Key Quotes - Money

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Last update: Wednesday 25th March
 
Banks are playing a “con trick” on judges around the country in a bid to avoid refunding consumers thousands of pounds in credit card charges, a financial campaigner warned today. Founder of MoneySavingsExpert.com Martin Lewis accused banks of “outrageously” trying to apply the current delay on court cases to reclaim banks charges to ones to reclaim credit card charges.
MoneyThe Sentinel - October 17th, 2007
 
The number of people paying in to a pension scheme has fallen, as consumers instead turn to their homes to provide for their retirement. The level of people contributing to personal pensions has declined over the 10 years to 2005, according to research commissioned by Prudential and Partnership insurance.
MoneyThe Sentinel - September 17th, 2007
 
The UK came a step closer to becoming a cashless society today with the launch of a new payment system by Master Card. The group’s contactless payment system enables people to buy things simply by touching their card against a reader. The system is being launched in London in the City and Canary Wharf today.
MoneyThe Sentinel - 4th September 2007
 
A record number of people went to Citizens Advice Bureau (CAB) for help with unmanageable debts during the past year, the charity said today. The group saw a 20% increase in people contacting it because they were struggling with their borrowings, handling a total of 1.7million cases during 2006/7. It said the level of people who needed help with debt had doubled during the past 10 years, with debt now the most common problem its bureau dealt with.
MoneyThe Sentinel - 11th September 2007
 
Britons claim to have spotted treasures at car boot sales worth hundreds of millions of pounds. In a survey by Halifax Home Insurance, 12% of people claimed they had bought an object at a bargain price which had turned out to be far more valuable.
MoneyThe Sentinel - 12th September 2007
 
There is a clear north-south divide when it comes to the cost of car servicing. Mechanics charge as much as £89.78 an hour in Greater London and the 10 most expensive vehicle servicing areas are all in southern England, a survey from Warranty Direct has found. The least expensive service figure was found in Fife, Scotland, at £55.40 an hour.
MoneyThe Sentinel 23rd August 2007
 
More than eight million Britons are in serious debt, research showed today. Around 18 percent of adults have amassed more than £10,000 in unsecured debt, such as on credit cards and loans, according to debt consultancy Thomas Charles. The figure was up from 14% of people who owed more than £10,000 in April. The research found that one in ten Britons owes between £10,000 and £20,000 while three percent owe between £20,000 and £30,000.
MoneyThe Sentinel - 2nd August 2007
 
The devastating floods that have hit the UK in recent months have prompted some of Britain’s leading insurers to raise the cost of their household premiums by an average of 10%, according to reports. Norwich Union, the UK’s biggest home insurer and Lloyds TSB are said to be introducing double digit increases after the natural disasters in June and July left the industry with claims totalling around £4 billion. Insurers, Direct Line and Churchill are expected to follow suit, although thir increases are not known, the Times reported today. Norwich Union said recent floods would cost it £165 million. This is in addition to the £175 million it will pay out for the floods in June.
MoneyThe Sentinel - 3rd August 2007
 
The cost of reforms to the Child Support Agency will total more than £850 million by the time it is phased out, according to a new report. But the money has so far failed to deliver the necessary improvements to efficiency and service, with lone parents and their children missing out on £3.5billion in unpaid maintenance, said the House of Commons Public Accounts Committee.
MoneyThe Sentinel - July 5 2007
 
Personal debt has topped £1.3 trillion and British consumers are now on average twice as indebted as their European counterparts. Up to nine million people have ‘serious’ debt problems. The report says that children should receive more education in personal finance. It also calls for more support to expand credit unions, which offer people in deprived areas a ‘safe source of credit’ and an alternative to the loan shark. The age limit for gambling should be raised from 16 to 18, with the industry required to give £10 million a year to fund research into addiction.
MoneySalvationist (The Daily Express) - 21 July 2007
 
Four out of five defined benefit pension schemes are now closed to new members, research shows. Around 81 per cent of companies offering defined benefit schemes, which includes final salary pensions, said they no longer accepted new entrants, up from 68 per cent two years ago, according to the Association of Consulting Actuaries. Record levels of cash are now being poured into the schemes in a bid to close funding shortfalls.
MoneyThe Sentinel, - July 11 2007
 
A third of UK adults are risking their financial future by banking on money they may never receive, it was claimed today. Research from savings provider NS&I found that almost a quarter of people are expecting to earn more in the future to avoid money worries. Five per cent believe they will be able to borrow the cash they need, while four per cent look towards a windfall or inheritance.
MoneyThe Sentinel - June 15 2007
 
Expectations that interest rates will rise again have heightened fears about job security. A survey of 2,000 adults by Lloyds TSB showed that a third were pessimistic about the UK’s employment prospects. Four out of five of those polled said they believed interest rates will increase over the next year.

MoneyThe Sentinel 25th June 2007
 
Wedding guests spend an average of £396 on gifts, drinks, new clothes and travel, sometimes going into debt to help celebrate the big day. A survey of 1,500 adults by CreditExpert.co.uk. showed that one in five often attend weddings of people they barely know, leading to resentment of having to spend so much money.

MoneyThe Sentinel 21st June 2007
 
Millions of homeowners could be pushed into re-mortgaging their property if interest rates go up as expected, it was claimed today. Research found that 14 per cent of households felt they would be forced to refinance their loan if rate rises led to a mortgage repayment increase of up to £50 a month-representing around 2.6 million homeowners across the UK.
MoneyThe Sentinel - May 4th 2007
 
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