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One fifth of Brits have fallen out with scrounging family and friends who have failed to pay back debts

Elliot
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One fifth of Brits have fallen out with scrounging family and friends who have failed to pay back debts

One fifth of Brits have fallen out with scrounging family and friends who have failed to pay back debts, a survey has revealed.

Nearly half of people will happily lend family and friends up to £500, according to a survey of 2,000 people.

However relations quickly turn sour when one in five realise their goodwill will never be repaid.

The data, commissioned by 360vouchercodes.co.uk, also revealed huge regional differences between how much and to who people were willing to lend money.

Scots were the nicest to their friends with 20 per cent agreeing to lend them a whooping £500.

While East Midlanders topped the most tight-fisted list after almost 16 per cent said they wouldn’t lend even their family a penny.

Unsurprisingly the survey of 2,000 people revealed that Brits are happier to lend cash to a relative or loved-one rather than to friends.

Mike Meade, CEO from 360vouchercodes.co.uk, said: “It’s not shocking that we’re more prepared to loan money to our own family rather than our friends, but what is interesting is the amount of time we give people to pay us back.

“According to the National Debt Clock, the UK national debt has already passed the one trillion pound mark, and continues to grow at a rate of £5,170 per second.

“When looking at these figures, it’s easy to see why some of us are wary of lending our money, while others automatically expect not to receive repayment.”

The survey found that 17 per cent of people were prepared to lend up to £500 to a friend, with the average person is only prepared to hand over £165.

When it comes to borrowing money people said they were comfortable borrowing around half of what they would consider lending.

This means on average people said they’d be okay with borrowing £65.48 from friends and £162.40 from family.

Surprisingly, 51 per cent of people surveyed said they have never borrowed money from either friends or family.

The survey shows that while 32.5 per cent of Brits would give their family members over 13 weeks to return the loan, 32.3 per cent would give their pals just a month to repay whatever they owe.

Yet while keeping our friends on a tight rein with repayments, 32 per cent of those surveyed admit they’ve paid someone back later than agreed.

The average time that people expect money back from their friends is six weeks, compared to almost nine weeks for family – with one third saying they would be willing to wait more than three months.

The research also analysed why people need to borrow money, with over a fifth of Brits citing bills as their main reason, followed by borrowing to help with large payments such as a car or a mortgage.

One in eight people surveyed even admitted to pawning an item to avoid having to borrow from someone.

Everything you need to know about 100% mortgages

Elliot
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Everything you need to know about 100% mortgages

Their availability has diminished since the credit crunch in 2008, but the infamous 100% mortgage does still exist.

A 100% mortgage is so called because you borrow all the money you need to pay for your new home from your mortgage lender, so you don’t need to put down a deposit. Because you’ve borrowed the whole amount the mortgage is more risky for both you as the borrower and for the lender. For example, any slight fall in house prices would see you in negative equity – where the house is worth less than the outstanding mortgage.

Although they’re not as widespread as they used to be, a handful of lenders do still offer a tweaked version of the original product. You can find all kinds of mortgage documents online in all  formats including PDF, Word, Google Sheets etc.

A guarantor

Because of the increased risk with a 100% mortgage, some lenders ask for a guarantor to secure it. They must agree to take over your repayments if you’re unable to, and their property could be used as additional security against the mortgage.

This in itself has several risks. If you’re unable to meet your mortgage repayments and your home gets repossessed as a result, your guarantor would be responsible for covering the cost of any loss the lender makes.

For example, if you borrowed £120,000 to purchase your property but your lender is only able to retrieve £100,000 by taking possession and selling it, your guarantor would be liable for that £20,000 shortfall. If your guarantor doesn’t have the means to bridge that gap, they run the risk of their property being repossessed too.

It will vary from lender-to-lender, but the amount your guarantor is accountable for is normally between 25 to 35% of your loan.

Savings as security

If you don’t have a family member who’s a homeowner, you can use their savings as security against the loan instead.

For this type of security, your guarantor is required to put their savings into a savings account with the lender who is providing your 100% mortgage.

The guarantor won’t necessarily earn any interest on their savings and they also won’t be able to withdraw any funds from the savings account until your mortgage term comes to an end. This is obviously quite a commitment to make!

Advantage of 100% mortgages

The main and most obvious benefit is that you’re able to climb on to the property ladder without saving up for a deposit. If you’re in a hurry to move out and don’t have substantial savings, it offers a route to owning a property without the hassle of months or years of saving first.

Disadvantages of 100% mortgages

By having a family member act as a guarantor against your mortgage using either their property or savings, you are putting their finances at risk and, if something were to go wrong, their financial circumstances could be heavily impacted – and not for the better. In the worst case, you could both lose your homes.

Because of this, you might find it very difficult to find someone who is willing to take such risks on board. If you do manage to recruit a family member as a guarantor, it’s vitally important that you’re confident you’ll be able to meet your monthly repayments.

Because 100% mortgages are rarely offered nowadays, interest rates are much less competitive than on other mortgage products.

As we’ve said, if the value of your property falls after you’ve taken out your 100% mortgage, you could end up finding yourself in negative equity. As a result, you might find yourself paying back more than you need, or, when it comes to selling your home, you’ll have to stump up the cash to make up the difference.

Ian Williams, spokesperson for Ocean loans, says: “It is still possible to get a 100% mortgage, but the products are more expensive that normal mortgages and come with additional conditions. For the majority of homebuyers it still makes more sense to save towards a deposit – ideally of at least 10% of the purchase price, or more.”

How to keep safe when shopping online

Elliot
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0
How to keep safe when shopping online

When shopping online and on the go with smartphones, personal and bank details need to be secure.

Electronic payment can be safe, fast and convenient, but also a dangerous place for your personal details.

Here are some tips to help you keep safe…

Always look for the lock symbol. The lock tells you the page has Secure Sockets Layer encryption installed. An icon of a locked padlock will appear, typically in the status bar at the bottom of your web browser, or right next to the URL in the address bar – depending on your browser. If the page does not possess this, stay well clear. The lock symbol appears on only the most secure sites, such as Betway, an online gambling destination where it is safe and easy to bet.

Another ever increasing method of payment is contactless, such as Apple pay. To keep safe, make sure you authorise every purchase and your card details are safe, protected by numerous anti-hack walls – this stops drive by hacks accessing your data, through the Near Field Communication system in your device. If you lose your iPhone or Watch, immediately put it in Lost Mode, this locks your Secure Element so nobody can make purchases on your account.

Use a safe payment method. This is crucial if you hope to keep your details safe. Things like PayPal support nearly all e-commerce sites. Websites like PayPal that encrypt your personal information, should be considered for safe electronic transactions, and keeps on top of all advancements in technology, allowing you to stay ahead of scammers.

Keep your computer virus free. It is paramount you update your anti-virus and malware software regularly, to block out intruders. Without it, your details are at risk and are likely to subject to phishing, which is individuals attempting to acquire sensitive information such as usernames, passwords, and credit card details.

Finally, make your Wi-Fi private. If you head out and shop on the go, only use the wireless network if you can access it through a virtual private network (VPN) connection. This helps ward off scammers and people trying to access your information through a shared connection.

Should I repair or replace my broken domestic appliance?

Elliot
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0

When a trusty and regularly relied upon household appliances stops working it can be very frustrating.

Not only are you going to be without a needed domestic appliance for a considerable period, but if you are unable to resolve the issues yourself then there’s a possibility that you’re going to have to fork out on expensive repairs.

When the repairs are so severe, then it’s time to decide whether you should hand over the cash for the repairs, or whether you should cut your losses and invest in a new model with a long shelf life.

UK appliance repair specialists Glotechrepairs.co.uk have used their own data and research to put together the interactive infographic below which shows the most common issues appliances face, how much they cost to resolve and on average how much it would cost to buy a brand new model.

The free bonus rounds should be a great news for die-hard fans of Double Bubble.

Sam Allcock
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0
The free bonus rounds should be a great news for die-hard fans of Double Bubble.

As the double bubble slots become more popular in the gaming circles, it is now possible to trigger bonus rounds several times whenever you give the game a good amount of pay time. Double Bubble is a fun slot game that has 5 reels and 20 paying lines. Playing all the 20 lines is highly recommended so you don’t miss out on anything. Maximum payout is usually 30,000 times the size of your coin, a very generous payout indeed.

The Bubble Bonus round is usually triggered when you get the bonus bubble symbol on the first, third, and fifth lines. In the bonus round, you can pop anyone of the 3 balloons and win whatever multiplier comes out of the balloon.

What makes this slot game interesting is the high chance players have for triggering bonus rounds several times with a good amount of pay time. Bonus games offer additional chances of winning big in this game. For instance, the Halloweenies slot provides a 13000 coin jackpot that you could possibly grab in the base game. When you spin the Five Wild Sweet symbols on an activated payline, you also stand a chance of winning a 13000 coin jackpot too. Keep in mind that for every coin you wager, the jackpot goes up by another 13000 coins. The game really does provide a huge jackpot.

Double Bubble further provides free spins when you spin into view three or more Bunny scatter symbols. Just bring them into any position that can be viewed on the base game screen and you will be awarded 13 free spins. The free spins are additional bonuses that give you plenty of winning opportunities. The bonus can even be retriggered several times, multiplying your chances even more.

Bonus games can be triggered when you spin three or more Pumpkin Bonus symbols on an activated payline from reel one and above. This gives you a chance to play a bonus game with a payout of up to 5300 coins.

The game has a high payout percentage, which is actually good news, since by playing slot games with a higher than average payout percentage, you will get plenty of play time from your slot playing bank roll. With a higher payout percentage you get more winning combinations than someone playing slots that have low payout percentages. The more winning combinations you have, the higher your chances of winning.

How to Create a Million Pound Business, regardless of the climate

ABC Staff
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0
How to Create a Million Pound Business, regardless of the climate

Money is a strange entity, and one that means entirely different things across alternative entities. While the vast majority of SMEs and independent businesses struggle to achieve an annual turnover in excess of £1 million, for example, football clubs in the flagship Premier League are set to spend more than £1 billion on new players during the summer months.

Manchester United are expected to invest as much as £100 million to secure the services of French midfielder Paul Pogba alone, which is a staggering sum of money to spend on a single asset regardless of the economic climate.

3 Ways to Create a Million Pound Business, whatever the weather

Make no mistake; however, there is ample opportunity for business-owners and entrepreneurs to optimise the value proposition of their ventures and generate £1 million during their first year of trading. Here are three tried-and-tested methods of achieving this regardless of the economic climate: –

Identify a Growing Marketplace

Of course, the most effective way of optimising your revenue is to identify a growth trend or market. We have seen a number of firms in the mobile app space embody this ethos, with developers Fiksu earning more than $1 million during their first year and a total of $100 million in the subsequent 30 months.

This firm launched in 2010, as the mobile app space gained credibility and began to experience huge growth (and diversity). With minimal venture capital and impeccable timing, developers were able to target a vast audience with their outstanding products and exceptional level of innovation.

This is something for your business to target, regardless of your growth projections or the precise market that you reside in.

Integrate Monetization into your Business Model

While you may have a product or service to sell, it can take time to identify and market to target audiences. This can lead to slow revenue gains and sluggish growth, which is why you should look to integrate monetization techniques into your business model from the outset.

Whether you engage in the pre-sale of a specific product or market your goods through affiliate websites in exchange for a fixed commission fee, the idea is to diversify your income streams and build revenues immediately.

Regardless of which precise model that you choose, these steps will help you to monetize your business proactively while achieving higher level of turnover and profit during your first year of trading.

Gather, Consume and Utilise Data

In case you may have missed the memo, data is the watchword for businesses in the modern age. In fact, the capture, analysis and strategic utilisation of data drives almost every single aspect of commercialism in 2016, from sales and marketing and distribution.

The prolific consumption and leveraging of data can also drive your profitability during the first year of trading, as it empowers an analytical mind-set that is constantly looking to review performance and introduce improved, measurable metrics throughout the business.

From internal data and analytical CRM profiles to the type of insight provided by tools such as Google Analytics, you can accumulate huge swathes of data that detail consumer behaviour and market trends. These can then be used to inform every single decision that you make, which in turn have a cumulative impact on the scope and the speed of your businesses growth.

What Factors Make You Unproductive At Work?

Jack Peat
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What Factors Make You Unproductive At Work?

By Charles Hibbert

Office workers are only productive three days of the working week, but new research shows that with the sweltering heat of the British summer, office workers are now productive only two and a half days of the week.

HSS Hire, the leading national supplier of tools and equipment, commissioned the research of 2,000 office workers, discovering how unproductive office workers can be for half the week.

A spokesman for HSS Hire said: “The results show the wide range of factors affecting our ability to perform at work day in day out.”

Friday is the relaxed day for workers with the research unsurprisingly highlighting this day as the least productive day of the week, with Tuesday being the most productive.

Those polled also said that they are most hard working at 10.23 am during a normal day and least productive after lunch at 2.02pm.

With this latest research we can learn what factors make us unproductive at work, and what we can do to make sure we earn out money’s worth at work.

A poor nights sleep was identified as the biggest cause of an unproductive day, followed by being too hot in the office and being surrounded by distracting colleagues.

IT problems also mean, being too hungry and being hung over also lead to unproductive days at work.

On a normal day 15 minutes are spent gossiping to colleagues, 14 minutes are spent browsing non-work related content on the web with another 8 minutes spent making teas and coffees for work mates, showing at least 40 minutes a day are spent being unproductive.

“It’s important to take care of ourselves, but given the recent hot weather, perhaps bosses will have noticed a drop in productivity and will be wondering if there is anything they can do to solve that problem.”

There are a few specific things bosses can do to improve this, which includes turning the air conditioning on, something that a fifth of bosses reject according to research.

If the temperature is too hot, then half of the workers dress inappropriately, wearing clothing such as flip flops and vests, and one in ten being more flirtatious, another distraction from work.

Three quarters of people polled believe that if the weather exceeds 27 degrees Celsius, then work becomes impossible and feel that the working day should be shorter.

Making sure all the equipment works, with IT problems leading to a stressful working environment with forty per cent becoming bad tempered.

Making sure you get a good night’s sleep, eating enough food to make you concentrate for the whole day and saving your drinking nights for Friday and Saturday are also other means of having a productive days work.

The HSS Hire spokesman said “We all work hard but certain factors can make our ability to be productive that little bit harder.”

“Indeed, the results suggest that workers in cool air-conditioned offices are actually more productive, less stressed and generally happier to be at work.”

The Top 3 Ways that Banks Can Help SMEs in the Current Economic Climate

ABC Staff
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0
The Top 3 Ways that Banks Can Help SMEs in the Current Economic Climate

There are many problems and pitfalls that can crop up when setting up a new business, and they often relate to your company’s finances. This is particularly true in the existing climate, where the impact of Brexit continues to damage small business confidence and has left nearly two-thirds of British start-ups pessimistic about their immediate futures after the referendum.

It is important to have enough starting capital to get the business off the ground but also having a lot of financial nous to keep it ticking over efficiently. There are many different ways banks can help your small business achieve this, with over 3 million businesses with under £1 million making the most of UK retail banks’ offerings. Here are three of the best ways your SME can use banks to its advantage.

  1. Invoice Financing

Installing a smooth cash flow process in your small business is essential, even more important than simply making profits. You need enough money coming in at the right times to be able to reinvest it in and grow your company.

At the beginning this can be tricky, especially when customers don’t always pay their invoices on time or have up to a month or more to pay them. Invoice financing is a service offered by many banks that allows your business to receive the money its owed from clients’ invoices up front at a small discount. Find out more here about business banking and invoice finance services.

  1. Business Loans

In order to raise plenty of starting capital to cover your overheads, investment funds and more, a business bank loan is incredibly useful. Different banks will attach various terms and conditions to their loans, but most can be used for businesses in many different sectors for a lot of purposes.

Search around to find one with the best interest rates and repayment terms that will suit your company. Hopefully you will then be able to use the loan to grow your business and be profitable enough to easily pay it all back in the future.

  1. Business Bank Accounts

Even when setting up the smallest of new businesses, it is incredibly important that you separate company finances from personal ones with a business bank account. One big mistake many entrepreneurs make is pumping too much of their own money into the company, which does not provide a realistic reflection of the company’s finances.

There are many bank account options available for businesses, so shop around again to find one with the best terms. Different criteria will apply to each lender, and having a separate account will make doing taxes a lot easier. Banks can help out SMEs in a number of ways, so take advantage of them when setting up yours.

ONE FIFTH OF BRITS FALL OUT WITH FAMILY OVER LOANS THAT ARE NOT REPAID

Sam Allcock
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0

One fifth of Brits have fallen out with scrounging family and friends who have failed to pay back debts, a survey has revealed.

Nearly half of people have lent family and friends up to £500, according to a survey of 2,000 people

However, a whopping 20% never saw that money again resulting in a fifth of Brits admitting to falling out with their loved ones over borrowed money.

The survey commissioned by 360vouchercodes.co.uk found that 18.5% saying they wouldn’t lend money to friends again and 12.5% wouldn’t lend to family again

The data also revealed that while 32.5 per cent of Brits would give their family members over three months to return the loan, the same figure would give their pals just a month to repay what they owe.

Yet while keeping our friends on a tight rein with repayments, 32 per cent of those surveyed admit they’ve paid someone back later than agreed.

Mike Meade, CEO from 360vouchercodes.co.uk, said: “It’s not shocking that we’re more prepared to loan money to our own family rather than our friends, but what is interesting is the amount of time we give people to pay us back.

“According to the National Debt Clock, the UK national debt has already passed the one trillion pound mark, and continues to grow at a rate of £5,170 per second.

“When looking at these figures, it’s easy to see why some of us are wary of lending our money, while others automatically expect not to receive repayment.”

The data also revealed huge regional differences between how much and to who people were willing to lend money.

Scots were the nicest to their friends with one fifth agreeing to lend them a whooping £500.

While East Midlanders topped the most tight-fisted list after almost 16% said they wouldn’t lend even their family a penny.

The Economic Challenges facing the UK in 2016

Sam Allcock
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0
The Economic Challenges facing the UK in 2016

For obvious reasons, the British economy has endured something of a difficult time of late. This has resulted in a far less optimistic outlook for the UK, with the IMF having reduced the nation’s growth forecast by 0.9 percentage points in July. So while the British economy is expected to grow by 2.3% in 2017, this is far lower than previous expectations while the figure could also decline further in the months ahead.

3 of the Biggest Challenges facing the UK Economy in 2016

With this in mind, Britain’s economy is sure to encounter a number of challenges over the course of the next five months and beyond. The way in which these are surmounted will have a critical bearing on the near-term future of the UK, while also influencing the long-term growth potential of the economy as a whole. Here are some of the most pressing economic issues: –

A Slump in Manufacturing Output

While Britain may not be the capital of industry that it once was, manufacturing remains central to the nation’s economic engine. This sector still accounts for an estimated 52% of the nation’s exports, for example, while it also employs in excess of 2.5 million people. Birmingham firm R H Nuttall is also set to host it’s annual UK manufacturing awards for 2016, and in this respect you the industry is set to enjoy a celebratory summer.

This masks inner turmoil in the sector, however, with the markets recently opening lower as manufacturing activity nosedived after the EU referendum. The FTSE 100 fell by 15.32 points during this time, creating negative sentiment and the potential for a short-term recession. With manufacturing such a key, if understated, economic engine in the UK, this is something that must be addressed if the current levels of employment and overseas investment are to be maintained.

A Sustained Fall in the Value of the Pound

In truth, the UK’s current economic standing sits between two extreme perceptions. Nothing embodies this better than the value of the pound, which sunk to a 30-year low at the end of June and was expected to decline even further during the subsequent financial quarter. While this prediction has not been wholly accurate as the currency rebounded at the beginning of July, it has once again begun to fall steadily and dropped by a further 1% after a recent PMI report.

According to the analysis featured here, this trend is likely to continue for the remainder of 2016, particularly as the volatility and uncertainty that haunts the currency market remains Omnipotent. The challenge is to manipulate related economic factors such as interest rates and leverage these for an advantage, at least until the pound re-establishes itself in the market.

The Spectre of Austerity

One of the key economic issues at present is the spectre of austerity, which has underpinned recent attempts to curb borrowing. This has had a cumulative impact on regular households and middle-income families in particular, while it has also left an economy is desperate need of stimulus.

This will require a balanced approach to spending and borrowing, as money is invested wisely to benefit home-owners, consumers and employees nationwide. Timing is perhaps the most pressing concern, as this will have a critical bearing on the success of each measure taken and the long-term impact that it has on the economy.

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