Credit Where Credit is Due - to Barclaycard!

I was most impressed recently when I was contacted by Barclaycard Fraud Office. I hadn't used my Barclaycard for about six months and decided to use it for a small purchase, followed by two large purchases.
I made one small purchase of £100, followed by a £1000 purchase on the same day (a Friday).
On the following Monday, I made another purchase for £3,000. However, the supplier (based in the USA) contacted me and said the payment had not been authorised. She went on to say that this often happens with UK credit cards because the credit card companies keep a close eye out for any changes in patterns of spending.
She asked me to contact my credit card company. The moment I put the phone down, the phone rang again. It was Barclaycard's Fraud Office investigating the case. They asked me a number of security questions before agreeing to authorise the purchase. They had called me less than 15 minutes after the US company had tried to authorise the payment!

I am extremely impressed with Barclaycard and it just goes to show how effective their systems can be. Well done to them! All too often we hear of people complaining about banks and credit card companies. It's time we gave them credit when credit is due.

Watch Out for the Lastest Fraudster Tactics!

Have you ever dumped an old PC at a rubbish tip or recycling centre?
Did you make sure you had the hard drives wiped completely clean before doing so? If not, you could be one of the thousands of people at risk having their bank account details sold to fraudsters in Nigeria, according to revelations on a BBC documentary.

Computers which are left at tips or recycling centres are often sent out to Africa for dismantling and/or repair. However, fraudsters in the African country of Nigeria have discovered that many of the computer hard drives have not been completely wiped clean thus still contain personal information about the previous owner – including their bank account details. They then sell this priceless information for JUST £20. And of course, the purchasers know how to make the most of their £20 investment - so beware!

If you are planning to get rid of an old computer, take a few simple precautions: 1. Back up any data you need to keep - a USB is the best option for this. 2. Either remove and destroy the hard drive 3. Alternatively use a specialist who has the software to ensure it is properly wiped. These experts will make sure any floppies or writable disks are also removed. You could always use free downloadable software - just search around on the internet, however I'd rather pay someone a couple of pounds to make sure it's wiped properly.

Consumers Will Feel the Pain with More Fuel Price Increases

18% rise in household fuel bills! 10% electricity for Powergen customers… When I heard the news, I thought ‘crumbs’.
It made me wonder how those struggling to pay their credit debts and loans now are ever going to be able to absorb these enormous increases.

I’ve yet to compare Powergen’s charges against their competitors and can’t help but wonder if it brings Powergen into line with the other companies - thus switching provider may be futile.

Having said that it's a good time to review your options by carrying out a cost comparison to see if it is worthwhile considering a switch in supplier.

Some authors have criticised this action when I’ve recommended it in the past – because it’s focusing on poverty however, I consider this to be "clever distribution of your finances"… Why pay more than you need to for utilities? Just like petrol – why pay more than you need to? Especially when that extra cash can be re-distributed to pay off your debts. When you are a millionaire, then you won’t need to consider switching!

Recent news reports suggest Analysts predict that the number of personal insolvencies in England and Wales will exceed 100,000 in 2006 – almost 3 times as many as the 2003 figure.

The blame is pointing firmly to rise in Personal Debt.

Between January and March 2006 there have been 23,000 insolvencies in England and Wales alone. Between April and June there have been an additional 26,000. Almost two thirds declared themselves Bankrupt. The rest took out Individual Voluntary Arrangments (IVA’s).

With Thursday’s decision by the Bank of England to raise interest rates, more consumers will, no doubt, struggle to pay their debts. In addition the increasing energy bills create more pressure for consumers.

There’s no doubt that some lenders (as well as those seeking the credit) may be behaving irresponsibly thus fuelling the debt culture.

Some debt experts have suggested that going bankrupt is an easier option because of the change in law in 2004 that provides protection of the main residence. However, I firmly believe that it is not an easy option at all and results not only in low self-esteem but ongoing difficulties in creating wealth rapidly. A whole new industry around insolvency has grown massively over the past few years. One of the biggest growing companies is centred on Individual Voluntary Arrangements - the alternative to bankruptcy. With the amount of advertising offered, some experts believe this has prompted many more people to take the “easy” insolvency path.

There is a lot of debate on the news on whether or not debt could get out of hand. For many it’s already the case. Until such time that the general population change their thinking and behaviour towards money and adjust their poor spending habits, we will continue to see a rise in insolvencies. If you want to get out of debt quickly and keep your dignity you will need to learn more about your attitude towards money. As the author of the Debtfree&Happy programme and a qualified behavioural coach I suggest you take a moment or two to complete the following statement:

Money is…..(xxxx)


How you respond to this question gives an insight into the way you think about money and your attitudes towards it. It will also identify some conditioned beliefs you may have toward money and abundance.

For example many people respond with “Money is… a pain” or “money is … scarce”. If you think like this, you can be creating unconscious actions and behaviours that result in money being scarce.

If you believe that money is scarce, then of course your actions and behaviours reflect that. He who speaks most of scarcity has it; he who speaks most of prosperity has it. As human beings we learn to get by, either on the income we generate or the credit we can accrue. Just think about the last time you received a pay rise. Are you now so used to that money that you don’t know how you coped without it? Most people would answer positively to that question. So you have learned to live off that new income. So you still “have no money” (in other words, spare cash). If you want to be truly wealthy, you must learn to speak only of prosperity and to take consistent action to eliminate bad debt from your life and generate multiple streams of income. That’s what living a DebtFree and happy life is all about.