Research carried out by swiftcover reveals that a significant number of British drivers could be unwittingly putting themselves under financial pressure due to a lack of comprehension about what is and what is not covered by their insurance.

In the company’s study more than a third of motorists were shown to be unaware of the effects of underrating their mileage in an attempt to reduce insurance costs. Some 25.8 per cent of respondents reported to be unaware whether driving beyond their stated amount of miles would have an impact on their insurance cover, with 16.1 per cent claiming that it would not have an effect. However, it was stated that a failing to contact their supplier upon exceeding their mileage may result in motorists invalidating their cover. As such, consumers were urged to constantly check their mileage and to get in touch with their insurance provider should they notice something is awry or their circumstances change.

Further research showed that more than a fifth of motorists are unaware whether or not they will be covered should they have an accident while smoking or eating at the same time as driving. This figure comes despite just under two-thirds (65 per cent) of respondent stating that they consume while on road, with over one in three choosing to smoke.

The financial services firm pointed out that although eating or smoking while driving is not a criminal offence outright, should they suffer an accident while doing on these things than they could be accused of being negligence. It was purported that motorists’ reaction times can be up to 50 per cent slower should they be talking on the phone or having a cigarette or snack. Meanwhile, swiftcover stated the Highway Code recently listed smoking and eating as dangerous distractions when behind the wheel.

Following on from being forced to dip into their own pockets and purses, it may be possible that those drivers with inadequate levels of insurance might find that their ability to manage other demands on their spending. Such areas could well include loan, credit and store cards, utility bills and mortgage or rent repayments.

In addition, the study indicated 29 per cent of drivers think that their policy will automatically cover them should they get behind the wheel of a friend or partner’s automobile.

Tina Shortle, spokesperson for swiftcover, said: “While choosing the lowest price car insurance policy is most people’s objective, it is also important to know exactly what is and isn’t covered. Drivers make a lot of assumptions about their policies, so it’s best to read all terms and conditions carefully and to regularly review the terms.”

Consumers looking to buy a new car over the coming months might wish to consider taking out a secured loan to finance their purchase. In selecting this type of loan, borrowers may be able to select a top-of-the-range model quickly and effectively, in addition to being left with enough spare cash to help get a comprehensive insurance policy. A secured loan could also be recommended for those wishing to meet the cost of damage to a sailboat. In a study conducted by Saga in April it was shown that hitting an underwater object while on the sea will cost the typical consumer 2,419 pounds. Meanwhile, the average burglary claim stands at 1,820 pounds.

Loan Arrangers providing you with breaking secured loans news.

In its monthly meeting, the Bank of England’s monetary policy committee (MPC) has chosen to keep interest rates at five per cent. The announcement means it is the third time the committee has decided to maintain the rate this year and follows cuts of 0.25 percentage points which were actioned in both April and February.

Following on from the MPC’s decision, it is possible that consumers find the pressures which their finances are under does not worsen. And during the current period of economic uncertainty, homeowners may find that their monthly mortgage repayments remain the same. In addition, people could discover that their capacity to manage other monetary demands - such as credit and store cards, personal loans and utility bills - is not put under additional strain.

Commenting on today’s decision, Henk Potts, equity strategist for Barclays Stockbrokers, said: “The monetary policy committee is caught between a slow growth rock and a high inflation hard place. UK economic growth is clearly moderating; consensus forecasts are for growth of just 1.6 per cent this year compared to the three per cent expansion recorded in 2007. However, outside the housing market and survey data, there is little hard evidence of a marked slowdown in UK aggregate demand.”

He added that headline inflation is set to “remain elevated” for much of the remainder of 2008, while the consumer price index inflation is predicted to move above the current rate of 2.4 per cent. Mr Potts attributed the increase in the latter towards rising energy prices and continuing depreciation of the pound. However, he pointed out that the Bank of England is set to carry out a series of decreases to the base rate of interest, with this predicted to stand at 4.25 per cent by the end of this year.

Meanwhile, Michael Coogan, director general at the Council of Mortgage Lenders (CML), claimed that although the MPC was required to strike a balance between slowing economic growth and rising inflationary pressures when making its decision, it is “disappointing” that a chance to cut the base rate has not been taken. He went on to report that although the housing and mortgage markets are to face challenges over the remainder of 2008, most homeowners appear to be “coping well”.

However, Mr Coogan advised those consumers who are experiencing difficulties in managing their money or are concerned that they may soon develop problems to get in touch with their loan lender or a debt advisory service as soon as possible.

For people who are concerned about their capacity to manage their money as 2008 progresses now might be an ideal time to take out a personal loan. By selecting this type of loan, it is possible that borrowers are able to supplement their spending effectively and make major purchases.

Research carried out by the CML last month indicated that an increasing number of homeowners are looking for mortgage products which follow any changes to the base rate of interest. In February some 35 per cent of consumers were shown to be taking out tracker rate mortgages, a rise from the 14 per cent recorded during the same month in 2007.

Loan Arrangers providing you with breaking finance news.

Such is the claim of Which? where in its Money Saving Handbook guide it suggested that driving at slower speeds can result in significant savings for Britons. By going at 50 miles per hour instead of 70 miles per hour, it was pointed out that petrol expenses could be cut by 30 per cent. In addition, the consumer publication advised drivers to ensure they regularly check pressure levels within their tyres. Having tyres which are under-inflated was indicated as adding another eight per cent on to an annual fuel bill and resulting in uneven wear and “premature” car failure. This, it was stated, could lead to “extra expense” following on from higher repair bills.

Following on from higher than necessary motoring costs, it may be possible that consumers develop furthered difficulties in managing other demands on their spending. Such areas could well include bad credit loans, credit and store cards, utility bills and council tax repayments.

Meanwhile, switching off air-conditioning was put forward as another way in which costs may be cut. By keeping such a system on constantly, it was purported that up to ten per cent could be added on top of fuel expenses. In addition, changing gears at the right time was also recommended. By doing this efficiently - not driving a motor vehicle in too low or too high a gear - petrol bills could be reduced by a quarter. Furthermore, Which? reported that roof and bike racks should only be used when essential. By constantly having a fully-loaded rack, some 30 per cent could be added on top of petrol costs.

Tony Levene, author of Money Saving Handbook, a Which? essential guide, said: “There are some fixed costs involved in driving a car that you have to pay whether you drive 2,000 miles or 20,000 miles a year. But if you can reduce your fuel bill by a couple of pounds each journey by making a few simple changes to the way you drive or use your car, why not? With petrol costs rising and people feeling the pinch, those couple of pounds could make all the difference at the moment.”

For those people concerned about their capacity to manage their finances as 2008 progresses in the face of rising costs taking out a loan may be advisable. By doing so borrowers could find that they are able to meet various demands on their spending and make major purchases effectively. One such area in which a personal loan may be particularly recommended to be used is for buying a car, as it may see consumers be able to purchase the vehicle of their dreams quickly and effectively. The additional assistance from a loan, whether it is a personal loan or otherwise, could help drivers to purchase a comprehensive insurance policy. Last month, uSwitch reported that motorists should take their time when selecting their insurance as those who automatically choose the deal offered by their motor manufacturer would pay an extra 26 per cent compared to the most competitive deal on the market.

Loan Arrangers providing you with breaking loans news.

In research carried out by Sainsbury’s Home Insurance it was revealed that a significant number of consumers lack this type of cover, with many not thinking that it is of importance. Out of those consumers who lack home contents insurance, just over a third (35 per cent) claimed that they did not view such a purchase as being necessary. Meanwhile some five per cent stated that they do not care about their belongings, with eight per cent thinking that they own nothing of value. Overall, it was indicated that some 4.7 million adults currently lack any form of home contents insurance.

In addition, five per cent of respondents cited the fact that they viewed contents cover as being too expensive for them to be able to purchase it. One in 100 people surveyed, meanwhile, claimed to have forgotten to take out such insurance, with the same proportions putting their lack of a premium down to being previously refused cover and not having enough time to make such a purchase.

However, following a break-in or an accident in the home, those consumers who lack a sufficient level of insurance might find that they will have to meet the cost of repairs to their property and replacing items out of their own pockets and purses. In turn this could have an impact upon their ability to manage other demands on their finances such as loans, store and credit cards, mortgage repayments and utility bills.

Neil Laird, manager at Sainsbury’s Home Insurance, stated: “It’s remarkable given the value of people’s home contents that so many do not have cover. Home insurance does not have to be expensive. You can spread the cost over the course of a year and some insurers, including ourselves, will not charge for this.”

Further research from the financial services firm revealed that Londoners are leaving their possessions most at risk as a consequence of not having home contents insurance, with 22 per cent of people here not owning this. In addition, a further five per cent of people from the capital were unsure whether or not they had this type of cover. Meanwhile about one in ten from the rest of the south-east region are without cover and nine per cent of consumers in the north of the country were also found not to own insurance. On the other hand, those living in Yorkshire and Humberside appear to be best equipped in the event of theft or damage to their belongings, as just three per cent of consumers in this part of the country do not have home contents insurance.

Consumers lacking a sufficient insurance policy may wish to opt for a homeowner loan to help them meet the cost of repairing and replacing damaged items. The additional financial assistance that a loan provides could also help borrowers to purchase a comprehensive home contents insurance policy. A homeowner loan may also be of assistance to those consumers looking to pay for emergency repairs. Research conducted by Homeserve earlier this year showed that just under two-thirds of consumers have incurred a home emergency, such as a broken down boiler, over the past 12 months. The typical bill was indicated to come to 494 pounds.

Loan Arrangers providing you with breaking homeowner loans news.

In research carried out by FairFX it was revealed that more than half (57 per cent) of holidaymakers claim they will be forced to either cut down the amount of money they splash out booking a holiday over the next 12 months or reduce their expenditure while abroad. Findings from the pre-paid currency card provider also showed that of those looking to lower their spend while abroad 55 per cent are choosing to do so because they feel that the cost of living is too high and the various demands that their spending comes under have increased. The statistic comes despite the firm pointing out that the Bank of England’s monetary policy committee has taken steps to lower the base rate of interest during recent months.

And in facing increased monetary pressures, it may be possible that consumers find their ability to manage credit card and home loan repayments, in addition to constraints such as household bills and council tax costs, comes under pressure.

Meanwhile, about one in ten respondents claimed that they are set to reduce the amount of money that they spend as a result of the credit crunch and concerns about a national recession.

Stephen Heath, chief executive of FairFX, said: “Brits have been forced to slash their holiday spending as the credit crunch and the hefty rise in the cost of living hits them hard in the pocket. Unless conditions change, holidaymakers are planning to spend just 460 pounds each on what should be the main break of the year. Consumers who want to get the biggest bang for their buck when they go away should think about using a pre-paid currency card.”

He added: “The survey also showed one in seven (14 per cent) are planning to cut back as a result of the poor exchange rate and weak pound making travel more expensive.”

However, the FairFX study did not present all doom and gloom, as just under a third (30 per cent) of those surveyed claimed that they do not plan to cut back on their holiday spending. Meanwhile, some four per cent stated that they are looking to increase their expenditure over the course of their vacation in comparison to previous years. It was also indicated that a fifth of Britons are set to splash out more than 700 pounds during the course of their 2008 vacation.

For people looking to fund the holiday of a lifetime, whether it is a city break in the United States or a year-long global trip, taking out a personal loan could prove to be of assistance. By obtaining such a loan, consumers could be able to meet the cost of flights and accommodation quickly and effectively. In addition, the financial assistance that a loan brings could help borrowers generate enough funds to use as spending money.

Getting a personal loan for this particular purpose could prove to be advisable after a Halifax Travel Insurance study carried out in March showed that 3.7 million Britons decided to go on a long-haul vacation lasting no longer than seven days over the course of last year. Overall, North America was revealed to be the most popular destination for such holidaymakers.

Loan Arrangers providing you with breaking loans news.

Joe Swift, a gardening expert and presenter of BBC programme Gardener’s World, pointed out that by installing features such as decking and paving consumers can help to increase the value of their home. He stated that plants, containers and summer houses are among the popular items which homeowners are currently purchasing for their green spaces.

However, for those looking to make improvements to their garden, the gardener advised that people invest both time and money to make sure that any work is carried out to a high standard. It was suggested that hiring a garden designer to come their property can help them to come up with ideas which are “well designed rather than plonked in, which is what a lot of amateurs tend to do in the garden”.

For those looking for an effective way in which to finance such investments taking out a personal loan may be recommended.

Mr Swift said: “Gardens add value - there’s no doubt about this, there’s been a lot of research into this over the years - and more value than the investment that’s gone into the property.” However, he suggested that ponds may not be the best feature to install in a garden, as prospective property buyers may be concerned that they will have to spend a significant amount of time maintaining such a water feature. “Try and keep it quite simple, quite classic. [Advice on] decking or paving tends to be whatever goes with the style of the house. Just keep it well maintained and looking good - invest in a few large plants to give some real impact in there,” he added.

Furthermore, Mr Swift stated that consumers may find that a lot of their money goes towards purchasing garden furniture. It was pointed out that over recent months there have been a number of new products which offer more comfort than the “traditional wooden park bench style”.

His comments come after research carried out by Lloyds TSB revealed that just under a fifth (18 per cent) of people have items worth between 1,000 and 3,000 pounds in their garden. Meanwhile, some seven per cent of Britons claimed that they would most like to get a hot tub this summer, with the same proportion of consumers looking to add some decking to their garden.

Those looking for an effective way to finance improvements to their property might wish to consider taking out a homeowner loan. In doing so, borrowers may find that they can purchase expensive pieces of garden furniture, plants and other features quickly and affordably. The financial assistance that a loan brings could also help homeowners to hire qualified workmen to carry out such work as well as purchasing comprehensive insurance cover. Last year Halifax Home Insurance warned that unseasonable weather and lower than normal temperatures could damage bedding plants and turf.

Loan Arrangers providing you with breaking homeowner loans news.

GfK NOP’s latest consumer confidence index revealed a drop of five points with regard to the country’s outlook on the current monetary climate to stand at -24. Such a figure is the lowest recorded since November 1992. Furthermore the current overall level of economic optimism was shown to be down by 18 points from the same period this time last year, with decreases noted across all five of the firm’s measures which make up the index.

GfK NOP’s index tracking the nation’s thoughts about the state of their finances was shown to have fallen by four points to stand at -8 - the lowest level recorded for more than 11 years. In addition, consumer predictions about their personal finance situation over the next 12 months have fallen by four points to stand at zero. Meanwhile, the index judging whether consumers think it is a good time to make major purchases dropped by three points to stand at -24. Such a figure is the lowest recorded since November 1990 and represents a fall of 30 points from last year.

Furthermore, the index charting the public’s thoughts on the general economic state of Britain over the past year has dropped to -53, with predictions about how it will fare during the next12 months falling six points to stand at -38.

With consumers having such major financial concerns, it may be the case that significant numbers of Britons are struggling to manage the various demands on their spending. Such areas could well include utility bills, loan and mortgage repayments, transport costs and credit cards.

Commenting on the research, Rachael Joy, a member of GfK NOP’s consumer confidence team, said: “Consumer confidence is at its lowest since level since November 1992. This month’s drop has been mainly driven by dropping confidence in the general economy over the last 12 months. With the news dominated by stories of recession, the credit crunch, housing market falls and future petrol and food price increases, it will take more than a quarter point reduction in interest rates to alleviate the current gloomy mood of the UK consumer.”

However Britons are not entirely negative when it comes to thoughts about how they will manage their money. In fact, many appear to be taking steps to prepare for later life, as the firm’s savings index - which judges whether people think that now is a good time to set cash aside for the future - increased. Up by three points from last month’s figures to stand at +28, the index is now at the same level as it was in April 2007.

Consumers who have grave concerns about their ability to manage their finances as 2008 progresses might wish to consider taking out a consolidation loan. In selecting this type of loan, borrowers could find that they are able to allay various monetary fears and merge constraints on their spending into affordable monthly repayments. A debt consolidation loan might be of particular assistance to the former young urban professionals of the 1980s. Research carried out by LV= indicated that 45 per cent of the yuppies of two decades ago - who are now in their late 40s and early 50s - claim to be struggling to live within their means.

Loan Arrangers providing you with breaking debt consolidation loans news.

So claims the Co-operative Bank after research carried out by the firm reveals that parents splash out thousands of pounds each year on keeping their children entertained. According to the financial services firm, taking their sons and daughters swimming about once every two weeks leads to a total annual expense of 307 pounds. Meanwhile, the largest area of expenditure is indicated to be the twice-annual family holiday which costs a total of 2,190 pounds. In addition, toys, books and computer games were shown to set people back by 255, 240 and 195 pounds respectively. Other areas of parental spending were shown to include trips to the cinema, local attractions and fast food outlets.

Financial difficulties could be particularly prevalent for consumers living in Wales as just over half (52 per cent) of mums and dads in the region are setting cash aside for the future. On the other hand, parents living in Northern Ireland appear to be the most prepared in a financial sense, with some 74 per cent of respondents in this part of the country saving for their child’s future. Such people were indicated as saving an average of 35 pounds per month. Meanwhile 60 and 57 per cent of Brits in Scotland and London respectively are taking steps to provide for their offspring in later life.

Following on from such high expenditure on their children, it may be possible that parents struggle with other demands on their spending in areas such as loans and mortgage repayments.

Commenting on the figures, Scott McPhail, savings manager for the Co-operative Bank, said: “These findings clearly demonstrate that many parents can vastly underestimate the cost of keeping their children entertained during school breaks over the course of a year. At the Co-operative Bank we would like to stress to families that it is never too late to start putting some savings provisions in place to ensure that the cost of ‘keeping the kids happy’ during school holidays doesn’t result in unhappy and out-of-pocket parents, in addition to continuing to save for their children’s futures.”

Meanwhile, with the May bank holiday weekends approaching it was claimed that many parents could see spending on their children rise even further. Six out of ten respondents reported that they splash more cash on their offspring during this time of year than at any other period. It was also shown that the typical family spends around 37 pounds on their young ones per week during the summer break, although only just over a third (39 per cent) of these actually save money to help them meet such costs.

Parents looking for an effective way to fund holidays and other expensive gifts for their children might wish to consider taking out a loan. In addition, the financial assistance that a low-rate loan provides could help consumers to merge numerous constraints on their spending into a single low-rate monthly payment. This could see them generate more disposable income, money which could then be put into saving accounts. However, for those who have had previous difficulties with managing money but are now looking to get their spending back on track, taking out a bad credit loan may be helpful. Before making an application for any type of loan, it is advisable to be honest, after recent research by UK fraud prevention service CIFAS showed that telling a mistruth might mean that prospective borrowers are refused credit altogether.

Loan Arrangers providing you with breaking bad credit loans news.

During the current period of strain on the financial markets, Moneyfacts reveals that it is not just mortgage products which are getting to be evermore costly as financial services firm tighten their application criteria, withdraw their most favourable deals and increase interest and fee charges. The same is also happening to personal loans. Research carried out by the personal finance publication revealed that since the start of 2008 over half of those money lenders which offer such loans have changed their rates.

Those providers which have increased their rates were shown to include Black Horse. At the start of this year the firm charged 16.9 per cent in interest on a 1,000 pound loan repayable over a 12-month period. However, interest now stands at 27.9 per cent, causing the overall repayment to be made to increase by 52 pounds and 68 pence. Meanwhile, interest on a 7,500 pound loan from the same supplier paid over five years has gone up from 11.9 per cent to 16.9 per cent during the space of four months.

Loans of more expensive amounts were also shown to have increased. For those borrowing 25,000 pounds from NatWest during a five-year period, the average monthly repayment has gone from 497 pounds and eight pence to 514 pounds, as the interest charged has gone up to 8.9 per cent. Over the duration of the loan, the increase means that an extra 1,015 pounds and 20 pence in repayments will have to be made. Meanwhile, loans of this amount were also indicated as rising for those offered by Northern Bank and the Royal Bank of Scotland.

Following on from facing increased costs when making repayments on personal loans, it may also be likely that borrowers come under additional strain to meet other demands on their spending in areas such as credit cards, household bills and mortgage payments.

The personal finance publication stated: “It’s not only mortgage rates that continue to increase, so too have the rates and monthly repayments on personal loans. In the last two weeks alone we have seen Barclaycard (+0.50 per cent), Lombard Direct (+1.0 per cent), the AA (+0.10 per cent), NatWest (+2.50 per cent) and Tesco Personal Finance (+0.6 per cent) all push selected rates upwards. On top of this Barclaycard has pulled the one time best buy product offered through its Masterloan brand.”

As such, those looking to take out a cheap loan were urged to take the time to shop around for a competitive deal and avoid assuming that their bank will automatically provide them with the best offer possible. Meanwhile, borrowers were advised that the typical rate a loan is advertised at may not be the one they actually receive. In addition, it was claimed that taking out payment protection insurance from a loan provider can be “very expensive” and that should consumers wish to protect their repayments they should take out cover from an independent supplier.

For Britons who are struggling with their finances, taking out a cheap loan as a means of debt consolidation could be advisable. After securing a low-rate loan, consumers might find that they are able to merge numerous financial constraints into a single affordable monthly repayment. A debt consolidation loan could prove to be particularly effective for a number of homeowners after a recent Defaqto study showed that loading above the bank base rate on tracker mortgages has increased over recent months to currently stand at 1.16 per cent. Meanwhile, the number of such financial products available has dropped to 452, down from the 591 recorded last summer.

Loan Arrangers providing you with breaking debt consolidation loans news.

In research conducted by Zurich Insurance it was revealed that about one in three homeowners - about six million - think they are able to force entry into their homes. Meanwhile, a tenth of such consumers have stated that they have actually done this. The study also showed some 57 per cent of respondents claim that they are guilty of lapses in security such as leaving keys in locks or keeping windows left open when leaving the home, with 17 per cent of respondents citing their forgetfulness as the reason for putting the safety of their home at risk.

The financial services firm pointed out that should consumers be able to easily force entry into their home then it is time for them to consider improving the security of their property.

Commenting on the figures, Mike Quinton, managing director for direct and partnerships for Zurich Insurance, said: “If homeowners can break-in to their own properties that’s a major warning sign for them to take stock of their security measures.”

Following on from being the victim of a break-in, those consumers who do not have adequate insurance or indeed lack a policy altogether may find they have to dip into their own pockets in order to meet the cost of repairs to their home and replace items. This could see them develop difficulties in managing various areas of their finances such as personal loan repayments, credit cards and mortgages.

Meanwhile, a study of former burglars revealed that 87 per cent of respondents believe that most robberies are carried out on an opportunistic basis, often after noticing that a window has been left open or there is not a burglar alarm for example. In addition, the ex-thieves stated that security features - such as window locks and light timer switches - can act as a great deterrent.

Bob Turney, probation officer, added: “Burglars want an easy way in - and most burglaries are simply a result of thieves taking advantage of householders who’ve left their homes wide open and there for the taking. Windows left open, shoddy locks, or when it’s blatantly obvious that people are away are some of the most common mistakes made. And if you know that your home security isn’t what it should be and can break into your own property in less than five minutes, a professional burglar can do it in half the time.”

Consumers looking to improve the security credentials of the property might wish to consider taking out a loan. By doing this, borrowers may be able to purchase security lights and alarms, in addition to replacing old locks and doors with new ones. The additional financial assistance that a loan provides could also allow homeowners to purchase comprehensive home insurance cover. A home loan for this purpose might also be of help for those wishing to carry out home improvements after a More Than study showed that three out of five people struggle to afford the cost of renovations after moving into a new home.

Loan Arrangers providing you with breaking