Financial Strategies

Bill Rammell not so long ago announced new plans for the transformation of the delivery of student finance in England. It now seems that all is not well with the system and over 21’000 graduates continued to make repayments to the Student Loans Company (SLC) even though they had cleared their debt.

The figures are quite horrifying with an exponential upward trend since 2001, increasing from a mere 267 to 21’774 in less than 7 years. What is more worrying is that with the increase of student debt as reported by The Student Zone towards the end of last year, it can only compound the problem further.

The system to end repayments may be a contributing factor towards the problem. Once a student graduates and providing they earn more the £15’000 a year, nine per cent is deducted from their salary by HM Revenue & Customs. When the graduate is about to repay the loan amount the SLC sends them a letter asking them to send a copy of their P60 or all pay-slips from their final tax year as proof they have paid. It is only then that the SLC will send “stop notice” to HM Revenue & Customs.

So the SLC sends you a letter you send them one back and then they send a letter to the Taxman who only then stops deducting the repayments. So what happens if you’re a graduate that has moved house recently or there is a postal strike, not forgetting that it maybe a good number of years after graduating and you could even be abroad at the time. So what happens? Well it’s quite simple really they keep taking the money until the end of the financial year and only then is it automatically stopped.

Mike Harding of The Student Zone and the Student Debt Reduction Solution (SDRS) commented on the news

“When you look at the figures and the time scales it makes for worrying reading, yet another over complicated government system handling a simple process, it reminds me all to much of the failed Child Support Agency. I would like to ask and be interested to find out where all this money ends up before it is refunded to the students”

In fact on Monday 3 July 2006 the SLC released a Press Announcement entitled “SLC welcomes unveiling of new Student Finance delivery system” At the end of the document a handy “summary of key changes” was included in the editors notes and under the heading “Timely payments:” it states “We will be able to contact students – by texting their mobile phones,…” surely if the SLC can be this efficient with payments they could use the same kind of efficiency and insight into notifying the students they have made all their repayments.

Or indeed use of email could be one solution, after all its not often we change our personal email address and when we move house it doesn’t change and the internet is not often likely to go on strike due to a pay dispute with a bunch of Cisco Reuters

So Bill how are you going to sort this one out?

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There’s lots of online information about personal finance. If you’re looking for advice on budgeting or investing, you’ll find plenty. If you want quotes for loans or insurance, they’re available. If you need help getting out of debt, you can find it online.

Predictably, some of the personal finance resources online are better than others. Some are frankly self-serving, trying to sell you some product or service. Others give information freely. Some of the information is good and some is not so good. You have to evaluate and discriminate when looking for authority and accuracy in personal finance information. After all, it’s your money that you’ll be risking if you follow bad advice. So be careful out there.

We can’t hope to list all the good online sites for personal finance. There are just too many. But here’s a short list to get you started in the right direction. We’ve included a few of the standard mega-sites plus some really good ones that are not so well known.

Necessary Virtues Personal Finance

http://finance.necessaryvirtues.com/

Specializes in information about how to manage your money efficiently and live a prosperous life. Offers several full-length books as free downloads, including these titles: “Solving the Money Puzzle: Personal Finance Made Simple,” “The Science of Getting Rich,” “Money for Life,” and the classic, “Think and Grow Rich.” Also offers free newsletter, “Your Money Plan.”

MSN Money

http://moneycentral.msn.com/

Specializes in information for investors, including free stock quotes and analysis tools. Also has sections on planning, banking, and taxes. Good investment advice columns and features. Some analysis tools require Internet Explorer for best results. (The site is owned by Microsoft.)

CNN Money

http://money.cnn.com/

More breadth than MSN Money but less depth on investing. Covers many areas and has quite a bit of unique content from Fortune and Money magazines. (This is a Time-Warner site so there is common ownership.)

Kiplinger.com

http://www.kiplinger.com/

Mostly about investing, but also has good articles on credit management, real estate, insurance, retirement. Do be aware that much of their focus is on selling subscriptions to their various newsletters, like the Kiplinger Report.

Zen Personal Finance

http://www.finance-weblog.com/

This is something completely different, a blog with a unique perspective on personal finance. Has sections on retirement, housing, credit, and investing (a mammoth 30-part series of posts on “How To Think Like Warren Buffet”). Not the place to go for everyday reference, but recommended for browsing.

The Motley Fool

http://www.fool.com/

Specializes in help with investing, particularly in stocks and mutual funds. Information is of high quality, but registration is required to access most of it, and payment is required for parts of the site and for some newsletters.

Yahoo Finance

http://finance.yahoo.com/

There’s a lot here, but most of it is conglomerated by Yahoo from various third-party sources. You’ll have to be discriminating.

Carnival of Personal Finance

http://carnivalofpersonalfinance.com/

A blog carnival that offers weekly collections of recent blog posts on topics like budgeting, saving money, earning money, managing debt, and living below your means. The quality is uneven so be prepared to dig deep.

So there you have it, a quick introduction to some of the best of the web when it comes to personal finance. Some of the big sites made our list as well as some smaller hidden gems. Here’s hoping you find it useful.