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.

June 20th, 2018 | Andrew Hagger | News

20 Jun 2018 A fifth of parents aren’t saving any money at all for the future, as high inflation, low wage growth, and low savings rates put pressure on families, according to new research from Zopa.

The survey also found that a higher proportion of non-parents (23%) weren’t saving for their future.

Zopa’s research of a matched sample of 500 parents and 500 non-parents uncovers the differing savings behaviours and attitudes between the two groups. The research has found that it’s primarily, although not exclusively, a lack of money holding most parents back from saving for the future. Over half of parents (55%) who don’t put money aside for their children say this is the case.

However, for one in five parents, the reason not to save for their kids’ future isn‘t one of money, rather that they want their children to make their own way in life financially.

Although many parents are struggling to find the money to put aside, they are more likely than non-parents to think long-term. Two thirds of parents that put money aside have an investment timescale of more than 4 years, suggesting they’re in it for the long run, whereas only half of non-parents are investing with a 4-year timescale in mind.

When it comes to parents saving methods, despite the UK’s rock-bottom interest rates, half of parents who are saving money for their child use a savings account through their bank. This is followed by junior ISAs (34%), fixed term savings accounts (15%) and stocks and shares ISAs (9%).

A spokesman for Zopa, commented: “With wage growth slowing, interest rates still low and inflation high, it’s a tough savings environment out there. However, for parents that are able to put money away each month there are options to ensure they are making the most of their money.

“Unfortunately, the British public will struggle to find a savings account paying out interest higher than 2%, and with the most recent UK inflation rate being posted at 2.4%, anyone using one of these accounts as their primary “long term” savings vehicle can most definitely find a better route. Parents in particular, should be looking to utilise a variety of products for their children’s financial future. Investments such as the Innovative Finance ISA* provides a better return than traditional savings products with a bit more risk, so those saving or investing can feel better about their children’s future.”

June 18th, 2018 | Andrew Hagger | News

18 Jun 2018 New figures from personal loan provider, Hitachi Personal Finance, reveal a significant increase in loan applications over the past three years. Applications for motoring, home improvements and leisure loans increased by 31% between 2015 and 2018.

The lending data also showed an increase of 95% in motoring loan applications and 4% in home improvements.

Average loan amounts have also seen an increase across these three categories:

1. Motoring: +8.67%
2. Leisure: +7.02%
3. Home improvements: +1.78%

The figures are from Hitachi’s recent ‘History of Household Expenditure’ analysis, which takes historic ONS data, combined with loans data, to reveal trends in consumer income and expenditure.

With the analysis revealing an increase in the number of loans people are taking out in recent years, the experts at Hitachi Personal Finance have pulled together a simple list of do’s and don’ts that could help achieve, and maintain, a good credit score:

DO…

Register to vote

Being on the electoral register helps potential lenders verify your identity, so make sure you’re registered at your current address. It’s an extremely easy way to improve your credit score, and also quick to do online via https://www.gov.uk/register-to-vote

Know your numbers

Experts say the perfect amount of credit utilisation is around 10-30%, as it shows you can lend responsibly without getting carried away. In other words, if you have a £15,000 limit on a credit card, try not to charge more than £4,500 at any one time.

Play by the rules
Sometimes it can be tempting to get out of that gym membership by just cancelling your direct debit, but without proper account closure, you could be making yourself vulnerable to complaints from the company and ‘missed payments’ creeping onto your credit report.

Sanity check closed accounts
Certain accounts, such as utilities, can take weeks to even themselves out once you’ve requested closure, which could lead to a missed payment. If you’re moving away, leave a forwarding address, and, just to be safe, give the company a call back after a month or so just to double check there’s nothing left outstanding. A lot of utilities providers and councils also now have apps or online account trackers, which make the moving and/or account closure process a lot easier.

Financially de-link
If you’ve ever been financially linked to someone that you no longer need to share an account with – whether that’s a friend, a housemate or an ex-partner – it may be a good idea to de-link from them as soon as you can, or their financial behaviour may reflect badly on you. You can find financial disassociation instructions from the three major credit agencies, on the Equifax, Experian and Callcredit websites.

DON’T…

Underestimate the effect of a missed payment
A missed payment could stay on your credit report for at least six years, so make sure you pay all of your bills on time.

Be afraid to look
Checking your credit report does not negatively affect your score. In fact, it doesn’t affect it at all, no matter how many times you check it. So, sit back, relax and check away. It’s always better to be informed, so you know what you need to work on.

Forget your past
It’s not always easy to remember every address you’ve ever lived at, especially if you’ve moved around a lot. However, having a full, detailed record of your past addresses is absolutely vital for getting an excellent credit score. If you can’t remember all the address details, check the ‘delivery addresses’ section on your PayPal or Amazon accounts. If you can’t remember how long you lived somewhere, check your online banking for dates of first and last mortgage or rent payments.

Worry too much
Credit reporting is there to help everyone, from businesses to consumers. It’s not used to spy on you and information such as how often you’re looking at products on price comparison sites, your age and your salary is not available for all to see.

A spokesman from Hitachi Personal Finance added: “Small changes can make a big impact to your credit score, so take the time to ensure you are fully informed, and then apply any recommended ‘quick wins’.

“Not missing payments, and not spending above your perfect credit utilisation percentage may take a bit of getting used to, but these practices will be worth the effort in 2018, and beyond.”

June 18th, 2018 | Andrew Hagger | News

18 Jun 2018 As the summer’s biggest sporting events kick off, families heading away on holiday are also getting ready to shake off the cobwebs. Research from American Express reveals nearly a quarter (23%) of Brits have chosen to take an activity holiday this year, with a further one in ten (10%) already warming up for an active trip in 2019.

The most popular activity holidays include sports camps, walking and cycling. Those Brits choosing a sports camp will spend on average £413, including travel, accommodation, activities, food and drink. Walking holidays are a small step behind, costing £391 and cycling trips come a close third (£388).

The main reasons families pick energetic breaks over beach trips and cruises are: to encourage their children to be fit and healthy (47%); to keep their children well occupied (45%) and finally over a third (35%) state it’s a fun way to spend time together as a family.

Maggie Boyle, Director from American Express, said: “Summer holidays are a time parents and children really look forward to. It’s great to see our love for sport feeding into our holiday habits, but it’s wise to also make sure your finances are in good shape in advance of the summer months. Using a credit card that gives cashback or rewards is a great way to ensure there are some perks waiting for you when you return home.”