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POUND NOTES [Western Mail (Wales)](Western Mail (Wales) Via Acquire Media NewsEdge) FINANCIAL DICTIONARY: NS&I - which stands for National Savings & Investments, is perhaps best known for its Premium Bonds, but it also offers a range of other savings and investments. The provider is backed by the Treasury, so all the money you save or invest with it is 100% secure. NS&I seeks to balance the interests of customers by offering fair rates of interest, the Treasury by delivering financing as well as supporting financial stability. PPI COMPENSATION SPENT ON HOLIDAYS AND CARS VICTIMS of the payment protection insurance mis-selling scandal who received compensation (successful claimants typically received Pounds 2,810) are more likely to have spent their money on holidays or a new car than banked it. In a survey of more than 2,000 people for website VoucherCodesPro.co.uk, 24% put the money towards a holiday, one fifth (22%) said they had used the cash to buy a new vehicle and only around one in seven (13%) put the money in savings. Those who spent the money said it took around twoand-a-half weeks before all the cash was gone. WATCHDOG WARNS UNIVERSITIES OVER STUDENT DEBT THE Office of Fair Trading (OFT) said around three-quarters of UK universities it looked at have terms and conditions that could stop students graduating or enrolling into the next academic year if they owe nontuition fee debts, such as those for university accommodation, library fines or childcare services. It has written to more than 170 universities and higher education institutions to urge them to review their rules and practices and make changes where needed. The watchdog said it considers that the "blanket use" of academic sanctions in such cases, regardless of the circumstances, could breach consumer protection law. BANKS UP PRESENCE IN 5% DEPOSIT MORTGAGE MARKET BANKS have rapidly become more dominant in the ultralow-deposit mortgage market since the Government's flagship Help to Buy scheme was fired into action. Traditionally, building societies have held a bigger share of the number of deals on offer for people with a 5% deposit, largely due to banks being more reluctant to offer such products which are seen as being more "risky", according to Moneyfacts. But figures from Moneyfacts show that by this month, banks were offering more fixed-rate 5% deposit deals than building societies, with 58 products to choose from against 48 from mutuals. The new UK-wide Help to Buy mortgage guarantee scheme was launched in October last year, offering statebacked mortgages to people with a deposit as low as 5%. (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |