The Mortgage Warehouse

Rowing in the North East has been given a major boost in the shape of a £90,000 cash injection for the Tyne Rowing Club.

The club can expect more interest from novices and experienced rowers alike thanks to the grant, awarded by Sport England and the Amateur Rowing Association.

The cash is needed to build access steps to the water at the club’s headquarters near the Newburn Bridge in Newcastle.

Chris Parsons, captain of the club, said everyone involved was “delighted” at the cash.

It is hoped the new step system will help attract more newcomers to the sport and help the UK build on its recent success in rowing at the Beijing Olympics.

Teams have previously had to often wait 20 minutes to get on and off the river due to the sport’s popularity in the Newcastle area.

The new steps will help to cut this and make the area more attractive to other rowing clubs.

It is also thought the improvements will lead to more full competitions being held in the region.

Judith Rasmussen, regional director of Sport England, said community clubs like the Tyne were “vital” in encouraging more people to take to rowing.

She added Sport England was “delighted” to support the future of the club, which has been going since 1852.

Article supported by Physioroom.com, Sorbothane suppliers.

Students are being given £50 vouchers towards mobile broadband packages in a new promotional drive by Nat West bank.

The firm is hoping to tempt new customers with the offer, which can be used towards the service provided by communications company 3.

Youngsters who sign up to the initiative by the end of October are also being given a free  Microsoft Lifecam so they can keep in contact with friends and relatives they leave behind while studying.

Head of Nat West student and graduate banking, Mark Worthington, said the idea had “evolved in response to what students have told us really matters to them” so the bank could provide “the additional support they may need at this new and exciting time in their lives.”

According to figures from Opera Software, men are far more interested than women when it comes to mobile broadband.

A study by the group shows 88.1 per cent of all people using the technology are men, and most of them between the ages of 18 and 27.

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Research conducted by the Association of British Insurers (ABI), has found that as the cost of living increases in the UK, nearly 70% of Brits say they are less willing to utilize payment protection insurance (PPI), in order to pay their insurance premiums, mortgages, and/or other outgoings.

As consumer confidence fades, in step with the UK’s economic climate, the grip on household budgets equates to fewer consumers being willing to cover their outgoings with payment protection insurance.

A high majority (90%), of Brits believe that the country’s economy is worse than at this same time last year. Furthermore, more than 80% of those polled expect a further downturn in the economy in the coming year. Even as companies put cost-cutting plans into action, in an effort to relieve economic woes, unemployment is on the rise.

Regardless of the prudence of purchasing PPI, many Brits are still unwilling to purchase protection, such as mortgage insurance, which is designed to provide financial support, in the event they become unemployed and unable to meet their repayment responsibilities.

Nick Kirwan, the ABI’s Assistant Director of Health and Protection Insurance stated, “It is worrying that so many people are not prepared to look at taking out protection insurance, even insurance which covers redundancy given the uncertain economic outlook.”

“It’s clear that we need to work harder to get the message across about the peace of mind and value that having the right protection insurance gives individuals and families. We recently published a consumer fact-sheet on protection insurance products. We hope this will encourage more people to consider protecting their most important financial assets - their income and their home.”

Fifty percent of respondents to the survey said that they have life insurance, while 39% said that they do not have life insurance, PPI, or mortgage payment protection insurance (MPPI).

“Given the economic outlook and the risk of rising unemployment, people need to develop strategies to protect themselves better,” offered Rebecca Driver, the ABI’s Director of Research and Chief Economist, in response to the trend.

According to city analyst Capital Economics, thousands of middle-class workers are now undertaking second jobs as a way of coping with the rising cost of living. Business analysts, lawyers, police officers, and IT workers are all among the masses of people now moonlighting in order to make ends meet.

Some of the freelance work now being sought after by the middle-classes are selling items on eBay, designing Web sites, working as chauffeurs, or even taking on second shift work in their existing fields, wherever possible.

Compared to previous periods of recession, there has been a 5% increase in the number of people taking on a second job, bringing the current total to approximately 1.15 million; as unrelated industry groups are united by financial necessity, regardless of the relief that payment protection insurance could bring.

Many motor insurance companies are applying the practice of some mortgage company lenders by charging excessive fees for simple administration services.

The ‘stealth’ charges include amounts of up to £25 for straightforward paperwork, which may simply involve changing the customer’s address during the insurance policy term.

In situations involving the move from an insurance related ‘safe’ area to one considered more hazardous in insurance terms, the premiums will naturally increase.

But insurance consumers are objecting to the kind of charges being levied to cover administration tasks that do not change the overall validity or terms of the insurance policy.

According to the independent price comparison website uSwitch.com, around 14million motorists a year are being hit by excessive fees for making slight alterations in their policy details.

Overall it is estimated that the ‘stealth’ fees are earning more than £330m a year for the insurance companies involved.

Amongst the worst offenders, according to the survey by uSwitch, is Budget Insurance, who are charging a set fee of £25 to alter policy details in mid-term. More Than also charge fees for simple administration services of between £15-£25, and Churchill levies a flat fee of £21. Esure and Sheilah’s wheels are reported to charge £17.50, with Tesco levying £15.75.

A spokesman for the AA reported that the organisation does not make any charge for change of address details, but will only levy fees for major changes to the policy, which may include adding a further driver and then ensuing new insurance conditions are applied.

Other organisations that do not charge for simple administrative changes to an insurance policy include Zurich, RAC Direct and swiftcare.com.

A Budget spokeswoman confirmed that customers are made aware of any additional administrative charges in the original insurance documents, stating that these fees were in line with many competitors.

Offering a warning to drivers to consider administration fees when choosing an insurer, Debra Williams, managing director of the confused.com website, commented: “We recommend the terms and conditions of the insurance policy should be checked so that people are aware of these costs for making amendments.

Ms Williams also considers that the high charges for simple administration tasks could lead to policyholders not being completely honest and open about changes in circumstances, and that this could lead to later problems when claims are being considered.

In the present financial climate such considerations are bound to affect consumers’ choice when it comes to selecting car and van insurance, with many already reeling under the additional weight of mortgage rate rises and the tougher terms being imposed by unsecured and secured loans providers, as the credit crunch begins to impact on the once unshakeable property investment market.

It is therefore unsurprising that in search of alternative viable debt solutions, increasing numbers of homeowners and secured loan borrowers are now turning to debt management companies and requesting Debt Management Plans (DMPs) and Individual Voluntary Arrangements (IVAs).

Through these options many debt-harassed consumers are able to request creditors to accept lower payments, freeze interest rates and, in many cases, waive administration charges. For many at the moment, it is the only way they are able to reduce the monthly cost of outstanding secured and unsecured debts. The Debt Management Programme (DMP) operates by allowing money to be freed up in order to settle outstanding mortgage or other debt payments and gives the consumer the opportunity to begin clearing arrears, which may have accrued in the meantime.

Taking on a Debt Management Programme can also give the debtor some personal breathing space, as most reputable debt management organisations take on the full responsibility for dealing with letters, phone calls and the complete negotiation and repayment terms of the outstanding indebtedness, especially helpful when multiple creditors are involved.

Trying to save money wherever you can is important to us all. Car insurance should be no different. Do not assume that your agent knows everything about you and your vehicle.

Drivers should take advantage of all discounts that many providers offer, that can significantly reduce the cost of car insurance. Understanding discounts and how they can affect auto insurance premiums can help smart shoppers make better decisions about their coverage and possibly save themselves some money in the process.

Read below to identify possible discounts that could help you save on auto insurance this year. Other than discounts, there may be some other ways for you to save on your insurance premiums. We will go over several discounts that can help with your current situation.

First, there are discounts for Auto Safety features. Certain states will give you discounts for anti-lock breaks. Make sure you know if it is two or four wheel anti-lock break vehicle. Automatic seatbelts and airbags are frequently discounted on your insurance premiums. In most states, a defensive driver class discount may apply. If the principal driver usually 55 years old or older has completed an approved defensive driving class a discount could apply. Keep in mind that most states will only approve this class if it is voluntary meaning that it was not the result of a violation or infraction.

Some insurers will give you a discount for having multiple vehicles. In some cases, this will only apply if you have two or more drivers. If you have a clean driving record, meaning you do not have any tickets, accidents or suspensions in the last three years (some companies require five years) then you could be eligible for a safe driver’s discount.

Many companies will reward you with staying with the same insurance company for many years without any accidents reported. They will offer you a renewal discount. It makes sense, you have carried insurance with a company for several years, and have not had an accident, your insurance company likes you and wants to reward and keep your business. Some companies honor you with a discount if you had prior limits on your previous policy. They discount you because they understand you are a better risk.

Conversely, if you do decided to change insurers a proof of prior insurance discount may apply. Most insurers request at least 6 months of consecutive insurance from the previous insurer. If you are a full-time student who meets certain grade requirements and are unmarried and usually under 25 years of age (some states the age is 21) you could be eligible for a good student discount. If you own a home, including condominium, town home, or mobile home, which is used as a principal residence, a discount could apply. Military personnel either currently active or retired from any branch of the US military a discount could apply. If your vehicle is equipped with an anti-theft device, a discount could apply.

You could lower the cost of your insurance in other ways.
For people who own older cars, it may not be necessary or cost-effective to protect them with collision and comprehensive coverage. By comparing the book value of your vehicle and the premium that the insurer has offered, you may find that it cost as much for the insurance as it does for the vehicle. If the car is worth less than $2,000, you will probably spend more insuring it than it is worth. The whole idea of driving an older car is to save money, so why not get what is coming to you.

In addition, keep in mind that the type of vehicle you buy could greatly affect your premium. A flashy red sports car is usually going to cost more to insure than a mid sized sedan. This is also true of vehicles that are on the list of most stolen. There are many ways that policyholders can save on their insurance. Knowing more about auto policies and premiums can help consumers take advantage of less obvious discounts while ensuring that they have the appropriate protection for their vehicles. The last way to save is to assume more risk. If you chose higher deductible on your Personal Injury Protection or Comprehensive and collision coverage will lower your premium as well. The deductible is the amount of money you have to pay before your insurance company begins paying the rest.

Understanding how discounts affect your insurance rates is important to save you money.

High credit card bills and increasing mortgage payments are at the root of the problem for many people forced to declare bankruptcy this year. In the past, people have enjoyed easy access to cheap credit, but that trend looks to be coming to a swift end, said Mark Sands of KPMG accountants. The firm estimates that 130,000 Brits will declare bankruptcy this year following Christmas overspending. The figure was 110,000 in 2007.

The options for such people are limited: they can be declared bankrupt or they can take out Individual Voluntary Arrangements (IVAs). IVAs entitle them to start anew without debt once they have repaid a portion of their debts to banks and credit lenders.

Homeowners with fixed-rate mortgages due to expire will be among those hit hardest by the high interest rates. They face soaring repayments in the range of £1,390 per month on a £150,000 mortgage.

Others may be headed for insolvency if they cannot control their debts without consolidating old loans or moving debt on to new low-interest credit cards. The tightening of lending practices will only make the situation more difficult for them.

Mr Sands warns that people will not have the credit lifelines they are used to relying on. Currently, one out of every two new credit card applications is being rejected – a rise of 20% since the credit crisis began.

Lloyds TSB, a financial services provider, noted that when England won the Rugby World Cup tournament in 2003, a rush of related home insurance claims were received.

One of the oddest claims received by Lloyds TSB was from a man who had set fire to his living room wall when an England flag was waved too close to an ashtray. 

“We covered these claims because our customers had opted for accidental damage on their home insurance policy,” he added.

Considering the numerous and often freak ways in which homes can suffer major damage, homeowners should be aware that if they have not chosen to cover accidental damages on their insurance, one alternative is homeowner loans which may be a way to cover the cost of repairs.

Managing director Phil Loney added, “The tension of the Rugby World Cup final four years ago clearly took its toll on the nation’s homes.”

By securing a home loan against property, Britons could access additional funds when unexpected damages occur.

According to the Bank of England, British homeowners are not as likely to be affected by the onslaught of the recent credit crunch as those without securable equities. 

In a meeting held by the Monetary Policy Committee (MPC), they conjectured that banks are more likely to provide secured home loans than unsecured forms of lending. 

And although the Credit Conditions Survey taken by the Bank identified an intention to raise the cost of lending to individuals, the committee members observed that “conditions facing the household sector appeared, for the moment at least, to be less affected by the financial turbulence”.

As a result, the New Year could bring an increasingly attractive proposition to homeowners during this transitional phase in lending.

MPC member, Professor David Blanchflower voted to reduce rates in October - the first time in three months that anyone on the committee had rejected Bank Governor, Mervyn King’s proposal to maintain the base rate.

The savings Manager at AWD Chase de Vere, Susan Hannums asserts that consumers should plan for the long-term and be wise about credit card usage on a “day to day” basis.

“The spending and the mortgage rates are going up … there’s a lot happening and it’s a very worrying time,” she said.

With many Brits struggling to pay credit card interest and fees, now is the time to put those cards away and spend only what cash is expendable and on hand.

Opting for a home loan is the best way of releasing secured funds, rather than depending on high interest rate, unsecured credit.

In some cases a fixed repayment period could allow homeowners to gain the funds required to pay for their expenditures of the festive season, while at the same time ensuring a long-term budget plan is put into action.

“We definitely have had way too many years of relying on credit and Christmas is one of those incredibly expensive times,” Ms. Hannums explained.

According to Alliance & Leicester an increasing number of Britons are saving during this uncertain financial atmosphere and are less willing to take on unsecured loans.

The recent base rate increases have many households reining in their expenditures, observed the financial service provider.

“Families are cutting back on their borrowing and they’re saving to help ensure they can afford higher mortgage and other household bills,” stated Director of Strategic Planning, Sean Murphy.

However, consumers may gain in confidence since Alliance & Leicester has predicted that interest rates are unlikely to hit 6%. For those individuals still unwilling to take on unsecured debt, they may consider secured loans as a more viable alternative.

The research also suggested the homeowners with mortgage repayments still outstanding are 50% more likely to address their unsecured debts in the coming year. 

Mr. Murphy also offered, “With the next move in base rates now seen as more likely to be downwards, this could bring them some welcome comfort.”

The Office of Fair Trading reported that about four-fifths of lending has been unsecured; sending a clear signal to borrowers that now may be the best time to seek secured loans when cash is needed.