OFT look into credit card competition
The government’s OFT (Office of Fair Trading) will be looking into equality and competition within the UK’s over saturated Credit Card industry.
As spending on plastic skyrockets, major credit card companies will come under the watchful eye of the OFT, which will assess the fairness of business operations in the highly competitive, but unsecured consumer credit market.
The OFT recently made public its plans to deal with the knock on effect of the credit crunch, and how this has affected the financial services sector. One of it main priorities within the UK is to increase the overall responsibilities of lenders within credit card companies, to the obvious benefit of the consumer.
“With our focus on credit, we are addressing the area in which there is a real risk of short-term consumer harm while also ensuring that the sector that emerges from the current crisis is competitive and behaves fairly and responsibly towards consumers,” said OFT chief executive John Fingleton.
The G20 meetings, which were wrapped up last week, led to promises over improving the global financial services industry and to ensure tighter regulation on financial markets. The OFT however, have a big task in hand, ensuring that government changes to the finance sector don’t weaken the already problematic credit sector.
Speaking to your Lenders
Speaking to your lender may save you from financial collapse - Sometimes, all you need in times of hardship are some tips on how to overcome the problem. We can often become so overwhelmed by the problem of debt, overdrafts, credit cards that we don’t consider speaking to the people who we actually have credit agreements with. On top of learning how to manage your debt correctly, you should also consider how to properly deal with lenders, as you can help things with a few simple phone calls .
When you notice the first signs of being likely to struggle with repayments, be sure to contact your lenders and explain the situation that you are in. Most lenders will appreciate the fact that you have shown dedication to getting your balance paid, and it may be possible, in some cuircumstances to renogiate your payments to something more suitable. Just think about it this way; your lenders want and need you to pay back every last penny that is owed to them, so they would prefer you to pay the balance back over a long time rather than not at all.
You may be entitled to a ‘payment holiday’ or extended period where you are not required to make a loan / credit card / mortgage payment. This can be a fantastic opportunity to get your finances back on track, and ensure your next payment is in full and on time. If you are offered a payment holiday, do everything you can in the period (say a month) to save money, possibly find additional work hours and get prepared for your next payment. Just because you don’t have a mortgage payment in one month, shouldn’t mean you spend that extra money frivolously.
Although not all lenders will offer such services to their customers, it is always worth a try, a simple phonecall could help you to keep your head above the water.
Stricken with Debt - Where can you turn?
Debt can be accumulated by anyone, the well paid, the famous and even the thrifty. It is extremely difficult to predict how your fortunes will pan out, with redundancy, illness and family all creating potential financial difficulties. Do not panic if you feel you budget becoming tighter, and your bank balances shrinking, the helpful guides outlined in this site will help to ease your situation. Debt can strike when you are least expecting it, when you feel secure, so it can be reassuring to know that there is light at the end of the tunnel.
This is not to say you should seek help and then forget about it, without proper debt management, your finances can spiral out of control and result in an endless cycle of more and more borrowing. If you are feeling anxious or worried about debt, you should consider seeking professional debt advice, or try speaking to one of the many debt councilling / debt advice charities available. They are specifically there to help talk through your finances and help you find a way out, without increasing your debt any further.
If you find yourself in financial trouble, please email debtmanagementtips [at] gmail.com, and i will try and post your question to other readers of this blog, in the hope of offering some confidential advice, from people in similar situations to your own. Your confidentiality is my highest priority, so don’t worry, we wont post your name or details.
Claim back Tax - End of year Tax rebate
Your P60 will outline the total amount of tax you have paid in a financial year
Tip of the day: Ring your local tax office and check if you are owed any tax - it could be hundreds, if not thousands of pounds! Sometimes, when you are put on an incorrect tax bracket, say for example, if your P45 hasn’t been processed by your employer, the government will charge you emergency tax which can be claimed back once you are on the correct tax bracket.
I received my P60 recently, telling me i was owed over £500 in tax from the government. It’s important to act on these things quickly, to beat the rush of others sending in their rebate forms. I was told over the phone that a claim could take a number of months, so the earlier they receive it the better. If you are paying your taxes, you have every right to claim back what you are owed!
Now, you only have a few days to get your forms sent in to the inland revenue, otherwise your forms will be processed for the following Tax year. You can find the correct contact numbers on their website. Give them a quick call, and see what you could claim back, and send them all the required information - you may be pleasantly surprised!
G20 effect helps boost global stock markets
G20 deal boosts global markets
The world’s stock markets rose sharply following the $1 Trillion deal agreed at the G20 summit, aimed to curb the worsening global economic downturn.
One broker deemed this sharp rise as the “G20 effect”, which saw the london FTSE 100 index close at nearly 4% up, the Dax up 6% and the French Cac 40 up 5%.
The Dow Jones, Nasdaq and Nikkei also saw strong improvements, at 3%, 3% and 4% respectively.
The weakening dollar has seen ‘the market’ improve after consecutive dismal months for many of the worlds exchanges.
Global leaders announce $1 Trillion Deal at G20
In response to worsening global economics, leaders gathered at the G20 summit in London, have announced a $1tr deal to help get the worlds finances back on track. For more details, and to read more about the G20, visit BBC news.
Orange Wednesdays - Save money at the cinema
Orange wednesdays are a popular money saving offer
A quick money saving tip for all those UK based film fans out there. If you are on the Orange mobile network, you can receive a 2 for 1 ticket offer at most high street cinemas. If youvisit the cinema on a wednesday, just text film to 241 from your orange handset.You will be sent a voucher code, and all you need to do is present this to the cashier to claim your voucher.
This is a great way of saving anywhere from £5-15 on a standard adult ticket. This is also applicable for student and OAP’s, but make sure you arrive early as this is usually a very popular offer.
