Archive for February, 2009


The pound slides against the euro – holidays aren’t going to be cheap this year


Friday, February 27th, 2009

The pound has tumbled to a record low against the euro. Quoting from the Business Standard article:

“European Union officials are concerned that the pound’s slide to a record low against the euro could destabilise the British economy, according to a document prepared last month by European Commission and EU finance ministry officials.”

“The pound’s “very rapid” drop “raises questions about the financial stability of the British economy,” said the document, which was prepared ahead of the February 14 Group of Seven meeting in Rome and obtained by Bloomberg News. The currency’s weakness “is a source of concern for the euro area.”

“The report contradicts Prime Minister Gordon Brown’s argument on February 13 that a weaker currency helps rather than hinders the economy.”

“With the pound down 18 per cent against the euro in the past year, it also underscores investors’ concern about Britain’s fiscal health as the government racks up debt to fund bank bailouts.”

Not great news for businesses that import goods and services into the UK from Europe which will ultimately hit you in the pocket as business costs increase. A further blow is when you take your holiday’s this year be that the ski trip to the French alps or sun in Ibiza.

Changing your money up at the bureau de change is going to leave you with a lot less euros than last year. That’s going to make your hard earned holiday cash a little more tight than expected. That’s where a payday loan from 24/7 Moneybox can help give you that little bit extra on holiday this year. A fast loan from us is easy and straightforward and cash can be advanced almost instantly!



A budget can help you keep on track in these ‘crunching’ times


Monday, February 16th, 2009

Inflation may not be the beast it once was but it’s still significant given the current Bank of England base rate and certainly savers around the country are feeling the pinch. With the cost of living still stubbornly high the last thing needed is to see the value of your savings being slowly eroded. Check out this BBC article which details how “PI inflation has now fallen for four months in a row from a high of 5.2% in September, driven down by falls in energy costs and fuel prices.”

There’s never been a better time to get your finances in order and it’s not something to keep putting off. The best way to go about this we have found is to grab a pen and make a list of your income and all your outgoings – essentially a household budget. Once you have done this analyse the balance and your outgoings in particular. This can help you work out if you can make savings anywhere - either to free up your cash flow, help reduce any outstanding debt or simply to keep for a rainy day which there could be a few for the next few months.

It’s a great way to get a clear picture of where you stand and can maybe highlight the lumpy nature of your household’s cash flow – i.e. peaking at the end of the month and falling away. If this is the case a loan from 24/7 moneybox can help. A fast loan from us is easy and straightforward and cash can be advanced almost instantly! 24/7 Moneybox provides you with quick and easy online loans.



Small print – consumers’ skepticism made clear


Thursday, February 12th, 2009

A survey conducted at the start for the Information Commissioner’s Office (ICO) of this year revealed that half of consumers don’t understand what they’re signing up to when they fill in online and paper forms. Commenting on the results the ICO is calling for an overhaul of privacy and marketing small print.

Quite right too in our opinion. 24/7 Moneybox is committed to making our privacy policy and loan terms as simple and straightforward as possible. We find it just as infuriating as you do when things are not set out in a clear transparent manner and this applies not just to financial services but to other companies that also have to impart a large amount of detail to you. We have taken this philosophy one step further and want to make sure the entire 24/7 Moneybox online loans service from original application to all customer services is a jargon free zone! If there is anything that you don’t understand then use our jargon buster to cut through the terms and understand what they mean for you and our Q&A page to see how a cash advance can work for you.

Check out the Press Association’s article on the survey and the ICO’s response:

“Almost half of consumers believe companies use small print to make money out of them, a survey has revealed.”

“Some 42% of respondents to a poll about privacy and marketing thought firms used small print to sell on their details and almost 50% said it was deliberately designed to be as woolly as possible.

The results come from a study by the Information Commissioner’s Office (ICO), which is calling for an overhaul of privacy and marketing small print.”

“The watchdog uncovered widespread cynicism among consumers - with half the sample saying they did not understand paper and online forms.”

“Information Commissioner Richard Thomas said: “Too many privacy notices involve too much small print and too much confusing gobbledegook. Privacy notices are an important way to inform individuals and ensure that organisations are open about how they use personal information.”

“But no-one should need a magnifying glass or a lawyer to find out what will happen to their information, what their choices are and what their rights are. Too many privacy notices are written to protect organisations, rather than to inform consumers. What chance do people have if privacy notices are written in complex legalese?”

“The ICO is concerned that too many companies baffle customers and wants organisations to make their privacy notices much clearer. The organisation has launched a national consultation on a new Code of Practice designed to help organisations provide more user-friendly privacy notices.”



Credit card companies cut spending limits without warning


Sunday, February 8th, 2009

Interesting article in the Guardian today regarding some of the UK’s biggest credit card companies, who are slashing credit limits for some of their account holders without warning. Last year, internet bank Egg angered customers when it suspended 161,000 cards - with only 35 days’ notice effectively cutting off all use of credit for these borrowers. According to Egg it wanted to reduce its exposure to people with poor credit records, however, it transpired that many angered card holders said they could see no reason for their plastic to be cancelled. Nevertheless, other financial institutions have since followed suit.

Crazy behaviour like this is only going to continue as the recession bites and banks react in, what will inevitably be a knee jerk fashion. Getting a loan is even more important at times like this and so it should be easier not harder. We here at 24/7 Moneybox provide fast efficient short term loans typically without a credit check or faxing endless paperwork because we know speed and convenience count.

The article goes on to quote Observer Cash reader James Gardner who was recently caught out by Barclaycard’s credit-cutting policy. “I had just repaid £1,500 of my Christmas spending and was trying to pay a £275 vet’s bill when my card was declined,” he says. “I rang Barclaycard, who said my limit had been reduced from £2,000 to £260. No warning, nothing.”

Another Observer Cash reader, Della Parrish, had her credit limit cut without warning by First Direct. “After I retired, I set up a First Direct bank account and credit card to keep my newly set up consultancy activities separate from my pension, which goes into my NatWest bank account,” she says. “The limit on the First Direct credit card was £6,900, but this has just been reduced to £3,100 without prior notice. First Direct said it was because I had not spent up to the £6,900 limit.”

What’s even more worrying in our opinion is that according to Apacs, the credit card companies’ trade association, a code of best practice on reductions to customers’ credit limits doesn’t exist. The article quotes Jemma Smith, a spokeswoman for Apacs: “Limits may be reduced for reasons relating to an individual’s behaviour, such as frequent withdrawals of cash or spending over the limit. Or it may be - particularly in current times - because a company has taken a policy decision to decrease its exposure across a group of customers.”

24/7 Moneybox provides you with quick and easy online loans. We can provide instant payday loans that can be used for your short-term money needs. For a fast loan apply today and receive an instant payday loan once your application is accepted.