Get your money answers (From South Wales Argus)

Mum of the Year

We're looking for Gwent's best mum More »

Your Gwent

Get involved: send your photos, videos, news & views by texting ARGUS NEWS to 80360 or email »

Leisure RSS Feed

Get your money answers

12:40pm Tuesday 14th October 2008

comment Comments (12) Have your say »

With financial clouds gathering and uncertainty over savings and pensions, we can help put your mind at rest.

TV finance expert Alvin Hall answered your money questions live on southwalesargus.co.uk this afternoon.

Star of such BBC shows as 'Your Money or Your Life' and 'Alvin Hall's World of Money', he has been giving practical money advice for over a decade.

Together with Lloyds TSB, Alvin gave some much-needed advice on how to manage money and get into the savings habit – even when their finances are under increasing pressure.

So scroll down to see the answers he gave to your questions.

For more information on savings, go to www.lloydstsb.com/savvysaver

Print article » Email to a friend »

Your Say YourGwent

Alvin Hall, Newport says...
2:05pm Tue 14 Oct 08

John Evans wrote:
Are with profits endowment policies protected, ie the value of them which has already been guaranteed? They won't be performing well for now, but is there a risk of losing what they are worth at the moment? Is it worth cashing them in now?

This is a difficult question to answer. I would have to know more more about the specifics of the policy. In general endowment policies are subject to fluctuations in the stock market. It would seem as if this is not the time to cash it in because you'd be doing so at perhaps the bottom of the market. Patience would see to be the best advice, but I would not be able to say definitively without knowing more.

Report this post »

Alvin Hall, Newport says...
2:14pm Tue 14 Oct 08

Skint82 wrote:
I have money in icesave which I believe is covered by the compensation scheme. How do I proceed in making a claim?

I'm sure that if you visit the IceSave website or the Treasury's website there will be instructions about how to make your claim. Most of these situation, including claims in a bankruptcy, are now handled on line

Report this post »

B.Marley, Newport says...
2:23pm Tue 14 Oct 08

Where is the cheapest place to buy strongbow at the moment?

Report this post »

Alvin Hall, Newport says...
2:24pm Tue 14 Oct 08

LforLeather wrote:
I have some money from selling my house. What type of savings account should I put this in, if I want to earn the best possible interest rate?

The problems with IceSave shows the risk of always chasing the highest intererst rate accounts. I think in the current economic environment, it's best to look for bank that follows a prudent banking model and has a conservative approach to lending. If you're happy to lock you money away for a period, you'll probably get a better rate on a term deposit. Check your Sunday papers for good rates.

Report this post »

Alvin Hall, Newport says...
2:26pm Tue 14 Oct 08

B.Marley wrote:
Where is the cheapest place to buy strongbow at the moment?

Sorry I don't drink the stuff. Never been a cider fan. I prefer moonshine

Report this post »

Alvin Hall, Newport says...
2:32pm Tue 14 Oct 08

ManofGwent wrote:
What is an ISA and how much can I save each year?

ISA stands for Individual Savings Account. It allows an individual to save cash or invest in shares and not have to pay taxes on the gains earned. In a cash ISA you can deposit up to £3,000 per year. In a stocks and shares ISA you can invest up to £7,000. Typically the money deposited in a stocks and shares ISA is invested in the Unit Trust, whose value with fluctuate as the stock market goes up and down. If you don't want your money at risk, open a cash ISA.

Report this post »

Alvin Hall, Newport says...
2:44pm Tue 14 Oct 08

Ddaf001 wrote:
What happens if my bank or building society goes bust, and will I lose all my money?

If you bank or building society goes bankrupt, individual deposits are guaranteed for up to £50,000. Joint accounts are covered for up to $100,000. If your deposits are above these number, some people suggest making deposits at different banks so more of your money is covered. The problem today is that your local bank may, for example, be owned by a larger bank and be under the same license. You should be able to ask someone at the bank about this so that you are indeed spreading your money among different banks.

Report this post »

Alvin Hall, Newport says...
2:50pm Tue 14 Oct 08

lewism001 wrote:
Where do I stand with regard to the protection offered to Santander/Abbey?

Santander/Abbey are covered under UK banking laws. Therefore individual deposits are covered for up to £50,000 and joint accounts are covered by £100,000.

Report this post »

Alvin Hall, Newport says...
2:59pm Tue 14 Oct 08

Heather Mackerness wrote:
I have approx £6,000 for savings, where is the safest place to put my money now with a good return and obviously SAFE.

Your question is one I get asked frequently. By SAFE I assume you mean you don't want to lose money and you don't want to see the value go down. That leaves you one choice: a high interest account at a bank or building society. Check your Sunday papers for which bank is offering the best return. Avoid investing in shares or unit trust because their value will fluctuate. Also if you want to increase the amount you have to save, visit the website www.lloydstsb.com/sa
vvysaver.

Report this post »

Alvin Hall, Newport says...
3:05pm Tue 14 Oct 08

Catherine Booker wrote:
I am saving for a deposit for a house and hope to buy in a couple of months time. should i wait for longer than that

I would wait. I think property price will continue to soften and you may able to get more house for your money. Try to put the largest deposit down that you can to get the best mortgage deal.

Report this post »

golfer, ebbw vale says...
7:47pm Tue 14 Oct 08

a firm of credit saviours contacted me as i have such a bad credit spending..they offered to save me £300 a monththey said to stop paying my bills and pay them who in turn would contact all my credit card companys...and loans...sounds brill..

Report this post »

Mr Bump., Newport says...
11:05pm Tue 14 Oct 08

Has the Argus been deleting posts again?

There aren't 28 as stated.

Report this post »

Your sayYourGwent

comment Add your comment

Register for a FREE South Wales Argus account and you can have your say on today's news and sport by adding comments on articles we publish. The best comments may even get published in the paper.

Please register now or sign in below to continue.