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Recent Finance News

British savers try the luck of the Irish

Many British savers are moving their money into Irish bank accounts after the Irish government offered a 100 per cent guarantee to back all savings in their six banks.

The Bank of England keeps interest rates at 5%

The Bank of England's Monetary Policy Committee (MPC) has voted to keep interest rates steady for the fourth month in a row.

Tips for keeping your savings safe

Saving money has become harder in the current economic climate, so if you've managed to build a nest egg you'll want to be certain that it's well looked after. The FSCS protects your savings up to £35,000 as long as they're saved with a company or institution regulated by the Financial Services Authority (FSA).

FAQs

Can you explain the difference between a secured and an unsecured loan?

A secured loan will be secured against an asset of yours, usually your house, and if you fail to repay the loan the lender has the right to recover what is owed by taking ownership of your asset. Risk to the lender is therefore reduced which usually means you can get a better interest rate and can borrow a higher amount for a longer time period.

An unsecured loan is not secured against anything and obtaining one relies upon you having a good credit history.
If I have a poor credit history will I be able to get a loan?

If you have an asset, e.g. your home, you should be able to get a secured loan without too much trouble.

If you are looking to get an unsecured loan it will probably be more difficult, but you will find lenders willing to give you a loan at what will probably be a relatively high APR. Make sure you are comfortable with the total amount that you will have to repay over the life of the loan before signing.
What is debt consolidation?

Consolidate means to bring together separate parts into one whole. If you have several debts and you bring them all together as one debt that is debt consolidation.

It is probably only worth doing if you are moving your balances to one credit card or loan that has a lower interest rate than what you are currently paying. Take advice from an independent advisor, such as Citizens Advice Bureau before signing.
Is it possible to pay off the loan early?

Personal loans are almost always over fixed periods of time and you will not be able to pay it off early without incurring a penalty.

Flexible loans will charge a higher rate of interest but allow you to increase or decrease monthly payments, therefore enabling you to pay off the loan sooner.
What is payment protection insurance (PPI)?

PPI covers you if you lose your job or are unable to work due to injury or sickness. You need to check the details very carefully before signing up and remember it is not compulsory. If it is something that you want to have you don't have to get it from the lender and may be able to get it cheaper elsewhere.