Category Archives: Financial Services

EZ Saver Savings for Entertainment, Travel and Shopping Made Easy

Savvy shoppers everywhere are looking for ways to save money on general purchases as well as the major necessities in life. This can include being on the lookout for bargains of all types; from two for one offers, to rebates, and even coupon clipping and sales, shopping wisely requires more than simply buying discounted products.

The fact is that shopping wisely often begins with saving prudently. This means that the individual not only saves money but he saves in a way that is unobtrusive to his lifestyle. In other words, the easysaver plan does not impinge upon one’s regular routines or habits. Instead, it is smoothly incorporated into the business of life as if it had always been there. Fortunately, EZ saver savings for entertainment, travel and shopping made easy, is not that difficult to develop. If one cannot create a system on his own there are lots of financial specialists that can offer assistance.

Although saving money and being a savvy shopper has become trendy due to the failing economy, many people worked toward these very goals long before the recession became a reality. Years ago they may have been thought of as cheap or spend-thrifts, but nowadays the rest of us are looking to these individuals as knowledgeable trail blazers.

It’s true that many of us do not want to take the time to clip coupons, nor is the thought of spending the cost of a stamp to wait for a rebate of a dollar or two overly exciting. But the truth is that every dime saved is a dime in our pockets, and when we can get a rebate of a dollar or two that is a substantial amount of money to simply let go.

Many of the individuals that utilize coupons, rebates, and other special offers make it a habit to save their savings. This of course, requires discipline, but it is the ultimate Easy saver way to afford some of the nicer things in life.

Admittedly, this form of saving is not for everyone. In fact, if one does not stick to a regular plan of shopping sales, using coupons, rebates, and other ways of saving, they will lose interest before they accumulate enough savings to make a difference toward a nice vacation or other special treat.

The good news is that there are other tactics these people can use to create an Easy saver program that seems custom made just for them. An all time favorite is to have a set amount deducted from each paycheck and deposited into a special savings account. These Easy saver accounts often have increased interest rates but what makes them so appealing to most people is the fact that they are in complete control. They can stop the deductions at any time they want and they can dip into their savings when it is convenient or necessary. No matter what your circumstances are, there are easy ways to save money.

Via EPR Network
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Tracesmart, The People Search Experts, Celebrate Tenth Birthday

The popular online people search providers are celebrating 10 years in tracing. Tracesmart has over this period been instrumental in reuniting thousands of families and friends, and is now one of the UK’s leading online people tracing facilities.

The company was established in Cardiff in 1999 by a group of professional tracers and genealogists; specialists in the art of people tracing. To mark the anniversary, Tracesmart are offering ten free credits to their newsletter subscribers, providing the opportunity to help them kick start their search for missing friends and relatives.

The Tracesmart website offers visitors the ability to search through over 200 million electoral roll entries dating from 2003 through to today. The people location tool utilises monthly rolling register updates, ensuring customers conducting an online search are able to access the most accurate data available. This month the register provided 70,000 amendments, invaluable to users performing a people or address search. The recent update will assist those who may have tried the system before, but didn’t find the information they were looking for.

Over the years, Tracesmart has amassed a considerable amount of data. In addition to the electoral roll, Tracesmart holds the General Register Office data for every birth, death and marriage registered in the UK between 1984 and 2005; again an invaluable tracing resource. Sarah Lawrence, Tracesmart’s Customer Services Manager commented. “It’s extremely satisfying that we are able to help reunite so many friends and families, especially when the customer considered the search impossible. Some of the reunion stories are quite poignant; many of which have subsequently featured on TV and in the press.”

The company has grown significantly over the past five years, and the online people search website has seen visitor numbers vastly increase as more and more people attempt to find relatives and friends. Mike Trezise, the company’s Managing Director and driving force, commented, “The past ten years has been a fantastic journey, technology has changed our work beyond recognition. It really has moved for ward and the future is looking even better as we aim to make tracing even easier.”

About Tracesmart
Sarah Lawrence boasts over 17 years experience in the field of customer services and satisfaction. In her role at UK Certificates, she ensures the smooth day to day running of certificate fulfilment and customer enquiries.

Via EPR Network
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Consumer Protection Institute (CPI) Announces DebtResponseâ„¢

Consumer Protection Institute (CPI) announces DebtResponseâ„¢ – its new web-based solution that protects consumers in debt collection. DebtResponseâ„¢ fills the widening communication gap between debt-stressed consumers and third-party debt collectors by enabling rapid, reliable and optimized responses to debt collector communications at low-cost.

consumerprotection

DebtResponse™ removes the embarrassment, confusion, paralysis and confrontations associated with responding to debt collectors–whether demanding they stop contact or challenging collector claims.

“DebtResponse is a timely answer to a growing need, and is aligned with President Obama’s plans to address the United States’ credit card industry and improve the financial health of our citizens. Educational webcasts; an informative blog; and expansion to Canada, the United Kingdom, Spain and Brazil are in the planning stages.” stated Steven Sussman, President of CPI.

Founded in 2008, Consumer Protection Institute is the leader in web-based response solutions for debt-stressed consumers.

Via EPR Network
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Free Online Loan Modification Course By LoanModificationForFree.com

“Amid surge in foreclosure activity, the creator of the LoanModificationforFree.com program urges Obama Administration to do more to solve the foreclosure crisis”

According to the creator of the only truly free online loan modification course, the Obama Administration must do more to address the foreclosure crisis.

In a recent blog entitled, “Is the Obama Administration Helping or Hurting Distressed Homeowners?”, Jeremy Kossen presents data that suggests that two months after the Administration rolled out the “Making Home Affordable Program”, there has been little relief for distressed homeowners.

Mr. Kossen cites some unfortunate statistics:

• According to a report from the Federal Housing Finance Agency (FHFA), completed foreclosure sales increased 900 percent between March and April this year. 
• According to RealtyTrac, a company that compiles foreclosure data, reports that 342,000 households received at least one foreclosure-related notice last month. This is an increase of 32 percent, compared with notices issued last April. It is also the second consecutive month in which more than 300,000 households got a foreclosure filing.
• According to the Wall Street Journal; on April 15th, 2009, one of the nation’s largest mortgage servicers, GMAC, acknowledged that only 10 percent of their customers that are facing foreclosure actually qualify for Obama’s “Making Home Affordable” program.

“The Obama Administration should be commended for taking a proactive approach by promoting loan modification as a tool to prevent foreclosure”, says Jeremy Kossen. “But more needs to be done and the administration needs to be honest with the American people about who can realistically be helped with ‘Making Home Affordable’. Thus far, the program has helped far fewer people than promised.”

To enable distressed homeowners to negotiate their own loan modifications, LoanModificationForFree.com offers a free seven lesson course covering all aspects of the loan modification program and information on the Obama Administration’s “Making Home Affordable” program. The only requirement to participate is the completion of a brief, one page application, at which point the homeowner is immediately provided with a username and password which gives them access to the full loan modification program.

About LoanModificationForFree.com:
LoanModificationForFree.com is the only truly free online loan modification course, designed to educate distressed homeowners on strategies to stop foreclosure and obtain a loan modification. LoanModificationForFree.com, like other free online resources such as Google, Yahoo! and Facebook is funded by advertising and does not charge homeowners a fee for this service.

To learn more about LoanModificationForFree.com call (805) 617-0506 or visit www.LoanModificationForFree.com.

Via EPR Network
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The number one destination site for retirement planning

Prudential UK has transformed its consumer website, into a retirement income resource hub, segmenting it to cater for the needs of consumers at different stages of pre-retirement and retirement. By enriching the content of the site and making it more user-friendly, Prudential has made a big step in transforming pru.co.uk into the number one destination site for retirement planning.

The updated website has been enhanced to offer a ‘retirement needs led journey’ for consumers as well as a product led one – this is a first for Prudential. The new website will contain a bespoke hub for Prudential’s many existing customers, allowing them to research their retirement needs, contact Prudential directly with any queries they may have regarding their retirement plans or to speak to their Financial Adviser.

The site was developed using the latest usability and eye tracking technology, and customers had direct input into the design of the site.

Steven Zuanella, Head of Online & Ecommerce, Prudential said; “Putting the customer at the heart of our development process was central to the success of this initiative. The new site is the result of rigorous development that involved customers at every step of the journey. The site is an invaluable resource for our customers no matter what kind of retirement information they’re looking for. “

The re-launch also marks the beginning of an exciting journey for www.pru.co.uk, as the new website has been built to accommodate future innovations, including social media, targeted content and user friendly tools and calculators.

To further assist visitor, the website features the Retirement Calculator, an online service which was recently awarded the Financial Services Award at the 2009 Revolution Innovation Awards. The Retirement Calculator has been specially designed to help find out how much income a customer’s current arrangements might give them in retirement; it factors in current pensions, property, savings and investments. The Calculator will also show customers how they might be able to boost their retirement income, if there is a gap between what they may have and what they may need.

The re-launch of www.pru.co.uk marks a major step forward in a retirement online journey and provides Prudential with a platform on which to build richer, deeper and more evolved customer relationships.

The information contained in Prudential UK’s press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.pru.co.uk.

About Prudential
“Prudential” is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, pensions, savings and investment products. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454. Authorised and regulated by the Financial Services Authority.

Via EPR Network
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Two Firms Providing Professional Services To The Credit Union Industry Are Proud To Announce An Alliance

Nearman, Maynard, Vallez CPAs and CastleGarde, Inc. are using their unique talents to broaden the level of service to their clients.

The alliance of these two firms creates a working relationship that will enhance the services, support capabilities, and offerings of both firms to the direct benefit of their clients and the credit union industry.

Two firms providing professional services to the credit union industry are proud to announce an alliance. Nearman, Maynard, Vallez CPAs and CastleGarde, Inc. are using their unique talents to broaden the level of service to their clients.

Nearman, Maynard, Vallez CPAs has provided auditing and consulting services exclusively to the credit union industry since 1979 and is listed in Callahan’s “2008 Guide to Credit Union CPA Auditors” as one of the top four firms providing auditing services to credit unions with total assets greater than $40 million.

CastleGarde is an acknowledged expert provider of credit union information security and regulatory compliance program services. CastleGarde specializes in both the policy and technology risk assessment aspects addressing the controls, access, management, and safeguarding of member information as defined by NCUA Reg. 748 Appendix A and B.CastleGarde provides information security policy and procedure reviews, external penetration testing, and onsite vulnerability assessments including physical security to measure your information security compliance and effectiveness.

The alliance of these two firms creates a working relationship that will enhance the services, support capabilities, and offerings of both firms to the direct benefit of their clients and the credit union industry.

Via EPR Network
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Edward Palonek, The Founder Of Foundmoney.Com May Have A Temporary Solution For The Auto Industry

Tough economic times have the auto industry and society at large scrambling for answers. With little hope in the near future of a quick fix, car makers and hard working individuals are having to supplement their income and even their way of life. However, there is a glimmer of gold projecting through the dark shroud that has covered the American economy. This shiny centerpiece comes in the form of unclaimed money.

Edward Palonek, the founder of FoundMoney.com may have a temporary solution for the auto industry. With General Motors Corp. CEO Rick Wagoner saying that the automotive industry “needs a bridge to span the financial chasm that has opened up before us,” any solution is being heard.

With this sentiment in mind, Edward Palonek has uncovered money that appears to belong to Ford, General Motors, and Chrysler. FoundMoney.com, which specializes in finding unclaimed money and assets, believes
that an estimated $7 million could belong to the Big Three in the auto industry.

These companies financial findings fall into what Palonek describes on his website as the “approximately $22 billions in unclaimed money and assets” currently being held by the government. While the automakers in the US are looking for money to stay afloat and save jobs, they are not collecting money that belongs to them.

FoundMoney.com connects American’s with their “unfound cash” with an average payout of around $900. When money and assets are willed to individuals, but never collected, the government holds on to the money. They also hold onto lost tax refunds, forgotten stocks, displaced payroll checks, and abandoned bank accounts. Not only do individuals have money being held by the government, but companies do as well.

Ford Motor Company has more than 1,300 records in the FoundMoney database that may belong to Ford. The amount for each record is not known, so it could be as much as $2.2 million.

Similarly, General Motor Company has more than 1,500 records while Chrysler has more than 1,200 in the database. That could lead to more than $3 million and $1.6 million in unclaimed funds respectively.

This amount of money would not be able to save the struggling companies, which need billions of dollars to stay operational. Talks of a government bailout for General Motor Company have risen to $4 billion to carry it through this month and $10 billion to bring it until the end of March.

It is still uncertain whether the government will pass a bill to approve a “bailout” of the auto industry. The bill would give the automakers the money necessary to continue operation. Without the bailout, the Big Three in the automobile industry would have to file for bankruptcy.

With the money that Palonek has found on FoundMoney.com, the Big Three could at least save some of the estimated 3 million jobs that reportedly could be lost during the next few months. The loss of these jobs would put more of a dent into an already dented economy.

As the economy continues its downward spiral, Ford Motor Company, General Motors, and Chrysler could take a suggestion from Edward Palonek and “find” some money. If the government won’t agree to a total bail out, they could at least claim what is rightfully theirs.

Via EPR Network
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Prudential Lifetime Mortgage research finds that more than one in four Britons will head to parents or in-laws homes during the festive season

Prudential Lifetime Mortgage reports the traditional family Christmas is set for a comeback this year, with more than one on four (28 per cent) of British adults intending to spend Christmas day at parents, in-laws or relatives homes.

The findings, from new research conducted for Prudential Lifetime Mortgage, reveals that just one per cent of British adults intend going to a hotel or restaurant for Christmas day and just two per cent are going on holiday.

According to the Prudential, the family home is set to feature heavily in plans for the entire festive period with more than one in three British adults (37 per cent) intending to spend time over the festive period at their parents or in-laws homes. Of these people more than half (51 per cent) said they are going to parents/in-laws homes as they see it as a hub for the family to get together. 32 per cent said they like getting their Christmas meal cooked for them. 28 per cent said spending time at their parents/in laws homes makes Christmas feel more like a holiday and 22 per cent said going to their parents/in-laws home reminds them of their childhood.

For over a quarter of the nation the family home will be the Christmas venue of choice as people look to tighten their belts this Christmas. The findings reveal that 40 per cent of British adults say they will spend less on Christmas this year.

Keith Haggart, Director of Lifetime Mortgages, Prudential stated: “While it is inevitable that many people will be looking to cut back this Christmas, that doesn’t mean that Britain will be spending the festive period mired in gloom. Millions of people will be spending more time together as a family and for many that means going to their parents or in-laws to enjoy Christmas in the family home.

Keith Haggart continued, “The findings underline the emotional importance of the family home to the entire extended family and at a time when many households will be looking at ways to boost their income, downsizing is not only a challenging proposition in a flat housing market, but could also potentially remove the enjoyment experienced by the rest of the family when visiting the family home. An option is for people to explore whether an equity release plan could help them gain an income from their property while still being able to continue living in it.”

ICM interviewed a random sample of 1050 British adults aged 18+ from its online panel between 7th -9th November 2008. Surveys were conducted across the country and the results have been weighted to the profile of all British adults. ICM is a member of the British Polling Council and abides by its rules. Further information at www.icmresearch.co.uk

About Prudential:
Established in 1848, Prudential plc is an international financial services company with a product range which extends from personal banking, insurance, pensions and retail investments, to institutional fund management and property investments. In the UK Prudential is a leading life and pensions provider with around seven million customers.

Via EPR Network
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Accident Advice Helpline Had Pledged To Donate A Sum Of Money To The Children’s Charity, Childline

Accident Advice Helpline has pledged to support Childline after Esther Rantzen‘s tenure as one of the participants on the latest series of ITV’s “I’m a Celebrity, Get Me Out of Here”

The personal injury claim compensation company, Accident Advice Helpline, has been endorsed by Esther Rantzen since 2003. Accident Advice Helpline had pledged to donate a sum of money to the children’s charity, Childline, if Ms Rantzen won the popular reality TV show that forces celebrities to live in jungle conditions with few creature comforts as they have to earn human essentials. Despite Esther Rantzen leaving the jungle before the final weeks, the Accident Advice Helpline has announced they are still to make a donation.

Childline, set up to help children in distress or danger, has been chaired by Esther Rantzen since 1986 and now has call centres throughout the UK, answering more than one million calls a year from troubled children. Esther Rantzen first found fame on “That’s Life”, the most successful consumer programme in the history of television, which she hosted for 21 years. The show regularly reached more than twenty million viewers.

The Managing Director of Accident Advice Helpline said: “As arguably the UK’s leading consumer champion, we have long admired Ms. Rantzen’s tireless work to ensure justice for the ordinary person. And that is exactly what Accident Advice Helpline has been established to provide – compensation for ordinary people with genuine claims.”

Esther Rantzen began her bid to become queen of the jungle in November, joining other celebrities on the TV show including television presenter Dani Behr, former Star Trek star George Takei, ex-tennis champion Martina Navratilova and TV personality Timmy Mallet. However, Ms Rantzen failed to take the prize when she became the fifth celebrity to leave the camp.

About Accident Advice Helpline
Accident Advice Helpline was established in 2000 to provide access to justice for victims of accidents following the withdrawal of legal aid for personal injury cases. Since 2000 Accident Advice Helpline has helped thousands of victims injured in road accidents and other types of accidents on a no win no fee basis.

The company has thrived and puts its success down to adhering strictly to its four key principles; integrity, dependability, reliability and accountability. As one of the most established companies in the industry Accident Advice Helpline has worked tirelessly to ensure that any claims made through the company are simple, fast and easy.

Via EPR Network
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M&S Money Announce Winner Of M&S Travel Money Loyalty Points Competition Prize

M&S Money has announced the winner of M&S travel money prize. The Bolton mum-of-four is celebrating after winning one million M&S loyalty points worth £10,000 to spend in store.

Janet Smith was delighted when she received a call to tell her she was the lucky winner of the competition organised by M&S Money.

Anyone buying M&S travel money using their M&S credit card or chargecard between 1 May – 30 June 2008 was entered into a prize draw to win one million M&S points. There were also five prizes of 100,000 M&S loyalty points worth £1,000 each.

Janet was entered into the draw after buying Canadian Dollars from the bureau de change at the M&S store in Bolton. Janet and her husband Paul used the currency during a trip to see their daughter Jennifer, who emmigrated to Canada two years ago.

Janet said: “I was in the shower when I got the call to tell me I had won – I couldn’t believe it. It’s a wonderful prize and I’m looking forward to spending the money at my local store. I’m going to start by treating my mum for her 88th birthday next week. I’m so glad I bought my travel money at M&S.”

Fraser Millar, M&S Head of Travel Services, said: “We had a tremendous response to the competition with over 100,000 entrants. We hope Janet enjoys spending her points in M&S.”

M&S Money offers the same currency exchange rates across all services including telephone and online ordering ensuring that customers get the same deal however they decide to purchase their currency. The bureaux also offer a commission-free currency buy back service with a wide range of currencies available.

M&S Money has been continually expanding the availability of the Travel Money service. Currently Travel Money is available at bureaux de change in over 100 M&S stores, as well as by telephone and online through the M&S Money website.

About M&S Money
M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers insurance for homes, cars, travel, pets and weddings, as well as loans, savings and investments.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 76 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer – quality, value, service, innovation and trust.

Via EPR Network
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Debt Management Company Gregory Pennington Have Warned Consumers About The Dangers Of Credit Card Transfers As A Means Of Debt Management

Responding to findings that many credit card holders are transferring their debts onto another card, debt management company Gregory Pennington said that this is another sign of rising costs of living limiting people’s ability to repay debts, and warned of the risks involved in transferring debts between credit cards.

The report by Abbey showed that almost a quarter of people with credit cards will transfer on average £1,600 of debt to another card in the next year.

Abbey said that borrowers are opting for cards with 0% interest periods in order to avoid their debts getting any bigger, and switching to another card once the 0% period is over.

A spokesperson for Gregory Pennington commented: “Most of us are now feeling the pressure of a weakening economy in one way or another, and for those people in debt, it can be an extremely worrying time.

“Credit cards with 0% interest periods can be very tempting, because they essentially stand for ‘free’ money, if only for a limited time. Unlike many forms of debt, interest won’t grow in these accounts until the 0% interest period finishes, which is very appealing to people struggling with debt.

“This particularly applies to people with credit card debts, because once the lenders do start charging interest, it tends to be very high. The average APR on a credit card is currently around 17.4%.”

Taking advantage of the best deals around makes sense, but the spokesperson warned that ‘juggling’ debts between credit cards is potentially dangerous if used as a means of debt management, and should not be considered a long-term solution.

“Every credit card you take out will be listed on your credit rating, and while abiding by the terms of a credit card reflects well on the borrower, some creditors may become concerned if they see you have had a string of credit cards for only a few months at a time,” she said. “In this sense, your credit rating could suffer.

“Eventually, it’s possible that lenders will start refusing applications, or reduce the credit limit – which is especially a risk with the credit crunch ongoing. If that happens, borrowers can either repay the debt in full, or face high interest rates that can cause the debt to grow very quickly.”

The spokesperson continued that there are cheaper, more effective debt solutions available. “A debt management plan or debt consolidation loan might be a better option for people trying to manage their credit card debts. Both set out affordable payment plans that can be scheduled over a longer period of time – although it’s important to realise that the longer the repayment, the more interest can build up in the long run.

“For those with more serious debts of around £15,000 or more, an IVA (Individual Voluntary Arrangement) could help. An IVA allows people in debt to repay only what they can realistically afford. They do this over a fixed period, normally five years, after which any outstanding debt is written off. An IVA may, however, require a homeowner to free up some of the equity in their home. It also requires a real commitment to making regular monthly payments and has a significant impact on an individual’s credit rating. We advise people to speak to an expert debt adviser before making a decision.”

Via EPR Network
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Telephone Directory Information Will Help Speed Up Systems

Tracesmart, renowned for helping companies to trace people and conduct electronic identity checks, have been granted a license by British Telecomm (BT) to hold the Operator Services Information System (OSIS) database, which contains all listed telephone numbers in the UK. Holding the OSIS data in-house will both quicken telephone look-ups and enhance overall systems performance.

Historically no single organisation was responsible for assembling all UK telephone numbers as although BT was the main source of telephone number information, they did not hold other telecommunication companies telephone numbers. As such in 1999 a subdivision of BT, The Directory Solutions Unit (DSU) was formed to act as an independent body with their prime duty being to collate telephone number information from several sources, including BT, Cable Companies and Mobile Phone providers. Today the DSU administer OSIS and provide licensees with a daily file containing between 30,000-100,000 added, deleted or amended UK telephone numbers.

The daily supply of data from OSIS means Tracesmart’s Customers will see a further increase in system performance as Paul Weathersby, Technical Director at Tracesmart, explains “Following a comprehensive data security audit, where we thoroughly demonstrated how extremely stalwart and resilient our in-house data protection measures are, we have now been granted direct access to the OSIS data. Previously we relied on a third party supplier for the data but now that we have it in house our customers can conduct faster telephone look ups and the system as a whole runs more efficiently.”

Obtaining accurate telephone numbers is an essential part of any form of tracing, whether it be an asset reunification project aiming to reuniteunclaimed assets with their rightful owner or an exercise to locate absconded debtors; having instant access to the relevant telephone number allows the tracer to facilitate instant contact. Telephone numbers are supplied via the company’s tracing, identity verification and data cleansing services.

Maximising performance is a key part of Tracesmart‘s commitment to its client base as Mike Trezise, Managing Director of Tracesmart, commented, “I know firsthand how utilising accurate data is paramount for success and as such Tracesmart constantly aims to supply its customers with accurate, instantly accessible data in order to ensure they get the results they need. As a company we are committed to constantly upgrading and improving our service offerings and new data acquisition is a key part of this process – we will always strive to enhance the customer experience through the provision of comprehensive data.”

Via EPR Network
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LV= Research Has Revealed That Thousands Of Landlords Have Failed To Join A Tenancy Deposit Protection Scheme, Leaving Renters Money At Risk

New LV= research has revealed that thousands of landlords have failed to join a tenancy deposit protection scheme, leaving up to £4 billion of renters’ deposits at risk.

The findings, from home insurer LV, reveal that 29% of renters who have moved in the last 12 months are not part of a tenancy deposit protection (TDP) scheme. Despite this being a legal requirement for landlords to ensure tenants’ deposits are protected by the Government approved scheme.

Introduced in April 2007, the TDP scheme was set up to ensure that tenants’ deposits are not wrongly withheld at the end of a tenancy. The LV= research found that 48% of current renters are unaware that such a scheme exists, and a further 24% said they had heard of the scheme but didn’t know any details of it.

All rental properties where a deposit has been taken since April 2007 are legally covered by the scheme, yet among private renters just 27% said their landlord is signed up. This means thousands of tenants could be at risk of having problems recovering their deposit, with over 77% of renters stating they had previously had some or all of their deposit money unreasonably withheld. The average deposit taken by landlords in the last 12 months is £670, so the potential loss is considerable.

To counter this 13% of private renters surveyed said they had refused to pay rent towards the end of their contract, because they expected problems to arise with the return of their deposit.

Under the TDP scheme, landlords must sign up with one of two schemes run by three Government approved financial companies. In the ‘custodial scheme’, the landlord pays the deposit to the scheme for safekeeping, and in the event of a dispute independent adjudication will decide who receives the deposit money.

In the ‘insurance scheme’ the landlord retains the deposit and pays a premium to an insurer, who will return the money to the tenant if the landlord does not comply with the adjudicated outcome of any dispute. With both schemes, landlords have 14 days from the date the deposit is taken to inform their tenant of the scheme details.

The LV= survey also revealed that 40% of people living in private rented accommodation don’t have any home contents insurance in place, despite the fact that rented properties are more prone to being burgled. Also, of those that do have home insurance, only 10% have a policy that includes a legal advice helpline, which could be used in the event of a dispute with a landlord.

John O’Roarke, Managing Director of LV= home insurance, said: “This research highlights the need for the Government to raise the profile of this legislation and for it to be more strictly enforced, to protect both renters and landlords, as awareness is currently very low. Although the majority of private landlords are undoubtedly honest, our research shows that many tenants have experienced problems getting their deposit money back in the past, and are worried this could happen again.

“The average deposit is over £500, which is a significant amount of money, so renters need to make sure they know their rights. Renters should also always ensure they have home contents insurance in place, as not only are they more likely to be burgled than home owners but some polices will include a legal advice helpline, which could be used in the event of a contractual dispute.”

Via EPR Network
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Welcome to EPR Consumer News

EPR Consumer News is a new blog, part of EPR Network, that is going to be focused on and will be covering the consumer news and stories from press releases published on EPR Network.

EPR Network (EPR stands for express press release) is one of the nation’s largest press release distribution networks on Web. The EPR’s nationwide network includes 12 State based PR sites, one major PR forum and a number of industry specific PR blogs and what started as a hobby on Internet years ago turned out to be a rapidly growing business today. EPR Network is also known as one of the most trusted (human optimized, published, edited and monitored, spam/scam/low quality PR content free) PR sites on the web with more than 10,000 company and individual press releases distributed per month. EPR Network is putting your press releases on top of all major search engines’ results and is reaching thousands of individuals, companies, PR specialists, media professionals, bloggers and journalists every day.

EPR Network has thousands of clients around the world including global 500 corporations like Hilton Hotels, Barclays Bank, AXA Insurance, Tesco UK, eBay/Skype, Emirates, just to name a few. The network’s PR web sites are currently reaching from 150,000 to sometimes 500,000 unique visitors per month while our viral reach could possibly go to as much as 1M people per month through our presence across various social media sites. EPR Network was established in 2004 and as of May 2008 it had more than 800,000 press releases (pages) published on its network.

If you have a press release to be distributed, you can do it over here: press release distribution