in seven have three and a lucky 9% jet off more than three times. 36% have one holiday a year.

While travellers will no doubt be excited prior to their getaways, Policy Expert is warning holidaymakers to be cautious of pickpockets, particularly at the airport. The study found that more than one in ten (11%) have or know someone who has fallen victim to theft before even boarding the plane. Money/currency is the most common stolen item, followed by mobile phones, sunglasses, purses/wallets and cameras. One in 20 (5%) also say they have actually found a lost item themselves and handed it in before taking off.

The most common items stolen at airports:

1. Money/currency
2. Phone
3. Sunglasses
4. Purse/wallet
5. Camera
6. Hand luggage bag
7. Jewellery
8. Passport/travel documents
9. Tablet/iPad
10. Laptop

When it comes to going away, the average traveller takes luggage worth almost £400. A third state they pack valuables worth between £201-£500, while 20%pack items worth up between £501-£1,000 and 6% carry items valued between £1,001-£2,000.

The study also found that Brits aren’t always protected when going abroad, particularly as more than one in ten (11%) admit they don’t take out travel insurance, while a quarter (25%) of Brits don’t have away from home cover included in their home insurance policy and more than a third (37%) aren’t sure. For those falling victim to theft at the airport, many can potentially claim on their home insurance policy if they have away from home cover, however almost half (45%) are unaware of this.

Adam Powell, Operations Director at Policy Expert, commented: “For many holidaymakers, going away begins at the airport. The issue is that airports are busy and with the holiday excitement taking off, it’s easy to get distracted. But unfortunately, thieves are on the lookout for victims. So keep an eye on your luggage, currency and any items purchased at the airport and be vigilant around others. Also check whether your home insurance policy includes away from home cover – this will reimburse you should a personal possession be lost or stolen while out of the house at the airport. The last thing you want is for thieves to spoil your holiday before you’re even up in the air.”

Top tips for protecting your valuables at the airport this summer

1. Consolidate your items before going through security. While you’ll need to remove some electronics such as tablets and laptops from your bag, you can keep your purse, money/currency, jewellery and your travel documents in your bag or jacket – as long as you put them in the bins provided. This will help to prevent any items being snatched or left behind.
2. While you may feel pressured, don’t put your items through the x-ray machine before you’re ready to walk through the security scanner. Every moment you leave your items unattended is another moment that thieves have to steal your valuables.
3. Be cautious of leaving small valuable items unattended, such as a phone or purse. Valuables left on table-tops at airport lounges, restaurants and coffee shops will be both easy and tempting to snatch and leave behind.
4. You should never leave your bags unattended, particularly at the airport, so whatever you do, keep your bag where you can see it. Whether you’re having a pre-drink before take-off, grabbing some food or sitting at the gate, if you can, place your chair leg through a bag handle to make it harder to move.
5. If you’re using a cash machine or purchasing currency, be wary of who is around you and make sure your pin is covered at all times.
6. Thieves often work in groups, so try not be distracted by commotion or attention which could be a ploy.
7. If you do notice a missing item, report it immediately. Theft at the airport is not uncommon and reporting it means that airport security can potentially catch the thief and recover your personal items.
8. Check whether your home insurance policy includes away from home cover, so that if the worst does happen, you at least know you’re covered financially.

July 11th, 2018 | Andrew Hagger | News

11 Jul 2018  M&S Bank is urging holidaymakers to take steps to protect their homes against opportunistic thieves before heading off on holiday this summer, as research* shows that nearly a third have had their current home broken into, with 15 per cent having been burgled more than once.

The M&S Bank research revealed that of those Brits planning a holiday in 2018, more than half are planning to go away for a week or more, while 29 per cent have plans to go away for a fortnight or more.

Paul Stokes, Head of Products at M&S Bank said: “With the peak holiday period approaching, our research shows that the average holidaymaker is planning to go away for 10 days, meaning many Brits could be leaving their homes unoccupied for extended periods over the summer months.

“While many of us look forward to the summer holiday period, and rightly so, unfortunately so do opportunistic thieves. That’s why it’s important to ensure that securing the home by taking certain security precautions, such as moving expensive or desirable items out of sight and away from windows, becomes a routine part of every household’s holiday preparations, just as buying holiday money or that new swimsuit is.”

Of those who had previously been burgled, seven per cent said that the thief smashed a window and six per cent said access gained to their home was by breaking a door lock. But four per cent admitted to accidentally leaving a door unlocked and three per cent a window unlocked.

Positively, more than two in five Brits currently have an alarm system (43 per cent) and 46 per cent having security lighting in place. These security features protect the home and act as a deterrent, yet nearly a third (32 per cent) of Brits have neither or don’t know if they have these security measures in place.

It’s important for holidaymakers to take a little time to prepare their home by taking some simple security precautions before they depart. The most popular security measure taken before going on holiday is asking a neighbour, friend or family member to keep an eye on the property (61 per cent), followed by locking the shed or outbuilding (50 per cent) and ensuring any objects in the garden, such as a lawn mower or BBQ, are securely locked away (45per cent). Nearly one in ten won’t, or don’t know if they will, take any security precautions for their home before going away (9 per cent).

Top tips to help secure your home this summer:

• Inform a trusted neighbour, friend or family member that you’re going away – ask them to keep an eye on your property
• Ensure windows are locked but keep curtains and blinds open – so it’s not evident that the home is unoccupied
• Don’t leave expensive items in view – keep laptops and other desirable goods out of direct sight
• Be cautious about who you tell – don’t broadcast the fact that you’re away, especially when using social media
• Lock your shed / outbuildings – ensure expensive items, such as garden furniture, tools and BBQs are securely locked away
• Install a reliable alarm system – security lighting can also be used to deter unwanted visitors.

July 6th, 2018 | Andrew Hagger | News

06 Jul 2018  New research by credit experts TotallyMoney suggests Britons will pay an estimated £23.8 million solely on interest and transaction fees from using credit cards to gamble on 2018’s World Cup.

Credit card payments used for gambling are treated by lenders as a cash advance. This usually means the borrower is charged a transaction fee, a higher interest rate, and will start paying interest from the moment they transact.

The Free Credit Report company’s research follows a recent report by The Times that suggests Britons will wager £2.5 billion on 2018’s World Cup. Of all gambling deposits, it’s thought that 10–20% are made up from credit card payments.

TotallyMoney used data from Defaqto to calculate an average cash transaction fee of 3.23% and an average cash advance interest rate of 28.13%. Using these figures, they revealed that close to £23.8 million will be spent on interest and fees alone.

Knowledge is Power

Lack of knowledge is thought to be the main reason for incurring such costly fees. A TotallyMoney survey of 1,000 people revealed that only 1 in 10 are aware that lenders treat gambling with a credit card as a cash advance.

Often, gamblers won’t be aware of how much their bets have truly cost them until their credit card bill arrives. Even then, it’s easy for borrowers to miss these fees among the transactions listed.

Convenience may play a part in hiking up the total spend on interest and fees. Many save credit card details on their internet browsers for simple online purchases, making it quick and easy to place bets using the same information.

The research has also sparked concerns over the increased potential for borrowers to spend more than they can afford from using a credit card, which could compound their problems with debt.

The Gambling Commission has already suggested banning the use of credit cards for online betting. However, others have suggested this might not be necessary if gamblers are aware of the true cost of gambling with credit.

Dangerous Play

“Borrowers usually get an interest-free grace period on regular purchases, which doesn’t apply when a credit card is used to gamble,” TotallyMoney CEO Alastair Douglas said. “It’s easy to see why people think they have time to pay off their gambling debts without paying interest.

“Hopefully, knowing the true cost of placing a bet online will make people think twice before gambling with credit.”

July 4th, 2018 | Andrew Hagger | News

04 Jul 2018 With summer holidays just around the corner, Metro Bank, the revolution in British banking, is continuing its quest to make customers’ holidays a little easier on the purse strings, with its fee free European transactions, as well as competitive exchange rates on purchasing Euros from its network of 56 stores.

With customers now able to open a Current Account online in a matter of minutes from the comfort of their own home, the whole of the UK can benefit from the bank’s travel money service. In fact, Metro Bank is the only high street bank to offer both its Current Account and Credit Card customers fee free transactions across 33 European countries – with no non-sterling transaction or purchase fees.

What it costs to make purchases abroad

What it costs to withdraw cash abroad

July 4th, 2018 | Andrew Hagger | News

June 29th, 2018 | Andrew Hagger | News

29 Jun 2018  As the summer holiday season gets into full swing, Sainsbury’s Bank has announced that Nectar customers can now get better rates on all currencies in-store so they can enjoy more value on currencies from New Zealand dollars to Norwegian Krone plus over 50 more currencies when purchasing travel money from Sainsbury’s Travel Money Bureau. 

From this week, as part of the Bank’s new offering across all available currencies, Nectar customers will also earn 10 Nectar Points per £100 spent in bureau and five Nectar Points per £100 spent online.

As an added bonus, Travel Money customers who take out travel insurance with Sainsbury’s Bank can get up to 30% off the cost of their policy when they buy their Travel Money online or from their nearest in-store travel money bureau. 

Customers can order currency online or by telephone on 0345 355 2463 and collect from a travel money bureau, and can also receive free home delivery for orders of £500 or more or buy in store at over 250 travel money bureau.

For more information please visit www.sainsburysbank.co.uk,/travel/holidayshop2018

June 26th, 2018 | Andrew Hagger | News

26 Jun 2018 Almost half (46%) of UK parents have taken their children out of school to go on holiday, according to a new study released by Co-op Insurance.

Parents that are willing to let their children miss school say that financial strain is the leading factor in their decision, with two thirds saying that family holidays are too expensive when schools break up for summer.

For over a quarter, getting time off work within school holidays is difficult and so say they resort to going on holiday in school time.

A further quarter (23%) say they take their children out of education for a ‘quieter’ holiday, and over a tenth (13%) feel as parents, this decision ultimately is theirs to make.

Despite taking children out of school without permission being against the law, of the parents who have taken a children out of school, a quarter (25%) have done so for a whole week, and a further one in ten have pushed it for up to two weeks.

Additionally, 27% of parents have owned up to skipping school for a family holiday on more than one occasion.

Colin Butler, Head of Travel Insurance at the Co-op said:  “Having already paid for the holiday itself, travel insurance can be seen as just an optional additional cost, which is why half of families don’t bother getting travel insurance.

“By not taking out cover however, families are risking nasty financial surprises should the worst happen whilst they’re on holiday.

“We want to make sure families are not only safe on holiday, but carry less of a financial burden when considering travel insurance. That’s why, during the summer, we’ll be offering children free travel insurance.”

From 1st June until 30^th September 2018, Co-op Insurance will be offering free travel insurance to children under the age of 18 travelling with an adult.