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Archive for February, 2012

A super is necessary for a reasonable standard of living during retirement. The government forces employers to contribute 9% of employee wages to a super fund as part of legislation that was passed in 1992, but it does not mandate the specific fund. An industry super has many benefits that make it preferable to a retail fund. When you invest in an industry super fund you get lower administrative fees. The less you pay in fees, the more of your money is actually invested for your retirement. You also avoid paying commissions to financial planners. When you invest in retail funds, there are many costs associated with commissions that reduce the value of your contributions. Industry super funds maximise your contributions.

The reason that an industry super fund is more concerned with your savings than their own profits is due to the fact that they are non-profit companies. A retail fund charges higher fees and added commissions because they must show shareholders a profit. If a retail fund regularly out performed a non-profit industry super, then it might be worth the added expense. However, the reverse has been true for the past five years. Industry super funds have been outperforming retail funds.

Investing in your future is not an option, it is a necessity. It is also crucial that you maximise the amount of money you will make from your investments. The Age Pension may not be around forever, and workers will need to invest more, sooner, than ever to continue their current lifestyles into retirement. The current Age Pension benefits at under $20,000 are not enough to provide for anything beyond bare subsistence. If you want to have the money to enjoy the longer life span and additional years of retirement you can expect, you need industry superannuation that will make up the difference.

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The money markets in the UK have been reeling since the credit crunch began in 2007. Since the onset of the credit crunch and previous poor lending practices by the banks it has become increasingly difficult to find finance deals. The loans credit system in the UK has now seen the major lenders move towards stricter controls on accept for loans and credit deals. If you have a less than perfect credit history, you can expect it to be much more difficult to get accepted for the lowest interest rates on loans. The problem the consumer now has is that if they apply for a loan and are refused, this impact’s upon their credit score. If they then panic and quickly apply to another lender who then refuses their application, their score drops even further. If they carry this on without realising the impact it is having upon their credit file, they can soon find that they will not even be accepted for the higher interest deals.

So how do you approach applying for a secured loan or other credit deal? The first step without question has to be obtaining a copy of your credit files from the three credit reference agencies. Like them or loathe them they exist and the information they hold about us dictates the loans and credit deals for which we are likely to be accepted. So the first step is to contact them and purchase your credit report.

Once you have received your credit report, you need to go through it with a fine toothcomb to ensure that the information that has been recorded is accurate. Any errors must be corrected by contacting the agency with evidence of the inaccuracy. This can be a difficult time as it can take weeks for changes to be made however it is an essential precursor to any loan credit application. If you are happy with the information contained within your credit file you must now decide whether you’re past history and information in the file is going to stop you getting the loans and credit deals you need. If you feel you can move forward with a loan application, look for a reputable credit firm. In the past I have tended to use smaller firms as they have a much more personal feel. It may be prudent to ask for a quotation only without a credit file search to see what deals they can offer for differing circumstances.