The International Monetry Fund (IMF) is concerned about the consequences of rising oil prices and the problems on the financial markets. The worry is, according to their chief economist, that a major reduction in international trade. Current projections for American and western economies are ‘too optimistic’
Archive for November, 2007
'perfect storm' heading for western economies
Posted by michael on November 30, 2007
Posted in Blogroll, financial | Tagged: economy, house prices, slump, trade | Leave a Comment »
‘perfect storm’ heading for western economies
Posted by michael on November 30, 2007
The International Monetry Fund (IMF) is concerned about the consequences of rising oil prices and the problems on the financial markets. The worry is, according to their chief economist, that a major reduction in international trade. Current projections for American and western economies are ‘too optimistic’
Posted in Blogroll, financial | Tagged: economy, house prices, slump, trade | Leave a Comment »
Identity theft
Posted by michael on November 25, 2007
The details of 25 million child benefit claimants has, possibly, been lost whilst on transit between government departments. There has been a major storm in the press and in parliament with calls for the Chancellor of the Exchequer to resign.
The government have made reassuring noises about the risk to people having money taken out of their bank accounts if these details end up in the hands of criminals.
In my view the government have cynically focused on bank accounts because they are mostly safe from having money withdrawn by fraudsters. You do need a pin number to use a cash machine and you also need a credit card programmed with your bank details.
The real danger to people is identity theft. There is enough information on these missing disks to make it very much simpler to take over the identity of people.
A victim could find themselves with huge bills, a ruined credit status, all bank accounts and credit cards stopped, speeding and parking tickets, etc.
Of course you can sort it out, that is if you can prove that none of the bills are actually yours. Of course it could take years!
You can help yourself if you realise that something is wrong as early as possible. For example, if you get any mail regarding financial contracts that you have made when you know that you haven’t must be responded to as quickly as possible. Check upon anything unusual. Check you bank account regularly, query unusual payments. Check your credit card account if you use it and it is not accepted. Check your credit status with one of the credit agencies, it will cost a few pounds but will show if credit cheques are being made by other people.
The Chancellor of the Exchequer pledged that ‘no one would lose out’ if the data on the missing disks is used to defraud people. I suspect that he could not afford to honour that pledge if there is widespread fraud as a result of these disks getting into the hands of professional criminals.
Posted in Blogroll, financial | Tagged: account, accounts, bank, card, cards, credit, identity, theft | 2 Comments »
Can you afford to have a mortgage?
Posted by michael on November 7, 2007
More and more people are having problems with their mortgage and are falling behind with their payments.
The recent interest rate increases haven’t helped but the problem is being compounded by increases in costs and reductions in earnings. Every year that incomes don’t increase in line with the cost of living causes people to have less money to pay the bills.
House repossessions have gone up by 30% this year. The Council of Mortgage Lenders expects that 45,000 repossessions next year. That could represent 45,000 families with nowhere to live!
Can you imagine the stress and distress within each family? No one should talk about things like ‘repossessions’ without seeing them for what they are!
There are a number of things that people can do. The most important thing is clear. It is to stop ignoring the situation and to do something about it! Get advice and help, as soon as possible.
There are contact details for Citizens Advice, National Debtline and other advice groups on the website (http://www.takefinancialcontrol.com/) There are also contact forms for expert advice.
You may be making the mortgage/rent payments but perhaps you know that you have to do something to avoid serious problems. Take steps now! Understand where your money goes.
Look at costs that you don’t need to make. For example:
- Check all the outgoings from your bank account
- Check which bills you are paying interest on (credit cards or loans). Prioritise these debts. Pay off the higher interest rate debts first.
- Understand your bills for food, clothing, insurance(s), council taxes, utility bills, tv licence, etc.
- You may be able to spread some of these costs over the year
- Ensure that you are getting all the benefits that you are entitled to
- Find a way to earn extra without putting everybody under additional stress.
And make a real effort to keep control of your bank account(s). The last thing that anyone needs are bank charges because a cheque or direct debit doesn’t clear. As far as I am concerned these charges are immoral. They affect people who are struggling and hurt them the most!
Unless you have a good, regular income you need to make an effort to keep from getting into a financial mess. Even if you are not at risk of losing your house, financial problems cause stress within families
Posted in Blogroll, financial | Tagged: debt, mortgage, mortgages, repossession | Leave a Comment »
