Archive for July, 2009

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Increasingly more people feel the emotional strain of financial problems


Wednesday, July 15th, 2009

Are you getting depressed about money? BBC Online highlights comments from the counselling charity Relate who are arguing that many younger people are becoming increasingly depressed about their financial situation. Of the 15,000 young people that they see every year, about a quarter of them are depressed about money or a lack of it.

Often these money problems significantly compound other problems that young people might already face, such as marital breakdown, and can lead to further behavioural problems. Relate findings show that money problems can strain family relationships, worsen behaviour academically and damage relationships with friends.

With increasing unemployment and difficult economic conditions it is expected that this problem will be exacerbated over the next few years if the recession deepens.

Relate’s Paula Hall advises that there is a fine line between being realistic and being hopeful. Depressed realists have got to understand that ‘we aren’t going to be in a recession forever and we are still in a fairly wealthy country’.

Are cash flow problems getting you down? Well, visit us at www.247Moneybox.com and see if we can help you out with your cash problems with one of our tailored payday loans. Simply fill in one of our simple application forms and you’re one step closer to getting fast cash. Read some of our question and answers to find out more.


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Posted in Credit Crunch, Recession, Unemployment | No Comments »


Governmental measures to kick-start the mortgage sector show fundamental flaws


Tuesday, July 14th, 2009

How is your mortgage looking? The government is struggling to get the mortgage sector into swing as this latest attempt to get Britain out of the financial rut is being condemned as showing significant weaknesses, reports BBC Online.

The £50bn asset-backed guarantee scheme (ABS) has been criticised as ‘doomed to failure’, according to the Communities and Local Government (CLG) Committee.

 Two reports from separate institutions have highlighted that UK property prices will continue to struggle to make a recovery until mortgages were more readily available.

Figures do show that mortgage lending has picked up, but the Council of Mortgage Lenders (CML) has highlighted it is still 28% lower than two years ago.

The government scheme, which was introduced in this year’s budget, provides a guarantee on lenders’ mortgage-backed securities. This allows lenders to sell on mortgages to lenders raising new money to lend to consumers.

However, MPs have highlighted that restrictions on the partaking institutions and the narrow band of loans that are actually covered has meant the scheme has limited effectiveness.

Dr Phyllis Starkey, who chairs the CLG, said that the CLG and senior officials must maintain pressure on the Treasury to bring in new measures to get the mortgage market moving. Further shortcomings have highlighted that not enough emphasis is being placed on the important rental sector.

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Banks join police to clamp down on share scammers


Monday, July 13th, 2009

Have you received cold calls about share information? Well, just hang up, is the advice from the police working on Operation Archway. Millions of pounds of investors’ money is lost every year to these share scams and now, according to BBC News Online, banks have begun to take action, like suspending transactions if they are being paid to known boiler-room firms.

The Financial Services Authority has recently published a list containing the names of hundreds of companies which they believe pose a high degree of risk to customers.

In particular, Barclays has blocked around 150 transactions so far since introducing a screening system in February, which they believe has saved their customers millions of pounds.

HSBC has followed suit, stating that if they receive requests for payments from any of the blacklisted companies, transactions are delayed until the activities can be fully scrutinised.

We here at www.247Moneybox.com take the issue of security very seriously. Our site operates over a secure SSL connection and all details are encrypted, providing you with complete peace of mind when you apply. There are three easy steps to getting your payday loan: simply take a few minutes to fill in our online payday loan application form, then wait for our quick decision. and (if approved) receive your cash loan!


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House prices - up or down?


Wednesday, July 8th, 2009

The latest part of the rollercoaster that is house prices comes from Halifax. Their findings show a sharp fall in house prices in June, which has partly reversed the gradual rise in house prices we’ve seen in the last couple of months, reports BBC News Online. The news contrasts with findings showing a large 2.6% increase in prices back in May.

The findings come from Halifax’s property survey. With some good news highlighting the slowing annual decrease in prices from 16.3% to 15% last month, it went on to say that there was evidence the property market is stabilising after sharp slumps since mid 2007.

Martin Ellis, Halifax’s chief lender, states that prices have ‘fallen by only 1.9% in the past three months’, the lowest quarterly decline but still a long way from those ‘green shoots’ predicted here in an earlier blog.

So why have these figures told a different story to that of Nationwide’s figures which sparked the earlier blog about a spring bounce or green shoots? Halifax, whose figures are based on a sample of its own lending, said prices had only risen once in the last four months and are still 2% lower than February. Nationwide’s findings showed that prices had risen in three of the last four months.

Overall there is hope, as undoubtedly house prices are picking up due to low interest rates. HM Revenue and Customs has shown that completed sales in May were at their highest since October 2008.

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Posted in Credit Crunch, Recession | 1 Comment »


Paid to stay home - the CBI’s new measures to tackle redundancies


Tuesday, July 7th, 2009

How would you like to be paid to stay at home and do nothing? Well, that’s exactly what the Confederation of British Industry’s (CBI) ‘Alternative to Redundancy’ (AtR) scheme has suggested that employers should do. By putting workers into a low-paid limbo rather than making them redundant, the company is better able to respond to surges in demand. Times Online reports that the ATR scheme would give workers £130 a week, half of which would be covered by the employer and the other half by the Government.

Workers would stay on the scheme for six months and be ready to be re-hired at any time in this period. The CBI’s deputy director John Cridland sees this scheme as a way to help ‘business cope with sharp drops in demand’ yet also be prepared for recovery, while workers will be able to benefit from ‘improved financial support and a door that is kept open for six months’.

Opposition has been raised by unions, in particular Brendan Barber of the Trade Union Congress (TUC), who deem the proposals to be just another way for employers to short-circuit the current redundancy rules. With the AtR measures, employers would be able to fire workers with just four weeks notice rather than the 90-day consultation period, and any worker who is on the AtR scheme and accepts a job will lose all redundancy benefits effective immediately.

Barber argues that it is better to ‘keep people in work or training with their employer rather than sitting at home’; the TUC argues instead for wage subsidies that are now common in the rest of Europe. Cridland hit back, saying that subsidies are too costly for Britain’s finances. He argues that the AtR is not about letting business avoid their responsibilities, and points out ‘that if a scheme runs for six months and a redundancy is still made, then the business will actually end up paying more’.

Are you finding that bills are piling up? Need a short-term solution to deal with your cash-flow problems so you can devise a long-term solution? Then visit us at www.247Moneybox.com and see if we can help you. We offer a competitive payday loan that is quick and easy to apply for, and a fast decision on your application.


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Beware of cuts in the minimum repayment level


Monday, July 6th, 2009

Are you one of those who will see a cut in the minimum repayment on your credit card? Times Online reports that Barclaycard, the largest issuer of credit cards, said the changes will take effect from next month. Some 12 million people will enjoy the level falling from 2.25% to 1.5%. Beware though: the bank’s act of ‘generosity’ will actually make you pay back more in the long run.

The announcement follows figures showing that £2.7 billion of new debt has been shouldered by the UK economy in just the first quarter of this year. Savings, on the other hand, have hit an all-time low of £14 billion according to Unbiased.co.uk. This equates to 19p borrowed for every £1 saved. So more doom and gloom is being spelled out by industry analysts. Meanwhile, debt counselling services have reported record numbers of people seeking advice after being made redundant.

You would think that the cutting of minimum repayment levels is seen as a generous act by credit card companies. However, Martin Lewis from moneysavingexpert states that their existence at all is actually based on ‘keeping customers perpetually in debt’. By paying less back there is a greater amount still owed to the company, therefore the rates charged will increase the amount of interest that will need to be paid back when the loan is finally paid off.

Are you struggling to pay off credit card debts? Are you going to struggle to pay off your final instalment? Then you might consider taking out one of our payday loans at www.247Moneybox.com. If you need cash to tide you over until your next paycheque, then take a few minutes to fill out our application form, and, if approved, you will receive a cash loan that will relieve the stress of paying back bills on time.


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Posted in Credit Card, Credit Crunch, Payday Loans | No Comments »


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