Money Rebound http://moneyrebound.com Return To Financial Freedom Thu, 22 Jun 2017 22:33:06 +0000 en-US hourly 1 How to make sure your car is safe for a long journey http://moneyrebound.com/how-to-make-sure-your-car-is-safe-for-a-long-journey/ http://moneyrebound.com/how-to-make-sure-your-car-is-safe-for-a-long-journey/#comments Tue, 20 Jun 2017 14:18:07 +0000 http://moneyrebound.com/?p=2614 When you’re planning a long journey, the chances are that you’ll want to give your car the once over. Of course, driving your car around town every day, you’ll already know how well your vehicle is performing – and you’ll probably know whether or not it is in full working order. However, there are some

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When you’re planning a long journey, the chances are that you’ll want to give your car the once over. Of course, driving your car around town every day, you’ll already know how well your vehicle is performing – and you’ll probably know whether or not it is in full working order.

However, there are some simple tests and tweaks that you can carry out to ensure your road safety – we’ve rounded up seven of the most important for you to try out below.

  1. Take out comprehensive insurance

Car insurance is essential whether you’re driving for a mile or a hundred, but many of us settle with the cheapest insurance policy we can without looking at the fine print. For example, can you be sure that you’re covered if you break down in another country? When you’re travelling on a long journey, either here or in another country in Europe, then be sure to consider a car insurance policy with a provider like Call Wiser. Contrary to popular belief, you can switch your car insurance mid-term and claim a refund for the months you do not use, so don’t be afraid of cancelling your existing policy if it does not meet your needs.

  1. Keep a paper map

Your smartphone and satnav are likely to be go-to items when you’re travelling on a long journey, but if the signal fades, how will you know which way to go? It pays to go old school and invest in a paper map before you travel – you should be able to pick one up at your local garage for a couple of pounds. Before you travel, plan out your journey so that you know which page to turn to if you do happen to arrive at a place without a signal.

  1. Clear the boot

The chances are that your boot is packed with boxes, gym equipment and all sorts of other stuff that you don’t want to bring into your home. But a heavy car requires more fuel than a lighter one, so give your boot a clear out before you make your journey, binning things you don’t need and putting the rest in your garage. Not only is a clean boot better for your car’s fuel economy, but it means you’ll have more room for your luggage and other possessions.

  1. Flash your lights

Driving around with broken brake lights? Make sure you’re ready to pay a £60 fine and have three points added to your license. Before you travel, make sure that you go through all of your lights and check that they are in full working order, asking a friend or family member to watch what you’re doing to make your job easier. If they’re not, you can pick up car bulbs at your garage or local DIY store for just a couple of pounds, so fix them as soon as you can.

  1. Top up the wash

You don’t want to set off on your journey, only to realise that your windscreen wash bottle is empty. Fill up before you leave, and, if you’re travelling in harsh weather conditions, keep a spare bottle in the boot of your car so that you can top up when you’re on the road.

  1. Check your engine oil

Nobody wants their engines to overheat – especially when they’re away from home and don’t have access to their regular mechanic. Make sure that you check your engine oil and up it up if necessary. Of course, you should be careful that you don’t overfill – but this guide from The Telegraph should help you fill up your engine oil without making too much mess.

  1. Replace your tyres

There’s nothing worse than having to change your wheel at the side of the road – especially when you’ve made little progress towards your destination. So, to make sure that your tyres are in full working order, check that all of your tyres have the appropriate tread level (at least 1.6mm across the central three-quarters of your tyre, all of the way around) and replace them if necessary. If you don’t, and you’re caught with tyres that don’t have the appropriate level of tread, you could be fined up to £2,500 and land three points per tyre.

There you have it – everything you need to know about making your car as safe as possible before heading on a long journey. If you are at all concerned about your car and its safety, then make sure that you visit a garage to have a full safety check, or consider alternative methods of transport to get where you need to be. Don’t risk driving if you do not feel confident in your ability – and remember to stay safe on new roads. Enjoy the trip!

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10 of the most common reasons your MOT will fail http://moneyrebound.com/10-of-the-most-common-reasons-your-mot-will-fail/ http://moneyrebound.com/10-of-the-most-common-reasons-your-mot-will-fail/#comments Mon, 19 Jun 2017 12:17:31 +0000 http://moneyrebound.com/?p=2610 To avoid a hefty repair bill, inspect these key areas of your car before you send it off for a MOT test. 1. Headlamps and lightbulbs Gov.uk claim that 30% of all fails relate to lighting and signalling. Blown bulbs are the most common problems yet one of the easiest things to replace. Check that

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To avoid a hefty repair bill, inspect these key areas of your car before you send it off for a MOT test.

1. Headlamps and lightbulbs

Gov.uk claim that 30% of all fails relate to lighting and signalling. Blown bulbs are the most common problems yet one of the easiest things to replace. Check that your headlights and brake lights light up and give each bulb a gentle tap to make sure it isn’t loose or broken.

2. Brakes

Worn brake pads are one of the most common fails; if you hear screeching and grinding or feel a vibration in the pedal or steering wheel, your brakes need immediate attention. Don’t forget to check your brake fluid levels as well.

3. Tyre condition and pressure

Gov.uk also states that 10% of all faults are down to tyre condition and pressure. You must check that the minimum tread is 1.6mm and that the tyres are the same size, pressure and show no signs of damage. If you think your tyres may be wearing thin and you have a few months still to wait for your MOT, then for safety reasons it may be worth getting your tyres checked by a professional before the MOT with a mobile tyre-fitting service like that offered at Wiltshire Tyres.

4. Exhaust system

A noisy exhaust system with corroded or missing parts can cause a MOT fail. This will also affect the amount of emissions emitted by the car, which if too high, can also incur a fail.

5. Windscreen wipers

Faulty or worn windscreen wipers can affect driver visibility resulting in a failed MOT. Test them out by checking to see if they clean the windows efficiently and don’t leave any marks.

6. Driver’s view of the road

Objects that obscure a driver’s view or prevent them from seeing the road properly will cause a MOT fail. Even small items such as air fresheners can be a distraction, so make sure they don’t block your view of the road.

7. Registration plate

Surprisingly, a number of cars are failed due to damaged/illegal licence plates or faulty bulbs above the plate. By law, a number plate must be visible to someone standing 20 metres away from the vehicle. Check the bulb is still working and that the plate is clean.

8. Suspension

A car’s suspension system is made up of many moving parts which wear out due to constant activity. If you can feel every bump in the road, have difficulty turning or your tyre treads become uneven, you might need to have your suspension checked to avoid a MOT fail.

9. Engine fluids

Cars are full of various fluids that keep them running efficiently such as oil fluid and radiator fluid. If these levels are too low, the car is at risk of a number of problems including engine damage from overheating. Check the levels before a MOT test, or else you’ll face a fail.

10. Seatbelts

A broken or worn seatbelt can be potentially life-threatening, so you should inspect all seatbelts to ensure they click into their buckle securely and are not frayed.

Here we’ve covered some of the top 10 resaons why as car might fail an MOT. We hope you’ve found them useful!

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Why Wealth Management is More Important Than Ever in 2017 http://moneyrebound.com/why-wealth-management-is-more-important-than-ever-in-2017/ http://moneyrebound.com/why-wealth-management-is-more-important-than-ever-in-2017/#comments Fri, 16 Jun 2017 15:58:50 +0000 http://moneyrebound.com/?p=2606 If the nation was struggling to deal with the uncertainty caused by Brexit, the result of the snap General Election has scarcely helped matter. Theresa May’s inability to secure an actionable majority has dramatically undermined the Tory power base, polarising parliament and making the chances of a clear-directed Brexit negotiation extremely unlikely. Even after the

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If the nation was struggling to deal with the uncertainty caused by Brexit, the result of the snap General Election has scarcely helped matter.

Theresa May’s inability to secure an actionable majority has dramatically undermined the Tory power base, polarising parliament and making the chances of a clear-directed Brexit negotiation extremely unlikely. Even after the Prime Minister struck a controversial deal with Ulster’s Democratic Union party to form a government of sorts, her mandate has been weakened and nation’s stability rocked.

The Importance of Wealth Management During Difficult Times

With this in mind, it is more important than ever that individuals manage and optimise their wealth for the future. After all, the Prime Minister has already said that she would do away with the popular, Triple Lock guarantee on pension plans, while the stagnation of real wages and rising inflation is also making it impossible to save money. This is creating a unique and oppressive economic climate, and one that places the onus on the individual to successfully manage their own finances.

It also highlights effective wealth management as the optimal way of accruing capital for your retirement. After all, this is a tactic that affords you access to investment and financial experts from a range of sectors, while also opening up a host of derivatives, assets and marketplaces that deliver variable returns. Market leading wealth management firms also strive to offer even more comprehensive service options, which are tailored to suit each individual client and the demands of the macroeconomic climate.

Take WHIreland plc, for example, which delivers bespoke wealth management services to clients across the board. This means that all advice and investment options are tailored, while information is drawn from relevant experts with actionable knowledge of specific markets. Given the complex and changeable nature of the economy, this type of insight can prove invaluable as you look to distinguish short-term options from those that can deliver long-term gains.

The Bottom Line: Why a Proactive Outlook is Key

Given the challenges posed by Brexit and the recent snap election, leveraging wealth management expertise makes genuine sense in the modern age. You must adopt a proactive approach to managing your wealth in the first place, however, as this compels you to seek out the best possible advice and identify the most suitable service providers.

This can help you to negate the economic challenges that exist in 2017, while helping you to incrementally accrue wealth even as Brexit negotiations commence.

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UK Property Investment: What Opportunities are Available? http://moneyrebound.com/uk-investment-property-opportunities/ http://moneyrebound.com/uk-investment-property-opportunities/#comments Mon, 05 Jun 2017 21:13:21 +0000 http://moneyrebound.com/?p=2600 If you’re looking for new investment opportunities within the property markets, then the UK could be a great option. This country can not only provide a variety of different types of property, there are also a number of areas and indeed markets that could turn out to be quite lucrative for those looking to gain

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If you’re looking for new investment opportunities within the property markets, then the UK could be a great option. This country can not only provide a variety of different types of property, there are also a number of areas and indeed markets that could turn out to be quite lucrative for those looking to gain a return on their investment.

What follows here is a number of examples of these investment opportunities, to give any would-be buyers a clearer idea of just what’s on offer in the UK.

Residential Property

Whether you’re buying a property that you want to renovate or you’re looking to purchase a portfolio of buildings to then let on a rental basis, you’re essentially spoilt for choice in the UK. From quaint cottages, to urban developments and residential flats there is an abundance of homes available around the country.

These can vary in price and cost though and certain areas are more sought-after than others. This article from the Telegraph can provide a useful insight into this though, as it lists ’20 property investment hotspots’ around the different counties. You can also seek investment property information and guidance from specialist sellers and agents such as Allsop.

Student Lets

The UK has a thriving and successful university system which proves attractive for both UK citizens and foreign students. There’s also a wealth of these academic institutes across most of the major cities meaning there’s a large market out there for student lets.

This high demand also comes despite fears that the Brexit decision would mean a lack of foreign investment, as it appears that student lets are particularly popular for overseas investors – as this article from The Guardian explains. This could also be good news for those with existing properties who may be unsure which direction to take with their portfolios.

Commercial Property

Finally, there’s also opportunities to invest in commercial property. The United Kingdom is also home to a variety of different industries and businesses needing everything from warehouses, to offices and storage units. With this though, you may need to carry out more market research to see what demand there is for commercial properties and facilities in your chosen areas. There are several important factors to consider when it comes to choosing the option of buying to rent or renting alone, or purchasing to make an investment on the property later down the line. In recent news, we have seen the property housing prices fall since 2012 and this might seem attractive to the investors looking for quick wins however don’t be so sure. Investing your money for a cheaper price, doesn’t mean you will always make a profit on the commercial property market. Consider billing implications, inflation rates and unpredictable future market dips.

However you decide to invest, a final tip for you would be to seek professional advice if you’re not 100% sure about the markets you’re choosing. This way you’ll know exactly what to expect in terms of the properties available, the possible tenants and of course the potential increase in value you might expect to see.

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5 Important Business Considerations to Make Before Expanding Internationally http://moneyrebound.com/5-important-business-considerations-to-make-before-expanding-internationally/ http://moneyrebound.com/5-important-business-considerations-to-make-before-expanding-internationally/#comments Mon, 05 Jun 2017 11:44:16 +0000 http://moneyrebound.com/?p=2593 There are many great reasons to expand a business overseas, with one of the biggest being the potential to grow and become more profitable. There isn’t a magic wand you can wave though which suddenly sees your business be a success on the international scene; the reality is you need to make sure you have

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There are many great reasons to expand a business overseas, with one of the biggest being the potential to grow and become more profitable. There isn’t a magic wand you can wave though which suddenly sees your business be a success on the international scene; the reality is you need to make sure you have the right steps in place to help you get your foot on the overseas business ladder.

To make this a little clearer, here are five considerations to make before you expand, to help make your endeavours rewarding.

#1 The Right Locations

It’s unwise to pick any location for the sake of expansion; this needs to be something you research first. Look into the overseas markets and consider which countries would be more receptive to your product or service. Also think about which nations may want to use what you have to offer and if there are any gaps in their markets.

#2 Business Etiquette

You also need to remember that different countries may have different ways of doing business, which you will need to stick to in order to impress. Take this post from Forbes for instance which shows a variety of different rules and expectations across the world. In Brazil for example it’s considered rude to leave a meeting early.

#3 Currency

There are different currencies in use around the world too, so if you’re planning on working abroad you’ll need to be clued-up on the value of the respective currency of that nation. The varying exchange rates can affect your pricing on your items, or the services your business uses, and the last thing you want is to be caught out be a sudden drop in value.

#4 Deliveries and Supply Chains

You may need to find out more about how to move your goods around the world. Say if you were to send parcels abroad to the U.S from the UK as part of your initial supply chain, you may find they have different customs rules and regulations to sending them within the EU. So, it pays to do a little research with this too, or failing that use a reliable courier service.

#5 Further Growth

Lastly, it’s also worth thinking about where you want to go with your business after you’ve expanded. Consider how you can continue to grow and which other countries may be worth targeting once you’ve successful starting working in the first nation you choose.

While these five steps may not all apply to your business, you could still use the approaches that do to help get your business on the way to a successful – and potentially lucrative – international expansion.

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Potential Pros of Financing a Vehicle http://moneyrebound.com/potential-pros-of-financing-a-vehicle/ http://moneyrebound.com/potential-pros-of-financing-a-vehicle/#comments Thu, 27 Apr 2017 10:56:26 +0000 http://moneyrebound.com/?p=2583 While we would all like to be able to pay for our next vehicle using cash that we’ve saved up over a number of years, sometimes life just seems to have other plans. For this reason, most people end up financing a vehicle. But are there some potential pros to financing a vehicle purchase? Let’s

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While we would all like to be able to pay for our next vehicle using cash that we’ve saved up over a number of years, sometimes life just seems to have other plans. For this reason, most people end up financing a vehicle. But are there some potential pros to financing a vehicle purchase? Let’s consider a few.

The Potential Pros of Financing a Vehicle

While there are certainly some potential negative aspects to consider when financing a vehicle, there are also some potential benefits too. Here are just a few.

You can buy a newer (more reliable) vehicle

If there’s one thing I’ve learned in life when it comes to buying a vehicle, it’s that buying an older one is a very risky business indeed. Sure, you may get lucky and manage to find a vehicle that doesn’t give you any problems at all, even though it is a good few years old or has a lot of miles on the clock. More often than not, though, this simply doesn’t happen. In my experience, older cars tend to spell potential trouble. Financing a vehicle can enable you to buy a newer – and often more reliable – vehicle. If you can afford to buy one that is just a year or two old, then you will also have that added benefit that it will come with some kind of manufacturer warranty, meaning you can sort out any problems that you find before the warranty period ends.

Leaving cash available for other things

Another potential benefit of financing a vehicle purchase can be that it leaves cash available to use for other things. While I don’t think that you should finance a vehicle just so that you can have money left over to do something frivolous – like go on an expensive family holiday or buy a new overpriced TV – if you use the money you have left over to do something more positive like putting a deposit down on your own home or perhaps even starting your own business, then we can see that financing a vehicle could free up some cash to help achieve some major life goals.

Building your credit rating

Another potential pro of financing a vehicle is that it can help you build your credit rating, which can help you get a mortgage when the time comes and you have a deposit available. One thing to keep in mind here is that you are also taking on a new financial commitment, which will be visible on your credit report, and this might affect the amount you are able to borrow for other things in future when lenders check to see if you meet their affordability criteria.

We can see that the idea of financing a vehicle purchase with a reputable lender might not be a bad one in all cases. Still, it’s good to consider the potential cons of buying a vehicle this way too. This is something that we will discuss in a future post, so stay tuned for that one!

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New Lending Works IFISA Attracts £8.8 million in Just 2 Months http://moneyrebound.com/new-lending-works-ifisa-attracts-8-8-million-in-just-2-months/ http://moneyrebound.com/new-lending-works-ifisa-attracts-8-8-million-in-just-2-months/#comments Wed, 19 Apr 2017 20:13:05 +0000 http://moneyrebound.com/?p=2571 ISAs may now be a well-established and tax efficient savings vehicle in the UK, but it appears that a recently introduced type of ISA might well be poised to shake up the ISA market in future years. Introduced in April of 2016, the Innovative Finance ISA has taken a little while to get going, but

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ISAs may now be a well-established and tax efficient savings vehicle in the UK, but it appears that a recently introduced type of ISA might well be poised to shake up the ISA market in future years. Introduced in April of 2016, the Innovative Finance ISA has taken a little while to get going, but it is now taking hold at quite a pace. The IFISA has been introduced to allow those who engage in peer to peer lending to be able to sheild their returns from tax and recent figures released from IFISA provider Lending Works have revealed that demand for this new type of ISA has been strong, with their own IFISA attracting £8.8 million of investment in the first 2 months from launch.

The figures which are laid out in more detail on the infographic below and on the Lending works website also show in which areas of the UK demand is proving strongest and amongst which key demographics. So, if you currently engage in peer to peer lending, then perhaps doing so via an IFISA could help you to keep hold of more of the precious returns on your investment, rather than handing them over to the tax man!

Infographic showing popularity of new IFISA

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7 Reasons You Shouldn’t Ignore Your Debt http://moneyrebound.com/7-reasons-you-shouldnt-ignore-your-debt/ http://moneyrebound.com/7-reasons-you-shouldnt-ignore-your-debt/#comments Wed, 05 Apr 2017 10:43:31 +0000 http://moneyrebound.com/?p=2562 Recent statistics suggest that we Brits could be heading for choppy waters. While personal borrowing is at a historical high, our savings are at their lowest ebb. Worse, inflation is putting up the price of groceries and fuel, squeezing the average household’s finances ever more. As our disposable income shrinks it’s all too tempting to

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Recent statistics suggest that we Brits could be heading for choppy waters. While personal borrowing is at a historical high, our savings are at their lowest ebb. Worse, inflation is putting up the price of groceries and fuel, squeezing the average household’s finances ever more.

As our disposable income shrinks it’s all too tempting to ignore your debt obligations to focus on the here and now. If you’re currently feeling overwhelmed with your debt situation and are considering defaulting consider these facts…

Interest Accrual

Ignoring debt doesn’t make it go away. It also won’t make it shrink. Quite the opposite in fact; in most cases interest will keep on getting added over time, making that iceberg ever larger. If and when you do decide that it’s time to tackle your debt mountain your statements can make for pretty depressing reading when you realize the debt you owe is in fact even larger than you realized.

Late Payment Fees

It’s not just interest that debt accrues; if you stop making payments altogether you also risk being hit with a range of additional charges. Non-payment, returned or late payments can also all attract additional fees. Depending on the credit agreement that you signed when taking out your debt these fees can be surprisingly high, and just a few months of non-payment can quickly balloon the sum you owe.

Personal Relationships

If you decide to try and “dodge” your creditors personal relationships can suffer. Your creditors, getting impatient, may write to you repeatedly, or try to telephone you regularly to “remind” you of the late payment. It is not impossible for family members or friends to somehow get dragged into the situation as they field curious phone calls on your behalf. Worse still, if the situation drags on long enough you may even end up with an in-person visitor.

If you want to save yourself embarrassment, as well as maintain your personal relationships, it’s far better to deal with your debt situation head-on.

Psychological Weight

Living with debt can take its strain on you mentally. Many people find that they struggle to sleep, or that every brown envelope dropping through the letterbox are a cause for concern. Over time such an emotional weight can grind us down, leading to anxiety, anger or a short-temper.

While dealing with debt – especially if it has gone unchecked for a period of time – is never a nice experience it’s really the only way to lift this psychological weight off your shoulders.

County Court Judgements

Left unpaid for long enough, outstanding debts can lead to county court judgements against you. Besides the embarrassment that such a situation can create, let’s not also forget that it can significantly reduce the possibility of you getting further credit.

For those individuals unfortunate enough to get into a financial rut, a lack of available credit due to mismanagement can be yet another cause of consternation. In extreme cases a bailiff may even visit to remove and sell belongings to repay outstanding debts.

Long Term Credit Issues

Significant debt issues can affect your credit over the long term. Even if you claim that you’re not worried today, what happens if you decide that you want to buy a new car or a house some years into the future? If your debt has gone unserviced for long enough this simply might not be possible. A court action, for example, can stay on your record for six long years.

Try to think long term about your future, and deal with debt right now, no matter how difficult it may seem.

It’s Harder Than Ever to Escape Debt

Lastly, one common mistake is to assume that escaping your debt is easy. In today’s connected world it’s ever-easier for tracing agents to find you, even if you’ve moved house since taking on the original debt.

From mobile phones to council tax, from car registrations to social media profiles, it’s harder than ever before to just “disappear” and forget about your debt. Even moving abroad isn’t necessarily the definite end that you might expect, as an increasing number of debt recovery services operate on a global scale.

What to Do

Ignoring your debt is never going to be the smartest decision you make, and can seriously impact your future in all manner of ways. The key is to maintain contact with your creditors, and to seek solutions if any problems arise. Don’t just “go dark” if you suddenly find yourself unable to pay for some reason; instead speak to your creditors and try to work out an arrangement that will keep you in their good graces.

Work hard to meet your obligations and prove that you are a responsible borrower. Under such circumstances you can pay off your debt gradually and avoid all the nasty potential side-issues.

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What Insurance Do You Need for a Self-build? http://moneyrebound.com/what-insurance-do-you-need-for-a-self-build/ http://moneyrebound.com/what-insurance-do-you-need-for-a-self-build/#comments Mon, 06 Mar 2017 01:00:04 +0000 http://moneyrebound.com/?p=2416 Building your own home is a lifelong dream for many people. If you are seriously considering self-building your own home, then it can be helpful to consider the various types of insurance you may need to put in place to complete the process before you begin your journey. In this post, we’ll consider 3 important

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Building your own home is a lifelong dream for many people. If you are seriously considering self-building your own home, then it can be helpful to consider the various types of insurance you may need to put in place to complete the process before you begin your journey. In this post, we’ll consider 3 important areas of insurance you’ll need to consider when building your own home.

Site Insurance

One of the first things you will want to sort out before embarking on your self-build project is Site Insurance. Site insurance often combines different types of cover such as Public Liability, Employer’s Liability and Contract Works cover to ensure that your site, materials and the people working on the site are fully protected throughout the duration of the build.

If you think about it, from the day you begin working on your self-build there will be a potential for accidents, damage or even theft to occur. Building sites are dangerous places, both for the people working on them and for members of the public. If an accident were to occur, there is a potential for you to be found liable for this. This is why it is so important to have adequate public and employer’s liability cover in place to protect you in this event.

You will also be storing expensive materials on your site and operating and storing expensive machinery. These materials and equipment need to be covered against potential theft or damage. Contract works cover will also protect you if your building itself were to sustain serious damage during construction, such as burning down, for example. Site insurance – which often includes contract works cover – would reimburse you with the money you need to get your build back on track should serious damage to the property occur.

Additional Cover

In addition to the main types of cover included in a specific self-build insurance policy which we’ve mentioned above, many providers of this type of insurance will also offer additional cover options for an additional fee. These might include cover for your temporary accommodation while you are carrying out the works – such as a temporary caravan. You may also want to pay a little extra for legal cover to protect against unexpected legal costs, as these can easily become costly.

Structural Defects Insurance

Another type of insurance that is essential for self-build properties is Structural Defects Insurance. If a building is under 10 years old, then – in the UK – Structural Defects Insurance is a mandatory requirement and it must be in place before a mortgage lender will release funds for a property purchase. This type of insurance covers developments – including self-builds – for 10 years against building and latent defects in design, workmanship, material and components. Structural Defects Insurance can be arranged to come into effect on the day you complete your self-build, so that the building can be covered from day one.

Research from the Start

While embarking on a self-build can be rewarding and fulfilling, it’s clear to see that it is vital that you research self-building thoroughly before you start a project or even purchase land. This is especially true when it comes to researching the right insurance policies for your self-build project, to protect you against potential problems and to help sell your build or get a mortgage approval upon completion.

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When is the Deadline Date for PPI Claims? http://moneyrebound.com/when-is-the-deadline-date-for-ppi-claims/ http://moneyrebound.com/when-is-the-deadline-date-for-ppi-claims/#comments Thu, 02 Mar 2017 11:21:38 +0000 http://moneyrebound.com/?p=2439 People have been reclaiming PPI for several years now and in August of last year it was estimated that banks had paid out a whopping £24 billion in compensation, with further billions also being set aside for future claims that might be made. While many people have now reclaimed their mis-sold Payment Protection Insurance money,

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People have been reclaiming PPI for several years now and in August of last year it was estimated that banks had paid out a whopping £24 billion in compensation, with further billions also being set aside for future claims that might be made.

While many people have now reclaimed their mis-sold Payment Protection Insurance money, there are still many who haven’t and according to recent news they may only have a limited time in which to do it, as the FCA have proposed setting a deadline date for when PPI claims must be made.

What is PPI?

While I’m sure most people know by now exactly what PPI is and what the PPI scandal was all about, it is possible that there are still some people out there who don’t. So, for their benefit, let’s just quickly recap. Payment Protection Insurance – otherwise known as PPI – is a perfectly useful bit of insurance that can run alongside a mortgage, loan, credit or store card and can help you to make the repayments on these types of credit if you were to run into financial difficulty – say if you lost your job or had to go on the sick. The scandal wasn’t around the legitimacy of PPI but rather the fact that it was being mis-sold to people who didn’t really want or need it.

Some people were told, for example, that they wouldn’t be able to get a certain loan or mortgage if they didn’t have PPI. This sort of statement was completely untrue, and is a prime case of PPI mis-selling. Another example of mis-selling was when PPI was sold to self-employed people, as the benefits of many PPI policies were inappropriate (or sometimes useless) for those who were self-employed.

What is the Deadline Date?

While it has yet to be confirmed, the Financial Conduct Authority has proposed a June 2019 deadline date for claiming back your mis-sold PPI. They have also stated that they would like this deadline date to be the subject of a public awareness campaign to ensure that everybody who has yet to reclaim their mis-sold PPI is fully aware of the date and so can take the necessary steps to make their claim. PPI claims companies will also be taking a keen interest in the proposed date as this is likely to be a busy time for the industry as they try to get the very last claims in before deadline day hits.

Why impose a deadline?

The PPI issue has been weighing on the balance sheets of banks both big and small for several years now and for the good of the industry, the FCA has decided that the issue needs to be brought to an orderly conclusion. The deadline is a couple of years away yet, so there is still plenty of time for would-be claimants to be able to get their paperwork in order and sort out their claim. The proposed deadline is set to bring the whole PPI scandal to a finish in the not too distant future, though, something the banks will be extremely relieved about.

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