Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

Read all Finance News

Energy Bills Too Complicated For Customers

Consumer watchdog Energywatch has slammed energy firms for making their bills far too complicated.

Since the start of 2008 five of the UK's largest power companies have already announced forthcoming price rises to their customers. However, with energy bills constantly changing it is no wonder that more and more customers are struggling to keep up with just how much they are being charged.

"It is extremely difficult for customers to check charges when firms put up prices mid-way through a billing cycle," said Energywatch.

Despite coming under recent criticism, energy retailers maintain their industry guidelines ensure fair billing even though they have no agreed adjusting method. Npower was the first energy supplier to announce it would be increasing the costs of both gas and electricity.

Research carried out by BBC Radio 4's Money Box discovered just how the big energy suppliers were actually breaking down their customer's bills. Various methods were revealed particularly when a change in the cost of both gas and electricity units had been made at some point during the billing cycle.

It was discovered that E.On, Npower and Scottish Power alike consider the increased use of energy over the winter months by customers and factor this in when it comes to calculating the bill.

As for British Gas and Scottish & Southern, the customer's energy use was simply divided into the number of days in the quarter.

Therefore it is clear that depending on which company you use, and how they choose to work out the bill, there are in fact slight financial differences when the tariff changes.

Consumers are being urged by Energywatch to check their bills regularly. Richard Hammond, representative from the consumer watchdog said, "There are absolutely no regulations about this whatsoever and it is immensely complicated for the consumer. If you have any doubts, challenge them and ask what method they are using."

In contrast, energy suppliers are strongly denying any suggestions that they are using price changes as a means to gain profits. Although there is no one-accepted method for doing the billing calculations, suppliers claim that safeguards are in place as a means to protect the consumer.

Duncan Sedgwick, chief executive of the Energy Retailers Association said, "Companies will not load a bill to make sure someone is paying more than they should have done. They have to work to a code of practice for accurate bills."

Published on February 12, 2008

Darling's Budget Report Highlights

Chancellor Alistair Darling delivers his first Budget Report yesterday. Highlighted in this article are some of the main points... Read More
March 13, 2008

Lending Falls Again Says CML

The amounts borrowed by first-time buyers and home movers continue to drop as the credit crunch takes further grip on the UK mortgage market. Remortgage activity is on the increase as many switch from fixed-rate deals to tracker mortgages in anticipation of further base rate decreases from the Bank of England... Read More
March 12, 2008

10 Tips To Improve Your Credit

Now more than ever our credit rating affects our ability to borrow credit. Here are 10 tips to help you improve your credit score... Read More
March 7, 2008

Interest Rates Kept At 5.25%

Yesterday, 6th March, the MPC decided to keep the base rate at 5.25 per cent. This decision was to be expected as the Bank focuses on the pressures of rising inflation and a slowing economy. Analysts are predicting another cut to 5 per cent to happen in May unless economic conditions weaken substantially. Whilst some feel the MPC shouldn't wait too long before the next cut, many agree with yesterday's decision... Read More
March 7, 2008

20 Per Cent Of Homeowners Fear Repayments

The UK's financial watchdog, the FSA, published a survey of over 500 mortgage holders which revealed 1 in 5 are worried about being unable to keep up with their mortgage repayments. It is estimated that 1.4 million fixed-rate or discount deals will expire this year raising monthly repayment amounts. Twenty five per cent of those surveyed admitted they had no contingency plans to meet these costs... Read More
March 6, 2008