Recession | 24/7 Moneybox Blog

Posts Tagged ‘Recession’

Pension time bomb … have you done everything you wanted before you retire?

Tuesday, June 30th, 2009

Tough news about pensions today as employers attempt to defuse the pension time bomb through closing their final salary pension scheme. This could lead to a saving of £4.5bn a year, according to BBC Online.

According to MGM Advantage, there are 2 million fewer people on final salary pensions schemes; this has, according to the Trades Union Congress and Office of National Statistics, led to a cut in pension contributions - from £7.77bn to £3.24bn. The reduction has even led to some commentators, such as Aston Goodey, suggesting that the final salary pension is nearing ‘extinction’.

These measures have been labelled by TUC member Brendan Barber as ’slash and burn’ techniques, and that a ‘populist and misleading campaign’ was being run, which was waging war against public sector pensions.

Findings by the ONS show that contributions to non-state pension schemes have been growing strongly, standing at £85.2bn; although only up on 2006 by 2%, contributions by employers to their funded occupational pension schemes dropped slightly from £38.7bn to £37bn.

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Tags: Pensions, Recession, Trade Union
Posted in Credit Crunch, Government | No Comments »

Households feel the heat as energy bills soar

Monday, June 29th, 2009

We’re lucky that this summer is shaping up nicely as we are facing bleak news that energy prices will be expected to soar to nearly £5,000 by 2020, Times Online reports.

The cause? A billion-pound investment programme.

Results from price comparison site Uswitch predict prices to go up nearly fourfold in comparison to what we are paying today. Uswitch has shown this by extrapolating trends in energy prices, as well as adding Britain’s investment in energy supplies over the next 15 years which will add another £548 a year to household bills.

Consumers will be further angered by the fact that energy companies have prevented falls in the price of gas reaching consumers. Theenergyshop.com has even shown this fall to be as great as 50% since August last year, yet we have only seen a fall of 5% in domestic bills. Only a further 10-15% could be justified.

The investment programme put forward will promise £234 billion in energy, £112.5 billion in renewable energy generation, £13bn on roll-out smart meters and £16bn on reducing carbon emissions. Now is the time really see Britain’s opinions about global warming - the talk the world has done on the importance of climate change and the various agreements at Kyoto etc. will pale in comparison to the importance of whether Britons will accept shouldering the burden of sustainable development. Everyone seems to be very positive about dealing with global warming but will people put their money where their mouth is?

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Tags: Bills, Energy, Inflation, Recession
Posted in Credit Crunch, Government, Inflation, Payday Loans | No Comments »

King targets banks ‘too big to fail’

Tuesday, June 23rd, 2009

An interesting opinion from the governor of the Bank of England, Mervyn King, is that the banks ‘too big to fail’ should be prevented from getting that big in the first place. According to the Times Online King stresses this is not a personal ploy for power nor is it instigating a battle with the Treasury, but is in the country’s and taxpayers’ best interests.

This comes at a time when the chancellor, Alistair Darling, will be announcing proposals for regulation of the financial sector for the next ten years. The proposals will at large be based on the findings of Lord Turner’s report on the Financial Services Authority (FSA).

King’s remarks not only question the general size of banks but whether the banks are mixing high-street retail banking with high risk investment banking, which had caused so much trouble in the last couple of years. The issue of size and relative failure is a contentious issue, and many analysts have argued that the bigger banks were more likely to fail, and fail in a more expensive way to the taxpayer.

However, others highlight that even the relatively smaller banks have an impact, for instance Dunfermline, Northern Rock and Bradford & Bingley, and still needed to be saved. Even the biggest banks did not fail simply because of their size, for instance RBS’s disastrous acquisition of ABN Amro, leading to their needing to be rescued by the taxpayer.

The Swiss government is even considering measures to physically curb their big banks, UBS and Credit Suisse. However, one analyst argues this may lead to banks moving their headquarters abroad, and the last thing the country wants is a revenue drain abroad.

At the basis of Darling’s future proposals for regulation is the idea of responsible lending. Something we here at www.247Moneybox.com take very seriously indeed. When you apply for our cash loans, we want you to be sure you have thought ahead and can afford the repayment. Check out our lending guide if you need some assistance.

We provide rapid approval for payday loans, and our online service is faster and more convenient than other online lenders. There are 3 easy steps: simply take a few minutes to fill in our online application form, wait to receive our quick approval if you qualify, and receive your money faster than you think!

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Tags: Bank of England, FSA, Recession
Posted in Government, Recession | No Comments »

Number of repossessions overestimated but still rising

Monday, June 22nd, 2009

Some relatively good news from the world of property repossession, BBC News Online has led with an article saying that predictions for repossessions for the rest of 2009 have been overestimated, but they do still remain high.

The Council of Mortgage Lenders (CML) had originally predicted the number of repossessions at 75,000 in last December; however, latest findings have put the level of repossessions closer to 65,000 - a drop of at least 10,000. Despite this, the level of repossessions has gone up overall by 50% in the last three months.

Even with the recalculation the CML states there are still no signs of a ‘robust recovery’, and attributes the repossession reduction to a number of factors not really related to the health of the economy. First of all, the reduction in interest rates, from 5% in October 2008 to 0.5% now, has alleviated homeowners from steep mortgage payments. In-court advice schemes have, according to the Housing Minister John Healey, prevented 4 out of 5 repossessions in court. Finally, not-for-profit organisations are soon to be piloting a £285m scheme to buy homes and affordably rent them out to struggling homeowners.

The CML, short of endorsing the government’s schemes, has said that they have allowed people to get in touch with their lenders and subsequently get help.

However, the CML highlight that job losses and reduced bonuses have made meeting payments extremely difficult. The CML predicts that these will get worse as the recession continues and predicts that 428,000 may get into arrears on their home loans.

This is where www.247Moneybox.com can help! If you’re in need of extra cash to deal with short-term cash flow problems, then our new online loans may be for you.

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Tags: CML, Mortgages, Payday Loan, Recession, Repossession
Posted in Credit Crunch, Recession | No Comments »

APR% the focus of mainstream media

Monday, May 25th, 2009

An interesting article in the Financial Times today on the subject of payday loans opens with the amazing revelation that the recession is not a great thing and some are finding it hard to make their money last for the month. Hmm, not particularly insightful, an amusing if slightly patronizing review of pawnshops and their clientele.

As with all mainstream media the shock tactics come into play with the APR, which, as an annualized rate, doesn’t lend itself at all to a short-term loan. Quoting Geoff Holland of the British Cheque Cashing Association, with whom 24/7Moneybox are full and active members: ‘Comparing APRs with those of bank loans is misleading,’ he says, likening extremely short-term rates to a situation where someone buys a £2.50 pint of beer for a friend in return for borrowing £25 over a week. We couldn’t agree more.

Indeed the article goes on, in what we think is a very balanced and sensible piece, to quote Tom Howard of the Consumer Credit Counselling Service: ‘For some people it’s the only sort of loans they have access to. It’s better that they use those forms of credit rather than going to loan sharks who are illegal or perhaps more unscrupulous.’ In addition the article notes that the Office of Fair Trading has had little in the way of complaints.

Here at www.247Moneybox.com we provide you with quick and easy online loans. We can provide fast payday loans that can be used for your short-term money needs. Apply today and receive a payday loan once your application is accepted.

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Tags: APR, BCCA, Pawnshops, Payday Loan, Recession
Posted in APR, Recession | No Comments »

Recession and identity theft

Monday, April 20th, 2009

The serious issue of identity theft is the topic for this blog entry. It’s something we here at www.247Moneybox.com want to ensure is minimized in our online loan service, both for our peace of mind and more importantly yours. Our decisioning engine references the leading ID verification services in the UK to ensure the applicant is exactly who they say they are.

According to the Unisys Security Index released today, which surveyed more than 8,500 people in nine countries including the UK, almost three-quarters (72%) of UK citizens believe they are more at risk from identity theft and related crimes such as credit card fraud, thanks to the arrival of the recession.

Below are some of the key extracts from an article in itpro.co.uk.

The report showed that 88% of consumers are concerned about other people obtaining and using their credit card, debit card or bank account and a further 88% are concerned about others gaining unauthorised access to or misusing their personal information.

Neil Fisher, vice president of global security solutions at Unisys, said in a statement: ‘It is very interesting to see that fraud fears have deepened as a result of the financial crisis. The current economic climate is forcing many companies to cut costs but a real or perceived drop in spending on security can have a major impact on consumer confidence.’

In the UK, consumer confidence has significantly dropped. Last year 46% of UK citizens were concerned about their ability to meet essential financial obligations, but this has now jumped to 58%, according to the research.

There has also been a rise in fears about computer security with 69% of UK respondents saying they are concerned, and 65% said they are worried about their safety and security when shopping or banking online.

‘Robust security procedures to protect against online fraud and ID theft are crucial to ensuring customer confidence, particularly with regard to online shopping and banking,’ added Fisher.

At www.247Moneybox.com, we provide you with quick and easy online loans. We can provide fast payday loans that can be used for your short-term cashflow needs. Apply today and receive a payday loan once your application is accepted.

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Tags: ID theft, Loans, Recession, UK
Posted in ID theft, Recession | 1 Comment »

Hurrah! Mortgage approvals up - some good news at last

Monday, March 30th, 2009

Official figurers released by the Bank of England show that mortgage approvals increased more than expected in February. There were 38,000 approvals in the month, up from 32,000 in January.

Citing a BBC article, Vicky Redwood at Capital Economics believes February’s household borrowing figures suggest that housing market activity may finally have turned a corner. However, approvals have a long way to go before they get to levels that are no longer consistent with falling house prices - in fact they need broadly to double.

Well, at last some positive data has come out, and what with the clocks springing forward and Jenson Button winning in the Aussie GP what a good way to start British Summer Time!

However, it’s not all good news this week as unemployment figures creep up. David Blanchflower, Bank of England Monetary Policy Committee member, warned that unless the government takes drastic action to tackle the recession, spending up to £90bn on new projects, unemployment could double to as high as 4 million.

Quoting from a Telegraph article:

‘The Bank’s forecast is that there will be a strong recovery and that this will pick up later this year, but there are strong arguments about why that won’t happen,’ he said. ‘The problem is that in forecasts [economists] tend to be over optimistic. Likewise, the probability is that unemployment of 3m is an underestimate.’

A change in circumstances such as losing your job is incredibly tough especially if you have a family to provide for. Sometimes a short-term loan can help you solve your immediate cash needs until a longer term solution can be found. Here at www.247Moneybox.com we are 100% focused on providing straightforward. transparent, online payday loans, sometimes called payday advance loans, personal loans, or fast cash loans. It’s the only thing we do, and we are firmly committed to responsible provision of payday advance loans.

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Tags: Bank of England, Mortgages, Recession, Unemployment
Posted in Government, Recession, Unemployment | No Comments »

It’s finally here - the R word is upon us

Friday, January 23rd, 2009

Not a cheery blog with which to greet the new year, I grant you, but we figure we should face this tough economic environment head on!

The F-word is upone us - yes, the UK is officially now in recession. For your information, we have extracted some snippets from an article in The Guardian published this morning.

The UK economy contracted by a worse-than-expected 1.5% between October and December from the previous quarter, beating the quarterly declines seen during the 1990s recession, figures from the Office for National Statistics showed today. This followed a 0.6% slump in the third quarter. Two or more consecutive quarters of contraction are regarded as a recession.

The fall in fourth-quarter GDP was the biggest since the second quarter of 1980, the year of the Bristol riots, the Iranian embassy siege and British Leyland’s launch of the Metro.

Alan Clarke of BNP Paribas believes that the UK is not even halfway through the downturn yet, and predicted that GDP will continue to shrink through 2009.

‘It’s a case of two quarters down, four to go,’ Clarke said. ‘All the indications are that this recession is worse than the one of the early 1990s.’

Hmm, tough times ahead, friends, and we here at www.247Moneybox.com want to do all we can to help you. Our payday loan service is quick and professional and you could be on your way to a short-term payday cash advance in less time than you think.

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