I had the pleasure of talking to the Caversham 41 group this week - a great bunch of individuals who obviously enjoyed each others company - on the vexed subject of 'Moneysaving'.
I ran through a few of the biggest areas of savings we were seeing when reviewing customers expenses, and thought it might be worth just jotting these down, as a few appeared to come as a bolt out the blue to some of those present!
Gas and Electricity - constant review is essential - even if you checked you were on the right tariff six months ago things may well have changed since. If your utilities deal has been 'rolled over' and you are still with the same company you are pretty much certain of making a saving - as you will if you are on a standard tariff - run a check through our gas and electricity comparison service - switching online takes minutes, and if the recommended company is set with a review status give us a call - we can easily help there as well!
If all this seems like too much hassle register for our EnergyMonitor service and we will do the checking for you!
Insurance - always compare - insurance prices are rocketing for renewals, but deals for 'new customers' are very attractive - visit our insurance pages whenever a renewal is up for grabs or better still register for our renewals reminder programme and we drop you a line a few weeks before the date to make sure you are fully prepared for it dropping on your doormat.
Insurance - Do you pay your premium monthly - our belief is that the monthly payment option is fast becoming a revenue generator for insurance companies - some are charging over 30% APR! If you are paying monthly check the details carefully! Read our latest article on the subject.
Mobile phones - do you have a monthly contract - do you know if its competitive? Following our advice one of our customers has just signed up for her new contract - 5 hours of free calls, internet access, 1500 free texts - all for £5 a month - her mobile provider had wanted £35!! And do you know what a competitive deal looks like? Check them out on our mobile phone comparison service - the deal above is around £1 a month at present with a free basic phone thrown in!
Tied products - whether its mobile phone or PC insurance being packaged in at your phone shop or superstore, or your car hire insurance being sold at the car rental desk you will probably being paying at least twice what you need to. I am well aware that the big brands frequently demand commission of 50% when 'cross selling' in such products - and guess who is footing that bill!
We have developed the first UK Car Hire and Car Hire Excess Insurance comparison service - which gives you total clarity on your options, and will speedily show if you are about to pay too much, and our gadget insurance service was one of the reasons we won 'Best Niche Insurance Aggregator' earlier this year.
Savings: Did you buy a new ISA last spring ? If so there is a good bet that the interest rate fell off a cliff recently when it reached its first anniversary. As well as checking out your current options when you do find a new deal set a reminder using our PromptMe service which will make sure you get a text or email before the rate drops again in a years time.
Life Insurance: If you have Life assurance, and haven't reviewed it recently give us a call and ask us to! It takes a few minutes, and we normally find that there are big savings, or much better cover on offer. With longer life expectancy rates have fallen considerably. If you are male do it now - with new EU regulations coming into force next your life assurance will have to assume you will live longer than is likely - forcing up premiums, so calling us now on 0800 520 0699 is highly recommended.
They were the top topics I covered, and they generated a good deal of debate, concern and action - we are happy to review any customers personal situation so if you would like to talk though your options please feel free to call (if calling from a mobile 01183 218197 is likely to be most cost effective).
Saturday, 23 April 2011
Pay for your insurance monthly? Watch out for the rising costs..
Over the past year car insurance premiums have rocketed - the AA have just reported that the average is now approaching £900, and for drivers under 23 its almost £2500!
Whilst we have in the main been able to cancel out any significant premium increases by helping customers shop around using our car insurance comparison service we have also been struck by the rising cost of paying premiums monthly rather than annually. Some insurers are now charging an APR of well over 30% for the privilege, and for a young driver that could mean an interest bill alone of £350+!
If you are faced with this do read our article on the the rising costs of monthly car insurance premiums, where we have come up with innovative ways of beating the insurance companies.
Whilst we have in the main been able to cancel out any significant premium increases by helping customers shop around using our car insurance comparison service we have also been struck by the rising cost of paying premiums monthly rather than annually. Some insurers are now charging an APR of well over 30% for the privilege, and for a young driver that could mean an interest bill alone of £350+!
If you are faced with this do read our article on the the rising costs of monthly car insurance premiums, where we have come up with innovative ways of beating the insurance companies.
Wednesday, 12 January 2011
Moneymaxim in the news!
Well it was a little quiet running up to Christmas on the PR front - but its not now - this week alone we have been approached by the Sunday Times, The Times, a few Travel and Home Journals and tomorrow we are on BBC Radio Berkshire talking about how to reduce Gas and Electricity charges.
Surprisingly a subject we have not being asked to talk about is mobile phone insurance - since all the shiney gadgets were delivered at Christmas we have seen a big spike in visitors finding for cheaper mobile phone insurance - but clearly money saving generally is on the agenda!
It fun, its furious, and it shows that the subjects we are looking after have a real connection with peoples hearts - if you are at a loose end tomorrow do listen in - be great to have you with us on the Andrew Peach show.
Surprisingly a subject we have not being asked to talk about is mobile phone insurance - since all the shiney gadgets were delivered at Christmas we have seen a big spike in visitors finding for cheaper mobile phone insurance - but clearly money saving generally is on the agenda!
It fun, its furious, and it shows that the subjects we are looking after have a real connection with peoples hearts - if you are at a loose end tomorrow do listen in - be great to have you with us on the Andrew Peach show.
Wednesday, 5 January 2011
New Years Resolutions
Well my first is - to blog more!
Being busy is great, but sometimes it squeezes out the things you really get pleasure from and blogging is fun - so I am starting the New Year as I mean to go on!
Secondly its not to let the pessimists win the day - someone I know who is involved in the media was telling me that they had been approached for bad news stories - bankruptcy, home repossessions etc etc - you get the drift - because the media have decided January is going to be depressing! Well I refuse.
Thirdly its to continue our mission to make sure our customers don't get ripped off. One thing we have seen time and time again last year was businesses relying on customer loyalty to make a mint. One example - Energy companies - apparently the average profit energy companies make from a customer is about £60 a year - since mid November the average saving our customers have been making when switching has been £270 - today one saved over £600 - and some have saved more than £800 - so basically those who don't switch are heavily subsidising those who do.
Fourthly its to be really proactive in helping customers realise the potential in bills they are paying more than they need to pay for - we have saved some of our customers upwards of £1000 just by being proactive!
So here is a starter for 10 - our top five money saving tips - we have saved our customers literally hundreds of thousands of pounds last year - do call us if you fancy a chat about what we could do for you- and here are our top five ways to trim your budget in 2011
Being busy is great, but sometimes it squeezes out the things you really get pleasure from and blogging is fun - so I am starting the New Year as I mean to go on!
Secondly its not to let the pessimists win the day - someone I know who is involved in the media was telling me that they had been approached for bad news stories - bankruptcy, home repossessions etc etc - you get the drift - because the media have decided January is going to be depressing! Well I refuse.
Thirdly its to continue our mission to make sure our customers don't get ripped off. One thing we have seen time and time again last year was businesses relying on customer loyalty to make a mint. One example - Energy companies - apparently the average profit energy companies make from a customer is about £60 a year - since mid November the average saving our customers have been making when switching has been £270 - today one saved over £600 - and some have saved more than £800 - so basically those who don't switch are heavily subsidising those who do.
Fourthly its to be really proactive in helping customers realise the potential in bills they are paying more than they need to pay for - we have saved some of our customers upwards of £1000 just by being proactive!
So here is a starter for 10 - our top five money saving tips - we have saved our customers literally hundreds of thousands of pounds last year - do call us if you fancy a chat about what we could do for you- and here are our top five ways to trim your budget in 2011
Tuesday, 20 April 2010
Our car hire excess insurance baby is born..
Its so exciting when something totally new happens - whether its a new life, new job, new experience - in our case at the moment its a new product - which allows customers to compare car hire excess insurance.
When moneymaxim was created we were fully aware that what we didn't want to do was just duplicate what was already out there in the market! Our relationship management service has been going from strength to strength where we keep an eye on our customers insurance renewals, energy bills and a myriad of other mundane financial matters. And it's resulting in us finding all sorts of opportunities to make peoples lives easier.
And this was the case with car hire excess insurance - we learnt that lots of people were unaware of the insurance at all, and of those who were they had to do a fair bit of research reading policy documents, looking for key features they needed, to find the right company to go with. Ideal really for a comparison style tool. And whilst we normally partner with larger comparison sites to deliver these sorts of services we also knew that it was unlikely that any would be really interested in the car hire insurance comparison market given its size. So we decided it was down to us!
And our baby has been born - and we are pretty proud of it - it got a great write up in the Observer at the weekend - and we seem to be making customers lives easier!
No doubt we will be christening it soon!
When moneymaxim was created we were fully aware that what we didn't want to do was just duplicate what was already out there in the market! Our relationship management service has been going from strength to strength where we keep an eye on our customers insurance renewals, energy bills and a myriad of other mundane financial matters. And it's resulting in us finding all sorts of opportunities to make peoples lives easier.
And this was the case with car hire excess insurance - we learnt that lots of people were unaware of the insurance at all, and of those who were they had to do a fair bit of research reading policy documents, looking for key features they needed, to find the right company to go with. Ideal really for a comparison style tool. And whilst we normally partner with larger comparison sites to deliver these sorts of services we also knew that it was unlikely that any would be really interested in the car hire insurance comparison market given its size. So we decided it was down to us!
And our baby has been born - and we are pretty proud of it - it got a great write up in the Observer at the weekend - and we seem to be making customers lives easier!
No doubt we will be christening it soon!
Wednesday, 24 March 2010
Budget update - get our views on the budget as the Chancellor speaks!
13.30 - And its all over - Chancellor has pitched his plans that most of us will do well with Labour, with it all being paid for by the very few - I guess he is not expecting to loose too many votes there!
13.30 - Huge cheer as Belize is included in a tax avoidance schemes deal. Now those with small children are getting extra support, and pensioners see pensions increase and fuel bills allowance held at the higher level agreed last year, rather than being reduced as previosly planned
13.26 - £35bn innovation fund for univerisities - Actually the bankers can't be happy - the things their bonus tax have paid for is amazing! They should be feeling very worthy! Child tax credit increases for the under 2's.
13.24 - Well so far its been a fairly pain free budget - lots of businesses supported from film making to energy - in fact I think its only cider makers who will be really unhappy - but I guess this close to the election thats what we should expect. But can we really afford it!
13.22 - High speed rail links and road building received support and investment - good news for pothole management! Investment in new power stations, wind farms through a £2bn investment bank and high speed broadband.
13.17 - New fund to be established to help SMEs grow - part funded by banks. Range of extra support for small businesses, from programme for delaying taxes. Business rates reduced for a year for small businesses. Investment allowances increased to £100,000 annually, entreprenurial allowances increased to £2mn of lifetime worth
13.12 - Further drive on effeciency of the civil service (15,000 jobs to be moved from London) - £20bn of savings are forecast. Housing benefit will exclude the most expensive properties. Student Loan book, Dartford Crossing and Tote remain on course to be sold. Promises access to finance for SMEs through RBS and Lloyds providing £94bn of loans. Credit referral scheme for SMEs who want to appeal against the banks credit decisions.
13.07 - Top earners are to be hit with more additional reduction in pension relief, and he points out that the majority of additional tax raised has come from the top 5% of earners. No changes in allowances for most of us and VAT remains as is. Beer, wine and spirits see expected 2% rises, apple growers and cider producers will be appalled by a 10% increase in duty. Tobacco up 1% above inflation. Fuel tax increases will be implemented in stages - mostly past any election date!
13.02 - One point missed to date is the promise that everyone can access a basic bank account - good use of the governments ownership of the banks, but surely there are more ways they could use this opportunity.
12.57 - Forecasts for growth is tweaked (3-3.5% now for 2011)- a win for the Chancellor, as many had claimed he was being very optimistic last year, and would need to make a much larger adjustment. Is staging the planned petrol tax rises (what a surprise - that means the major impact is after the election!!). Borrowing forecasts fall by £11bn, which gives him more wriggle room, and future years forecast are changed - all in the right direction. Saying that the govt defecit will be halved in the next term of government.
12.52 - Extra aid for younger workers and those facing home repossession will be extended. First time homeowners get stamp duty removed for purchases up to £250,000, paid for by homeowners with homes worth more £1m who will see rate increased to 5%. Labour love it , and it will go down well with a large portion of the electrate - both first time buyers and their parents!
12.47 - Claiming now that good management by him, businesses and workforces help ensure unemployment is lower, and less benefits being claimed than when the Tories were in power. Is now going to target in the most needy groups (older and younger workers), and mentions that enforced retirement may be scrapped.
12.42 - Clearly setting out now that global rather than national action is required to tackle banking regulation. This years bonus tax raised £2bn, but in future likely to be a global fund. This could be controversial long term - how will we feel if our taxes are bailing out Greece or Iceland?
12.37 - So he is sticking with the fundamentals he has set out before. The first news is 2.5bn investment for small business paid for by the bank bonus tax - that will go down well with the small business community, who feel their charges and interest rates are funding those bonuses in the first place!
12.32 - And we are off - will a bit of electioneering preamble about what a good he's done over the past year - and to explain what a tough job he's now got
12.25 - The feed from the Commons show the Chancellor sitting calmly beside the PM as we head towards the end of Question Time - Packed house awaits!
12.15 - Good afternoon all - I'm Mark Bower, founder and Managing Director of moneymaxim, and I'd like to welcome you to our budget special - giving real time analysis and views of this years budget, and what it means to you...please feel free to post your queries and questions as we go through the afternoon
13.30 - Huge cheer as Belize is included in a tax avoidance schemes deal. Now those with small children are getting extra support, and pensioners see pensions increase and fuel bills allowance held at the higher level agreed last year, rather than being reduced as previosly planned
13.26 - £35bn innovation fund for univerisities - Actually the bankers can't be happy - the things their bonus tax have paid for is amazing! They should be feeling very worthy! Child tax credit increases for the under 2's.
13.24 - Well so far its been a fairly pain free budget - lots of businesses supported from film making to energy - in fact I think its only cider makers who will be really unhappy - but I guess this close to the election thats what we should expect. But can we really afford it!
13.22 - High speed rail links and road building received support and investment - good news for pothole management! Investment in new power stations, wind farms through a £2bn investment bank and high speed broadband.
13.17 - New fund to be established to help SMEs grow - part funded by banks. Range of extra support for small businesses, from programme for delaying taxes. Business rates reduced for a year for small businesses. Investment allowances increased to £100,000 annually, entreprenurial allowances increased to £2mn of lifetime worth
13.12 - Further drive on effeciency of the civil service (15,000 jobs to be moved from London) - £20bn of savings are forecast. Housing benefit will exclude the most expensive properties. Student Loan book, Dartford Crossing and Tote remain on course to be sold. Promises access to finance for SMEs through RBS and Lloyds providing £94bn of loans. Credit referral scheme for SMEs who want to appeal against the banks credit decisions.
13.07 - Top earners are to be hit with more additional reduction in pension relief, and he points out that the majority of additional tax raised has come from the top 5% of earners. No changes in allowances for most of us and VAT remains as is. Beer, wine and spirits see expected 2% rises, apple growers and cider producers will be appalled by a 10% increase in duty. Tobacco up 1% above inflation. Fuel tax increases will be implemented in stages - mostly past any election date!
13.02 - One point missed to date is the promise that everyone can access a basic bank account - good use of the governments ownership of the banks, but surely there are more ways they could use this opportunity.
12.57 - Forecasts for growth is tweaked (3-3.5% now for 2011)- a win for the Chancellor, as many had claimed he was being very optimistic last year, and would need to make a much larger adjustment. Is staging the planned petrol tax rises (what a surprise - that means the major impact is after the election!!). Borrowing forecasts fall by £11bn, which gives him more wriggle room, and future years forecast are changed - all in the right direction. Saying that the govt defecit will be halved in the next term of government.
12.52 - Extra aid for younger workers and those facing home repossession will be extended. First time homeowners get stamp duty removed for purchases up to £250,000, paid for by homeowners with homes worth more £1m who will see rate increased to 5%. Labour love it , and it will go down well with a large portion of the electrate - both first time buyers and their parents!
12.47 - Claiming now that good management by him, businesses and workforces help ensure unemployment is lower, and less benefits being claimed than when the Tories were in power. Is now going to target in the most needy groups (older and younger workers), and mentions that enforced retirement may be scrapped.
12.42 - Clearly setting out now that global rather than national action is required to tackle banking regulation. This years bonus tax raised £2bn, but in future likely to be a global fund. This could be controversial long term - how will we feel if our taxes are bailing out Greece or Iceland?
12.37 - So he is sticking with the fundamentals he has set out before. The first news is 2.5bn investment for small business paid for by the bank bonus tax - that will go down well with the small business community, who feel their charges and interest rates are funding those bonuses in the first place!
12.32 - And we are off - will a bit of electioneering preamble about what a good he's done over the past year - and to explain what a tough job he's now got
12.25 - The feed from the Commons show the Chancellor sitting calmly beside the PM as we head towards the end of Question Time - Packed house awaits!
12.15 - Good afternoon all - I'm Mark Bower, founder and Managing Director of moneymaxim, and I'd like to welcome you to our budget special - giving real time analysis and views of this years budget, and what it means to you...please feel free to post your queries and questions as we go through the afternoon
Tuesday, 16 March 2010
Credit Cards - It all changing again!
There’s a lot afoot in the credit card market at the moment, and after a period of little change, stagnating competition, and more cards leaving the market than joining, but that all seems to be changing now!
Firstly there were changes forced on the card companies by the FSA, which move the onus of proof towards the customers when it comes to disputed payments, and should mean refunds for these happen quicker.
Secondly there was the introduction of Barclaycard's new cashback scheme 'Barclaycard Freedom' which seems to be gaining a good bit of traction with customers. A few of the retailers names are creeping out as well, but it will be interesting to see the full list at launch tomorrow.
Then yesterday there is the credit card industries proposals in response to a series of criticisms its faced over the past few years. Phased out will be the habit of crediting any repayments against the lowest interest earning debts, automatic credit limit increases, and minimum repayments that don't even cover that month’s interest. Also addressed is the issue of interest rate rises, where customers will now be given 60 days notice and reminded twice before any change is made.
Personally I would have preferred the last change to have been more enterprising - allowing cardholders to freeze their interest rate if they agree to freeze their debt and commence regular reductions to it - but maybe that’s the battle for tomorrow!
All in all a number of changes that will make a real difference to a large number of customers. It also means a number of cardholders will be best advised to find a different card to the one they are currently using - we will track the changes and make our recommendations - so watch this space!
Firstly there were changes forced on the card companies by the FSA, which move the onus of proof towards the customers when it comes to disputed payments, and should mean refunds for these happen quicker.
Secondly there was the introduction of Barclaycard's new cashback scheme 'Barclaycard Freedom' which seems to be gaining a good bit of traction with customers. A few of the retailers names are creeping out as well, but it will be interesting to see the full list at launch tomorrow.
Then yesterday there is the credit card industries proposals in response to a series of criticisms its faced over the past few years. Phased out will be the habit of crediting any repayments against the lowest interest earning debts, automatic credit limit increases, and minimum repayments that don't even cover that month’s interest. Also addressed is the issue of interest rate rises, where customers will now be given 60 days notice and reminded twice before any change is made.
Personally I would have preferred the last change to have been more enterprising - allowing cardholders to freeze their interest rate if they agree to freeze their debt and commence regular reductions to it - but maybe that’s the battle for tomorrow!
All in all a number of changes that will make a real difference to a large number of customers. It also means a number of cardholders will be best advised to find a different card to the one they are currently using - we will track the changes and make our recommendations - so watch this space!
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