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Has the downturn put your life on hold?

admin — Wed, 17 Dec 2008 23:26:19 +0000

This time last year, you might have been planning a major change in your life. Maybe you wanted to start a family, move home or find a new job – but today, you’ve almost certainly decided not to go ahead, according to research from CreditExpert.

The credit monitoring service discovered that 75 per cent of us – the equivalent of 36 million people – have either postponed or cancelled our most important plans and 55 per cent of us feel anxious about ever reaching our goals in life. In fact, every person in the representative sample of more than 2,000 UK adults intends to defer at least one major item of expenditure over the next 12 months.

Those in the prime of their lives are most likely to postpone key events – 83 per cent of the 18-34 age group are putting important plans on the back burner. The older generation are more resilient, with 58 per cent deferring cherished ambitions.

What we won’t do…

The economic downturn means that 50 per cent of people have given up thoughts of a new car in the next 12 months, 30 per cent won’t be buying a property and 27 per cent have decided against moving jobs. Youngsters are also affected – 81 per cent are delaying key plans, such as studying.

Sadly, the impact has been emotional too. Almost a quarter of 25-34-year-olds are putting off trying for a baby, while 21 per cent of 18-24s and 12 per cent of 25-34s are deferring their weddings and 41 per cent say that the need to postpone their plans has put a strain on relationships with partners, family, friends or colleagues.

…and why

The key factors behind this mass abandonment of plans include:
• Affordability – 47 per cent of people say they simply can’t afford the extra costs
• Caution triggered by the economic situation, cited by 62 per cent
• A perceived lack of available credit – nine per cent are concerned that they will not get a loan or other form of credit

These circumstances mean that 76 per cent of us feel that life is being dictated by factors beyond our control and 77 per cent of us are uncertain about the future.

“Times are tough for many of us at the moment but you don’t necessarily have to put your life on hold,” says CreditExpert managing director Jim Hodgkins. “If you manage your finances actively, budget carefully and keep a close watch on your credit report, you can put yourself in the best possible position if you need to borrow in order to fund the life you want to lead.

“Your credit report lists credit accounts, such as cards and loans, along with your repayment history, so it shows at a glance what credit you owe and whether you’re managing to make repayments on time and in full – or whether you’re getting into trouble.”

You can see your Experian credit report for free with a trial of CreditExpert.

Get ready to borrow

admin — Wed, 03 Dec 2008 23:39:10 +0000

The financial crisis has made many of us think twice about opening a savings account, let alone taking on any new credit deals. But if you are one of the millions of people who need to borrow in the next few months – perhaps because your current mortgage deal is coming to an end or you have to make a major purchase – it’ll pay you to get your finances in shape now.

There’s no doubt that, when it comes to credit, finding a good deal is nowhere near as easy as it used to be.

In October 2008, there were just 3,281 mortgage deals for first-timers to choose from, compared with 10,726 a year ago – and that’s only for the lucky ones who could scrape together a deposit of up to 25 per cent. Things aren’t looking much better for remortgagees, with interest rates as high as ten per cent on some deals and arrangement fees climbing skywards.

As for personal loans, approvals are falling monthly – one lender reported recently that it was rejecting 60 per cent of applications. Credit card issuers are also taking a hard line, with offers only going to people with a good credit rating.

It’s not all doom and gloom, though. There are still good deals out there – you just need to work a bit harder to make sure you qualify. Start by checking out these tips on getting your finances in order.

1. If you only do one thing, check your credit report

Your credit report is an important part of your financial CV – it shows lenders what you already owe and how well you are managing, so they can decide if you can afford to take on any more. They’re looking for people who aren’t over-stretched and make repayments on time and in full. Even a clerical error could put them off, so it makes sense to ensure that everything is accurate and up-to-date. You can see your Experian credit report for free.

2. Clean up your past

It’s time to tidy up your finances, starting with your existing credit accounts. If you have any unused accounts, such as a store card you took out for the introductory offer it may be worth considering whether to close them – lenders may look at the amount you could borrow already, not simply what you owe, so it can help to have fewer commitments. You could also rationalise the accounts you do use – for example, by transferring a credit card balance to a lower interest card or, better still, by paying off some of your debts.

3. Make sure you’re registered to vote

Putting your name on the electoral roll at your current address is one of the simplest things you can do to get in lenders’ good books. They use the information to check that you live where you say you do. If you are not registered or are listed at another address, they may think you are unreliable or even suspect a fraud.

4. Do your research

Start checking out the market to get a feel for the kind of offer you might get. Keep an eye on the financial press and websites to find which loan, mortgage or credit card will suit you best. Every deal is different, so it pays to know as much as possible before you apply.

5. Take a long, hard look at your spending

Every penny counts when you’re taking on a new deal, so give your outgoings an overhaul. Add up your income and monthly expenditure and see how much cash – if any – you currently have to spare. Then start looking at ways to cut back. Price comparison sites can uncover potential savings on a wide range of everyday items, from motor insurance to your heating bills. While you’re at it, look for ways to trim your personal spending, for example by going out one night less a week or buying fewer take-aways.

6. Don’t blot your copybook

If money is tight, it can be tempting to delay a monthly repayment or even skip it altogether – but don’t even think about it. Missed and late payments stay on your credit report for three years and give lenders the impression that you are a bad risk. If there are genuine reasons for past problems – such as redundancy or divorce – you can add a brief note of explanation.

7. Make sure your other half measures up

If you have any joint accounts, such as a credit card or mortgage, your financial associate’s name will appear on your credit report and lenders may check his or her credit record too. This is because your finances are linked and may affect each other’s ability to make repayments. Get your financial partner to check his or her credit report before you make your application, so you can both be sure everything is as it should be. If a financial connection has ended, make sure that the account is closed and this is registered on your report. This is known as a disassociation.

8. Don’t use a scattergun

When you’re doing your research, never make multiple applications to see what kind of deal you will be offered. Every time you apply, the lender searches your credit report. This leaves a record, known as a footprint – too many of these could make lenders think you are desperate for money or even suspect a fraud. If you want to test the market, make sure lenders know from the outset that you only want a quote.

9. Protect your identity

ID fraud – when thieves get hold of your personal details and use them to steal money in your name – is one of the fastest growing crimes of the 21st century. If you are hit, it could not only take hundreds of hours to put right but also affect your credit status for months to come. Ways to protect your identity include not giving away passwords and security information and shredding sensitive documents such as bank statements. Find out more at www.stop-idfraud.co.uk

10. Know your limits

Just because you’ve never had any trouble getting credit in the past, it doesn’t necessarily mean you’ll find it easy this time, so you need to be realistic. Don’t set your sights impossibly high and make sure you can afford to repay what you borrow comfortably, otherwise you could end up disappointed with the offer you get – or, worse still, with no offer at all.

Your credit report is your passport to the deals you want and changes with your circumstances, so it pays to check it regularly and make sure it’s in good shape. You can see your Experian credit report as often as you like during a free trial of CreditExpert.

Your money is trapped in a collapsed bank?

admin — Wed, 03 Dec 2008 23:38:27 +0000

You might have been saving for a holiday or wedding, to pay your mortgage or credit card bills, to fund your retirement or to buy a home – but if you’re one of the hundreds of thousands of people who find their money frozen as a result of recent bank collapses, you may be wondering what to do until you get your hands on it again.

The Financial Services Compensation Scheme expects to start repayments to savers with IceSave in mid-November but people with money trapped in some offshore bank accounts or saved via bonds and other financial products may have to wait much longer, if they are repaid at all. You need a plan – so here’s some help to get you started.

Talk to anyone you owe

Whether it’s a few hundred pounds left to pay to the holiday company or thousands to the taxman, don’t even think about skipping payments.

If you ignore your problems, you’ll probably incur late payment fees or penalties and your credit report – the history of your credit accounts, such as credit cards, loans and mortgages – will record that you’ve missed repayments. Lenders check your credit report when you apply to them and they’ll see that you’ve been unreliable in the past, which could make it harder for you to get the deals you need in the future. You can see your Experian credit report for free – it contains a useful list of lenders you owe, so you don’t forget anyone.

Then go online and take a screenshot of your frozen account details, or contact your broker or any middleman you dealt with and ask for a statement. You’ll need it to prove that you really do have the money when you explain your situation and renegotiate payments.

Expect some sympathy…

If you owe money on a bank loan or credit card, your lender should be sympathetic and willing to find ways around it – possibly by freezing interest or allowing reduced repayments until your money is returned.

“We are committed to dealing sensitively with people who find themselves in straitened circumstances,” says Jemma Smith of APACS, the UK’s payment association. “If you were caught out by a collapsed bank, I would expect lenders to be sympathetic. However, any requests for fresh lines of credit would have to be approached on a case-by-case basis.”

Her Majesty’s Revenue and Customs are also likely to be helpful if you had earmarked money to pay a tax bill. “HMRC can and does help customers facing temporary difficulties by allowing them additional time to pay,” advises a spokesman. “We do this on a case-by-case basis and will respond sympathetically to customers who are affected by events beyond their control.”

…but you won’t win them all

Unfortunately, you may not get to enjoy that winter sun you’d been relying on to cheer you up. The Association of British Travel Agents (ABTA) suggests you talk to your holiday company immediately if you realise that you may not be able to pay in full.

“Each firm has its own booking conditions and they may be able to offer a certain amount of leeway,” says a spokesman. “But bear in mind that if you simply can’t afford it, you should cancel the holiday sooner rather than later as cancellation fees rise the longer you leave them unpaid.”

There’s no point in digging out your travel insurance policy, either. According to the Association of British Insurers, you would only be covered for financial hardship as a result of redundancy – not the unexpected collapse of a bank.

Don’t bank on property

If you are scheduled to exchange or complete on a new home and now can’t get at your money, you have to hope that the vendor is sympathetic. Talking is also the way ahead if you’d saved money to pay off your mortgage – the Council of Mortgage Lenders says it does not have any policies in place that would cover this type of circumstance and that “decisions of this nature would be a matter for individual lenders”.

That could mean rescheduling the end of the mortgage or taking an interest-free payment holiday. In both cases, you’re likely to have to pay more in the long term but won’t get into short-term trouble or damage your credit status.

Tidy up your finances

Don’t forget to stop any direct debits or regular transfers into your frozen account – then look at ways you can cut back temporarily.

Your credit report is a good starting point, as it presents a snapshot of what you’ve borrowed, so you can see if there are any debts you can roll up into a single, cheaper loan, close down accounts you don’t use and check for any errors that might put lenders off extending the amount you owe while you wait for your cash. Try using price comparison websites to find the best deals.

Be aware that taking out new credit – or extending the repayment period in order to cut the amount you repay every month – will mean that you pay more over time and take longer to clear what you owe. Do your sums before committing to a new deal and only sign on the dotted line if you’re sure it’s the best way ahead.

Don’t despair

Even if you’re worried that you can’t survive until your money comes through – or fear that you may lose some of it – there’s help out there. If you need support, you can turn to a counselling service offering free financial advice. Try Citizens Advice at www.citizensadvice.org.uk, the Consumer Credit Counselling Service at www.cccs.co.uk or National Debtline at www.nationaldebtline.co.uk.

Keep working at your finances

Keep in touch with your lenders, update them on your situation and try to stay within your budget until your savings are available again. Regular checks on your credit report will help you to see how well you are coping and allow you to monitor changes that could affect your credit status. You can check your Experian credit report as often as you like during a free trial of CreditExpert, the UK’s leading online credit monitoring and identity fraud protection service.

In debt and can’t understand why? Find out here

admin — Wed, 03 Dec 2008 23:28:05 +0000

Many of us work long hours in stressful jobs and feel the need to treat ourselves after a hard day at the office but if you get a nasty shock every time you open a bank or credit card statement, you could be in the dark about how much you’re really spending.

Read on to see how you could be dragging yourself into debt without realising it – and what you can do about it without giving up the good life.

1. You shop for pleasure

Too many of us see shopping as a kind of sport or leisure activity. Obviously, we all need new clothes or household gadgets from time to time but nobody has to buy new stuff every weekend. Sit down and work out what you really need. Then go out and shop for that one item. You can still enjoy browsing around stores but you won’t be frittering away your money.

2. You can’t resist a bargain

You love hitting the sales and snap up loads of bargains – but paying £50 for a jacket that used to be £100 isn’t much of a saving if you don’t need or use it. Are you tempted by two-for-one offers? They’re great if you can get two of something that you need to use regularly, otherwise they’re worthless. Before you go shopping, make a list of things that you need to stock up on and only allow yourself to be tempted by sales where you know you can get these items cheaply.

3. You take the first deal you’re offered

Many people are afraid of haggling but it’s actually a very effective way of gaining discounts – and recent survey for CreditExpert, the UK’s leading online credit monitoring and identity fraud protection service, found that 57 per cent of us are now more prepared to haggle than we were a year ago. Electricals, white goods, furniture, mobile phone contracts and clothes are among popular targets. One area to consider carefully is financial products such as loans and credit cards – do your research and ask for the best possible deal, or you could find yourself paying higher fees and more interest.

4. You don’t know what you can really afford

Do you do the weekly food shop in a high-end deli and buy designer clothes? If so, you need a reality check. Most people in the UK earn less than £30,000 a year and this kind of salary does not support a celebrity lifestyle. One good way to see what you can really afford is to check your credit report regularly. It contains a list of the credit you’ve taken out, such as cards, loans and mortgages, along with your repayment record, so you can see instantly what you owe and how well you’re coping. It could be the wake-up call you need – and it’s free to see your Experian credit report.

5. You buy yourself treats

You’ve had a hard day at the office and you need cheering up. You deserve a treat, so you go for a massage or get a take-away for dinner. This is fine if you’re doing it once a month but if it’s become a weekly habit, you could be heading for trouble. There are lots of different ways to treat yourself – a nice hot bath with some scented oil, a walk in the park or a delicious home-cooked meal will save money – and cheer you up.

6. You go out too often

You like to socialise and the easiest way to do that is to meet friends in a bar, club or restaurant. It’s not so easy to keep tabs on your spending though, especially when you’re buying drinks in rounds or splitting a restaurant bill between lots of people. Why not invite friends over for dinner or drinks instead? An entire bottle of own-brand vodka costs about the same as a single cocktail in a bar. Guests will always bring a bottle with them, too, so you’re saving money twice over. You can play games, watch movies, listen to music or just chat – sometimes the best things in life are free.

7. You don’t take a list to the supermarket

You never seem to have time for a proper supermarket shop, so you pop in every day during your lunch break or after work and buy food for that evening. Big mistake. You always spend more when you’re not focussed on what you need, picking up things that catch your eye. Instead, plan your menus and make time to do a proper shop once a week, crossing off items as you go. It’s also a good idea to eat something beforehand – if you’re hungry you are much more likely to overspend on niibbles.

8. You fritter

It’s so easy to spend money without realising – the morning cappuccino, the weekly magazine, the long chats on your mobile, even buying sandwiches in the corner shop. You’ll save a lot of money by making your own packed lunch, getting a jar of coffee for the office, making calls when airtime’s cheap and looking up newspapers and magazines for free on the internet. It all adds up. A £1.50 coffee every working day equals £360. A £2.50 sandwich a day equals £600. Cutting just those two out saves the best part of £1,000.

9. You’ve borrowed too much

If you’re overcommitted on credit cards or loans, you’ll have to repay a lot of interest. And if you don’t make those repayments on time, your credit history will record that you’re a bad payer, which means that lenders are more likely to charge higher rates in future. If you’re in trouble, talk to your lenders – they may negotiate a new schedule of payments that you can afford. You can also use some of the money you’re saving with lifestyle changes to pay off as much of your debts as possible. Your credit report contains a useful list of contact details for your lenders.

10. You’re lazy about the boring bills

Money is there to be enjoyed, which means spending it on fun – such as holidays and socialising. You forget about the boring things that need to be paid for, like your rent or mortgage, council tax and utility bills – and the final demands can come as a shock. Get all your old bills out to see how much you’ve actually paid over the course of a year. Utilities are getting much more expensive so it’s worth switching to direct debit payments, which are usually cheaper. You could also check price comparison sites for better deals with different providers.

• You can see your free Experian credit report as often as you like with a free trial of CreditExpert.

10 financial resolutions to make 2009 a happier New Year

admin — Wed, 03 Dec 2008 23:26:10 +0000

Predictions for 2009 make it a pretty daunting prospect, so it’s time to settle on some serious New Year’s resolutions of the financial variety. Start now and 2009 will be much easier to deal with.

1. Find out what you owe

Before you can make any plans, you need to know how much money you owe – and for what. The simple place to start is your credit report, which lists your credit accounts, from loans, cards and mortgages to utilities, mobile phone contracts and catalogue accounts. As well as your repayment history and the amounts you owe, it details applications for
new credit accounts, court judgments, IVAs or bankruptcies and other information that lenders use when calculating your credit rating. There’s also a useful list of your lenders, which can act as a quick reminder of accounts you might forget.

2. Make a list

It’s always easier to get organised when you can see at a glance where you stand. Try making a list of regular outgoings, using your credit report as a guide and cross-checking with bills and statements. Key items could include your mortgage or rent, loans, HP deals, the balance outstanding on credit and store cards, your overdraft and utility bills, including land and mobile telephone. You should plan to honour all these payments – it’s just a matter of working out how you’ll do it.

3. Get organised

Organise all your bank statements, credit cards and utility bills into monthly files. Check your direct debits carefully and cancel any that should have expired or set up new ones to ensure you don’t miss any payments – some organisations offer a discount if you do this. Set up another file for your day-to-day spending, such as receipts for food, newspapers, petrol and fares. Make sure you arrange everything so you can see where your money is going in regular payments each month.

4. Set yourself a budget

Most of us will need to cut back, so use your list to identify any potential savings. For example, you might resolve to pay off your high interest store cards or reduce your utility bills. Make sure your budget is realistic, or you’re setting yourself up for a depressing failure – and always leave some money aside for treats and emergencies, or you risk falling off the financial wagon through sheer frustration or because of bad luck.

5. Think thrifty

There’s plenty of advice around, from buying food at markets and discount supermarkets to walking to work and swapping clothes. Hit the Internet for inspiration – there are sites that specialise in everything from economical food to free exercise routines and thrift shopping for clothes. Try voucher sites for money-off offers on essentials. You could also join an online service such as www.freecycle.org, where people offer to give away unwanted items. Or hook up with one of the many local networks that enable people to swap their skills – you can exchange anything from babysitting and cooking to carpentry and accountancy skills without paying a penny.

6. Get a good report

Lenders look at your credit report when you apply to them, so it’s crucial that it’s up to date and accurately reflects your circumstances. One administrative error or a misunderstanding several years ago could spoil your chances of getting the credit you want in future. If you disagree with any entries, contact the lender and be prepared to prove your point. You can also get in touch with the credit reference agency that keeps your credit report – Experian is the UK’s largest. Other tips include closing unused accounts and registering to vote at your current address.

7. Do your research

The are still good credit options on offer and it’s up to you to find them. It’s worth spending some time on personal finance websites and reading the personal finance sections of the papers to get an idea of what’s available. Price comparison sites can help to identify the best deals for your circumstances but don’t send out a mass of applications in the hope of securing one. Ask each lender or supplier for a quote first, as every application leaves a record on your credit report – if there are a lot in just a few months, lenders may think you’re desperate or even suspect a fraud.

8. Tackle expensive debts first

Assess your debts carefully and prioritise the ones you want to repay first – which means finding out which are costing you the most. It may be possible to take out a personal loan to pay off several smaller debts that charge high interest. If you have a good history with your bank, you may also be eligible for an overdraft at reasonable rates. If you’re one of the many people whose old fixed rate mortgages finish this year, it’s worth paying off as much as you can before searching for a replacement, so you qualify for more new deals or a lower interest rate.

9. Get help

Whether you’re unsure how to set your budget, don’t understand how interest is calculated or are frightened that you’re getting into financial trouble, there’s help out there. The website of the Financial Services Authority, www.fsa.gov.uk, is a good starting point, offering simple advice and a range of calculators. Mortgage brokers and your own bank can help you to decide on suitable deals and may come up with ideas you hadn’t considered. Always talk to your lenders as soon as you think you’re in danger of letting them down – they may be able to suggest a temporary solution, such as extending the life of a loan to lower your monthly repayments. If you’re having real money problems, a number of organisations offer free advice – try Citizens Advice at www.citizensadvice.org.uk, the Consumer Credit Counselling Service (CCCS) at www.cccs.co.uk or National Debtline at www.nationaldebtline.co.uk.

10. Keep on top of your credit status

Resolutions are meant to last, so check your credit report regularly. It gives you a snapshot of how well you’re managing, allows you to monitor your progress and gives you a chance to clean up your act before you approach lenders. Since prospective employers and landlords can also ask for permission to see your credit report, it’s a priority to ensure it’s as good as it can be. You can see your Experian credit report for free with a trial of CreditExpert, the UK’s leading online credit monitoring service.

Tackle your debts in 2009

admin — Wed, 03 Dec 2008 23:24:19 +0000

The decorations have been taken down, the first snowdrops are coming out and you get sweaty palms before you check your bank balance. Yes, it’s January – and time for the traditional ritual of tightening your belt until the long-awaited post-Christmas payday.

With those winter nights in looming, there’s no better time to plan your way out of debt – especially if you are one of the millions of people who spent more than intended over the festive season.

Figures from the charity Credit Action show that, as a nation, our personal debts grew by £1 million every eight minutes during 2008, with every household paying approximately £3,950 in interest during the year. Christmas only adds to the problem for many of us – a survey from CreditExpert, the online credit monitoring and identity fraud protection service from Experian, found that more than a quarter of us planned to put the festive season on a credit card or overdraft.

“Sorting out our debts would make 2009 a happy New Year for most of us,” says Jim Hodgkins, managing director of CreditExpert.

“A good starting point is to take a look at your credit report. It will give you a general picture of the amount of credit you owe and how you are coping with the repayments. It may also be a useful reminder of accounts that you have been ignoring and can help you to assess where action is most needed. If you check it regularly, you’ll be able to monitor your progress and have a better chance of staying on track.”

Here are some more tips that will help you to overhaul your finances.

Know the size of the problem

It’s no good deciding to tackle your debts if you don’t know the size of the problem, so kick off with a financial audit. That means listing all your monthly income and outgoings, including mortgage and credit card repayments, catalogue accounts and bank overdrafts.

Although it might be alarming to see it all in black and white, it may highlight areas where you can cut back, such as meals out or taking taxis instead of the bus.

Then set yourself an achievable financial goal and use your audit to work out a monthly budget to help you get there. The most important thing is to be realistic – if you are too strict with yourself, you are likely to fail. Make sure you also allow yourself some small treats as a reward for good behaviour.

Prioritise your payments

Once you’ve set up a monthly budget it will be easier to manage your finances and decide how much you can afford to set aside each month. This way, you should find it easier to save regularly and whatever you put aside can go towards paying off your debts.

If you owe credit in more than one place – on a store card and unauthorised bank overdraft, for example – you may be able to consolidate everything into a lower-interest loan. If you decide to go down this route, make sure you do the maths first and include any penalties, set-up or transfer fees in your calculations.

You might be able to improve your chances of getting good deals on new borrowing by ensuring that your credit report is accurate and up-to-date. Lenders usually look at it when you apply to them and any errors or misunderstandings could harm your chances.

Economise, economise, economise

You don’t need to live off boiled rice and baked beans to save money, there are plenty of relatively painless ways to economise.

One of the simplest is to use price comparison web sites, which could help you find cheaper deals for most household expenses, from car and travel insurance to utility bills. They could also help you to reduce your debts by directing you to better credit card and loan deals. But always check the small print and watch out for introductory rates – what might seem like a great offer initially may not look so appealing when it reverts to standard charges.

You should also be careful that any lenders who need to check your credit report before deciding what interest to charge you understand that you only want a quotation. Every full credit application you make leaves a record, known as a footprint, on your report. If lenders see high numbers of them, they can think you’re desperate for money or even that a fraud is taking place.

Act before it’s too late

If you gave in to temptation and spent too much over the festive season, it’s time to get a handle on your debts. An unauthorised overdraft, for example, could land you with hefty charges that slide you deeper into debt. Likewise, missing or delaying a monthly payment on a loan or credit card will incur substantial charges and stay on your credit report for at least three years.

So if you are getting into difficulties, talk to your lenders straight away – you may be able to rearrange your payments or even take a repayment holiday.

There is no easy way out of debt, so regard an IVA or bankruptcy as a last resort. You may lose most of your assets and they will be registered on your credit report for a minimum of six years, making it difficult for you to borrow your way back to a comfortable lifestyle.

If you need free, independent advice, there are a number of organisations that can help, including Citizens Advice at www.citizensadvice.org.uk, the Consumer Credit Counselling Service (CCCS) at www.cccs.co.uk and National Debtline at www.nationaldebtline.co.uk.

It’s free to see your Experian credit report with a trial of CreditExpert