Prepaid credit cards may be more suitable for men than for women. A recent report has found that men are less likely to seek debt advice than women, meaning that prepaid debit cards, which don’t enable you to get into debt as you can only spend the cash you have loaded on to the card, may be more suited to males than females.

Report finds that women deal with debt better than men

The research from The Centre for Research in Social Policy found that men are less likely to seek debt advice than women. In the study, men were found to give an over-optimistic view of their prospects for improving their financial situation, which meant that they didn’t have a firm and realistic grasp of the magnitude of their debt problem.

Men were also found to be less aware of the advice services on offer, and less sure of what exactly these services could do to help them.

Joanna Elson OBE, the Money Advice Trust chief executive, said: “Our anecdotal evidence was that men might require a little more of a push to seek help in dealing with a debt problem and this research helps us to understand what might be behind this.”

Prepaid credit cards can help manage debt issues

If you struggle to manage debt then prepaid debit cards (sometimes referred to as prepaid credit cards, even though they don’t offer a credit facility) could be perfect for you. You load cash on to your card which you then use for withdrawing cash from ATMs and to pay for goods and services in stores and online.

You can’t go into debt on prepaid credit cards because you can only spend the money you have loaded on to your card.  This can help you keep control of your finances and avoid sliding into debt.

Experts recommend that you compare pre paid cards before deciding on the one you want as the terms, conditions, fees and charges can vary from provider to provider.

So, if you’re a man or you know a man struggling with debt problems, why not help them out by suggesting prepaid credit cards as a way to better manage their money?

[More]

New regulations are to be introduced into the gas and electric industry in order to further improve the way that large energy companies treat their customers. Watchdog Ofgem has confirmed that energy suppliers will be required to give more advance notice of price rises to their energy customers from today, April 28th 2011.

The idea of the plans is to give households time to compare gas and electric prices in advance of their bills going up, allowing them a window of opportunity to switch to another gas and electric supplier.

30 days’ notice of gas and electric price rises

The existing rules allow energy companies to write to their users within 65 days of increasing their gas and electric prices. The new rules will require that they write to consumers 30 days in advance of any change to their tariff that will leave them significantly worse off.

The idea is that consumers will have a chance to compare energy prices in advance of any rises to allow them to switch to a more competitive tariff.

Andrew Wright of Ofgem said: “We believe that 30 days’ advance notification of price increases, coupled with our new proposals for more transparency and an end to complex tariffs, will give consumers more power to make informed switching choices.”

Some suppliers already providing notice of gas and electric price rises

While the new regulations come into force today, 28th April 2011, the Daily Telegraph reports that some companies have already started giving advance notice of price rises, allowing consumers the opportunity to compare gas and electric costs before their bills go up.

The newspaper reports that Scottish & Southern Energy, British Gas and EDF have all given their customers advance notice of increases, affording them the chance to compare energy prices before price rises came into force.

[More]

The arrival of the internet has revolutionised the way we buy financial products. It has never been easier to compare personal loans and other financial products in order to find the highest savings rates or the best credit card.

So, here are three reasons why you should use the web to find the best unsecured loans:

1. Speed of online loan comparisons

One of the main advantages of using the internet to compare personal loans is that it can be done easily and quickly. Comparison sites allow you to compare a wide range of the best personal loans from a number of leading providers. All the information you need is in one place allowing you to quickly compare interest rates and the terms and conditions of the best unsecured loans in the market.

2. Exclusive personal loan deals

Another advantage of using the web to research the best personal loans is that you can often benefit from exclusive deals.

Many lenders offer exclusive interest rates or deals to customers who apply for their loans online.  As they don’t have the overheads of a branch network to take into account, offering loans direct through the net means that lenders can often offer exclusive rates.

Make sure you look for exclusive online deals when you compare personal loans.

3. Easy to apply for loans online

As well as making it easy to compare loans, the internet has also made it very straightforward to apply for the personal loan that you want.

Rather than making an appointment with your local high street bank, you can now apply for the best unsecured loans online at any time of day or night. Indeed, once you have used a website to compare personal loans you can often click a link and be taken directly to the application for your chosen loan.

This makes the process quick, easy and convenient – perfect if you’re looking for the best personal loans.

[More]

The cost of the best high speed broadband and other home telephone services could fall by up to 10 per cent after the industry regulator intervened to reduce the wholesale price of telecommunications services.

The BBC reports that Ofcom has ‘revised the list of rates that Openreach, which manages BT’s network, can charge other providers for using its services.’ This could see significant falls in the cost of home internet, such as Virgin or Orange broadband.

Changes to broadband pricing should benefit consumers

Under the regulator’s proposals the prices of two of the ways that BT’s rivals get access to its network will come down.

The first, called Local Loop Unbundling, allows telecoms firms to site their equipment in BT exchanges and take over lines to customers. Ofcom wants the price charged by BT to drop by between 1.2 per cent and 14.6 per cent every year, depending on whether the lines are shared between providers.

The second, called Wholesale Line Rental, involves telecoms firms simply renting lines from Openreach. Ofcom wants the prices of these to drop by between 3.1 and 6.1 per cent every year.

Over 13 million customers receive the best high speed broadband using these two methods and so could benefit from savings.

Compare broadband to find the best deals

A statement from the regulator, Ofcom, said: “Ofcom expects its proposed prices to lead to real term price reductions for consumers, as communications providers pass on savings to their landline and broadband customers.”

This means it is even more important that you compare broadband packages to make sure that you are getting the best value for money. The cost of the best high speed broadband packages varies from provider to provider, and price differences could grow wider when these plans come into force.

The BBC reports that “any price changes that result would come into effect towards the end of 2011 and be in place until March 2014”.

[More]

Life is full of uncertainties and unexpected events, and there is a little anyone can do to avoid these events. However, you can still do something to ensure that when something goes wrong, you have a backup plan – this is where life insurance can help.

A life insurance policy is the protection you need for your family and for all those who depend on you financially. But, there is something you need to know about health insurance plans.

The thing is that some factors can invalidate life insurance. With the high-profile deaths of actors like David Carradine and Heath Ledger, most people have started to worry about the factors that invalidate life insurance. These deaths were supposed to be suicides, and in some cases, suicide can cancel your policy.

It all happens because of a simple word found in your insurance contract – “exclusion”. Different life insurance companies have exclusions or events that invalidate your life insurance. For instance, commissions of felony, deaths due to wars, or even participation in riots may cancel your insurance policy. In addition, material misrepresentation (if you omit any important information that your insurance company requires to determine the cost to cover you) may lead to invalidation and may result in the cancellation of your insurance policy.

The fact of the matter is that life insurance offers a great help, but there are situations when it doesn’t pay you anything. Therefore, it is important to take out an insurance plan only after checking the factors that invalidate your policy. Luckily, you can find some comparison tools online that help you compare life insurance for rates, benefits, extras, and exclusions. So, don’t overlook the importance of making a comparison as this helps you find a policy that best suits your individual needs and circumstances while offering you the best value for money.

[More]

The regulator of the power industry has demanded that energy suppliers reform their pricing policies in order to stop ‘bamboozling’ consumers and to make it easier to compare gas and electric prices.

In a damning report, Ofgem has criticised the complexity of gas and electricity tariffs in the UK which make it difficult to compare gas prices or to find the cheapest electricity.

Energy suppliers have two months to reform pricing

Ofgem have given the so-called ‘big six’ energy providers just two months to accept wide ranging reform that would make it easier for consumers to compare gas and electric prices. The regulator’s report claims that consumers are being ‘bamboozled’ by over 300 different energy tariffs currently available in the marketplace.

The Guardian also reports that “there was clear evidence that energy firms have adjusted their prices in response to rising costs more quickly than they reduced them when costs fell”.

Drive to make it easier to compare electric prices and gas prices

Ofgem’s proposals will require suppliers to only offer one single domestic tariff for each payment method (for so-called ‘evergreen’ products which do not tie consumers into a fixed-term). The intention is that it will be easier for consumers to compare gas and electric prices as there would be just one ‘per unit’ price per supplier.

The chairman of Ofgem, Lord Mogg, was clear in his intention to reform the pricing policies of the major energy suppliers.

He said: “Ofgem’s proposals should force open the electricity and gas markets to ensure the market works effectively for consumers.

“The energy supply companies have eight weeks in which to engage constructively with Ofgem’s proposals. If firms frustrate reforms they risk ending up at the Competition Commission. This is a holistic package of changes.”

The proposals were backed by energy secretary Chris Huhne. Mr Huhne said: “Consumers deserve the best possible deal, which means rough and tough competition in the marketplace.”

[More]

Recent data from the Financial Services Authority (FSA) has found that current accounts were the UK’s most complained about financial product in the second half of 2010. There were almost half a million complaints to the FSA about current accounts between July and December 2010.

Almost 50 per cent of complaints upheld by FSA

The FSA research, published in the Guardian, found that the FSA upheld 49.3 per cent of complaints in the second half of 2010 compared with 45.2 per cent in the same period of 2009. The largest number of complaints the FSA saw between July and December 2010 involved current accounts, amounting to 474,456.

However, while there were 3,533,376 complaints in 2010, this was 17.5 per cent lower than the figure in 2009.

Shop around for the best current accounts

Experts have urged consumers to shop around for the best current accounts and best joint accounts to avoid being subjected to poor service by the providers of their bank accounts. With over a million complaints about current accounts in 2010, there is clearly work to be done by the banks to improve their products and services.

The Guardian reports that ‘the government is currently consulting on how the regulator can tackle the way financial products are designed, marketed and sold’.

Oliver Morgans, financial services expert at Consumer Focus, said: “Nearly 10,000 complaints a day suggests the tide hasn’t turned and this is simply because banks aren’t treating their customers fairly.

“In the meantime, the message is still for consumers to be wary and vote with their feet as some banks do offer better customer service than others.”

[More]

Millions of people with instant access savings accounts could be losing out on valuable interest by failing to compare savings accounts when their introductory bonus period comes to an end.

That’s the conclusion of a recent survey from Consumer Focus which discovered that two thirds of people with an Individual Savings Account (ISA) did not compare savings accounts when their special introductory rate ended.

Savers missing out on high interest savings accounts

The research from the consumer group also found that a quarter of ISA savers had no idea whether they received an initial interest rate bonus in the first place.

And, a third of all ISA savers questioned said that they had held their account for over five years, potentially missing out on high interest savings accounts being offered elsewhere.

Consumers urged to compare savings accounts to maximise their returns

Banks often offer high bonus rates on instant access savings accounts before reducing the rate sharply when the introductory bonus period ends. Savers are advised to keep a note of when any initial bonus interest rate ends in order that they can compare savings accounts to find a better home for their money.

Oliver Morgans from Consumer Focus, said: “Around one in three of us has a cash ISA so millions of people are likely to be losing money by not switching when their bonus rate ends.

“Unfortunately it seems that banks use higher interest rates to lure customers in and then aim to cash in on their customer’s inertia.

“Sadly ISA customers have to watch banks like a hawk if they are to get the best deals. With consumers getting a paltry return as low as 0.1 per cent on some accounts, our advice to savers is to check your rate and if you are not happy, vote with your feet and switch to an ISA that pays more.”

[More]

Brits pay £182 million every day in personal interest charges on products including rewards credit cards and personal loans. It has been recently reported that the average credit card rate in the UK has now reached 18.9 per cent and so there are many British consumers paying high rates of interest on their cards.

However, you can reduce the interest you are paying on your credit card with a simple ‘balance transfer’. Plus, instant decision credit cards offer an excellent way to immediately benefit from lower interest rates.

Instant decision credit cards offer approval straight away

Thanks to the growth of the internet and improved web security, you can undertake a credit card application online. Applying through the net is easy, simple and secure and many reward credit cards and other types of plastic now offer an ‘instant decision’.

This means that you will know the outcome of your application straight away – typically within sixty seconds

Why instant decision credit cards are great for transferring a balance

Once you have been online to compare credit cards, you can then apply for your chosen card using an ‘instant decision’ service. By doing this you obtain a decision on your application straight away.  You know immediately that your application has been agreed, and on what interest rate.

As part of this process you can normally input details of any credit card balances that you would like to transfer. For example, you might have a balance on an account you use for credit card rewards that you need to switch to a lower interest rate.

If your credit card application is approved instantly, then the balance transfer process can begin immediately. This means that your balance can be switched on to the promotional interest rate within just a few days, saving you money in the process.

[More]

Gap car insurance is actually a way to cover the difference, or ‘gap’, between the current value of your vehicle and any outstanding balance you have on your car loan. With this policy in place, you don’t have to worry about anything if you are involved in an accident with some of the loan still left to pay off on your vehicle.

The great thing about this particular insurance is that there are a number of products available to help you select one according to your unique needs and circumstances. For instance, ‘Return to Invoice +’ is a great choice because it provides you with a chance to cover the difference between the original invoice price of your vehicle and the total insurance pay-out. It covers the difference in case your car is written off.

‘Vehicle Replacement Insurance’ is another option available for someone who wants to cover the difference between the total motor insurance payout and the money required to replace a car to the same age.  This is usually in case your car is stolen or written off.

In addition, you can find another GAP product, which is ‘Contract Hire Insurance’. This product is suitable for you if you need to meet the difference between the original payout of your motor insurance and the amount of outstanding rentals mentioned on the contract hire agreement.

You can consider your unique circumstances and pick a specific gap product for yourself. But, before you finalise your buying decision, don’t forget to use insurance comparison tools. When you use these tools to compare car insurance, you put yourself in a position to get a Gap policy for as low as £74 for three years’ worth of cover. So, don’t underestimate the importance of covering the gap in your motor insurance because without it, you may lose out financially.

[More]