Payday Problems for HSBC Customers

Thousands of people with HSBC accounts have not been paid ahead of the bank holiday weekend due to a technical glitch. Around 275,000 payments to HSBC business customers have been affected. The bank are still investigating, though it is thought that the issue is linked to the national Bacs system. This means that other banks may also be affected, though it looks at the moment to be limited to HSBC.

Customers began to notice problems earlier this morning when payments failed to be made into their accounts. Numerous customers have reported struggling to get through to HSBC to ask for further advice, and many have been using social media to notify the bank of their difficulties. HSBC were originally not aware of the issue when customers began reporting problems at around 7.30 this morning.

These payment problems follow issues experienced by RBS earlier this year, when 600,000 of their payments failed.

Business Start-Up Loans

Start-up loans are a government initiative designed to help support new business starters and entrepreneurs. They’re available to people who are 18 years or over and living in the UK. If you have a business idea and need some support and financial help to get going, a start-up loan is an option you might want to consider.

The scheme is run by the start-up loans company, and help is offered throughout the process. Once you’ve registered, you will need to make a business plan, which a business advisor will provide you with on behalf of the loans company.

If your application is successful, you’ll come out with a fixed term low-cost loan. You can borrow up to £25,000, for between 1 and 5 years. You can also take advantage of free mentoring and business advice – the loans company puts you in touch with qualified business professionals who are there to support you as you develop your business. The company also has a number of other resources which you can use, including business offers and a start-up toolkit.

Are you too young to be thinking about your pension?

There’s the old saying ‘you’re never too young to start saving’ and that’s the way you should always be thinking. Okay so when you hear the word ‘pension’ at 12 years old it isn’t going to mean much, but you’ll start contemplating it a bit more when you’re in your early 20s and that’s entirely normal.

Think of it this way, the earlier you start your pension, the more years you can build up that  money. Thinking about your retirement isn’t normal at 20, but that day will eventually come, and you shouldn’t forget how important a pension could be.

Many experts say you should put in to a pension as soon as you start earning, but there may be other items on your agenda; perhaps saving for a mortgage, saving to go travelling and planning a family. One day you’ll naturally realise it is right to start a pension and we’re not saying you have to do it now, we’re just staying you should keep it in mind.

Why Credit Scores Are Important and How To Find Out Your Own

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The function of credit scores are to assign a level of risk to you as a debtor or potential debtor, so that any potential creditor can have a certain level of confidence about any application for credit that you make. The creditor then use that credit score to determine what they are prepared to loan to you, what the interest rate will be on that loan and what payment plan they are prepared to accept.

If you’re somebody who has never had any debt before, any creditor who looks for your credit score will view you as a bit of a non-entity, and will likely refuse you any credit, particularly for big amounts of money like with a mortgage. To build your credit score in this situation is usually done by getting a small line of credit through a bank overdraft and/or a credit card, although this can take a few years so it is good to start as early as possible.

A credit rating is all important because you need a good credit score to get any help financing something, whether that be a new business, a new home, a new car or anything else. Some employers will even look at a potential employee’s credit score in order to get an idea of how trust worthy an individual is.

Because credit scores are very important, a lot of people like to have the opportunity to monitor their credit rating. In order to find out your credit score, you’ll need to sign up for a subscription with a company like experian, who use the same equation as creditors to figure out your score. Knowing this can allow you to systematically go about improving your stature with creditors, which is going to make building trust significantly easier.

How to Deal With False Charges

A lot of companies make mistakes when it comes to charging their customers, and for anyone who has been in that situation can attest to, it isn’t always easy to set the record straight. A lot of people will end up just paying the extra amount because they can’t be bothered to go through the standard rigmarole which companies put people through when they protest at a charge.

The first step with any contested payment is to collect all of the contract details and any other information regarding your situation (delivery information or whatever else). You can then use that information to argue your case with the company, or if that doesn’t work, you can provide a governing body/watchdog with that information so that they can help you to sort the situation out. Often you’ll find that the introduction of a watchdog is enough to convince the company in question to decide in your favour, but if it isn’t then the watchdog will continue to help you sort it out.

Raising Money Through Crowd Funding

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The principal of crowd funding is that you get those who are interested in the project to help fund it, as an investment, so that it can come to fruition. It has a number of advantages when compared to a more typical type of investing for those seeking investment, as it leaves them with considerably more control, and because everybody has only contributed a small amount people are less invested in the result.

Crowd funding projects aren’t new, but thanks to the internet we have seen their occurences increase massively, particularly in certain areas.Some of the areas of industry and society in general where crowd funding is more common are areas where there is great public interest in it, such as crowd funded charity efforts, video game sequels, movie sequels and more. Some people even attempt to get crowd funding for holidays, although they rarely meet with success.

 

HSBC Job Cuts and Restructuring

HSBC announced recently that they will be cutting back even further, after their recent history of cutbacks, with 800 job cuts to be made, a restructuring of their branches, and also a rebranding exercise as well. Although this one sixth reduction of their UK workforce is concerning for many, for HSBC it is all just a part of their larger plan to refocus towards the east and China. The restructuring hasn’t just occurred here either, as Europe will likely see similar cutbacks.

Their plan to move the main operations of their corporation to China is mainly due to the typically stagnant growth seen in Europe, which is its current base of operations. China has seen regular growth, and while it has fluctuated over recent years and failed to meet their own targets, it does appear to be a better place for them to grow their business, hence the move.

The Effects of Globalisation on Developed Economies

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Developed countries throughout the world express varying levels of concern about the affects of globalisation on their economies, and while these concerns aren’t necessarily grounded in fact, it is clear that the effects are sometimes positive and sometimes negative – and the same can of course be said for developing countries too.

First, globalisation is a result of two elements; increased movement (freedom of movement), and free trade (internationalisation of industries and corporations). They both have their own impacts:

Freedom of Movement

Freedom of movement allows workers from many different countries to come together to fill a demand for labour in a marketplace. This freedom of movement means that economies are less limited now in their ability to compete in a wider range of industries, but on the flip side it can also a depreciative affect on wages and therefore productivity.

Free Trade

Free trade allows businesses more leeway to compete on an international level, with countries reaching agreements on providing companies from different nations with access to certain industries. This can create greater competition in a marketplace and help with bringing in much needed investment, but it has also seen the widespread exploitation of groups of people who have little bargaining power in the face of multi-national corporations.

 

Globalisation has an affect on developed economies, such as increased investment, introductions to new markets and cheaper goods in stores, but it has also resulted in worker’s pay getting undercut by areas with cheaper labour. Although this is unfortunate, it is also unavoidable, and discussions on the matter are merely a discussion on what degree they embrace the change. It is inevitable that when the pie is divided amongst all the recipients (countries), the size of the portions will begin to be more equitable in nature.

Business Disaster Recovery

Business disaster recovery is a service that many business advisor’s and business financing organisations offer, and  is usually primarily an issue of company financing, but it can require a wide range of services to resolve a disaster.

This could be having an advisor come into the company that’s in trouble and providing their own expertise and a fresh pair of eyes to help resolve the issue. They will typically start with a review of your current situation, and while if your issue is around a short term financing concern it can usually be resolved, sometimes they have to help businesses dissolve in as responsible a manner as possible.

There are a number of other issues besides financing which can cause a serious problem from businesses, such as labour and the workforce. Any number of things could result in a shortfall of labour, which is definitely a potential disaster. A business advisor will have a wide range of skills to help in a number of situations, including recruitment.

 

The Value of ISAs

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An ISA is something that everybody who has any savings should have. There are a number of reasons for this but by far the most important is that as a part of a government scheme to promote saving money, an ISA has an allowance, an amount you can put into every year, and that amount will accrue interest which goes completely untaxed. Although this makes it more limited than other investment opportunities, it is still a very profitable option and worthwhile for everybody to participate in.

ISAs are also a great introduction to making and managing your investments in savings for those who currently have little to no understanding of how to go about it. For instance you can choose whether or not you want your funds to be used for cash or investing, or a mix of the two options.