SORT YER FINANCES FOR 2003!!! (moneyextra.com)

Member Name: marandina

Product:	moneyextra.com
Date:	26/12/02 (148 review reads)
Rating:

Advantages: Huge resource , Easy to navigate

Disadvantages: Check products are up to date, Clarify charges

You know, the Internet's a wonderful thing? It's such a massive resource available to young and old alike. Of course, yer young 'uns are more likely to be playing Frogger or something rather than looking at personal finance websites. D'yer know...if I had my time again I'd probably be looking at the old finance sites rather than playing games. Boring I am but us Bank Managers are a dedicated breed. So how can I entice you, the reader, to actually read this stuff and stay interested? Well, I can try can't I?

Like a financial fountain of youth, I have my sources. This opinion's all about one of the premier personal finance resources online - Moneyextra.com. Sooooooo...come into my office and grab a seat. Are you comfortable? Yes but want a coffee...okey, dokey, coming right up.

OK, I hope you can see the monitor screen because I want to show you Moneyextra. First thing you'll notice is it's not that quick too load. It's reasonable at a few seconds but there are quicker. This is because this is a big site. The main portal seems to have a dark blue theme, which is the "in-colour" for finance. This is a nicely laid out page. Along the top are tabs including the options: Home, Mortgages and Homebuying, Savings and Investing, Pensions and Retirement, Life and Medical cover, Loans and Cards, Home, Car and Travel cover, Tax Centre and Investors Centre.

On the left-hand side of the page we have buttons allowing the visitor to examine: Compare and buy, News and features, Guides and tools, Alerts and Sharedealing.

On the right we have some adverts e.g. a link to Brittania Building Society as well as a Smile.co.uk link etc.

In the middle of the page sits the latest news features along with some nifty little images that herald all of the things the site will do for you. These include: Housebuying and Mortgages, ISA Centre, Online Banking Centre, Loans and Cards, Savings and Investment a
nd Home, Travel and Motor Insurance.

Hmmmmm...you're looking a bit overawed by all of the sheer volume of stuff so I'll try and break it down a bit so that you can pick out the bits that will help you.

OK, so before we go on, why come on here at all? Well, the thing is a lot of folks suffer from inertia. They get caught up sticking with inferior products simply because they haven't got the time or the inclination to shop around. I mean, let's face it, financial products aren't really that different to any others although, as a rule, most people would rather watch paint dry than review their finances once in a while. Of course, those that do take the time invariably end up better off than those that don't. This may be because...shhhhhhh...the best deals are offered to the shoppers at the expense of the loyal peeps who stay put and, hence, subsidise the better deals for others...kerrching! So, worth looking around then?

One of the more noticeable features is the mortgage comparator. A bit daunting, the banner proclaims that you can search through over 7000 mortgages from over 150 different lenders. Blimey, that's enough to put anyone off already. Personally, I honestly think it's worth talking to someone before you start searching around for the best mortgage unless you have a reasonable idea what you are doing. The Mortgage Code compels lenders and intermediaries to advise and recommend the best deal according to your circumstances so you have some redress if things go wrong. If you do want a dabble then simply tap in your requirements i.e. a questionnaire will pop up asking you to pop your desirables in including amount of mortgage required, type of scheme etc as well as a call back facility if you want a bit more help. You should get a list of mortgages and who provides them with the possibility of being able to apply online. In my experience, the data base isn't always bang up to date so it's a goo
d idea to contact the lender to make sure that the details are correct and how to apply. Mortgage rates are still at their lowest since the 1960's so it's well worth looking around to see if you can move your mortgage to a different lender for a better deal. Some folks save thousands of pounds that way!

If you like this formula then it's similar stuff for other products too. For example, if you are in the market for a cheap loan or the best cashback credit card that you can get your hands on then follow the same format via the pretty images that dominate the main portal. Bare in mind that there's no guarantee that you'll be accepted so be prepared for an answer to be sent by post that may be good news or may be not?

We also have a Tax Centre where there are all sorts of handy features. You can calculate your tax bill for 2003, read the latest budget news, access tax tables or even call 0845 6000 900 for help with your tax return. Now, I haven't used this service so I wouldn't know whether there is a charge so tread carefully. What I do know is that Revenue forms tend to be pitched at people with degrees in Metaphysics so there is a huge number of folks that would like help of some kind.

So what else is there? Well, register with the site and you can get a bit more. Registration is easy with the usual data required before receiving your welcome e-mail within a few minutes. Registration means that you will have free access to a Sharedealing service (charges apply to deals though), a virtual portfolio facility which enables you to know the value of a combination of shares at a glance as well as receiving a monthly newsletter via e-mail detailing the latest developments in the world of finance.

If you do want more help then there is a link to MX Financial Solutions which involves an independent financial adviser getting in touch. Regulated by the FSA, I can't give you any guidance on this one as I tend
to make my own decisions based upon my position within the industry. I would strongly suggest that you make sure that if you do try this service then you ask the representative to disclose their charging structure before you go much further. Some work on a commission basis, some on a flat fee so either way you'll get to know how much any advice will cost.

There is a latest news section where breaking financial stories are featured. I find this section a bit thin and would suggest looking at BBC.co.uk who have a much more comprehensive news round-up. You could also check out both Ceefax and Teletext, which have easy to read features which tend to be bang up to date.

Those folks that rely on the latest share prices, exchange rates and so on can get them at Moneyextra. I also like the little graphs that track the various indices like FTSE100 etc because they give you a rough feel for the trend. Any stock market investment should be treated with caution on the back of the 3rd successive rocky year in terms of equities. Surely next year will be a good year...won't it?

So how does the site make a profit? Well, there are plenty of adverts dotted around the site as well as the odd pop up. No doubt the financial advice service will attract a charge as the taxation help may well do too. The registered office for the site is at One Temple Back East, Temple Quay, Bristol BS1 6DX which is a wholly owned subsidiary of Bristol & West plc so you'd expect that Bristol & West products will feature.

One of the myths of personal finance is independent advice. There is no way that anyone can scour the whole market for a failsafe, full proof recommendation for the very best product at any one time. What the better resources will do is have a large data base, regularly updated from which to choose. The markets change, sometimes, at the speed of light so you'll need to decide how often you want to dip in and how deep. Resources like Money
extra can be a valueable resource but it's best to treat them as primarily a guide. Like anything else, it pays to shop around and sites like this allow you to do just that.

Well, there you have it. A huge resource available for free but one of several so don't be afraid to look around. There's lots more I haven't been able to cover but why not take a look at your leisure? Decent publications like The Telegraph and TheTimes have their own link ups and recommendations. Of course, you could always just wander into your local bank or building society for help. Don't forget though that I can only talk to you about our products! Hope you enjoyed the coffee and hope you weren't too hard on your credit card this Christmas?

Thanks for reading

Marandina

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