DebtBytes UK - Bankruptcy, Insolvency, Simple IVA & Bank Charges News UK http://myvesta.org.uk/blog/export.xml UK IVA and bankruptcy focused insolvency advice column for people that are dealing with problem debt, money troubles or falling behind on the bills. This advice column will provide you with information you can use. For more information visit Myvesta UK at Myvesta.org.uk.

en-us http://backend.userland.com/rss Your Friends @ Myvesta.org.uk (stever@myvesta.org) myvestaukblog_archive.html Financial Advisers to Strike stever@myvesta.org 112763953309863718 More than 2,000 financial advisers at the Co-op Insurance Society (CIS) will walk out for 48 hours next week over attempts to introduce a new bonus scheme. Their union, Usdaw, argues that new contracts could cut members' wages by 20-30 per cent and is threatening at least two further stoppages. The advisers, who are paid an average £37,000 but can earn up to £80,000 a year, argue that the new regime will make them "hard-nosed salesmen" rather than "collectors, administrators and advisers" and could mean they will be out of a job.
[The Independent page 67 - 23.9.05]

]]> 9:10 AM Your Friends @ Myvesta.org.uk Your Friends @ Myvesta.org.uk 2005_09_18_myvestaukblog_archive.html#112763953309863718 23 September 2005 23 September 2005 Good Credit Card News stever@myvesta.org 112734678504265082 BARCLAYCARD TESTS NEW CARD

Barclaycard is testing a new credit card that charges a lower interest rate to customers who pay off more of their balance each month. The new Repayment Rewards card will have three interest rates depending on how much you repay.
[Daily Mail page 49 - 21.09.05]

STUDENTS CASH RIP-OFF

Students returning to university risk being charged rip-off rates to withdraw their own money from campus cash machines. Nearly half of all UK's universities now hosts cash machines that charge for withdrawals. And more than 10pc of universities and further education colleges have more fee-charging machines than free ones within walking distance of their campus. Charges average £1.50, but can be as high as £5. Nationwide Building Society estimates that students will pay more than £4 million a year to access their own money.
[Daily Mail page 49 - 21.09.05]

CUSTOMERS GO TO COURT OVER BANK FEES

Growing numbers of bank customers are turning to court action to reclaim unfair penalty fees for overdrafts and bounced cheques. They argue fees imposed for going over unauthorised overdraft limits bear no relation to the costs incurred by banks for issuing automatic, computer generated letters.
[Daily Express page 31 - 21.09.05]

TRAPPED BUYERS

Around a million former council properties in the UK cannot be mortgaged due to the precast reinforced concrete (PRC) used in their construction. Many of these properties are marked as 'defective' under the Housing Act, unless repaired. The situation has left thousands of ex-council house homeowners trapped and unable to sell or remortgage.
[Daily Express page 40 - 21.09.05]
]]> 11:47 AM Your Friends @ Myvesta.org.uk Your Friends @ Myvesta.org.uk 2005_09_18_myvestaukblog_archive.html#112734678504265082 21 September 2005 21 September 2005 Big News – Store Cards More Expensive stever@myvesta.org 112718781129422695 Today there are 14 million active store cards with only half of card holders paying their balances off in full. The rest are making lots of money for card issuers.

Store cards typically charge much higher interest rates than a regular credit card. They are also only accepted at that retailer making them less useful than a major credit card.

With interest rates as high as 29.9% being charged on store cards, consumers continue to get hooked on these cards through the false sense of savings offered by the retailers through “enrol today and save” discount offers. Any savings at the time of enrolment is earned back many times over by the retailers through high rates of interest that they charge.

Consumers bear an equal amount of responsibility here as well. I don’t know if it is brand loyalty or lack of attention but the reality is that consumers are significantly less sensitive to the actual APR charged by these cards.

Today, there is actually little need for a pocket full of store credit cards. A couple of major credit cards are all that consumers need to play in the credit world. Major credit cards are advantageous because of stronger competitive market pressures that create good pricing plans and of course, universal acceptability.

In the future, as more people come to this realization, the popularity of store cards will begin to decline, just as it did in the US.
]]> 3:42 AM Your Friends @ Myvesta.org.uk Your Friends @ Myvesta.org.uk 2005_09_18_myvestaukblog_archive.html#112718781129422695 20 September 2005 20 September 2005 False Comfort stever@myvesta.org 112706855847996777 In all of my years of assisting people with financial problems I’ve yet to see anyone win by purchasing payment protection insurance (PPI) or credit protection insurance (CPI).

The add-on premiums are supposed to help consumers in times of financial trauma to make or cover the payments, but the policies are notorious for only providing benefits in either limited situations or with such long waiting periods that they are useless.

Recently, Citizens Advice lodged a "super complaint" with the Office of Fair Trading (OFT) over just this issue. They went so far as to call PPI a "protection racket".

According to a recent Times article, "It found that 85 per cent of its clients who had claimed on one of the policies had been unsuccessful, despite the industry claiming that just 15 per cent of claims are turned down."

PPI falls under the old saying, caveat emptor, "Let the buyer beware".
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