Are you being overcharged for your pet medication?

Did you know that you may be paying more than you have to for your pet’s special diet foods, health supplements and medication? Take, for example, Mrs H, whose pet cat Kirby was prescribed a potassium supplement. The 4oz container from her vets cost £62.40. When the product had nearly been used up after a few months, there were problems getting it from her vet who had to ‘order it in’ as it was ‘special’. Desperate, Mrs H found the same product at the same weight for £29.99 online at one of the small number of pet prescription websites that have sprung up in recent years. Luckily for her, the product was a non-prescription item and she ordered it there and then.

You may also find that your usual preventative flea treatments work out cheaper if you look around online too. Companies who offer this sort of service include www.petdispensary.co.uk and www.petmeds.co.uk.
Similarly, when Mrs H asked her vet for some furball paste for Kirby, the cost was £18 for a 20g tube. Online a similar brand currently costs £7.50 for a 70g tube!

Prescription medications
However, even if your pet is on prescription drugs, you may still be able to make savings on the cost of your furry friend’s medications. All you need is a prescription from your vet – however, do bear in mind that he or she may not be happy about you buying the medications somewhere else, because they could well be losing out on making a profit on it.

Legally the vet can charge you to write a prescription and this may be anywhere from £5 up to £15. However, if you ask for a prescription for 6 months’ medications, you may still find it cheaper overall to buy the prescription from your vet and then get the medications online.

When ordering your pet’s medications online, you’ll be asked to supply a copy of the prescription before your order is despatched. It’s a simple process and one that can potentially save you a lot of money.

Special diet foods
It is also useful to note that even if your pet is insured, special diet food is often not covered under a pet insurance policy. Again, going online for special pet diet may work out cheaper than buying it from your vet.

Over 50’s life insurance

There are times when those above the age of 50 find it difficult to find insurance coverage that meets their needs. Over 50’s life insurance is an insurance policy type that is designed especially to cater to this problem. In fact, many insurance companies have developed life insurance policies that especially take the needs of people over fifty into consideration. Life insurance policies, although slightly different depending on the company that you sign up with, are something that could provide a lot of comfort and security to anyone over the age of 50 that has dependents. Often those looking for insurance will shop around and compare policies to find one that fits their needs the best.

There are all types of reasons that someone over the age of fifty might decide to take out a life insurance policy. Sometimes it is as simple as a change in circumstances. This often happens when people lose their job or retire. Ultimately an over 50’s life insurance policy could provide you with financial security for your family should you die suddenly. There are some policies that also payout if you fall sick and are incapacitated. For full information on your life insurance coverage, it is important to read through every section of your insurance policy before agreeing to sign up.

Typical benefits of over 50’s life insurance:

• Will pay funeral expenses and related costs
• Covers unpaid debts in the event of your death (subject to the policy)
• Provides financial security to your partner or any dependents should you die suddenly

Generally speaking, a life insurance policy covers you in the event of your death by natural causes or by accidental causes. Beyond that, your individual policy will give you more details on what is covered and there are times when you can choose to pay for extras on the policy.

There are a variety of ways that an insurance company will issue life insurance payouts when you make a claim, each dependent upon the policy you have signed up for. Some insurance companies will pay lump sum that is fixed, others will pay annually, while some will do a little of both depending on the circumstances and the rules of the policy that you purchased.

Buying over 50’s life insurance can be done with an insurance agent and it can also be done online. The first thing you could check are the details of the policy you are considering. If you have questions, an agent would be able to answer them for you. In most cases, buying insurance online can be cheaper than in a high street shop, making it more affordable for those even on a tight budget.

Save money on insurance

Insurance is a fact of life and very of us can do without it, whether it is for the car, the home or ourselves. Of course, we all want to save money on insurance and this article outlines a few tips that you can use to make it as cheap as possible. Combine as many of these as you can to get the best possible deal.

• Shop around. This is the number one way to save money on insurance and since all the price comparison websites appeared it has become extremely easy to do. You only have to give your details once, and you can get initial quotes from dozens of providers along with a summary of each policy.
• Haggle. When you have got a few quotes from different providers, call your current insurer and see if they will beat the cheapest one. If they can’t beat it or you don’t already have insurance, just call one of the others on the list and ask them. You’ll be surprised how many providers actually ask you for the best quote you’ve got, and then offer to beat it.
• Check the cover. Make sure that the policy gives you the correct cover for your circumstances. For home insurance, your mortgage provider might require a certain level of buildings cover and for motoring insurance you need a minimum of third party insurance to legally drive your car on the road. Even if the cover isn’t required by law, for example home contents insurance, make sure that expensive or sentimental items are named individually and that the policy limit is enough to replace all your belongings if you need to.
• Watch out for unwanted extras. Make sure that you aren’t paying extra for things you don’t need. Why buy holiday insurance that covers you for extreme sports when you only want to lie on the beach, and why buy home insurance that automatically includes cover for bicycles when you don’t have any?
• Watch out for bundled insurance. If you have a mortgage or a loan, the provider will often try to sell you their own insurance policy. This is often more expensive than similar products offered by other providers, and it can pay to take out insurance separately. If you have any credit cards, check that you aren’t paying for payment protection cover if you don’t need it, especially if you pay the balance off every month. This cover is often added without you noticing, and even if you do need it there are specialist companies who can be get you a much cheaper deal.

Top tips for buying hot property in the sun

Holiday romances rarely last – and that includes any love affair you might have with a dream property in the sun.

Buying a property can be fraught with problems in the UK – let alone at long distance in a country where you may be unfamiliar with the language, legal system and financial processes.

Many holidaymakers fall in love with the sun, sea and lifestyle in another country and decide to buy a property on the spur of the moment – but if you are considering a second home abroad or even relocating, here are some top tips you should bear in mind:

• Don’t make a decision blinded by sun – enjoying your holiday is one thing, investing in a property and returning to the same place time and again is another.

Collect all the information you need to make a decision then come home, take the sunglasses off and look at your plans in the clear light of day.

Take advice from your family, friends and independent professional advisors who don’t have any interest in your purchase – and preferably advisors who are well versed with buying and selling property in the place you are looking.

• Keep it simple – never sign anything you don’t fully understand

• Keep your cheque book in your pocket until you are absolutely sure you want to proceed and that every protection of you money and interests are in place.

Just like in the UK, if you are financing the purchase with a mortgage, don’t hand over a penny until you have an offer in writing from your lender.

• If you’re buying a second home abroad and still working in the UK then arrange a mortgage in sterling to avoid losing out on exchange rate fluctuations. If you’re moving abroad and earning in a foreign currency, then try to arrange your mortgage in that currency.

• Don’t settle for second best. If you’re not absolutely sure about a property, think with your head and not your heart.

• Check out the tax implications of buying and possibly renting out your property with a tax professional in that country. Few UK accountants are qualified to advise you on overseas tax affairs.

If you are continuing to live in the UK, you need to include details of any rental income and property expenses to HM Revenue and Customs. You will pay income tax on any rental profits and capital gains tax if you make a profit selling the property as some stage in the future.

• Make sure you are completely briefed on the full cost of buying your dream property – in many countries fees and taxes are added to the purchase price that can dramatically increase the cost of the deal.

You need to make provision for all these extra costs in your budget.

• In many countries, developers structure a finance deal with banks that may include putting each plot on the development up as security. Ensure your solicitor checks this out so you do not take on the developer’s debt when you take over the property.

• Set up a bank account in the country where your property is located – pay in all the rents and pay out all the bills.

Summary

• Don’t make any instant decisions
• Don’t sign any papers you don’t understand
• Make sure you have your finances sorted out before proceeding with a deal
• Get a team of independent experts to give you advice
• Don’t forget to find out all the cost and tax implications before you proceed

Honesty is the best policy with insurance

Honesty is the best policy when dealing with your insurance company otherwise you could lose out when you make a claim.

Somewhere in the policy small print is a warning that says you must disclose any information that might affect the terms of the policy.

If you don’t, at worst, you may find the police knocking on the door to discuss a fraudulent claim while at best, the insurance company will refuse to pay out.

Most people have several types of insurance – for their homes, possessions, cars and pets, for example.

To make sure you are covered, read the policy small print and if in doubt, call your insurance company and discuss your circumstances.

Home insurance

Homeowners have buildings insurance that covers events like storm damage, flooding and subsidence.

Many homeowners and tenants also have contents cover that protects loss or damage to personal possessions like the TV, carpets and furniture.

Every year, many have to pay out of their own pockets for a break-in or damaged property despite having paid for home insurance.

The insurance companies cleverly write policies in their favour policyholders can invalidate their cover unwittingly.

Bringing in builders without notifying an insurer can invalidate building and contents insurance and any claim refused.

• Some policyholders failed to tell their insurers about work on their homes and have had claims refused for water damage while builders were replacing roof tiles and rain poured in during a storm.

• On the other hand, DIYers have damaged their homes by knocking out retaining walls or dropping hammers in the bath and had claims refused because their policies stipulate that competent, professional builders must complete certain work, like structural alterations.

• Some building work, like changing doors and windows may lead to an extra premium if your insurer feels the risk of a break-in is increased by the work.

Many insured homeowners have burglary claims turned down because they have invalidated their policies:

• Failing to make sure door and window locks fitted to the house meet the minimum policy requirements

• New doors or windows are fitted and the insurer is not update

• Police are not told about a burglary so no crime number is assigned to the case

• Items are left out in the garden without little or no security, like garden furniture, tools and bicycles in the open or unlocked sheds.

• A home is left unoccupied for more than 30 consecutive days

• Doors or windows are left unlocked allowing a break-in

Another common problem with home insurance is inflating the claim of repairs or stolen goods. As soon as you put in a claim form that is misleading, you are attempting a fraud, which is a serious crime.

Drivers

Motor insurance is a minefield – some drivers mislead or ‘forget’ to mention driving offences or accidents to try and keep their premiums down and others unwittingly void their insurance by just failing to tell their insurer about changes in their lives:-

• Drivers who don’t tell their insurers about driving convictions or accidents may find their car insurance is invalid.

• Moving home instantly invalidates any insurance policy. When you move, tell your insurance company straight away and ask for a new quote.

• Changing your job can sometimes invalidate your policy as well – for instance you new job might incur some business use of your car which is not covered by your existing policy.

• Letting someone not named on your policy drive your car because your insurance does not cover them.

• Letting your MoT expire and failing to maintain your vehicle to legal standards, for example, driving with worn out tyres will also invalidate your car insurance.

Pets

Overfeeding or neglecting your cat or dog could invalidate your pet insurance if you claim for a condition related to the way you care for your pet

Summary

• Always read your insurance policy small print – and if in doubt, talk to your insurance company

• Don’t mislead or omit information to try and get a cheaper premium or inflate a claim.

Interesting information about credit card offers

Credit card companies want your business and they will flirt with you by offering special offers for opening an account.

Teasing you with 0% offers and cash backs certainly seems attractive, but are the card companies really flattering to deceive?

Here’s a guide to the main offers many credit card companies are advertising in a bid to tempt new customers:

Paying no interest

This is the bigger tempter. Credit card companies will offer you an interest free period on a balance transfer and/or any purchases you make for a limited period.

The period may vary from company to company:

• Lasting last from three months to a year or even more.
• Lasting to a fixed date
• Lasting until you have paid off the balance you have transferred

Paying 0% interest on a balance transfer is fine as you can reduce the card debt rather than just tread water paying the interest with a minimum monthly payment.

Balancing act

Do your sums before transferring a balance because the handling fee for switching your credit card debt from company to another could wipe out a proportion of your 0% interest saving.

The fee might be a fixed amount or a percentage of the amount you transfer.

Spending on your new card

Watch out that your special 0% rate applies to transfers and spending. Some cards charge a higher rate for spending if you have a 0% deal on your balance transfer.

Affinity cards

Affinity cards are credit cards linked to a charity or organisation, like a football team. They generally offer card holders extra ‘rewards’

Affinity credit cards come in two types:

• Reward cards that earn you free points that you can swap for extra benefits, like flights.
• Partner cards - often these are charities and football clubs, who pick up commission when you spend on your card.

Cashing in on your spending

Cash back cards offer you an extra incentive to spend by effectively offering you a discount on everything you buy with the card.

Most cash back cards offer a 0.5% reward – that’s 50p on every £100 you spend. Now and then, a special offer comes along that offers cash back up to 5%.

Cash back catches

Cash back cards often have attractive balance transfer offers – but stop and think before trading in your old card for something shiny and new.

Your monthly repayments on a cash back card are automatically deducted off your cheap balance transfer rate until the amount is repaid in full, leaving the more expensive interest to pile upon your purchases.

Learning some card tricks

If you want to transfer a credit card balance and collect cash back on your spending, then consider two new credit card accounts – one for the balance transfer and one for spending. That way you get the best of both worlds.

Summary

• Interest free balance transfers are a good way of reducing your debt
• Read the small print to make sure the card company is loading charges on your spending if you transfer a balance
• Affinity cards help out good causes or a special interest without any cost to you
• Think carefully before transferring a credit card balance to a cash back card

Save Money on Your Insurance Premiums

Insurance premiums can be one of your major annual outgoings, but they don’t have to eat up quite so much of your yearly earnings. Here are six ways to reduce the amount of money you spend protecting things you already own:

1. Make sure you know what you need.
Why is your non-existent bicycle covered against theft? It’s easy to get caught out by insurance packages that include things you’re never going to claim on in a million years, and many of these can be removed. There’s no point in paying money for things that go too far above and beyond your requirements, and so you need to sit down and make sure you know exactly what you’re looking for before you even start searching for a package. It might take an extra ten minutes or so, but it could save you a fortune.

2. Don’t be afraid to switch.
Whenever your premiums are coming up for renewal, it’s good practice to have a quick look around the marketplace to see if there are any introductory offers with competing firms that might offer you a better deal. While you can lose out by switching – if, for example, you have a non-transferable no claims bonus on your car insurance – but the money you can save is often enough to offset this and make it worthwhile. And so what if the rates increase next year? You can always switch your provider again. It can be a lot of work, but it’s often worth the money.

3. Look for package deals.
Buying house, car and pet insurance? See if you can get a bundle deal from one company. In exchange for taking out several policies, a lot of companies will offer you not-insubstantial discounts that might make it worthwhile. It’s certainly worth asking about, if you have several policies that need renewing.

4. Buy online.
While a considerable number of people in this digital age use the internet to streamline their search for better insurance deals, there are still some who prefer the old-fashioned route. Unfortunately, it may be time for these individuals to get online, as several big-name insurance providers (are offering hefty discounts for doing nothing more complex than ordering online – often as much as 10%. They can save on personnel costs, and they pass the savings onto you: everyone wins, and it’s remarkably simple to do.

5. Save up throughout the year.
When your insurance payment is due, it’s common practice for you to be sent a quote for the full amount payable. This is often a substantial amount of money, and one that you might not have ready to pay at that specific date. If you fall into this category, it’s possible make arrangements to settle up in instalments… but of course, this will incur finance fees that you wouldn’t otherwise have to pay. One of the easiest ways to cut this out is by saving throughout the year, making sure you have enough money ready to pay your insurance premium in full. Why pay more than you have to when a little planning can save you money?

6. Change your lifestyle.
Sometimes, a few simple changes can make a large amount of difference to the cost of your insurance. Fitting fire extinguishers, driving to work, and parking your car in a garage have all been known to lower your risk rating, and make the insurance companies view you more favourably. Ask when you’re looking for the policy to see if there’s any minor alterations you can make that would lower the cost.

Six Simple Ways to Ease the Credit Crunch

Like it or not, the country – and indeed, most of the world – is in the icy grip of the credit crunch. However, there are ways to help make these financial straits a little easier to bear. Here are six tips to help you weather the current monetary storm:

1. Set a budget (and stick to it).
This is really the golden rule of personal finance. Make sure you know exactly how much you have, exactly how much you need, and exactly how much you have left over at the end of the month. If you do this, and make sure you always have a little bit extra tucked away in case of an unforeseen emergency – a boiler breakdown in the middle of January, or your car’s engine finally giving up the ghost and needing a trip to the garage – the credit crunch won’t cause you too many problems. Aim for three months’ typical expenditure (six months’ worth, if you’re self-employed), and you’ll find a lot of worries disappear from your shoulders.

2. Pay off your debts.
Just because money’s tight, it doesn’t mean that you can afford to forget about your debts. The more you can pay off and still live comfortably, the better you’ll be in the long run, as you’ll end up paying back less interest. Try and put as much as possible towards your repayments, and avoid only paying back the monthly minimum if you can at all avoid it.

3. Try second-hand.
If you absolutely have to make a big purchase – furniture, for example, or white goods and electrical products – you might want to consider trying second-hand shops and other non-new retail outlets. It’s possible to pick up some real bargains… and besides, does it really matter if your washing machine isn’t fresh out of the showroom?

4. Don’t be afraid to haggle.
If you’re making a big purchase and second-hand doesn’t really work for you, don’t be afraid to haggle. Most major retail outlets (especially for larger items) have some degree of flexibility with prices, and may be able to make you an offer. While it might not amount to much, you don’t get anything if you don’t ask. What have you got to lose?

5. Use your loyalty points.
The vast majority of people have loyalty cards tucked away in their purse or wallet, slowly accumulating points that can be redeemed for store credit, special offers, or reduced prices on getaways or other out-of-store treats. Now’s the time to cash them in, and get back some of the (often surprisingly large amount) of money that you’ve got saved up on your plastic. After all, it’s not gaining interest, and it’s tied up in a very specific place. If you’re going to be making a purchase at a shop you’re in a points-scheme with already, it should help to keep a few more pennies about your person – and every little helps.

6. Keep looking.
Even if you think you’re pretty well bunkered-in as far riding out the credit crunch goes, there are always savings to be made – especially in uncertain times like these, where the financial playing field can shift rapidly. If you pride yourself on being financially savvy, it doesn’t hurt to keep a lookout for new offers and deals coming up that could save you considerable amounts of money.

Debt Consolidation Loans

Debt consolidation loans are often considered to be the bogeyman of personal finance. Wherever you go, you hear horror stories of people who have been burned by high interest rates, foreclosures and repossessions after turning to consolidation companies in their greatest time of need. However, while it is possible to get stung pretty badly by some unscrupulous companies, consolidating your loans needn’t be the end of the line for your finances.

So, why consolidate? There are several reasons. It’s often done as an attempt to capitalise on introductory offers with a loan company (such as a lower interest rate, rather than the higher rates you might be paying on often-extortionate store and credit cards), to get a fixed rate of interest for your debts, or even just as a means of keeping your bills under control: the now-infamous ‘one simple monthly payment’ that is so often used in advertising campaigns. These are all valid excuses to see about getting a debt consolidation loan, but it’s important to note that it’s not a magic-bullet solution to debt; you might only have one creditor to pay back, but it still needs paying. Additionally, many such loans offer a longer repayment time, meaning that – while you’re paying back less each month – the total amount repayable may be considerably higher.

Similarly, although it is possible to get a debt consolidation loan that merely merges a number of unsecured loans into one unsecured loan, you’ll generally find it’s easier to get a more favourable interest rate should you agree to secure your loan with some form of collateral (usually a house). In this case, the bank or other lending institution can write off a lot of the risk associated with the loan – if you default they can foreclose on your property, and so can recoup much of their losses – and as a result are able to offer you a lower interest rate. Once again, though, it’s important to note that these loans can come with a longer repayment period, and so may cost more in the long run. If you don’t have anything to use as collateral (if, for example, you’re a student, or someone who’s yet to get a foot on the property ladder), it should still be possible to consolidate your debts, but you may end up paying more per month for the privilege.

Debt consolidation isn’t for everyone – and there are some people who may find themselves considerably worse off as a result – but there are much fewer examples of so-called ‘predatory lending’ (that is, when unscrupulous institutions actively seek out people who are near bankruptcy in order to charge them higher prices for what amounts to a riskier loan) than the media would have you believe. The usual rules for finance apply here the same as everywhere else: shop around, make sure you’re getting the best deal, don’t overreach your repayment capacity, and don’t be afraid to talk to a financial advisor if you’re really struggling.

Similarly, don’t feel as though debt consolidation is your only option, especially if you’re worried about credit cards or loan repayments; there are many alternative methods (including the much-lauded ‘debt snowball’) that may be more suited to your personal circumstances. However, debt consolidation loans are a useful tool for a fair percentage of debt holders, and so it’s crucial that you don’t write them off as a result of bad press or unfair media reporting.

Six Tips to Help You Beat a Recession

With financial markets the world over slowing down as a result of the credit crunch, and people preparing to tighten their belts in light of the looming financial crisis, here are six easy ways to help keep yourself afloat during these economically turbulent times.

1. Don’t panic.
It’s easy to lose your head a little bit when the media seems to be talking about nothing but the terrible financial quagmire we’re in, but try and remember that a lot of it is media scaremongering. Bad news sells papers, and so statistics like rising food prices and employment rates and tumbling property values are exaggerated. As bad as things might seem, remember that most recessions last between 12 and 18 months, and then things get back to normal. This isn’t 1929, and it’s certainly not the end of the world.

2. Plan a budget.
Make sure you know your finances inside out. That means knowing how much you’re bringing in, how much you’re paying out, and how much you have left at the end of the month. Don’t spend more than you’re earning if at all possible. Avoid extravagant purchases, and save whatever you can in order to provide yourself with a buffer should you lose your job (3 months’ expenditure is the standard advice, 6 months’ worth if you’re freelance or self-employed).

3. Consider buying stocks.
It sounds counter-intuitive, but if you’ve got a little spare money lying around, consider investing in stocks. Share prices tend to drop during a recession only to pick up afterwards, so it’s possible to make a tidy profit if you’re willing to wait out the dip. However, while it sounds obvious, you need to remember that some companies won’t survive the recession, which means you could lose out if you back the wrong horse. Tread carefully, and never invest more than you can afford to lose.

4. Shop around for a better deal.
If you’ve put off switching your gas and electricity provider previously, now might be a great time to consider a switch. For a little bit of effort spent scouting around, there are definite savings to be made, and most people could end up with a substantial amount of cash in their pocket as a result.

5. Don’t change jobs.
In an economic slowdown, many companies are trying to save money. The easiest way of doing this is to lay off staff who are surplus to requirements. Additionally, many companies reward loyalty by getting rid of the newest staff members first, and so attempting to switch jobs during these shaky times might backfire on you. Unless you absolutely have to leave, you might be better off staying where you are, at least until the economic climate becomes more favourable.

6. Embrace opportunities.
If the worst comes to the worst and you do end up losing your job as a result of the recession, don’t let it get you down. There are still lots of opportunities available to you, and while some industries (construction, finance, property and the motor industry, for example) may suffer as a result of the economic slowdown, others – such as education – may not take any noticeable damage, or may even improve. If you’d planned on switching to a new career, now might be a good time, and remember: recessions don’t last forever, so even if you don’t want to switch industry, you should be able to find work relatively soon.

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