Entries Tagged 'Cache Money' ↓

Hello! Have't seen you 'round here before! You may want to subscribe to my RSS feed so as to keep up to date with money saving tips and product reviews, or you may wish to view the main Mungo Money website for UK Credit Cards, Personal Loans and Savings Accounts. Thanks for visiting!

We’ve been busy developing the new Mungo Money website. We’re hoping to launch our improvements in the coming weeks to help you find the best UK credit cards for your needs.In the meantime, why not check out Totally Money? They help you to find affordable UK loans and have a very interesting blog full of tips!

In a perfect world, we would all have the money on hand to pay for everything we needed and wanted.  Unfortunately, this is not a perfect world and occasionally most of us will need to take a personal loan, even if that loan is just to pay for a car or some other significant purchase.  Taking on the extra debt isn’t necessarily a bad thing.  You just need to be careful about the choices you make.
Here are some tips to help you make the right borrowing decisions.
Is a Loan the Right Choice? 
Before you start shopping around for a loan, you should try to determine if a loan is the best option for your needs.  In some cases, you might be better off with a low interest credit card, particularly if you have a period of paying no interest.  Since a number of credit cards offer 0% interest on balance transfers, such as the Barclaycard which gives you 12 months interest free plus no interest on football season ticket purchases, you can end up saving a lot of money with this option.
If you do decide on a loan, do not opt for a secured loan.  A secured loan means you are guaranteeing that you will repay the money by offering collateral, such as your home or your car.  You could end up losing your property for failure to keep up with the loan payments.  Try to take out an unsecured loan or extend your existing mortgage instead.
The Basics of a Good Loan 
Before shopping around for a loan, you need to create a budget and determine how much you can afford to pay back each month.  Without that information, you could end up taking on more debt than you can afford which will get you into trouble.
Once you know what you can afford, borrow as little as possible for the shortest time you can afford.  Even though a long repayment period may make your monthly payments lower, you will end up paying more in interest.
Besides looking for a loan with a loan interest rate, you also need to make sure you won’t have a penalty for early repayment.  It’s always a good idea to try to pay down your loan as quickly as possible so you end up paying less in interest.
The bottom line is you need to shop around for the best rates and the best deals.  Building a good relationship with a lender you trust who also offers you good loan options will be helpful to you later on as well.

When you were taking out a mortgage, car loan, or other type of debt, there’s a good chance someone tried to sell you PPI (Payment Protection Insurance).  If you bought a policy and meet certain requirements, then you could receive a refund of all the money you’ve paid towards that policy.
Background on PPI Refunds 
The Office of Fair Trading (OFT) and Financial Services Authority (FSA) have been investigating PPI for awhile.  As a result, they have discovered that a number of the policies have actually been mis-sold and are, therefore, not considered valid.
When the OFT and FSA describe the policies as mis-sold, they could mean several things.  One common problem is that the insurance actually ends up costing more than the consumer anticipates.  In most cases, those small monthly payments end up costing more than the total interest by the end of repayment.
Another issue is that PPI is often automatically included in the loan fees.  If you don’t carefully review a breakdown of the loan fees and costs, then you may end up paying for something you never asked for or did not want.
PPI Refund Requirements 
The most obvious requirement is you must currently have PPI or have had the insurance within the last six years.  If it’s been more than six years and you still have your documentation, you can still try to get your money back but you’ll be facing a bigger battle.
Another requirement is that you cannot have made a successful claim against your policy.  If so, you are no longer eligible for the refund.  Plus, you should keep in mind that by asking for a reclaim you are essentially requesting cancellation of the policy.  If that’s not what you want, then do not try to recoup your losses.
Besides these requirements, you need to fit into a specific category of mis-selling.  For example, if you weren’t told the details of the policy or if you weren’t asked about your employment or past health problems then you may be eligible for a refund.  If you already know that your lender has been fined for mis-selling, then it’s a good bet you should be eligible for a refund, too.
Remember that PPI is not necessarily a bad idea, but these lenders are simply not providing you with the best options.  For example, you could get similar protection with a separate policy and save about 70%.  That’s why you really need to look around at all of your options before taking out a loan.
Keep in mind that if you do receive a refund, it might be a great time to start a savings account which could also be useful protection.  Nationwide Regular Savings is a good choice if you want a good return on your investment.  Another choice is Britannia Tree-for-all Savings.  When you open an account with them, a tree will be planted so you’ll also be helping the environment and the stability of your financial situation.

It is with great pleasure that I announce the relaunch of Mungo Money UK.

Both Mungo Money and  the Money Saving Blog (Money Talks) have been redesigned and updated to offer a better slection of credit cards, personal loans and saving accounts.

The look and feel of Mungo has been totally re-engineered so that you can find the product you need quicker and easier. We’ve got a brand new star rating system in place so users can review products that they have applied for, letting new customers know the real deal!

So Happy New Year from Mungo Money UK and enjoy the new website!

You might have already heard about the benefits of budgeting and how anyone who is managing even a bit of finances should use budgeting to get the most of their money. If you have not managed to hit upon the right budgeting style yet, here are some tips from which can push you in the right direction.

1) Determine the frequency of the expense: knowing when you are going to be spending something helps you know when you would need the money for it. Most household expenses can be segregated into weekly, monthly and even annual expense. Put in the relevant amounts depending on the frequency.

2) Use the data of your bank statement to create the budget as well as determine frequency of payments required.

3) Don’t include the same item twice in your budget…this does not give the true picture of the cash requirement you are likely to have.

4) Be realistic in your estimates…if you are going to spend $300 in entertainment, don’t hesitate is writing it.

5) Budgets cannot include everything…you need to provide for whatever you remember and keep some room for contingency. Also keep tweaking the budget as you go ahead so that you can keep an eye on your finances.

6) Crosscheck everything that you have put in and don’t just rely on your bank account blindly.

7) Take decisions based on the results of your budget. If you need to cut down some expenses, then do it right now. Plan cut backs in places which you can by identifying things which you can do without. Don’t just thing of cutting expenses but the COST of the expenses as well. Check the rate of interest and other costs of finance and make sure you are not paying too much for it.

There is no gain without the pain…simply put, the pain of cutting back costs is likely to result in better performance of your budget and take you out of debt and also help you save in the process.

9) Create piggybanks and physically separate the money to help you budget better. Ask any prudent housewife and they would have used this trick sometime or the other to make sure that they do not let money set aside for one thing get used up for something else. This also acts as a physical check on the budget and lets you know when you are running low on finances.
At the end of it, it is your own control factor of spending which will help you stick to a budget. The feeling of having spent just the right amount is quite good and you need to experience it firsthand!

Speak to anyone who has been through an incident of identity fraud and you will come to know the perils of it. Banks now have dedicated help lines to deal with this issue which shows just how serious it is. Someone might end up spending your money, ruining your line of credit and make the money disappear from the bank and you might come to know about it when it is too late. If you do not want this to happen to you…here are some tips which come in real handy:

Be safe with your paperwork. Don’t throw them without destroying them completely. Use a shredding machine if you have to. File all your important papers and don’t leave personal details in a public location. Internet has become a hunting ground for id thieves and you should be careful on unsecured sites as well as giving out personal details to tele-callers. A regular credit health check also lets you recognize an identity theft in progress. Last but not the least; you can enroll with the Cifas if you want additional protection from identity theft.

Many cards also offer free protection against identity theft and that is something you should definitely sign up for. Other modes of protection against identity theft are to get a card which provides high value identity theft. Capital One and Barclays both have a card in that category. Choosing a card matters in this case as you need to look at all their benefits including debt shift, the volume of spending and the potential to earn back cash rewards.

Keeping too many cards (for various reasons that you would like) leaves you vulnerable in many directions and might make identity theft difficult to track. Each card that you possess should be with an objective and the one with the identity theft coverage should be the one which is well balanced as well. At the end of the day, there are just so many steps which you can take on identity theft protection. Careful usage of credit cards with authorized vendors and not leaving personal data in multiple locations help reduce the chances of identity theft. If you suspect any kind of discrepancy, then you should be quick in taking action before the money starts leaving your bank. Another thing which you need to keep in mind…read the fine print relating to identity fraud coverage to make sure it does not have caveats which might result in generalized coverage only.

Finance is basically the backbone of your existence and the determining factor of your lifestyle. For an easy going life, you need not be rich. What you need is proper advice so that you may save your finances and at the same time smoothly run your family. In order to obtain some of the best tips about finances, you may safely rely on the quality services rendered by the Top Five Finance Forums on the Web.

The leading 5 Finance Forums on the Web are Kiplinger.com, Fool.com, Seekingalpha.com, Marketwatch.com and Finance.yahoo.com. You will find more details about these forums in the information provided below.

Kiplinger.com helps you put financial events in perspective on a daily basis. It offers stock quotes, mutual fund rankings, financial FAQs, and other interactive resources. It is a trusted source of personal finance advice, business forecasting, investing advice, and financial management tools.

Fool.com is primarily a financial forum for the individual investor. It offers expert advice on picking stocks, investing for retirement, and dealing with life’s major personal finance decisions.

Seekingalpha.com - Seeking Alpha is the leading provider of stock market opinion and analysis from blogs, money managers and investment newsletters, and a provider of free financial content. It is different from other finance sites since it focuses its attention on opinion and analysis rather than the news. The articles are actually written by the investors and a personal touch gives them a new dimension.

Marketwatch.com, a subsidiary of Dow Jones & Company, is another vital Finance Forum on the web. It is a leading provider of Stock Market Quotes, Business News and Financial News. It offers real-time financial news, personal portfolio tracking, stock market quotes, expert commentary, and personal finance features.

Finance.yahoo.com - Yahoo! Finance offers financial information, including stock quotes and stock exchange rates. Here, you can get free stock quotes, up to date news, portfolio management resources, international market data, message boards, and mortgage rates information.

These are the major finance forums on the Internet. To meet the unexpected events of your life, to revamp the old and welcome the new, Top Five Finance forums would be of immense importance to you in helping you out with your financial needs and planning. Visualize life with its immense prosperities with the assistance of the Top Five Finance Forums and see the difference!

If you are an Egg card holder and signed up for this card in its heydays of low interest rates and attractive cash back policies then you are in for a shock. These attractive offers changed long time back and you need to be very alert to understand the loophole in some of Egg’s offer to understand and the Anniversary offer can either get you a zero interest deal or become an expensive deal.
The card we are referring to is the first product offering by Egg, so Egg Money card holders can skip this article. The offer includes an interest free period for five months and also a nominal charge of 2.5% on transferred amounts. The catch is when you use the card for OTHER purchases which still attracts the full 16.9% interest rate and that takes the people through a complicated trap.
Each time you make the a payment, it first pays off your transferred amount while accumulating the amount of new purchases….it is quite likely that you will be stuck on a 16.9% interest rate. Each time you transfer another debt, it comes back with the 16.9% interest rate. However, there are ways to get out of this cycle and that requires juggling Egg’s balance to any other card, and when the offer for transfer comes up….transfer it back to Egg and enjoy the 2.5% interest rate!

You can even use your bank account to transfer your debt and pay it off with your savings and then transfer the balance to the account at 0%. However, the 0% does not last for ever….in fact; it is for five months only. This shuffle is not applicable to the Egg card only. Use it on any other card and you will be surprised at the savings you can get. In fact this is the common modus operandi of tarts and those struggling to get credit can also use this as a somewhat cheaper way of getting money.

This loophole of the Egg card is now commonly known and there is no knowing when it might go off-air. However, as an end user, it is beneficial to have a range of credit cards in your name and pitch one card’s 0% interest offer or low cost balance transfer with the current card in use. the amount of savings may not be all that high if you are spending on credit card is limited and in that case you don’t really have to worry about the credit card debt anyways.

Don’t let debt take over your life….there is help available at hand and you can get some of the best tips right here which can not only help you get out of debt, but also deal with problem debts which no debt counselor can tackle.
1) Don’t let debt affect you mentally. This will rob you of future earning potential as well as reduce the possibility of taking you towards getting help.

2) Don’t choose the most serious solution to get out of debt first. Try and sort it out via simpler measures such as stopping the outflow, proper evaluation of your current problems and other similar steps.

3) Don’t shut the door on the lender. Non-communication can result in the lender proceeding to various steps which might result in legal action. Keeping communication going helps in negotiating with the lender which is going to be to your advantage.

4) Don’t borrow more to pay old debts. This is nothing except a viscous cycle which will get you more in debt and not out of it. However, moving outstanding dues to a cheaper credit card or a personal loan at low rates might help you out. Check what you will end up paying over a period of time rather than the first few months only and then decide.

5) Become smart…check what the financial agencies are reading about you. You can also keep moving credit card balances or use tips on how to get free cash from credit cards to save yourself some interest. You can also consider re-mortgaging if the terms are right. Make sure the terms you have signed up are applicable and you are not being charged more than the industry standard.

6) Don’t save on one hand and take on additional debt in the other. The cost of security is not worth it. Secured loans are also an excellent way to get cash and they are usually at a lower rate as well.
Money management plays a vital roll in debt control. Be aware of your benefits, create a budget and stick to it. There are many budget checklists which can be used. Be money smart and do not pay additional charges for anything…furthermore, don’t be afraid to ask for refund! Last but not the least, avoid going to debt consultants who promise quick solutions and advertise heavily. Instead head to a national helpline or a government recognized help cell. Keep in mind, you are not alone and there is help available!

Apologies all for the past six days. Mungo Money was down due to unforseen server issues.
We apologise for this disruption to service and will work hard to ensure it doesn’t happen again.

Thanks once again for your patience.