Saving tips and Finances

There are plenty of lenders charging nearly 300% annual interest

The reason I remember this one as MSE advised folk with poor credit record to get one, use it for a few months by making small purchases and paying the card of in full each month.  This action alone would improve ones credit rating quite considerably.

Interesting thread 😆.

I've neglected finance over last few months whilst away in NZ. We have bank accounts that pay interest, Nationwide - yes there is a fee but benefits and interest out way the charge in our case. Also have regular savings - which matured whilst we have been away but moved to an interest bearing account and dribbled back to the new ones, all bet it only £250 rather than £500. Have maximum Santander accounts paying interest and cash back, again covering the charges so profit 😆. I'm always checking out accounts for decent interest and at work was known as a good tipper for savings accounts 😂😂. I don't qualify for my state pension for another 4 years - I feel all women like me have been cheated. I saved via HMG regularly with payout due at 60 but HMG changed the rules 😤😤.  Still all water under the bridge now! If I want to continue unwaged and I can 😉 it helps to ensure savings are not outpaced anymore than necessary. I will be having a good sort out on our return as a few accounts that aren't online matured during our absence.

I have been very envious of interest rates on offer here including a 5 year term of 10.5%. Those were the days in the UK 😢. Naturally borrowing rates are higher but nothing lie those we figured of 17% 😲

We got rid of any shares we had and neither of us wish to play the stock market. Delighted to here lots advocating Premium Bonds, we have some but never a whisper.  I put some savings away when my dad died 17 years ago and have had £25 once 😢. Someone has to help the stats for the winners 😂😂. I have an uncle who gets cheques on a monthly basis, his late wife used to too. I rarely win raffles 😂.

I'm looking forward to keeping up with this thread 😉

Ps we do use a credit card but clear the balance monthly. I once copted interest, several years ago, my own fault it was 1 day late 😲😲. Took 3 months to clear interest as it's added daily. I questioned it every month and understood the explanation but couldnt quote it accurately here now 😉My advise to anyone who finds themselves in this position is to over pay the balance in full to avoid more interest being added. It might only be a few pence or pounds but it adds up. And it's MY money 😂

Currently enjoying the benefits of cash free withdrawal on of Nationwide account, and choosing non charging ATM's to do so 😉 plus no commission use of Nationwide credit card. If business adds a charge and several do for credit cards we pay by cash 😉.

Folks here, NZ, rarely carry cash and use ETPOS  (electronic transfer point of sale) cards as well as debit and credit cards. Lots pay by their phones and have done for years. Even vending machines take cards 😲

When handed a card machine one has to remember to select your card type, (chq svg, crd) same with ATM's, as many cheque accounts have a saving account linked to it so you don't have to transfer from saving to current account before use 😉

I only missed a payment once before I started using an automatic repayment in full. As it happened I made money out of that! 

I was out and about for work when I realised that I had missed card repayment. I had no paperwork with me to know how much I owed and just paid a cheque in to at least cover the minimum (albeit two days late). A day or so later I paid in more having checked. 

Went shopping and my card was declined. I complained to card provider saying that I had suffered embarrass at the check out 

I had any interest refunded and a £50 apology!!

Also missed one once, as I filled in the cheque date wrongly. However, they took two weeks to return it. Had they done so immediately, I could have made the payment. I complained when they charged me interest and they refunded a sum that more than covered it. 😀 Very much doubt you would get the same service these days.

Holding back the years on BBC1 now, Good advice regarding Equity Release on your house.

A relative of ours did a partial release, a few years later realised it was eating into the final capital and managed to buy back the funds before it got out of hand.

I don't get Sold anything, I only buy what I want and always with cash.

There seems to be several versions of Equity Release and you do have to go into it with your eyes wide open and look beyond the initial attraction of extra money. I think Age UK have a lot of information on their website. Having said that it might be a good answer if circumstances dictate. Best first to get good advice and and look at all the pros and cons.

David