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Viewing entries tagged with 'advice'

Pension contribution hike

Posted by MMB Finance Swindon and Gloucester on 17 February 2019

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Since 2012, 10 million eligible workers have been automatically signed up to workplace pensions. From April, their contribution will rise from 3% of their salary to 5%.

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Credit score myths and facts about your report

Posted by MMB Finance Swindon and Gloucester on 2 February 2019

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Credit scores can be confusing. But it's worth getting to know them better, as they could make all the difference when it comes to applying for deals such as mortgages, car loans, and even mobile phone contracts. They can also be crucial when it comes to being offered a better or worse rate on a loan. Credit report and score provider, Noddle.co.uk recently put people's financial skills to the test - and found that the majority (56%) couldn't answer correctly when asked what a credit score is. Millennials particularly struggled, with only 38% getting the question correct. So, to help set the record straight, here, Noodle's Jacqueline Dewey debunks nine common myths around credit scores and reports...

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Benefit cut could cost couples £7,000 a year

Posted by MMB Finance Swindon and Gloucester on 17 January 2019

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Changes to pension credit could leave some couples £7,000 a year worse off, Age UK has warned. Earlier this week, the Government announced changes to benefits for mixed-age couples which will be introduced from May 15 2019. Age UK said the change could leave "some of the poorest pensioners paying a hefty price for having a younger partner". The charity said the changes effectively mean some couples may find themselves in the "absurd position" of being financially better off if they split up and live apart. It said this is because, once the change is implemented, the pensioner partner would, in many cases, be eligible for more money from their pension credit than they and their partner would get together from Universal Credit .

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FCA more proportionate affordability for mortgage

Posted by MMB Finance Swindon and Gloucester on 10 January 2019

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FCA, has outlined the regulator's solutions to improving switching options for mortgage prisoners. In a letter to Treasury Committee chair Nicky Morgan, Bailey said the vast majority of mortgage prisoners were with inactive lenders and unregulated firms, making up a total of 140,000 borrowers.

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Money from being a loyalty customer

Posted by MMB Finance Swindon and Gloucester on 19 December 2018

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The 61-year-old had been a home and contents insurance customer with the same provider for 20 years, and was eventually paying £2,000 a year. One phone call querying the cost reduced the annual premium to £750. Now the UK's competition watchdog has said millions of unsuspecting customers were being exploited by bad practices by firms. It has responded to a so-called super complaint from Citizens Advice which argues that loyal customers are being "ripped off" for mobile, broadband, savings, home insurance and mortgage deals. 

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