Articles by Phil Benson on ArticleSnatch.com

UK Holidaymakers Advised To Check Car Insurance Cover When Abroad

Tue, 08 Jul 2008 00:00:00 -0400

Travellerâs who are thinking of hiring rental vehicles whilst they are abroad, are being urged to check exactly what cover their car insurance provides. The warning comes in the wake of one British holidaymaker who was involved in two minor accidents in Germany, being left to pay huge excess penalties as a result of the damage. The two incidents left one rental car with a broken headlight after debris from the road smashed the bulb, with a bump to the left wing occurring in the second incident in a different rental car. The British motorist believes the repair of each problem would have cost no more than Â£100 had the events happened in the UK, but instead was left to pay Â£599 for the broken headlight and Â£638 for the left wing damage, a cumulative Â£1,237 in extra fees. When cars are hired in the UK or on the continent, the price includes fully comprehensive cover, but many holidaymakers are unaware of the inflated excess costs that are charged abroad. Specialist online provider Insurance4carehire.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Car Insurance . He is known for his expertise on the subject and on other Business and Finance related articles.

UK Building Societies Suffering From A Fall In Home Loan Lending

Tue, 08 Jul 2008 00:00:00 -0400

Building societies in the UK saw a fall of more than Â£1 billion in their mortgage lending during March 2008 according to published home loans data. They also observed a drop in advanced net loans from Â£1.8 billion to Â£580 million compared to the same moth of 2007. This decline which equates to a 68 per cent slump, has led to building societies tightening their lending far more than their mortgage bank rivals. One in five prospective homeowners used to be accepted for loans from building societies, but this figure stood closer to one in ten. Data released from the Bank of England showed that the home loans market had reduced by over 40 per cent, but that building societies had reduced their share of net lending, which included customers repaying their mortgages, at a faster rate than the overall market. After analysis of the data, the results revealed the difficulties that faced lenders wanting to raise money, as a result of market changes.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Mortgages . He is known for his expertise on the subject and on other Business and Finance related articles.

Student Loan Payments See Unsecured Lending Levels Soar

Tue, 08 Jul 2008 00:00:00 -0400

Unsecured lending jumped suddenly during February 2008 by Â£2.4 billion it was revealed by the Bank of England, which is claimed to be as a result of a rise in students seeking loans to cover tuition fees and maintenance costs. This is the claim by the Financial Times who said that student loans totalling Â£800 million has been partly responsible for the increase in unsecured loans. The Student Loans Company (SLC) is now paying directly to universities for first year students and second year students to help cover tuition fees since they were introduced in 2006. The Student Loans Company said that two payments are made to universities each year, one in February and the second one in May. An SLC spokesperson said, âWe will see a similar rise in unsecured lending on that date for the same reason. The two cohorts are now getting the loans and the amount will rise again next year by a third after which it will plateau. That will be it because you start the natural process of rotation where everyone is doing three year degrees. We will climb to a plateau next year, it is the expectation.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Personal Loans . He is known for his expertise on the subject and on other Business and Finance related articles.

OFT Call For Credit Card Companies To Help Consumers To Find The Best Deals

Tue, 08 Jul 2008 00:00:00 -0400

The Office of Fair Trading (OFT) has said that credit card companies should make it more straightforward for consumers to compare deals and shop around for the best arrangements. This comes following research by the OFT that showed 70 per cent of card holders had not assessed which provider would best suit them. By making the terminology easier to understand and offering people better information about the charges different cards carry, the OFT believe it would be far more helpful for credit users. They also believe a credit card comparison website, governed by the City watchdog, the Financial Services Authority (FSA), would prove beneficial. A spokesman for the OFT said, âThe consumer is faced with a less than straight forward choice due to the number and complexity of the products. Cardholders are throwing money away by not comparing cards before making an application and losing Â£400 million a year by not understanding calculation methods.â The OFT survey revealed that the most common reason for people to choose one particular card was as a result of a recommendation from their bank.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Credit Cards . He is known for his expertise on the subject and on other Business and Finance related articles.

Banks Consider Selling Their Insurance Units To Boost Their Strategic Gains

Tue, 08 Jul 2008 00:00:00 -0400

With the Royal Bank of Scotland deciding to sell its insurance business, experts are predicting this move to trigger other banks into reconsidering whether owning an insurer is a worthwhile strategic policy. Bankers expect that lenders will decide the providing of a vast array of insurance and banking products, is less important than freeing up money tied up in non-core units. This will help to shore up hard pressed banking arms in the face of billions of pounds of write-downs. Head of European insurance in the investment banking department at Credit Suisse, Mark Oldcorn said, âBanks are now acknowledging that the value they offer in the insurance chain is through their distribution power rather than producing the insurance products themselves. But the backdrop to the realisation is of course the current crisis, which has forced many of them to face up to the fact they are light capital.â Some struggling banks may find that selling their insurer may mean them not having to approach their shareholders for more money, or reduce the amount of cash they need from investors. Other better off banks may see selling their insurers as a move to further their strategic goals.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Insurance . He is known for his expertise on the subject and on other Business and Finance related articles.

Analysts Say Secured Loans Are Now A Good Option For Homeowners

Fri, 04 Jul 2008 00:00:00 -0400

In spite of the risks that come along with borrowing against your home, they may be a viable option if people are looking for money according analysts at price comparison website moneysupermarket.com. With secured loan interest rates falling, it makes this type of borrowing more attractive to homeowners who are looking at ways to raise extra cash. An increasing number of consumers are now turning to this type of lending and are willing to put their properties up as security because unsecured credit, such as personal loans and credit cards is becoming more expensive and harder to find. Head of loans and debt at Moneysupermarket.com, Tim Moss said, âThere is no doubt that unsecured loan companies are tightening up their lending criteria. While there are still some good rates on offer, Sainsburyâs Bank for example is offering an unsecured rate of 6.5 per cent at the moment, the companies are getting much more picky and even those who get accepted are likely to miss out on the headline rates. Secured loans are becoming a very viable option as a result.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Secured Loans . He is known for his expertise on the subject and on other Business and Finance related articles.

Approved Mortgage Deals Fall To An All Time Low

Fri, 04 Jul 2008 00:00:00 -0400

The number of new approved mortgages fell by 20 per cent in May 2008, to the lowest figure for more than 10 years. The drop between April and May was the biggest recorded, with just 28,000 agreed home loans being the lowest amount ever. Despite the Bank of England ploughing Â£50 billion into the property industry to help free up the mortgage market, banks have continued to restrict their lending approach and remove some products on offer which has made it more difficult for potential buyers to secure a mortgage. Financial information firm Moneyfacts, revealed that the average cost of a two year fixed rate mortgage broke the 7 per cent barrier recently, to reach its highest level for more than a decade. This occurred as the Woolwich, the lending arm of Barclays, raised the cost of some of its residential mortgage rates by between 0.3 per cent and 0.4 per cent. Similar rate increases were also witnessed from a number of lenders including Nationwide and Halifax.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Mortgages . He is known for his expertise on the subject and on other Business and Finance related articles.

Mortgage Crisis In The US Sees Professionals Lose Their Homes And Live In Cars

Fri, 04 Jul 2008 00:00:00 -0400

With the amount of mortgage foreclosures continuing to rise in the United States, shocking figures reveal that more and more middle class professional Americans are being forced to sell their homes and live in their cars or motor-homes. As the number of âhomelessâ people increases, one charity agency in California, has launched a safe parking scheme. New Beginnings aim is to provide a place of refuge for those who have been forced to live rough or have nowhere else to go other than their vehicle. Co-ordinator Shaw Tolley said, âWhat we are trying to do is we pull bad apples out, and we put good apples in the parking lots and really help people out. It saddens me when they live in their vehicles. It is not the most ideal situation for senior citizens and families, but it is reality.â One victim of the dilemma, an interior designer who lost his job thanks to the restricted property market and foreclosure crisis, now spends the evenings living in his car in the gated car park in California. With his furniture sold and belongings in storage, he said, âI see myself as a casualty of a perfect storm.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Mortgages . He is known for his expertise on the subject and on other Business and Finance related articles.

The Drop Of New Home Loans Being Offered Sees Thousand Opt To Re-Mortgage

Fri, 04 Jul 2008 00:00:00 -0400

The British Bankers Association has revealed that the number of mortgages being offered by large high street banks has fallen by 39 per cent. A total of 38,704 new loans for buying a home were approved by major banks in April 2008, compared to about 65,000 being agreed to in April 2007. The drop in numbers is thought to be as a result of thousands of mortgage deals being withdrawn by banks and building societies and tighter restrictions on loans being offered to new home buyers. The decline in home purchase loans was offset by a rise in the number of people re-mortgaging their homes. Official figures from the British Bankers Association (BBA) revealed that almost 75,000 home buyers re-mortgaged in April 2008, a rise of 10.7 per cent compared to the same month in 2007. The majority of the people who re-mortgaged were those coming to the end of a cheap fixed rate deal or discount mortgage, and have been left in a position where they have been forced to move to an arrangement carrying higher monthly repayments. Higher petrol, food, utility and other essential bills have also helped to compound the problem.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Mortgages . He is known for his expertise on the subject and on other Business and Finance related articles.

Younger People More Susceptible To Credit Card Fraud And Identity Theft

Fri, 04 Jul 2008 00:00:00 -0400

With APACS revealing credit card fraud had risen by 25 per cent in 2007, research from Saga found that people aged less than 50 years old, and especially men, are more likely to be the victims of card fraud or identity theft. This they say is down to the fact that younger people tend to have multiple credit and debit cards which makes fraudulent activity harder to spot. Of those surveyed, 94 per cent admitted to owning a credit or debit card with 86 per cent saying they have up to four different cards. Over half of those questioned said they carried all their cards with them at the same time, further increasing the risk of fraud should their wallets or purses go missing. The report from Saga also showed that 22 per cent of people aged between 18 and 34 years old, with multiple cards, and 16 per cent of those aged 35 to 49 years old, only used their extra cards once a year. However, long periods of time without using the cards, makes it harder to identify if the card has been used fraudulently.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Credit Cards . He is known for his expertise on the subject and on other Business and Finance related articles.

Sainsbury's Car Insurance Report Highlights The Perils Of The School Run

Wed, 02 Jul 2008 00:00:00 -0400

A study from Sainsburyâs Finance has revealed that hazardous driving from parents during the stressful morning and afternoon school run, is putting childrenâs lives at risk. The report highlighted that 1.6 million drivers had been involved in accidents in just five years whilst taking their kids to school, with men found to be more likely to be at the wheel when a bump has occurred. Sainsburyâs Finance findings show that 13 per cent of motorists admitted that a fear of being late for work and their children being late for lessons was the reason behind the incidents. Seven per cent of school run motorists blamed traffic congestion for a crash, whilst 6 per cent of those questioned said they had been distracted by people in the car leading them to loose concentration when driving. Just four per cent of school run drivers said their erratic driving was as a result of tiredness at the beginning or end of the day. The survey of over 2,000 motorists also revealed that 15 per cent of parents had driven their children to school or nursery without them being properly secured in their appropriate safety seats.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Car Insurance . He is known for his expertise on the subject and on other Business and Finance related articles.

Record Loans Slump Helps To Trigger Rescue Plan From The Bank Of England

Wed, 02 Jul 2008 00:00:00 -0400

March 2008 saw the lowest ever number of people taking out mortgages to buy homes with the amount falling by 46 per cent over a year to 35,417 house buyers wanting loans. At there peak, banks were handing out over 3,000 mortgages a day; however that number has slumped to just 1,100 per day, the smallest number since records began. The figures released by the British Bankers Association reveal the remarkable evidence of a mortgage meltdown in Britain according to chief UK economist at the consultancy group, Global Insight, Howard Archer. He said, âMortgage activity is being pummelled by a toxic combination of stretched affordability and very tight lending conditions.â Around 75 per cent of the loans available to consumers in the summer of 2007 disappeared, leaving just 4,000 mortgages for home buyers to choose from. The Bank of England confirmed that the number of people deciding not to pursue a house purchase had risen as a result of being turned down for a loan. Just 129,300 mortgage applications were successful in March 2008, the lowest number since September 2000.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Mortgages . He is known for his expertise on the subject and on other Business and Finance related articles.

Prudential Unveil Life Insurance Incentive Scheme For Customers To Stay Healthy

Wed, 02 Jul 2008 00:00:00 -0400

In a bid to encourage their customers to become healthier, Prudential Insurance, one of Britainâs biggest insurers, is to offer large discounts on holidays. The idea is to start âpayingâ people to adopt lifestyle changes that will be beneficial to them, like going to the gym, stopping smoking or buying more fruit and vegetables. If customers take on these changes to their daily life, they will be eligible for some attractive rewards. The move by Prudential comes after Brits topped the table for being Europeâs fattest nation, with almost 60 per cent of women in England and Scotland being overweight or obese, and around two thirds of men being declared as too heavy for their height. The rewards on offer include a Â£10 return ticket on the Eurostar to Paris, Lille or Brussels, three times a year. Or a 40 per cent discount off unlimited breaks from travel company Mark Warner every year; and with their holidays costing an average of Â£2,000, Prudentialâs healthy clients could make a saving of around Â£800. Chief executive of PruHealth and PruProtect, Shaun Mattison said, âThe most telling statistics show todayâs children will have lower life expectancy than their parents.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Life Insurance . He is known for his expertise on the subject and on other Business and Finance related articles.

Archbishop Speaks Out About Rising Loan And Mortgage Costs For Young People

Wed, 02 Jul 2008 00:00:00 -0400

The Archbishop of Canterbury has called for action to help young people in Britain who are struggling with excessive debts, whilst also raising concerns about the growing wealth gap between the rich and the poor in the UK. Rowan Williams, the leader of the countryâs Anglicans said he believed ministers should be âa little more worriedâ about the huge salaries being earned by the City high-fliers. The Archbishop is keen for the introduction of improved financial education to be available and the regulation of loan sharks to help young people stay of debt worries. Speaking on Radio 4âs Today programme, he said, âI think e have seen in the last 10 years or so the development of a culture where debt is so normal for young people, and student loans have rather intensified that, that there is a more urgent need than ever for some teaching about financial literacy in schools and further education institutions. I think that is getting more urgent by the day as the credit crunch impacts on people.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Personal Loans . He is known for his expertise on the subject and on other Business and Finance related articles.

New Type Of Customer Encountering Crisisâs With Secured Loans And Mortgages

Wed, 02 Jul 2008 00:00:00 -0400

Debt advice experts have seen an increase in the numbers of middle class people wanting financial help rise by up to 500 per cent, as middle Britain suffers an overwhelming debt crisis. Many UK households have seen their budgets being pushed to breaking point by the withdrawal of cheap mortgage deals as a result of the global credit crunch. Families have also had to deal with rising food bills, utility costs and soaring fuel prices. People lured by bank offers of cheap credit over the last decade are now finding themselves in a position where they are unable to make repayments on their debts. The problem spread quickly and debt advice centres reported having to turn people away as there were too few experts to handle the demand. One centre based in Cheshire, testified that their 135 clients shared an amazing Â£5.1 million worth of arrears. Spokesman for Transact, who co-ordinate the activities of 1,200 debt advice centres across the country, James Elliott said, âIn the past it was almost uniquely people on benefits, people in social housing, who went to debt advice agencies.** End Summary**

About the Author:
Phil is an author of several articles pertaining Secured Loans . He is known for his expertise on the subject and on other Business and Finance related articles.

Successful Critical Illness Claims Help To Boost Life Insurance Pay Out Statistics

Sat, 07 Jun 2008 00:00:00 -0400

Scottish Widows has released critical illness data which has boosted statistics for pay outs during the years 2000 and 2007, to a total amount of Â£150 million for more than 4,500 critical illness claims. The figures showed that the number of successful claims had risen which is a comforting thought for people who are cynical about life insurance loopholes and levels and frequency of pay outs. In the year up to October 2007, more than Â£29 million had been paid out on 847 critical illness claims, with the most common ones affecting people in the UK falling into five main categories. Cancer made up 61 per cent of critical illness claims, with heart related applicants totalling 21 per cent and stroke claims accounting for 7 per cent. Multiple sclerosis represented 4 per cent of critical illness claims with childrenâs cover making up 2 per cent. The study by Scottish Widows also revealed that the average age of a male claimant with critical illness insurance stood at 47 years old, whilst the average female claimant was 44 years old.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Life Insurance . He is known for his expertise on the subject and on other Business and Finance related articles.

Rising Petrol And Car Insurance Prices Increase Cost Of Running A Car

Sat, 07 Jun 2008 00:00:00 -0400

New figures have shown that the cost of running a car rose by as much as Â£2,200 over just twelve months with the soaring price of fuel, higher insurance and increase road tax at the route of the problem. These factors pushed up the price of driving by four times the rate of inflation according to the AA. These rises in running a car come at a time when people are growing increasingly concerned about other price hikes in food prices and housing, as well as heating and council bills. The AA Motoring Costs 2008 report has shown that Government imposed road tax has led to a reduction in car resale values. This has left many people having to pay off car loans in motoring ânegative equityâ. This has left some drivers unable to afford to run their car, but also being in a position where they canât afford to sell it either as they would lose too much money. The reports findings have increased demands on the Government to offer motorists some good news by scrapping a planned 2p a litre price hike in October 2008.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Car Insurance . He is known for his expertise on the subject and on other Business and Finance related articles.

Problems Grow For Homeowners As Mortgage Products Continue To Fall

Sat, 07 Jun 2008 00:00:00 -0400

The number of mortgage products on sale fell considerably in the twelve months during 2007 to 2008, decreasing from almost 11,000 to just over 3,000. These market changes hadnât been seen for almost a generation with the credit crunch leading the UKâs banks and building societies to charge higher interest rates on the money they lend out and withdrawing thousands of their mortgage deals. With many homeowners on fixed rate mortgage deals that typically last between two and five years, as many as three million people coming to the end of their agreements over the next few years could end up paying a lot more for new deals. Mortgage broker Ray Boulger of John Charcol said, âIf somebody has already got a mortgage and they are looking to re-mortgage, but they canât get a deal better than their lenderâs standard variable rate, then that means they are going to end up paying a rate significantly higher than they could have expected a while ago. Itâs hard on everybody coming to the end of a deal.â With just under 1.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Mortgages . He is known for his expertise on the subject and on other Business and Finance related articles.

More People Are Relying On Credit Cards To Meet Mortgage And Rent Payments

Sat, 07 Jun 2008 00:00:00 -0400

A poll carried out by YouGov has shown that more than one million household in the UK have used a credit card to pay their mortgage or rent. Housing charity Shelter backed up these findings by revealing that 6 per cent of those surveyed admitted they need to use credit to meet their housing costs. Younger people were found to be more likely to rely on credit to stay on the property ladder, with 7.5 per cent of those aged between 18 years old and 24 years old confessing they had used credit cards to meet their mortgage or rent repayments. Those using credit to make such payments have been warned by the Housing Advice Service that they face getting themselves into a âspiralling maze of debtâ in which the credit available to them will eventually run out. Housing charity Shelter have laid some of the blame at the door of irresponsible mortgage lenders, saying banks and building societies were allowing people to become financially stretched, forcing them to turn to credit to keep themselves afloat.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Mortgages . He is known for his expertise on the subject and on other Business and Finance related articles.

House Buyers Encouraged To Take On Huge Loans By Corrupt Mortgage Brokers

Sat, 07 Jun 2008 00:00:00 -0400

Thousands of homeowners face having their houses repossessed as the result of a home loan scam that could result in the rogue mortgage brokers behind it, being named and shamed. City watchdogs have exposed the bogus advisors who encouraged people wanting to buy a house to take out huge loans they could not afford. The Financial Services Authority (FSA) opened an investigation they called âone of the biggest crackdowns in historyâ after discovering a systematic abuse involving loan applications. The issues arose due to self certificating mortgages which allow home buyers to state their income without the normal checks being sought from their employer. Many mortgage brokers have been approaching first time buyers, families with a low income and those with a poor credit history with these loans as an incentive for them to get on the property ladder. Many house buyers have been persuaded to falsify their financial positions so they are able to become eligible for a bigger loan. Several brokers have been told they face action which could lead to a hefty fine, whilst others have been given notice they may face similar action.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Mortgages . He is known for his expertise on the subject and on other Business and Finance related articles.

Family Of UK Filmmaker Killed In Israel Set For Â£1.75 Million In Compensation

Thu, 05 Jun 2008 00:00:00 -0400

The Israeli government are to award Â£1.75 million in compensation to the family of a British filmmaker who was shot dead by Israeli troops in 2003. James Miller, 34, a husband and father to two young children, was killed by soldiers patrolling a security zone in the border region between the Gaza Strip and Egypt. The payout to Mr Millersâ widow and children comes after a five year campaign of legal pressure on the government of Israel to accept accountability for the fatal shooting. The soldier responsible for killing Mr Miller, Lieutenant Hib al-Heib, was cleared by an army inquiry who decided the soldiers on patrol that day had not acted beyond their orders. Lieutenant Hib al-Heib was subsequently promoted to the rank of Captain. The family of Mr Miller decided to pursue the case, refusing to accept the findings of the inquiry. They filed a suit for Â£3 million against the State of Israel for murder and in 2006 a British inquest ruled that the killing was murder. Mr Millerâs brother, John revealed that the family had spent more than Â£1 million recovering his brotherâs body, carrying out the autopsy and employing expert witnesses to follow the case.** End Summary**

About the Author:
Phil is an author of several articles pertaining to No Win No Fee, Compensation Claims , Personal Injury Claims and other legal articles.

Car Depreciations Hit Consumers On Top Of Petrol And Insurance Price Hikes

Thu, 05 Jun 2008 00:00:00 -0400

Motorists in Britain are losing as much as Â£510 every month in the depreciation value of their cars according to a study carried out by price comparison site uSwitch.com. This is a monthly increase of Â£13 over a six month period. The findings highlight the rising costs of motoring in the UK, with millions of people already feeling the effects of soaring fuel prices and insurance premiums. It has been estimated by uSwitch.com that an average of Â£9,800 will have been wiped off the value of a new vehicle in its first four years. Of the top ten selling cars in 2007, each one fell in price by an average of 43 per cent, which equates to Â£6,124 in the first year alone, leaving consumers a total of Â£5 billion out of pocket. Depreciation levels can be affected due to a variety of factors, such as the popularity of the vehicle, the number of cars manufactured and the perception amongst consumers about the quality and value of the brand.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Car Insurance . He is known for his expertise on the subject and on other Business and Finance related articles.

Britons Facing Financial Crisis Trying To Juggle Multiple Credit Cards

Thu, 05 Jun 2008 00:00:00 -0400

Research from price comparison website MoneyExpert.com has revealed that more than 3 million people in the UK are trying to manage their finances using five or more credit cards. Thirty per cent of Britons applied for a new card during 2007 â 2008 and despite the growing concerns of the global credit crunch, consumers have carried on spending money far beyond what they can afford, leaving them facing crippling debts. The report concluded that people are now in âreal financial troubleâ as they try to make mortgage repayments on time and minimum payments on other outstanding arrears. Chief executive at MoneyExpert.com, Sean Gardner said, âThere has to be real concern if people are using cards to keep their head above water. It is entirely healthy if people are swapping debts from one card to another, taking advantage of 0 per cent deals to ensure that they pay as little interest as possible. But anyone who is trying to juggle five or more credit cards and owes money on all of them is in real trouble.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Credit Cards . He is known for his expertise on the subject and on other Business and Finance related articles.

British Troops To Pay Extra For Life Insurance As Overseas Casualties Increase

Thu, 05 Jun 2008 00:00:00 -0400

It has emerged that British soldiers fighting overseas are being forced to pay as mush as Â£1,000 for life insurance cover as a result of the rising number of deathâs and injuries being suffered by the armed forces during conflicts in places such as Iraq and Afghanistan. Insurers have nearly trebled the amount they charge servicemen and women for premiums, who pay for the extra cover under a private scheme that will provide for their families if they are killed or wounded in action. This pay scheme, approved by the Ministry of Defence (MOD) offers payouts of up to five times more than official settlements. Soldiers whose marital status is single were asked to pay Â£280 for their policy which covers a six month tour of duty. Now however, they will have to pay a third more and take out cover for a minimum of 12 months, taking the total cost to Â£725. Married troops with families are faced with a bill of around Â£970 for a 12 month tour of duty.** End Summary**

About the Author:
Phil is an author of several articles pertaining to Life Insurance . He is known for his expertise on the subject and on other Business and Finance related articles.

Banks Raise Interest Rates On Loans Despite Base Rate Cuts

Thu, 05 Jun 2008 00:00:00 -0400

It appears that banks are pushing up the cost of personal loans to help boost their profit margins, despite a decision by the Bank of England to cut the base rate on three occasions. The interest rate on a loan of Â£5000 was up on average by 0.71 of a percentage point to 10.16 per cent, whilst the rate on a loan of Â£7,500 had risen by almost a full point to 8.88 per cent. This was in direct conflict with a fall of 0.75 of a percentage point in the base rate to 5 per cent. This increasing gap between the official interest rate and the one millions of struggling consumers in the UK are faced with, has allowed banks to push up their profit margins. Data shows that despite the Bank of Englandâs attempts to steady the economy in uncertain times through base rate cuts, they are failing as high street banks effectively set their own interest rate policies, independent of the recommendations from experts on the Bankâs Monetary Policy Committee (MPC).** End Summary**

About the Author:
Phil is an author of several articles pertaining to Personal Loans . He is known for his expertise on the subject and on other Business and Finance related articles.

Articles by Phil Benson on ArticleSnatch.com

UK Holidaymakers Advised To Check Car Insurance Cover When Abroad

UK Building Societies Suffering From A Fall In Home Loan Lending

Student Loan Payments See Unsecured Lending Levels Soar

OFT Call For Credit Card Companies To Help Consumers To Find The Best Deals

Banks Consider Selling Their Insurance Units To Boost Their Strategic Gains

Analysts Say Secured Loans Are Now A Good Option For Homeowners

Approved Mortgage Deals Fall To An All Time Low

Mortgage Crisis In The US Sees Professionals Lose Their Homes And Live In Cars

The Drop Of New Home Loans Being Offered Sees Thousand Opt To Re-Mortgage

Younger People More Susceptible To Credit Card Fraud And Identity Theft

Sainsbury's Car Insurance Report Highlights The Perils Of The School Run

Record Loans Slump Helps To Trigger Rescue Plan From The Bank Of England

Prudential Unveil Life Insurance Incentive Scheme For Customers To Stay Healthy

Archbishop Speaks Out About Rising Loan And Mortgage Costs For Young People

New Type Of Customer Encountering Crisisâs With Secured Loans And Mortgages

Successful Critical Illness Claims Help To Boost Life Insurance Pay Out Statistics

Rising Petrol And Car Insurance Prices Increase Cost Of Running A Car

Problems Grow For Homeowners As Mortgage Products Continue To Fall

More People Are Relying On Credit Cards To Meet Mortgage And Rent Payments

House Buyers Encouraged To Take On Huge Loans By Corrupt Mortgage Brokers

Family Of UK Filmmaker Killed In Israel Set For Â£1.75 Million In Compensation

Car Depreciations Hit Consumers On Top Of Petrol And Insurance Price Hikes

Britons Facing Financial Crisis Trying To Juggle Multiple Credit Cards

British Troops To Pay Extra For Life Insurance As Overseas Casualties Increase

Banks Raise Interest Rates On Loans Despite Base Rate Cuts

New Type Of Customer Encountering Crisisâs With Secured Loans And Mortgages