What is the Worst Bank in the UK?

Following the release of customer complaints figures, this week on the Kiran Trivedi blog I ask; what is the worst bank in the UK?

Let Customer Complaints Be Your Guide

One vital step to making sure you protect your personal finances, is to ensure that you put your money in the right bank. That is because the bank ultimately has control over your money, which means that if they’re incompetent, they’re more likely to make errors with said money. This could impact your personal finances in a thousand small ways.

So how do you judge efficiency in the banking sector? You do what any wise consumer would do – your research! The best research you can possibly do is look at what people are saying about the bank, as the best way to measure their capabilities is to look at the customer service they provide. Let customer complaints be your guide.

Which Five UK Banks Received the Most Customer Complaints?

Or in this case, the volume of customer complaints, as logically, the more customers who complain the worse the bank in question probably is. As luck would have it, the financial ombudsman released customer complaints figures for banks recently, outlining which are the five most complained about banks in the UK.

For the six month period from 1^st January - 30^th June 2014, Lloyd’s Banking Group received the most complaints – 30,768. This was followed by the Barclays with 26,955, HSBC Group with 12,429, Santander with 7,876 and Nationwide Building Society with 4,886.

Which Bank Resolved The Most Customer Complaints?

Let’s be fair to Lloyd’s, yes statistically, they may be the worst bank in the UK, but the Group is also the largest. With over 30 million customers, Lloyd’s Banking Group includes banking heavyweights such as Lloyd’s TSB, The Royal Bank of Scotland and Cheltenham and Gloucester.

However, the figures go on to show that you can’t excuse the group just for its size. Not only did it receive the most complaints, but it only resolved 66% of them. Barclays, which has 15 million customers, resolved the same number of complaints, whilst HSBC Group, which has 16 million customers, managed to resolve 78%. If we’re basing the worst bank on number of complaints resolved, this crown has to go to Nationwide, who only resolved 12% of complaints.

Always be Wary of Banks!

So however you look at it, whether Lloyd’s or Nationwide are the worst banking groups in the UK, what you should learn, Kiran Trivedi readers, is to be wary of banks. As far as they are concerned, you should always be vigilant and do your research, if you want to make sure you protect your personal finances. 

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How to Avoid the Latest Mobile Phone Scam

This week, Kiran Trivedi lets you know how to avoid the latest mobile phone scam that has hoodwinked students up and down the country.

Students Should Be Careful About How They Try to Generate Cash on the Side

It’s no secret that as a student, you’re pretty cash strapped. It’s probably the poorest you’ll ever be in your life. That’s why many students take to trying to make a little money on the side to shore up their personal finances.

Yet not all money making avenues are good, and some can even leave you with less cash in your account than you started with. That’s certainly the case with the latest mobile phone scam.

What is the Latest Phone Scam Robbing Students across the UK?

According to the BBC, hundreds, perhaps even thousands of students have been taken in by an exorbitantly expensive phone scam. Essentially, students are being persuaded to take out phone contracts then sell these phones to a private company, who promise the student a portion of the income from the phone.

Seems harmless right? Wrong. In actual fact, you actually end up paying for the new phones debts, meaning you end up owing anything from £500 to £10,000. According to the news source, the scam is widespread. It has effected 350 students so far.

He’s Looking Really Sharp, Wearing a Nice Suit

So how can you protect yourself against this scam? In this case, the only measures you can take are preventative. You need to know about this scam so you are never taken in by it in the first place.

One student commented to the news source about how they had been hoodwinked, suggesting that "the guy from the company turned up to my Uni. He steps out of the car - and he's looking really sharp, wearing a nice suit - and he gave a really convincing sales pitch," and that’s how they persuaded him to take part in the scheme. It was simply too good to be true.

If something looks too good to be True, It Probably is.

We’ve come across a common theme when it comes to scams here, one you should always follow if you want to protect your personal finances. If it looks too good to be true, Kiran Trivedi, then it probably is. So the best way to protect yourself from this, or any other kind of phone scam is simply to use some common sense.  Oh and don’t think I’ve forgotten Kiran Trivedi readers; do your research!

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How to Cut Down Cost of Living Expenses.

On the Kiran Trivedi blog this week, I let you know how to cut down cost of living expenses so that you can protect your personal finances in the long term.

Life is More Expensive These Days

It seems that life is just more expensive these days doesn’t it, Kiran Trivedi readers? Food prices are higher than they used to be, energy prices are higher than they used to be; even rail fares are due to go up by 3.5% next year. Again.

Rail fares are due to go up by 3.5% next year

It’s simply more expensive to get by than it was ten, or even five years ago. This means that you have less money to go around in the budget, making it much harder to protect your personal finances.

Cutting Down the Cost of Living

The thing is though, that you don’t have to let exorbitant cost of living expenses hold your personal finances hostage. There are plenty of ways to cut down the cost living, including…

• Doing Your Research: It’s time to dust off this old chestnut. I’m always telling you to do your research before you buy, and it’s definitely a way you can cut down cost of living expenses. Before you buy, look at a product, do your research and ask if you are really getting value for money.
  
• Shopping Around: One extremely effective way to cut down the cost of living is to shop around for the cheapest provider. Take energy bills, for example. You pay ridiculous amount with the Big Six, but by switching to a low cost supplier, you can shave hundreds of pounds off of your household energy bill!
  
• Looking at What Package You Have: When it comes to the larger things, like telecoms, look at the kind of package you’re paying for. Are you using every feature you’re paying for? Can you find a package better suited for your needs at a fraction of the cost etc.
  
• Making Lifestyle Adjustments: One of the best ways to cut down the cost of living is to simply make a few lifestyle adjustments; walking to work rather than paying for the bus, making your own lunch rather than shelling out for an expensive sandwich etc.
  
• Using Your Will Power: Another easy way to cut down the cost of living is just to say no every once in a while and refrain from indulging yourself. Help yourself by doing things like leaving the debit card at home, so you’re not tempted to buy things you don’t need, like six out of every ten people in this country already do on a regular basis!

It’s Really Easy to cut down the Cost of Living

These tips may sound basic, Kiran Trivedi, but that’s the entire point of this article. They are. It is really easy to cut down cost of living expenses to protect your personal finances as long as you stop and think!

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Why Are We Paying Too Much for Our Energy Bills

This week on the Kiran Trivedi blog I ask what the recent news that the energy market is over regulated means for your personal finances.

Energy Bills Just Keep on Going Up!

I regularly talk about the impact of energy bills on your personal finances. If you are looking to live on a budget, you’ll have zero chance of success if you don’t think about how much you need to pay for electricity, gas etc. every month.

But as of late, that hasn’t been easy. It seems that energy bills in the UK have been constantly rising over the last few years. This means that not only are energy expenses putting more pressure on your personal finances than ever, but they are harder to predict.

Consequently, this makes it harder to budget for energy expenses, further effecting your personal finances. That’s why I thought you Kiran Trivedi readers would be interested to know that the reason you are paying high energy bills could be because there is too much red tape in the energy market.

Energy Regulation since 2008 Too Aggressive?

According to the BBC, five former regulators went on record last week suggesting that too much regulation could have stopped competition among energy suppliers, in turn keeping energy prices high for households across the UK.

Specifically, they suggested that regulation since 2008 has been too aggressive. This conclusion comes in light of recent Ofgem findings, which suggest that energy suppliers have been able to continue to raise their prices, free from any competitive pressure, even whilst wholesale prices were falling.

Ofgem Responds to Regulator Criticism

Ofgem responded to the criticism, saying it would pay “close attention.” However the regulator went on to deny that things were fine before 2008, but took a turn for the worse when after the date they adopted a more interventionist approach.

A spokesman for Ofgem said: "Many of the current problems with retail competition in the energy market were showing before 2008 and the regulatory and policy environment has changed significantly since then."

Switch to a Low Cost Energy Supplier

So is more regulation the reason your energy bills are so high? Maybe, I’m not sure yet. What I am sure of Kiran Trivedi readers, is that the Big Six energy companies provide poor value formoney. That is why I would suggest that if you’re looking to protect your personal finances, you switch to a low cost energy provider today! 

If you wish to talk to Kiran Trivedi about my articles or just chat about finance, you can contact me here.

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Five Tips for Saving Money on Your Lunch at Work

You may not think so, but if you buy a fancy lunch every day at work, it really adds up, which is why on the Kiran Trivedi blog this week, I’ve provided five tips that you can use to save money on your lunch at work.

The Cost of Lunch Really Does Add Up

OK, you probably think I’m being petty now. What will you pay for a sandwich at your favourite supermarket? A few pounds? OK, it’s a few pounds now, but think about it. £2 a day, five days a week. That’s a tenner a week. That’s around £40 a month. All of a sudden, that’s a chunk of household budget gone for the month.

The thing is, that it’s so easy to protect your personal finances form the mounting cost of expensive lunches at work. All you need to do is make your own. Do that and watch, as the pain expensive lunches inflict on your personal finances suddenly just disappears.

Drive down the Cost of Your Work-Lunch

I’ve been doing this for a long time, Kiran Trivedi readers. I know all the tips and tricks you can use to make your own lunch for as little as possible. In my experience, here at the top five ways to make your own work-lunch on the cheap…

1. Invest in a Flask: Invest in a flask, and the world’s your oyster. All of a sudden, you have enough tea to last you the whole days for pennies a go.
2. Buy Cheap Ingredients: Despite what most people think, it really doesn’t matter whether you buy brand name foods or not. Why not try buying budget mayo for your sandwich? It costs less and tastes exactly the same.
3. Make Something Filling: You need your lunch to fill you up enough, so you don’t have to sneak down to the local corner shop for an expensive chocolate bar mid-afternoon. That’s why I’d suggest that you always make something with carbs i.e. a sandwich, pasta dish. Carbs are really filling and are great long term energy sources.
4. Buy in Bulk: Why not look at your budget, wait for when you’ve got the most spare cash, and buy your ingredients in bulk when they’re at their cheapest? Good tip; wait until your desired lunch ingredients are on special offer!
5. Do Your Research: Once again Kiran Trivedi readers, you need to do your research. Look around at different supermarket website and see who is offering your desired lunch at the lowest price.

If you remember anything from this article, Kiran Trivedi readers, let it be that if you want to protect your personal finances, you need to make your own lunch for work!

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Several Ways for Small Businesses to Save Money

Owning a small business can be a serious drain on your personal finances, which is why on the Kiran Trivedi blog, I wanted to share several ways for small businesses to save money.

When You’re a Small Business Owner, Every Little Helps

You’re really putting yourself out there when you start a small business. You don’t have the security and the safety net that comes with working for someone else. Yes, you reap all the rewards, but all the financial risk falls on you as well.

If your company goes bust, you’re the only one who’s going to suffer financially. This is why, to ensure the stability of your own personal finances, you need to find ways to save the money you spend on the business. As some famous adverts have said; every little helps!

Kiran Trivedi’s Top Money Saving Tips for Small Businesses

In fact, there are a thousand ways to cut down the bill of running a small business, including…

• Buying Office Supplies in Bulk: Office supply retailers, as normal chains do, often have special offers for customers who buy in bulk, which cuts down the significant cost of office supplies.
• Embracing Online Marketing: Don’t waste cash on a flashy ad campaign. Rather, set up a blog and social media accounts and use them to effectively market yourself to your target audience for free! You can even monetise your blog and your YouTube page and bring some extra revenue in!
• Turning Things Off: Do you know how much electricity you use when you leave an electrical device or a light on overnight? A laptop constantly left on for a year, for example, will add around £50 to your electricity bill. Get in the habit of turning everything off before you leave and save a serious amount of cash!
• Using the Government to Your Advantage: There are a thousand ways the government try to help small businesses grow i.e. tax credits for certain industries. It’s in their interest to make sure small businesses succeed. Use this to trim down your company’s expenditure.
• Reducing Employee Turnover: A study by experts at Oxford University published earlier this year revealed that the cost of replacing an employee can be over £30,000. Don’t end up letting this drive down your bottom line; treat your employees with respect!

Once Again, Say it with me People, Do Your Research!

All it really takes is some common sense to save money as a small business owner. Best advice I can give you? It’s the advice I always give you here on the Kiran Trivedi blog. If you want to save money as a small business owner, do your research!

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If you’ve had a Power Cut, You Could be in for a Bigger Pay Out!

It turns out Kiran Trivedi readers, that if you’ve had a power cut, it may not hit your personal finances as much as you might think, as you might get a bigger pay out!

Time is Money People!

You may not think that a power cut has the ability to weaken your personal finances. After all, its energy you’re not paying for, because you’re not using it. However I would argue that if you go without power for longer enough, it can seriously damage your bottom line.

Remember the old adage; time is money? Well think about 24 hours without power. Think about 24 hours where you can’t turn the lights on, go onto the internet etc. That’s a lot of time wasted, and you and up being a lot less productive. It can end up really squeezing your schedule, and thus costing you money.

With Power Cuts Coming More Often, Compensation Just had to be raised

And the situation seems to have gotten worse lately, Call it global warming, call it whatever you want, but we seem to be having more power cuts than ever lately. In the wake of the storms that rocked the nation last holiday season, over 16,000 homes in Southern England went without power for a staggering two whole days.

Now it seems that energy regulator Ofgem, in light of recent events, see things the way I do. According to the BBC, the regulator has decided this week, to lift the minimum customer pay out for consumers who go without energy for at least 24 hours. They have raised it from £24 to £70.

“There are Lessons that Have Got to be learned.”

Ofgem’s Maxine Frerk commented on the matter to the BBC. Frerk said: "There are lessons that have got to be learned for the future - both about getting some customers reconnected faster, but most importantly about the communications with customers, so that they can get through, find out what's happening and get some sense of when they're likely to be back on supply." 

Notably, the news site went on to reveal that the energy regulator was already particularly displeased with energy company SSE, along with power distribution firm UKPN. Between them, they’ve already had to pay out £4.7 million in compensation to those most badly affected by the holiday storms.

What Does This Mean for Your Personal Finances?

So what does it mean for your personal finances, Kiran Trivedi followers? First off, it means you need to remember that if you go for power longer than 24 hours, you’re entitled to more compensation. Secondly, it means that this will likely prompt the energy companies to supply a more effective service, which will hopefully have a positive effect on your bottom line. 

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Why Are Insurance Comparison Sites Failing?

Following a report from the FCA, I ask on the Kiran Trivedi blog this week, why are insurance comparison sites failing, and what could it mean for you?

Kiran Trivedi Always Tells You to do Your Research!

The best way to protect your personal finances is to budget. To effectively budget, you need to root out the cheapest deals possible; which is why I’m always telling you to do your research!

One effective research tool at your disposal to help you lower the cost of insurance, is insurance comparison sites.  In theory, they help you compare and contrast insurance policies so you can find the most cost effective one for your circumstances.

FCA Finds Insurance Comparison Sites are failing.

In practise, however, it appears that insurance comparison sites are failing; at least according to the Financial Conduct Authority (FCA), who recently reviewed 14 price comparison sites.

Last week, the FCA went on record, suggesting that instead of helping consumers, as they are supposed to, they could actually be confusing them further. The regulator claimed that these sites were failing some standards, providing “unclear” information, and that therefore, customers were not being given the information they need to make an informed decision.

The BBC recently reported that Clive Adamson, the FCA’s director of supervision, spoke out on the report’s findings, saying that "our review found that they were not meeting our requirements in delivering fair and consistent outcomes for consumers."

A Conflict of Interest?

Furthermore, the FCA suggested that some insurance comparison sites failed to point out a conflict of interest to their customers. However, the regulator went on to reveal that there was no evidence to suggest these companies had made a profit from this potential conflict of interest.

It’s important to note that some sites do flag up this conflict; however they often make it as hard to possible to find. Gocompare, for example, are 50% owned by insurance company Esure. The site does point this out, but only in the small print.

What Does This Mean for Your Personal Finances?

So what does this mean for your personal finances? Essentially, it could mean that you are not getting the most value for money from these insurance comparison sites, as you are making decisions on who you find to be the most cost effective insurer, based on potentially misleading information.

This is why I’m always telling you to do your research here on the Kiran Trivedi blog, if you want to protect your personal finances. Only once you’ve rooted out all the necessary information, can you make an informed decision on how best to save money on your household budget. 

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Get Ready for Clearer Insurance Renewal Quotes!

Insurers are to be forced to provide clearer renewal quotes, which as I’m going to explain here on the Kiran Trivedi blog, is great for your personal finances.

They Won’t Tell You What You Used to Pay

We’ve all been there. A new premium for your home, your car, hell, even your dog, comes through and it’s gone up. You don’t know why. You think it’s gone up, but you’re not sure; the insurer won’t tell you what you’ve previously been charged.

It’s a common problem, and it can wreak havoc on your personal finances. If you can’t compare your old premium to the price of your new one, it’s far harder to craft an accurate budget that you can use to balance your personal finances in the long term.

Call for Easy Comparison Renewal Quotes

Well that could be set to change, as last week city regulator Association of British Insurers (ABI), itself wrote to the Financial Conduct Authority (FCA), proposing that insurers be required to remind customers what they previously paid when they inform them of a new premium.

However the ABI went on to suggest that the change should only apply to homes and motors, which represent a majority share of the market, and not, at last initially, to other types of insurance i.e. pets, foreign travel, commercial purposes etc.

Come Clean About Introductory Discounts

The ABI also suggest that insurers be forced to come clean about introductory discounts on premiums, which are often offered in the first year, to provide customers with an incentive to switch insurers.

The BBC reported that ABI’s deputy director general, Huw Evans, spoke out on the proposals, saying: "Insurers want to make renewing your insurance policy easier and clearer to understand by reminding you of last year's premium and flagging up introductory discounts." 

Many Customers Have Been Paying Over the Odds

The fact that even insurers are backing the proposals means that you can be sure that when they come into effect, which is expected to be the end of next year –they’ll act to benefit you, the customer.

This viewpoint was mirrored by Natasha Glasgow, head of insurance MoneySuperMarket, one of the consumer groups which lobbied for the changes. According to the BBC, Glasgow said: "At long last, the insurance industry is waking up to the fact that it has made the process of renewing policies at a competitive price as difficult as possible, with many customers paying way over the odds," 

I couldn’t have put it better myself. This move is great for your personal finances because it will ensure that you don’t draw money from the budget to overpay when you are presented with a new premium!

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We all now have the Right to Request Flexible Working Hours!

The recent government decision to extend flexible working hours to everyone is monumental, and this week on the Kiran Trivedi blog, I’m going to explain why.

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Is It the Right Time to Sell Your Home?

With the UK housing market riding higher than it has in years, this week on the Kiran Trivedi blog I ask whether it is the right time to sell your home.

The Rise and Rise of the UK Housing Market

The housing market’s a world away from where it was a few years ago in the wake of the financial crash. The UK’s astounding economic recovery, along with government schemes like ‘Help to Buy,’ have persuaded people to let go of their reservations and jump back on the property ladder.

And the figures certainly back it up. According to data from HM Revenues and Customs (HMRC), home sales are rising. Specifically, HMRC has noted that a total of 100,360 homes were sold in May, up from 95,600 in April; hitting their highest level of 2014 so far.

Mortgage Approvals Are Down… Again

So more homes sold logically suggests more people are buying; but is this set to continue. Not according to the British Bankers Association (BBA). Last week, the BBC reported that the BBA suggested that the "heat is coming out of the housing market."

The Association argued that despite the record number of current house sales, mortgage approvals – an indicator of the trajectory of the housing market – were down. Specifically, mortgage approvals slumped to 65,132 in May, down for the fourth consecutive month, and measured 3.5% lower in total than in the same month of last year.

The Mortgage Market Reviews Are making it Harder to Buy Homes

Chief economist at the BBA, Richard Woolhouse, attributed dropping mortgage approval figures to the introduction of Mortgage Market Reviews; new affordability tests for home loan applicants.

Woolhouse argued that: "These are the first mortgage approval figures we have seen since the introduction of the Mortgage Market Review, so it is significant they have fallen for the fourth month in a row."

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Kiran Trivedi Explains Why it pays to Start Saving Early

Even with all the money saving tips in the world, there’s no substitute for saving, and this week on the KiranTrivedi blog, I want to explain why you need to start saving early.

The Plight of the Young Professional

As a 20-something young professional with a good career and a steady stream of disposable income, it often seems as though you’ve got the world at your feet. You’ve got money, you’ve got time and you’ve got an established career path.

That’s why so many of these people don’t save their money. They think, ‘I’ll have plenty of time in the future, my money’s not going anywhere so I’ll start saving in my thirties.’

Retirement- It’s Kind of Expensive!

I understand this point of view, I really do, but the truth is that you’ve got it all wrong. You need to start saving in your twenties. Quite frankly, the earlier the better.

Why, I hear you ask? Well it’s all about preparing for your future. Even though it seems really far away, your retirement will arrive far quicker than you could ever possibly imagine – only 40 years or so – and young people often underestimate how much money they really need to comfortably see out their golden years. Little clue for you – it’s a lot!

Kiran Trivedi Makes His Pitch: Start Saving Earlier!

Alright, fair enough, retirement is kind of expensive. So now I hear you ask, ‘why can’t I just wait until I’m in my mid-30’s when I’m earning more and start saving then?

Basically when you save, you make interest, then you make interest on your interest, known as compound interest, which means the longer you save, the more money you make. Therefore, if you save a little money each month from your early 20’s you stand to have more in the bank by the time you hit the retirement home, than you would if you started saving later.

Furthermore, it’s actually way better for your personal finances across the board. Saving a little bit every month for 40 years leaves you with far more to live off and gives you a better quality of life, than saving a larger amount for 30 years. Can’t say fairer than that, Kiran Trivedi readers!

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Kiran Trivedi Argues: We Need to Take Our Sick Days

Something that has surprised no one, this week a survey has revealed that less people than ever are taking sick days. This is unacceptable, and this week on the Kiran Trivedi blog, I’going to let you know why.

Kiran Trivedi on the Changing of Office Culture

Once upon a time, especially in this country, it was common practise to take a sickie and play a little hooky every once in a while. Say you’d hammered the vodka a little too heavily the night before, and didn’t have anything really important to do at work the next day? It was practically expected that you’d take a sick day.

However, things have really changed. In a modern world, where markets are more competitive than ever, people simply don’t want to take a sick day. It’s not because, however, people are more committed to their professions than ever. People are simply more afraid now than they were before, that if they take too many sickies, they’ll lose their jobs.

Increase in Mental Health Issues, Long Term Illness

The numbers back this up. Industry body EEF conducted a survey of 330 firms over the past two years. This survey revealed that in the UK, the number of employees taking sick days is at an all-time low. Essentially the average dipped to 2.1%, the equivalent of 4.9 days of the year per worker.

You might think this is good, as less sick days would lead to greater productivity; you’d be wrong. EEF also found a rise in the number of workers reporting mental health problems, as well as a rise in the number of workers taking time off for a long term illness.

Bad for Business, Bad for You

Obviously this is bad for business; whilst a day off or two can be compensated for with little effort by the higher ups, when an employee takes more time off, it’s harder to compensate, and drives down the company’s bottom line.

However, I would also argue that it’s bad for the employee and their own personal finances. No sick days apparently leads to more stress, longer illness holidays etc. This often disqualifies you as a promotion prospect, and drives down the quality of your work. Essentially, you’ll stay on the lower rungs of the corporate ladder, and be less likely to earn the big bucks!

There you have it Kiran Trivedi readers. You might think you’re doing yourself a favour battling through your flu and heading into work, but you really aren’t. Do yourself a favour and take the odd sick day; your personal finances will thank you in the long run!

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Kiran Trivedi Lets You Know How You Can Make Money as an Amazon Author

If you’re stuck for cash, why not break out the laptop, write a book and flog it on Amazon? This week Kiran Trivedi lets you know how you can make a tonne of easy cash as an Amazon author.

You Can Always Make Money on the Internet

It used to be almost impossible to get published. You had to write a manuscript and send it off to a publisher. It lied in a pile of manuscripts, and if you were lucky, it’d be read, but even then the chances it’d actually interest the publisher enough to prompt an investment was practically zero.

However the internet has changed everything. I’ve repeatedly told you how you can use the internet to make cash and shore up your personal finances. You can flog your old stuff on EBay, save a little money by taking advantage of a GroupOn deal or trim the grocery budget by doing your weekly food shop online.

Welcome to Kindle Direct Publishing

Now the internet has made it a whole lot easier to make cash as an author too, as you can publish your book straight to Amazon. Welcome to Kindle Direct Publishing.

If you’ve got a specialist subject, why not give it a try. Yes, you make far less money, as you don’t have the selling power of a publishing house behind you, but you earn a 70% royalty on any sale you make. Best bit? Publishing doesn’t cost a single penny!

How Can You Publish Your Book on Amazon?

You can easily use it to make the few hundred quid you need to strengthen your personal finances, and all you have to do is write the book, open an Amazon account, find the Direct Kindle Publishing page and follow the instructions.

However I would urge caution. You only make money when somebody buys your book, and if your book isn‘t good enough, you won’t make any money at all. Make sure you know what you’re talking about, that you’ve got your grammar correct and that you book is useful and/or enriches the lives of everyone who reads it. In other words, be a good author and, you guessed it, do your research!

There you have it Kiran Trivedi readers. Publishing a book on Amazon won’t change your life, but it will provide you with a steady flow of cash that’ll shore up your personal finances. Who knows, you could be the next JK Rowling!

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Kiran Trivedi’s Top Five Reasons You Shouldn’t Use a Payday Lender

With all the news on the subject lately, you should already know this, but in case you don’t, Kiran Trivedi takes the time this week to list my top five reasons why should never use a payday lender

What is a Payday Lender?

For those of you who’ve somehow managed to live in a media blackout for the past few months, a payday lenders is a service that seeks to offer you a loan that you then repay from your next wage. It’s essentially an easy way to lend money in the short term, without having to worry about the stringent checks and balances you would have to endure with most lenders.

On the face of it, payday lenders seem to be a fantastic idea. They’re quick, easy to use and efficient. You know what you’re getting and you don’t have to deal with high street banks, which have collectively lost the trust of many people in the last few years, because of the role that they played in facilitating the global financial crisis.

You Shouldn’t Use a Payday Lender for Five Reasons

However I would argue that this is an extremely short sighted and limited view, and here are my top five reason why:

1. A Circle of Money: The truth is that this isn’t free easy cash. People often seem to wilfully forget the fact that it’s a loan, and the money has to come from your next wage, leaving you with less money next month and perpetuating a horrible cycle.
2. Stress Test: There’s barely any grace period when it comes to these loans, because you’ve promised to pay it back out of your next wage. This means you’ll be stressing out a lot about how to slot the payment into your budget.
3. It’s Expensive: It’s so unbelievably expensive. Not only do they usually come with exorbitant interest rates, they also often come with extra charges, meaning that in the end, a payday loan is seriously bad value for money.
4. Continuous Payment Authority: The main reason most experts categorically advise you not to use a payday loan company is that you give them continuous payment authority. This makes the agreement difficult to cancel as you’re literally giving them the keys to your bank account, meaning that if you can’t pay them back, they’ll simply access your account to take whatever they can.
5. Subprime Lending: Did you also know it’s really bad for your credit rating, which will have ramifications when you need to make a larger financial commitment such as a mortgage? Financial institutions see it as subprime lending, which makes it look as though you are the type of person prone to needing money at the drop of a hat. Not very secure at all. 

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Do You Get Value for Money With Your Degree?

A survey has revealed that many students believe that they do not get ‘value for money’ from their degree and this week, I ask on the Kiran Trivedi blog just how much your degree adds to your bottom line.

The traditional argument states that a degree is an investment in your future. Those people who are able to boast a bachelors on their CV are said to prove more attractive to higher end employers, meaning that there is supposedly a direct link between university education and earnings potential.

Is it Really Worth £9,000 a Year?

However students have become increasingly distrustful of the benefits of a degree, as fees have risen to £9,000 a year for the average University course, and this has led many to consider whether they truly provide value for money.

According to a survey conducted by the Higher Education Policy Institute (HEPI) and the Higher Education Academy (HEA), a third of the 15,046 students questioned say that in a world where you pay up to £9,000 a year for your degree, the course offers poor value for money.

There is a clear reason why so many students have questioned the value of the £9,000 price tag. That is because the controversial change that was first brought in in 2012 has only resulted in 10 minutes extra contact time.

It’s important to note that this is a sharp contrast from 2012, when it was reported that only 18% of students surveyed suggested that a degree offers poor value for money. Furthermore in 2014 only 36% said their course offers good value for money, whilst 52% held this opinion back in 2012.

The Link between Your Degree and Your Wage

The real question here is does the cost of a degree justify the greater position it gives you in the jobs market? Whilst graduate starting wages generally measure over at least £14,000, students have to start paying back their loans when they earn over a certain amount, and if you’ve borrowed more, you’re paying back more over a longer period of time.

This would suggest, Kiran Trivedi readers that a degree is worth the money you’re willing to pay for it depending on the starting wage of your chosen profession. It’s important to remember that 31% of those surveyed said that they would take a different course if they had their time again. If you’re thinking about starting a degree, think long and hard about what it could add to your bottom line in the long term.

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The Rising Cost of Ticket Scams and Four Tips to Avoid Them

If you’ve ever been the subject of a ticket scam, you won’t be surprised to learn that this week, we all found out that they’re costing UK consumers a ridiculous amount of cash. How can you avoid fouling foul of the scammers?

Kiran Trivedi blog readers, I bet that most of you out there have attended a concert or sports match at some point in your life?  There’s always one artist or team that we tend to get a little crazy over, and seeing them do their thing lends a little colour when our lives are at their most grey.

However, this enthusiasm has a dark under belly, and this is that it makes you vulnerable to ticket scammers; people who sell false tickets to unsuspecting consumers to rob them of their hard earned cash.

The Nation’s Rising Ticket Bill

News sources have now gone on to report that collectively, ticket scams are actually costing the nation millions a year. Specifically, the Association of Chief Police Officers (ACPO) found that in 2013 alone, we frittered away £3.7 million on scams involving ticket fraudsters.

Furthermore, ACPO went on to reveal that there were 4,555 reports of ticket frauds last year and of these, 22 victims were conned out of a whopping £10,000 or more. If anything, this reminds us that ticket fraudsters are ambitious, and that it’s possible to loose far more than the price of tickets to the latest Cheryl Cole concert.

The BBC spoke to ACPO’s, national co-ordinator for economic crime, Commander Stephen Head, who argued that the problem is only getting worse. Head said "millions of pounds were lost last year and millions more could go the same way in 2014." He went on to further point out that "taking a punt on an unofficial seller, be it over the internet or face-to-face, is just not worth the risk."

Kiran Trivedi’s Top Four Tips to Catching a Ticket Fraudster.

Kiran Trivedi couldn’t agree more, you really need to be careful, and if you’ve got any doubts on how to catch a ticket fraudster in the act, here are my top four tips to help you along the way:

1. Research: I’ll say it again, do your research. If there’s any scam to be found, you’ll find out about it on the internet, there will be someone out there who has already been scammed and have a story to share.
   
2.  Secure Payment: If the seller is asking for an unsecure or unusual method of payment, chances are, they are a scammer.
   
3.  Official: If you can, stick to official sources for tickets. Don’t be the idiot who tries to score one last minute off the random selling tickets to spare outside the venue. If someone is doing this, chances are, they are a scammer.
   
4.  Compare: Compare the prices, if you are paying above board, you’ve just found yourself a fraudster!

At the end of the day, if you fall victim of a ticket scam, then you’ve just frittered away hard earned cash that could have been added to your weekly budget, and got absolutely nothing out of it! Always check before you buy. 

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The Art of the Counterfeit: Spotting a Fake

You always have to remember, Kiran Trivedi readers that one of the biggest threats to your personal finances is when you’re tricked into buying a fake product. In order to help protect you from the risk this brings, I thought this week I’d give you a few tips on spotting a fake.

Kiran Trivedi knows it’s not rocket science. If you are tricked into buying a fake product, especially a big ticket item like a fake designer piece of clothing, then you are blowing money on something worthless, and either you’ll simply lose money on something that is not going to add any value to your life, or you’ll have to fork out more money on buying a replacement.

This is bad enough – however there is more than one way to skin a cat, and as such, more than one way to be taken in by a con. An article by the BBC brought this to my attention, as it highlighted the top five cons tricksters run on you to make you part with some serious cash.

It was certainly illuminating. According to the news source, the top five cons that can cost you the most money are the fake solicitor, fake holiday tickets, fake debt help, fake job adverts and fake alcohol.

It’s easy to see why these cons would be so effective and so detrimental to UK consumers. They are all either essential or popular products/services, and thus not only can they bring in significant amounts of people, they can part them from a lot of cash.

Counterfeit bill in the US

Kiran Trivedi’s Top Tips

So if you want to protect your personal finances, what can you do? Here are a few tips straight form the Kiran Trivedi blog:

• Use your common sense: If something feels like a con, walk away, it probably is. 
• Research: Once again, use the internet to look up who you are dealing with. Research is everything!
• Identification: If you have any doubts, check for ID or official verification if possible (this usually depends on the industry involved).
• Caution: Protect your details, don’t give them out unless sure, avoid online banking and pay in cash when possible to minimise any damage a potential scammer could do.

The reality is that it is so easy to get scammed in the modern world- it’s happened to nearly everyone at one point or another. If you want to protect your personal finances, take precautions and always remember to do your research! A great place to start is the Kiran Trivedi Blog.

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Kiran Trivedi’s Top Five Ways Scottish Independence Could Impact Your Bank Balance

Whatever side of the debate you’re on, Kiran Trivedi readers, if Scottish Independence is achieved through this year’s referendum, it could impact your bottom line both positively and negatively, and you need to know about it.  That is why this week on the Kiran Trivedi blog, I’ve detailed my top five ways Scottish independence could impact your bank balance.

Leaders on both sides of the argument have been banging on about how Scottish independence could affect the economy, and it shouldn’t surprise you that it could affect you. Here are the top five ways Scottish independence could impact your bank balance.

An Independent Scotland: The Top Five from Kiran Trivedi

1)      Energy: This is a real concern, considering how high energy prices are already. Scottish independence means that we have less households shouldering the cost of nuclear power, which means energy prices could very well go up.

2)      Taxes: There’s no evidence to categorically suggest that a Scotland free of the rest of the UK would mean higher taxes for all of us, but it could do. If Scotland, for example, don’t take their share of national debt, taxes will go up most likely to offset the difference.

3)      Jobs: This could actually be a huge plus south of the border, as public sector jobs currently based in Scotland could very well have to move back to the rest of the UK, which would actually boost the economy and increase the average person’s spending power.

4)      Tuition Fees: This is one for you students out there. It’s entirely feasible that if Scotland breaks away, then UK students will pay Scottish prices to attend their universities, as is normal for foreign study. Scotland has lower university fees, which would benefit any student who wants to study north of Hadrian’s Wall.

5)      Postage: Believe it or not, stamps could actually be cheaper for the rest of us, should Scotland flee the Union. This is due to us no longer having to pay for postal delivery to Scotland, a cost traditionally covered by stamp prices.

So, as we have seen, Scotland breaking away could have good and bad effects on your personal finances, and should they do so, you need to know about them. However it’s all just conjecture at the moment and we won’t know how it’ll play out until this September! There will be updates on the Kiran Trivedi blog.

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Should You Use the Contactless Card?

News has reached the KiranTrivedi blog that use of the contactless card has reached record levels and this prompts me to wonder, should we really be using the contactless card, or is it a risk to your personal finances?

The contactless card is exactly what you think it is – a revolutionary trick of technology which allows you to pay for goods or services on your card without having to put it into a machine. Instead you hold the card next to a device. It’s like a scanner at a checkout.

Exceeds £100 million a Month

It’s certainly proving popular with consumers, as The UK Cards Association has announced this week that spending with the contactless card has exceeded £100 million in one month alone, for the very first time.

This rising technology was first introduced by High Street mainstay Barclays, but has since rapidly spread among UK financial institutions. The Bank seems optimistic about the card, as it has said that it expects spending via this latest financial technology to total over £600 million this year.

This view is certainly one that is shared by Graham Peacop at The UK Cards Association. Peacop commented  to  the BBC that: "Whether it's to buy a cup of coffee or pay for a trip on the bus, today's figures show that consumers are voting with their wallets and find contactless cards a very convenient way to pay."

Kiran Trivedi on the Pros and Cons of Going Contactless

Despite the popularity there are a number of concerns about this game changing invention. The first is that it’s so new that it won’t benefit customers in the long run to invest in one. However, as businesses up and down the country embrace the new technology, this problem should clear itself up.

The larger concern is safety. Banking is precarious enough, and it’s a simple task for any determined criminal to hack into your bank account. Is this new technology, which is dependent on the sharing of information through the airwaves, really safe at the moment for consumers to embrace?

So there are a number of problems with the contactless card, Kiran Trivedi readers. However, as I pointed out earlier, your personal finances are always at risk with banking. That’s why you take steps to protect yourself. 

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Beware of the Small Print

The devil really is in the details when it comes to financial products, as we’ve yet again seen in the car insurance small print findings released by a consumer group this week. What do you need to know to avoid falling into the small print trap?

Small print are the terms and conditions of the agreement that you are signing up for. It’s all the technical stuff, and the reason they put it in small print is because it usually details the less attractive elements of the deal that you are about to sign up to.

That is why it’s small print – they literally make is as small as they are legally allowed to minimise any chance that these terms and conditions will turn off potential customers. So why is it a particular consumer issue at the moment?

Car Insurance: The Devils in the Details.

Consumer group website Fairer Finance has found this week that several car insurance deals boast word counts that number more than the entire word count for George Orwell’s grim allegorical novel Animal Farm.

The most alarmingly high word count was boasted by car insurer Endsleigh. According to the consumer group it totalled 37,674 words. Other providers of motor insurance that had word counts totalling over the 30,000 mark include Sheila’s Wheels, M&S Bank and Esure.

Founder of Fairer Finance, James Daley, summed up why this was so harmful to consumers. Daley said that "even those who do (read them) are struggling to understand them, (so) what exactly is the point of these documents?"

Avoid the Small Print Trap

Essentially, if small print is too long, people don’t read it. That’s why they’re making it so long in the first place. So how can you tackle this problem?

• Take time away to read it in full

• Ask for clarification on any points you don’t understand.

• Don’t let them pressure you into skim reading the small print.

• Research the company: If people are complaining about them, chances are you shouldn’t even bother considering dealing with them. 

Kiran Trivedi readers, taking in the small print is vital knowledge for you because if you don’t know it, it can damage your personal finances in a thousand small ways. Think about it, you don’t read then you get hit with a charge you didn’t expect, but that was outlined in the small print. Your monthly budget suddenly gets a whole lot tighter.

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Is Your Overdraft Good Value for Money?

Whether we like it or not, Kiran Trivedi readers, we all occasionally need to dip into our overdrafts to balance the books. But is your overdraft good value for money? Well according to the Financial Conduct Authority (FCA), it isn’t.

The thing about overdrafts is that no one wants to dip into them; it leaves you owing money and unless you have a student or post graduate overdraft, you’re most likely going to have to pay a charge for that service. However sometimes you have to, just to make it through the month. But is your overdraft leaving you worse off?

Overdrafts “Complex and Opaque”

The FCA has come out this month and put the whole lender overdraft culture into the spotlight, by suggesting that it is “complex and opaque.” What they mean by this, is that they are hard to understand, which means that because customers don’t necessarily understand the rules, they are vulnerable to losing money.

They’ve estimated that customers have lost in excess of £8 billion to banks and building societies through complex overdraft rules, and now the financial body has decided to launch a deeper investigation into the issue over the summer. Watch this space to see how it plays out.

The FCA has been reported to have said on the issue by news sources that: “Even the most astute consumer could struggle to understand what they are paying for" when it comes to an unarranged overdraft. So what should you do to tackle this problem?

Kiran Trivedi’s Guide to Handling Overdraft Issues

As long as you stay informed and you keep on top of things, there’s actually quite a few things to control the situation with your overdraft. These are:

• Research: Before you agree to anything, do your research. It’s a very competitive market out there at the moment, especially with the economic recovery,  and if you look around, you’re sure to find the right overdraft option for your personal finances
  
• Read the Fine Print: Lenders don’t exactly like to advertise the more unpleasant parts of their overdraft facilities, so they’ll usually stick it all in the fine print. Make sure you read carefully before you sign.
  
• Budget: An overdraft really should be a last resort; you shouldn’t be dipping into it to fund things like shopping sprees. Carefully budget so that you only need to use it in cases of emergency.
  
• Get Help: If you think you’ve been hit with unfair overdraft charges, and the bank are ignoring you, contact the FCA. Now is literally the perfect time, as they’re actually investigating the matter. 

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Why Should You Desert the ‘Big Six?’

If you get your energy from one of the ‘big six’ energy companies, and most people in Britain do, then you’ll know that they charge heaven and earth for their services. Saying that, Kiran Trivedi readers, why should you desert the ‘big six?’

Did you know that the annual household energy bill now runs up £1,264, and that only covers gas and electric? Why do you think that is? Is it because it simply costs that much to bring energy to your house? Whilst energy costs are rising all over Europe, they’ve risen much more steeply over here.

The thing is that they shouldn’t. In Britain we’re a lot more energy independent than Europe, as we don’t depend on Russia for our gas and oil and we have a growing renewable energy sector, which means that costs really shouldn’t be that bad. Furthermore, the fact that American shale oil and gas is flooding the market at the moment should make things even cheaper.

The thing is that the ‘big six’ don’t seem to be taking any of this into account. We see this best through the energy prices row last year. Labour leader Ed Miliband suggested that if he got into power then he would impose a 20 month energy price freeze.

The big six went mad. They immediately denounced any such strategy, saying that it costs too much to supply the country with energy as it is and that it why they are raising prices. They also rose prices again to circumvent such measures.

The actions of the big six from there show that they haven’t really got consumers best interests at heart, and that is why you need to desert them. In the end, the energy prices row stopped and not only did most of the big six not lower their prices, they also convinced the government to cutback the ECO Funding scheme; which provided energy efficiency measures designed to cut household energy bills.

This is why you should switch to a smaller energy company if you want to more effectively manage your personal finances. It’s logical really. Because they’re a small company they can’t afford to alienate their customers, which means that they have policies that mean that you get cheaper energy.

We have seen this recently with small energy company Ovo. Based on the usage of dual fuel by a medium user, the energy company has pledged to get energy bills to under £1,000 a year. This has prompted large energy firm SSE to say that they are freezing prices until 2016, showing that they really don’t need to raise prices to keep themselves afloat.

That’s why you need to desert the big six energy companies, Kiran Trivedi readers. They clearly don’t have your best interests at heart because they’re so big that they don’t need to. Switch to a smaller energy company if you want to more effectively handle your personal finances.

LINK TO INFO: http://www.bbc.co.uk/news/business-26947756

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