Author: timdurman

With the long dark nights and cold temperatures biting, we share a range of seasonal tips to help keep your home on top form until better weather arrives.

Check your home insurance policy
There is no better time to review your current policy. Talk to us today and help make sure that you know what you are covered for and whether that cover is adequate for both the house and your valuables.

If you haven’t already, it might be an option to consider adding Home Emergency cover to your home insurance policy in preparation for any household emergencies.

Check your roof
We have already had some pretty wet and windy weather this year and it can’t have escaped your notice that the weather is becoming more unpredictable. While you can do a visual inspection from ground level, it is advisable to have a professional check your roof for any signs of damage such as missing tiles. At the same time have the chimney stack checked, particularly the flashings to ensure that water is not getting into the roof space.

Gutters
Gutters can become blocked and if they do, it is easy for trapped water to turn to ice in cold weather and create extra weight which can bring down gutters and in turn cause damage to external brickwork.

Time for a loft inspection
If the last time you were in the loft was to put away your summer luggage, it’s probably time to go up and take a look to see if you can see any obvious signs of daylight in the roof, which would tell you that a roof inspection for tile damage is not just an option. Also, look at your insulation in the roof space. Is it still fit for purpose? Heating bills can be significantly reduced with comprehensive roof space insulation.

Header tanks and pipework
The loft also can contain a water header tank depending on your heating system and will certainly have pipework. Insulation is a must, particularly if the water freezes and adds pressure on the tank itself, which could lead to leaks. Pipework needs to be adequately insulated. Check it anyway, it is easy to miss where insulation has been disturbed while moving items in the loft.

Boiler
Now is the time when our need for heat and hot water is going to be at its height, arrange for a boiler service as a priority. Better warm than cold!

Find your stopcock
Make sure you know where your stopcock is. In the event of a water leak, knowing where it is will mean less damage to your property and its contents. Also, ensure that every family member is aware. Check that the stopcock is not stiff to turn. A little lubrication and turning it on and off will make sure that it is ready, should the worst happen.

Open fires and woodburners
We all love an open fire, but don’t forget that your chimney deserves a thorough clean, particularly if a fire has not been lit since earlier in the year. Soot and blockages can have a detrimental effect on the ventilation of your room, as well as running the risk of old soot being dislodged and making your living space unusable.

Smoke and carbon monoxide detectors
Check your detectors work. Whatever happens, if you can’t remember when you last changed the batteries – change them anyway.

All the information in this article is correct as of the publish date 26 January 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

With the Cost-of-living crisis hitting all UK residents, one segment of those affected are those retired on a state pension. With a fixed income, they may be hit hardest by the recent rise in prices, and are more likely to be unable to supplement it due to infirmity. According to the Pensions and Lifetime Savings Association (PLSA), pensioners need to spend an extra £2000 just to achieve a basic standard of living.¹

A single person would need a minimum of £12,800 to cover their basic needs. Last year the average cost was £10,900.¹ The PLSA claims that pensioners relying on state pensions, who represent a sizeable proportion of those on minimum living standards, are being hit the hardest because most of their budget is spent on the main components behind the rise in inflation, namely food and the rising cost of energy.

The PLSA’s report has calculated that a retired couple will need a minimum income of £19,900 pa to meet the minimum standard – a 19% rise over 2021.¹

If you are retired or approaching retirement, you may be concerned as to how the cost-of-living increases will affect you, or if you have an outstanding mortgage or other borrowings, how the increases will affect those greater financial concerns.

If you do have any concerns, we are here to help, simply get in touch with us to book an appointment.

If you wish to proceed with any mortgage advice, we will issue out our Initial Disclosure Document at the start of the sale to outline what services we offer and any relevant fees or charges for advice.

Sources:

1 – Pensions and Lifetime Savings Association (2023). Rising Prices Add Almost 20% to “Minimum” Cost of Retirement. Available at: https://www.plsa.co.uk/presscentre/news/article/rising-prices-add-almost-20-to-minimum-cost-of-retirement [Accessed 24 Jan 2023]

All the information in this article is correct as of the publish date 26 January 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Last year, we highlighted the issue of fraud and talked about the importance of keeping you and your loved ones safe from fraud and other financial scams.

We support ‘Take Five’, which is a national campaign that offers straight forward, impartial advice to help everyone protect themselves from preventable financial fraud. This includes email deception and phone based scams as well as online fraud, particularly where criminals impersonate trusted organisations. You can find out more at https://www.takefive-stopfraud.org.uk/

One of the more recent development in scams are those undertaken whereby the scammer is purporting to be a family member or friend, and using messaging apps, such as WhatsApp to contact their victims.

As messaging outlets like WhatsApp become used by more and more to stay in touch, it’s becoming an increasingly common way for fraudsters to extract funds from people who are going to be keen to help someone close to them.

Typically, the scammer will claim to be a family member or friend and pretend they need help with an unexpected bill such as their car having broken down and they need to pay the garage or risk not being able to get into work. Alternatively, they may claim that they need to snap up a bargain, which they will miss out on if they don’t have the money today.

They play on people’s emotions and push the urgency of the request and try not to give you time to think.

According to a 2021 survey by WhatApp, 59% of UK adults have received or know someone who has received a message based scam in the last twelve months¹.

Our advice is as follows:-

• Step back and think – Don’t immediately act
• Always verify – Always call back the person you think it is on the phone number you already have for them. If you can’t see them in person, phone to check and make sure that it is the person you know
• Is the request realistic? For example, you might be told that their old phone has been broken or stolen which is why they are calling on a number with which you are not familiar. You might also be asked to pay money into a different bank account than the one you are used to. In both cases how likely is it that your family member or friend had lost or had their phone stolen or in the case of a new bank account, lost access to their account or changed banks without mentioning it before.
• Ask someone else. Check with someone you trust and ask their opinion of the request.

Lastly, check in with elderly relatives and make sure they are aware of the dangers of message based scams. They are more likely to believe someone claiming to be a grandchild or a friend.

Sources

1 – Nationwide (2022) Have you been messaged by a scammer?. Available at: https://www.nationwide.co.uk/news-and-stories/whatsapp-scams/ [Accessed 24 January 2023]

All the information in this article is correct as of the publish date 26 January 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

With rising prices across the board, any opportunity to save money is worth looking at, especially when it comes to travel. This month, we look at a few ways in which you can hopefully save a few pounds when it comes to travelling by train.

Book in advance – If you know when you are travelling the earlier you book before your journey the bigger the discount you can achieve. Most train companies release advance tickets up to three months before the journey time, so booking in advance is a must.

Trainline – https://www.thetrainline.com, a rail booking service, allows you to set up alerts so you get advanced warning of when advance tickets go on sale, offers a full booking service for a small fee and is also extremely useful to plan a journey, particularly if it involves multiple stops.

It is worth noting that advance tickets are sold as single fares and are non refundable, which is the only drawback if your plans have to change. In most cases the value of the discount far outweighs the inconvenience.

Check for last minute tickets – If you can’t book in advance, don’t lose heart. Many operators offer advance train tickets up to and including the day of travel.

Do you need to travel at peak times? – If you do not, considerable savings can be had by going at a time when the service is less busy.

Do you qualify for a Railcard? – an annual railcard costs £30 each year and depending on your age qualifies you to 1/3 off rail fares. Visit https://www.railcard.co.uk. If you make more than a couple of journeys by train per annum, the cost of a railcard is more than offset by the savings made. The discount furnished by having a railcard is not affected by any other discount you receive by booking in advance. It all adds up to plenty of savings!

Season tickets – If you have a regular commute then a season ticket could be the cheapest way to travel. Season tickets are available, weekly, monthly or annually.

All the information in this article is correct as of the publish date 26 January 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

The cost-of-living crisis means that Christmas may have to look a little different for many people this year, but the good news is that a budget Christmas can still be a special one. We’ve put together five top tips for how you can cut the cost of Christmas, all it takes is a little creativity and imagination!

Create a secret stash

The Christmas break can be a great time to enjoy some indulgent food and drink, however it needn’t cost a fortune if you plan ahead and buy the right items, at the right price. Know the value of what you’re looking to buy, and keep an eye out for special deals available in the run up to Christmas, stashing away non-perishable treats and gifts when you find them at the right price.

Many supermarkets run promotions on party foods and posh nibbles – 3 for 2 offers and so forth, so stock up when you can, but make sure that you’ve got sufficient space in the freezer beforehand!

It also pays to check the ‘Use by’ dates too – not all Mince Pies will last until Christmas Day!

The value of loyalty points

Whether it’s a supermarket loyalty card, credit card reward points or online credit built up from shopping or delivery services apps, most of us are likely to have been earning loyalty points throughout the year, so take a look at your balances and see where you can cash in those points and get Christmas for less.

Take Stock

Before getting stuck in with the Christmas shopping, it’s worth taking stock at home to see what you’ve already got from last year, and can therefore skip buying this time around – from all sorts such as unused cards, wrapping paper, sticky tape for example. Consider making homemade decorations or cards, you’ll find plenty of beginner craft projects on Pinterest and Instagram.

Have a go at Homemade

Costing a fraction of shop-bought equivalents, homemade gifts are always appreciated. Have a go at making jam or chutney, for example – step-by-step guides and recipes to a wide variety of suitable gifts can be found online, and you can make gorgeous gifts on their own, or as part of a bespoke DIY food hamper that will delight your loved ones!

Save steadily throughout the year

Christmas 2023 may seem like a long time away – but why not get yourself in the best possible position and start saving just a little each month towards it now – soon enough that will build up into a tidy sum to go towards buy some of life’s little luxuries for you and your family.

All the information in this article is correct as of the publish date 24^th November 2022. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Most of us have one or more credit cards, and if used properly, can be a very helpful tool. Making payments on time every month can boost your credit score and some cards may offer rewards and potentially even 0% interest for balance transfers from other cards for a limited period.

However, if spending on credit cards gets out of control, making monthly payments becomes harder, particularly as the interest element grows.

Currently, we are living in particularly difficult times with cost of living increases cutting into family budgets. The increasing need to make use of every way to make our money go further means that it may be tempting to favour putting purchases on a credit card.

However, falling behind on your payments could lead to potential issues with your credit in future.                                                           

We’ve put together some helpful tips that could help you when considering to use a credit card.

1. Pay off your balance every month.

You could avoid paying interest on your credit card purchases by paying the full balance every month.Resist the temptation to spend more than you can pay for any given month, and you could enjoy the benefits of using a credit card without interest charges.

2. Use the card for needs, not wants.

A credit card should be used carefully but if used as a substitute for the family budget, it can very quickly lead to problems with debt. Credit cards can be used in emergency situations, such as a mobile phone bill that’s due before your next payday. It could be an option to use a credit card in this situation, and then pay back the amount as soon as you can to decrease or help to avoid interest charges altogether.

3. Never skip a payment.

Keep up with your payments every month, and aim to repay as much as you can. Missing a payment could result to extra fees, penalty interest rates and/or potentially damage your credit rating, which may make it difficult to get credit in the future.¹

4. Use the credit card as a budgeting tool.

Having said all that, if you are careful with how you use your credit card, you could use it responsibly by paying the balance every month. By making purchases with your credit card, you can see exactly how much you’ve spent at the end of the month. Of course, you should only do this if you know you can pay off the balance each month, and it would be worth noting that you should not charge more to your card than you have in your bank account. It can be difficult to manage your monthly payments, so if you find that you are struggling to pay your credit card, there are free online resources available to help, for example Citizens Advice, Step Change, and Money Helper to name a few.

5. Use a rewards card.

If you’re using a credit card for most or all of your purchases, it could help to use a card that offers cashback. According to Money Helper, “Cashback credit cards offer you the chance to earn cash from the money you spend, by paying you back a percentage of what you spend or giving you reward points. They only make sense if you pay off the balance in full each month and never go over your limit. Otherwise, the interest you pay will outweigh the rewards. ”²

It could be a good way to use a credit card, but there are factors that need to be taken into consideration before you decide to proceed. Researching your options first and using government sites such as Money Helper, could help you when making your decision.

Sources

1. Moneyhelper (2022) Paying off your Credit Card. Available at: https://www.moneyhelper.org.uk/en/everyday-money/types-of-credit/paying-off-your-credit-card (Accessed 21 Nov 2022)
2. Moneyhelper (2022) Cashback credit cards. Available at: https://www.moneyhelper.org.uk/en/everyday-money/types-of-credit/cashback-credit-cards (Accessed 21 Nov 2022)

All the information in this article is correct as of the publish date 24^th November 2022. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Wholesale gas prices have fallen but it might not to be reflected in your household bills just yet.

When gas prices rose earlier this year, we were all faced with huge increases in what we paid for domestic and business supply. The government stepped in to limit bills to the cap of £2,500 per year. According to Ofgem, “The £2,500 figure is based on a household with typical consumption on a dual electricity and gas bill paying by direct debit,”¹ so this amount could potentially be higher.  

Even with the conflict in Ukraine and current uncertainty in the financial markets, it was not expected that wholesale prices for gas would fall. In August the price for international wholesale gas peaked at 550p per therm. According to the BBC, that price had fallen at some point to 38p².

Logically, one could assume that the drop in prices would immediately feed through to us as consumers. Though the good news is that the cost of the government’s subsidy will not have to be so large, the general consensus for consumers is that prices may still remain high.²

As there is no single price for gas, suppliers who buy gas for delivery immediately, can help to pass on those savings to consumers immediately. However, according to the BBC article, suppliers who may have bought in advance to guarantee availability, are unable to pass those prices on.²  

However, gas being sold for delivery in the middle of winter will reflect the state of current supply and demand, so it is likely that wholesale prices will increase again. In the BBC article, Leon Izbicki, a senior associate for natural gas at consultancy explains that “While Europe as a whole looks set to weather the storm this winter, it’s becoming more and more an issue for the winter of 2023.”²

We can all hope that this changes in future, but at the moment, the general consensus is that prices for consumers may not reflect the decreases to wholesale prices.

Sources

1. Ofgem (2022) Energy Price Cap Explained. Available at: https://www.ofgem.gov.uk/information-consumers/energy-advice-households/check-if-energy-price-cap-affects-you (Accessed 21 Nov 2022)

• BBC News (2022) Will falling gas prices mean lower bills?. Available at: https://www.bbc.co.uk/news/business-63512583 (Accessed 21 Nov 2022)

All the information in this article is correct as of the publish date 24^th November 2022. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

We have talked in the past about the importance of keeping you and your loved ones safe from fraud and other financial scams.

Recently, UK Finance, a trade association for the UK banking and financial services sector, launched an initiative to raise awareness. Take Five is a national campaign that offers straight forward, impartial advice to help everyone protect themselves from preventable financial fraud. This includes email deception and phone-based scams as well as online fraud, particularly where criminals impersonate trusted organisations.¹

Many people may already know the dos and don’ts of financial fraud and scams – that no one should ever contact them out of the blue to ask for their full PIN or full password, or ever make them feel pressured into moving money to another account. The trouble is, in the heat of the moment, it’s easy to forget this.

Take Five highlight the main areas where fraud can take place:

Identity Theft

“Identity theft is when your personal information is stolen and used to open bank accounts apply for plastic cards and loans or government benefits and documents such as passports and driving licences in your name”.²

Payment in Advance Fraud

“Also known as an advance fee scam, this is when you’re convinced to pay an upfront fee in order to receive a prize/service, high value goods or loans which never materialise”.³

Ticket Fraud

“Criminals either set up fake websites or social media profiles to sell tickets for major events (such as sports, music or theatre) that are either fraudulent or don’t exist”.⁴

The trade association also advise on how to spot ticket fraud by the following quoted from the website:-

1. “You see an offer for a ticket online, in an email or a message/DM.
2. You’re offered tickets for a high demand or sold out event at a ‘too good to be true’ price.
3. You’re asked to pay by bank transfer only and not via the secure payment methods recommended by reputable online retailers.
4. You see a website that looks similar to that of a genuine organisation but there are subtle changes to the URL.
5. You’re told that a customer representative will be arranged to meet outside the venue”.⁴

Impersonation scam

An impersonation scam is where a criminal contacts you pretending to be a person or organisation you trust. These scams can be very sophisticated and often start with attempts to get you to disclose personal and financial information. They then use this information to impersonate someone you trust, making it seem more believable, but their ultimate aim is to try to steal your money.

“71 per cent of 18 to 34-year-olds surveyed said they had been contacted by an impersonation scammer, with 73 per cent of those targeted saying they had subsequently been persuaded to either send money or share personal information”.⁵

A word of advice from UK Finance –

“If you believe you’ve fallen for a scam, contact your bank immediately on a number you know to be correct, such as the one listed on your statement, their website or on the back of your debit or credit card.

Report it to Action Fraud on 0300 123 2040 or via actionfraud.police.uk. If you are in Scotland, please report to Police Scotland directly by calling 101 or Advice Direct Scotland on 0808 164 6000.”²

Sources

1. Take Five (2022) What is Take Five?. Available at: https://www.takefive-stopfraud.org.uk/ (Accessed 21 Nov 2022)
2. Take Five (2022) Identity Theft. Available at: https://www.takefive-stopfraud.org.uk/advice/general-advice/identity-theft/ (Accessed 21 Nov 2022)
3. Take Five (2022) Payment in Advance Fraud. Available at: https://www.takefive-stopfraud.org.uk/advice/general-advice/payment-in-advance-fraud/ (Accessed 21 Nov 2022)
4. Take Five (2022) Ticket Fraud. Available at: https://www.takefive-stopfraud.org.uk/ticket-fraud/ (Accessed 21 Nov 2022)
5. Take Five (2022) People Under 35 Are More At Risk From Impersonation Scams. Available at: https://www.takefive-stopfraud.org.uk/news/people-under-35-are-more-at-risk-from-impersonation-scams/ (Accessed 21 Nov 2022)

All the information in this article is correct as of the publish date 24^th November 2022. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

To add to the challenges we all face due to the rise in the cost of living, the Financial Ombudsman Service (FOS) is warning people not to be tempted to invest in schemes that promise large returns but turn out to be fake¹.

We are all looking at ways to increase our ability to cope and it is no surprise that we will look at any way we can to make our savings stretch further. The sad fact is that if an investment looks too good to be true, it probably is. FOS says that many of the investment scam complaints they investigate involve cryptocurrency¹.

The way these scams often work is when people are persuaded to buy cryptocurrency and send money to what they believe is a genuine investment platform that is in fact operated by fraudsters. According to FOS, there are examples of consumers being defrauded out of sums up to hundreds of thousands of pounds¹.

The report from FOS concentrates on money being invested in the belief that it is going into cryptocurrency but is just diverted into the pockets of the fraudsters.

Crucially, fraudsters have always relied on the promise of great returns and large profits. It is hardly surprising that many of us, keen to extract the maximum return from the money we have saved, are likely to be tempted by offers like this. The key is to make sure that, no matter how plausible the proposition looks, it is checked thoroughly before any money is transferred.

Nausicaa Delfas, interim chief executive and chief ombudsman at the FOS said, “We are concerned that, in current economic circumstances, people could be tempted to invest in fake investments.

Our advice to consumers is to be wary, conduct their own research, check the FCA register (of authorised intermediaries) and contact the firm directly on the number listed.”

She added, “If people feel they have been treated unfairly by their bank, they should contact the Financial Ombudsman Service, and we will see whether we can help.”¹

Sources

1. Financial Ombudsmen Service (2022) Consumers warned about rise in investment scams. Available at: https://www.financial-ombudsman.org.uk/news-events/consumers-warned-about-rise-in-investment-scams (Accessed 21 October 2022)

All the information in this article is correct as of the publish date 27 October 2022. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

In the current economic conditions, it makes sense to look at the actions we can take to improve our homes’ heatproofing. With the nights drawing in and temperatures beginning to drop, the reality of expensive fuel bills is already becoming an unwelcome reality. Although the government has sought to mitigate the impact via the energy price guarantee to cap the cost of how much we can be charged per unit of energy (kWh)¹, if we want to keep those costs down, apart from cutting our use of power, we can be proactive by making our houses as energy efficient as possible.

There are a number of ways we can help ourselves in keeping our energy expenditure down by making our homes heatproof, some of which don’t have to cost large sums.

Check for draughts

It’s worth checking your property for draughts, just to identify any areas where heat may be leaving the building and plug these where possible, such as with a draught excluder for any external doors, which can be bought for between £5-£20 at a DIY outlet. For internal doors, you can make your own temporary solution with rolled up towels or clothes in a laundry bag or equivalent. Also, don’t forget your letterbox!

Window improvement

Of course, double glazing is an option, but not everyone can afford it and those inrented accommodation are unlikely to persuade their landlords to take immediate action. Simple, cheap fixes can include fixing clingfilm to the inside of windows or fitting glass or clear plastic in the window frame as DIY secondary double glazing.

How about the loft?

According to the Energy Saving Trust (EST), a properly insulated attic can save between £355 – £590 per annum depending on the house being semi-detached or detached². Although it can cost around £630 to insulate the loft of a detached house, the cost can be kept down by buying the rolls of mineral wool and fitting it yourself. Also, your energy supplier might be offering free insulation and fitting under the energy company obligation (ECO)³ – worth checking out.

We’ll try and bring you more simple hacks that could help you reduce your energy costs.

Sources

1. BBC (2022) What is the energy price cap and what will happen to bills? Available at: https://www.bbc.co.uk/news/business-58090533 (Accessed 21 October 2022)
2. Energy Saving Trust (2022) Roof and loft insulation. Available at: https://energysavingtrust.org.uk/advice/roof-and-loft-insulation/ (Accessed 21 October 2022)
3. OFGEM (2022) Energy Company Obligation (ECO). Available at: https://www.ofgem.gov.uk/environmental-and-social-schemes/energy-company-obligation-eco (Accessed 21 October 2022)

All the information in this article is correct as of the publish date 28 October 2022. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.