YOUR MONEY BE INFORMED TAKE CONTROL

✔ Spending ✔ Saving ✔ Borrowing ✔ Earning

✔ Spending✔Quids in!Quids in!Quids in!Quids in!Quids in!Quids in!Quids in!Quids in! The UK’s Number 1 Money Magazine | ISSUE 25 Winter 2014

www.quidsinmagazine.com

Quids in!Quids in!Quids in!Quids in!FREEINSIDE!Advice on:

PLUS● Goodbye to

payday loans● Money news● and more…

Don’t let winter win, with our handy tips and advice

STAY WELL & WARM

If you can’t get help from your bank what are your options?

DON’T BANK ON IT

The Westlife star on his new book and his bankruptcyThe Westlife star on his

Shane FilanSHANE’S BRILLIANT NEW BOOK!

SHANE’S

WIN!

QI25_pp01_Cover.indd 1 13/11/2014 18:00

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WelcomeLooking back at 2014, the biggest thing for Quids in! was our reader survey. The picture is so clear about

what is going on for real people around the country. We knew how lives had been hit by rising costs and falling incomes but now we have proof and we’ve been taking our message to anyone who will listen.

There’s an election in 2015. We’ll see if the candidates will listen to the facts. The Scottish referendum should be an inspiration. Wouldn’t it be great if MPs were caught on the hop the same way because people who don’t usually vote turned round and said ‘It’s time you thought about what we want’.

Quids in! magazine is designed to help people understand and manage their money better. It is published quarterly by the Social Publishing Project, a social enterprise.

We’ve got 10 hardback copies of My Side of Life, Shane’s life story to give away. All you need to do is drop us a line to let us know you’d like one and we’ll draw ten winners out of a hat.

You can enter on our Facebook page (quidsinmagazine), via email to editor@quidsinmagazine.com or by post to 3 Monmouth Place, Bath BA1 2BW.

ONLINE SAVINGSI’ve found that by doing my food shopping online I save an

absolute fortune. It’s not that things are so much cheaper, it’s more that I’m not tempted into buying things I don’t actually need. No more ‘bargain’ biscuits or crisps for me!” Andy, Glasgow

Jeff says… Very true Andy. I fi nd I can get much the same effect by going to my local shop with a pair of horse blinkers on, though it’s not as convenient.

JOKE SPECIAL

Here are a few jokes you

might like: What do you

get if you cross a sorceress

with a millionaire? A very witch

person. What happened when the cat

swallowed a coin? There was money

in the kitty. How can you double your

money? By folding it in half.

I hope these gave you all a giggle.”

Jane, Lancashire

Jeff says… You didn’t win our joke competition

Jane, but have £50 for trying so hard!

STAR LETTER

Win a copy of Shane’s book!

Write a Star Letter and Win £50!

Jeff Editor

Address 3 Monmouth Place, Bath, BA1 2AT. Tel 08456 8049 06Editor Jeff Mitchell Email editor@quidsinmagazine.comPublisher Steve Faragher Email steve@socialpublishingproject.comComms Offi cer Hannah Cameron McKenna Email hannah@ socialpublishingproject.comAdvertising Opportunities Debbie WyldeCopy Sales Rhiannon McNamara, Debbie Wylde Email rhiannon@socialpublishingproject.com, debbie@socialpublishingproject.com In association with Quids in! Professional Network

Quids in! magazine

editor@quidsinmagazine.com

LOAN SHARKSThe National Illegal Money Lending Team tackles loan sharks. To report a loan shark anonymously you can call them 365 days a year on ✆ 0300 555 2222, text LOAN SHARK and your details to 60003 or email them at reportaloanshark@stoploansharks.gov.uk. In Wales call ✆ 0300 123 3311or send an email to imlu@cardiff.gov.uk

CREDIT UNIONSCredit unions are not-for-profi t organisations that provide bank accounts, loans and savings. They may help people the banks won’t. To fi nd your local credit union call ✆ 0161 832 3694 or visit www.fi ndyourcreditunion.co.uk.

BENEFITS• For unemployment and work-related benefi ts talk to Jobcentre Plus. • People with disabilities or carers should contact the Benefi t Enquiry Line

(✆ 0800 882200) and for Child Benefi t and tax credits call the Inland Revenue (✆ 0845 300 3900). • Council Tax and Housing Benefi t is dealt with by your local council. • Pensioners should call the Pensions Service (✆ 0800 99 12340).

DEBT ADVICEGet in touch with any of the organisations below to get free advice and help.• National Debtline✆ 0808 808 4000www.nationaldebtline.co.uk• StepChange Debt Charity✆ 0800 138 1111www.stepchange.orgOffers free debt management plans, debt advice and more.• Citizens Advicewww.citizensadvice.org.uk.in Wales call ✆ 08444 77 20 20 England call ✆ 08444 111 444

QUIDS IN! USEFUL NUMBERS✆

The competition is open until 28th February 2015. All usual terms and conditions apply, check our website for details. Winners will be randomly chosen by the editor

COMPETITION

YOUR LETTERS

WIN!

Quids in! magazine is supported by Aon and Aviva. Aon arranges home contents insurance with Aviva for tenants of social and council housing. Ask your landlord if they have a scheme in place.

Quids in! makes every effort to ensure content is correct at the time of going to print. Readers should take specialist advice where necessary. Quids in! has no political allegiances, and opinions expressed are not necessarily those of the publisher or editor. Any relationship with advertisers or sponsors is always on the understanding that we retain our editorial independence.

If you’ve got something you want to tell us, or a money-saving hint or tip to share write to The Editor, Quids In! 3 Monmouth Place, Bath BA1 2AT or email editor@quidsinmagazine.com. Don’t forget to include your name and address. Every issue we’ll send a cheque for £50 to the best letter writer!

QI25_pp02_intro_final.indd 2 13/11/2014 18:01

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WelcomeLooking back at 2014, the biggest thing for Quids in! was our reader survey. The picture is so clear about

what is going on for real people around the country. We knew how lives had been hit by rising costs and falling incomes but now we have proof and we’ve been taking our message to anyone who will listen.

There’s an election in 2015. We’ll see if the candidates will listen to the facts. The Scottish referendum should be an inspiration. Wouldn’t it be great if MPs were caught on the hop the same way because people who don’t usually vote turned round and said ‘It’s time you thought about what we want’.

Quids in! magazine is designed to help people understand and manage their money better. It is published quarterly by the Social Publishing Project, a social enterprise.

We’ve got 10 hardback copies of My Side of Life, Shane’s life story to give away. All you need to do is drop us a line to let us know you’d like one and we’ll draw ten winners out of a hat.

You can enter on our Facebook page (quidsinmagazine), via email to editor@quidsinmagazine.com or by post to 3 Monmouth Place, Bath BA1 2BW.

ONLINE SAVINGSI’ve found that by doing my food shopping online I save an

absolute fortune. It’s not that things are so much cheaper, it’s more that I’m not tempted into buying things I don’t actually need. No more ‘bargain’ biscuits or crisps for me!” Andy, Glasgow

Jeff says… Very true Andy. I fi nd I can get much the same effect by going to my local shop with a pair of horse blinkers on, though it’s not as convenient.

JOKE SPECIAL

Here are a few jokes you

might like: What do you

get if you cross a sorceress

with a millionaire? A very witch

person. What happened when the cat

swallowed a coin? There was money

in the kitty. How can you double your

money? By folding it in half.

I hope these gave you all a giggle.”

Jane, Lancashire

Jeff says… You didn’t win our joke competition

Jane, but have £50 for trying so hard!

STAR LETTER

Win a copy of Shane’s book!

Write a Star Letter and Win £50!

Jeff Editor

Address 3 Monmouth Place, Bath, BA1 2AT. Tel 08456 8049 06Editor Jeff Mitchell Email editor@quidsinmagazine.comPublisher Steve Faragher Email steve@socialpublishingproject.comComms Offi cer Hannah Cameron McKenna Email hannah@ socialpublishingproject.comAdvertising Opportunities Debbie WyldeCopy Sales Rhiannon McNamara, Debbie Wylde Email rhiannon@socialpublishingproject.com, debbie@socialpublishingproject.com In association with Quids in! Professional Network

Quids in! magazine

editor@quidsinmagazine.com

LOAN SHARKSThe National Illegal Money Lending Team tackles loan sharks. To report a loan shark anonymously you can call them 365 days a year on ✆ 0300 555 2222, text LOAN SHARK and your details to 60003 or email them at reportaloanshark@stoploansharks.gov.uk. In Wales call ✆ 0300 123 3311or send an email to imlu@cardiff.gov.uk

CREDIT UNIONSCredit unions are not-for-profi t organisations that provide bank accounts, loans and savings. They may help people the banks won’t. To fi nd your local credit union call ✆ 0161 832 3694 or visit www.fi ndyourcreditunion.co.uk.

BENEFITS• For unemployment and work-related benefi ts talk to Jobcentre Plus. • People with disabilities or carers should contact the Benefi t Enquiry Line

(✆ 0800 882200) and for Child Benefi t and tax credits call the Inland Revenue (✆ 0845 300 3900). • Council Tax and Housing Benefi t is dealt with by your local council. • Pensioners should call the Pensions Service (✆ 0800 99 12340).

DEBT ADVICEGet in touch with any of the organisations below to get free advice and help.• National Debtline✆ 0808 808 4000www.nationaldebtline.co.uk• StepChange Debt Charity✆ 0800 138 1111www.stepchange.orgOffers free debt management plans, debt advice and more.• Citizens Advicewww.citizensadvice.org.uk.in Wales call ✆ 08444 77 20 20 England call ✆ 08444 111 444

QUIDS IN! USEFUL NUMBERS✆

The competition is open until 28th February 2015. All usual terms and conditions apply, check our website for details. Winners will be randomly chosen by the editor

COMPETITION

YOUR LETTERS

WIN!

Quids in! magazine is supported by Aon and Aviva. Aon arranges home contents insurance with Aviva for tenants of social and council housing. Ask your landlord if they have a scheme in place.

Quids in! makes every effort to ensure content is correct at the time of going to print. Readers should take specialist advice where necessary. Quids in! has no political allegiances, and opinions expressed are not necessarily those of the publisher or editor. Any relationship with advertisers or sponsors is always on the understanding that we retain our editorial independence.

If you’ve got something you want to tell us, or a money-saving hint or tip to share write to The Editor, Quids In! 3 Monmouth Place, Bath BA1 2AT or email editor@quidsinmagazine.com. Don’t forget to include your name and address. Every issue we’ll send a cheque for £50 to the best letter writer!

QI25_pp02_intro_final.indd 2 13/11/2014 18:01

he Home Heat Helpline has revealed one in seven households could benefi t from the Warm Home

Discount but just two in 700 fi nd help and advice. There’s £310 million available. Tel: 0800 33 66 99 (from landlines) or 0333 300 33 66 (mobile). www.homeheathelpline.org.uk

Some rare good news for pensioners, disabled people and families with children under fi ve this winter as Cold Weather Payments are increased to £25 when temperatures drop below zero degrees for seven days in a row. Payments are usually paid without claiming but may depend on being registered for other benefi ts, including Pension Credit. Ask Turn2us if you’re receiving all you could. Tel: 0808 802 2000 (free from most phones) or visit www.turn2us.org.uk.

One in three older people who could benefi t from Pension Credit are failing to claim it, according to Age UK. Single people aged 62 or over with incomes lower than £148.35 a week, and couples on less than £226.50, could receive a cash top up. Even for people who would only be slightly better off, signing up for Pension Credit can trigger Council Tax reductions,

support with medical costs, Cold Weather Payments, and Housing Benefi t. AgeUK leafl et: bit.ly/QI25winter2

Winter Fuel Payments are also paid to those on State pensions and certain other benefi ts but other people who are 62 or over may have to claim. Tel: 08459 15 15 15 or visit bit.ly/QI25winter1

The latest news a� ecting you and your fi nances

n MP has rounded on Iain Duncan Smith, head of the Department

of Work and Pensions, over the Job Centre’s record on withdrawing benefi ts.

Debbie Abrahams, MP for Oldham East and Saddleworth, spoke out in November, saying: “People are dying because of these sanctions”.

In July, Abrahams described

the case of a former soldier with diabetes who died having been sanctioned and unable to buy life-saving insulin, as a “scandal”, saying: “It is sadly not a surprise to hear that the sanctions regime has cost another life.”

Since Job Centre Plus

tightened its rules in 2012, more than two million claimants have lost at least four weeks’ benefi ts for being judged as failing to try hard enough to fi nd work.

If you’re sanctioned, take advice on challenging the decision. Make a ‘nil income declaration’ for Housing Benefi t to ensure it continues. Ask Job Centre Plus about hardship payments or loans.

More people than ever are having their benefi ts withdrawn

Millions of low income households are missing out on vital help to meet soaring costs this Winter.

MILLIONS MISS OUT ON CASH

SANCTIONS KILL CLAIMS MP

Discount but just two in 700 fi nd

T

A

Quids in! | 2

NUMBER CRUNCHEDPAYDAY LOANS

bit.ly/QI25winter1

Quids in! says…Nobody likes having to ask for help,

but we should all make sure we

have the benefi ts we’re entitled to,

especially if we’re worried about bills

0.8%The maximum daily interest that

payday loan companies will be allowed to charge from 2015

£15The maximum default charge

payday loans companies will be allowed to make us pay

100%The total cost cap on what we

borrow. What it means is that we cannot be asked to pay back more

than twice what we borrow

ZEROThe number of payday loans

companies Quids in! estimates will be left in business this time next year – they simply won’t

be able to make enough money from us any more

“ People are dying because of these sanctions.”

QI25_pp03_News_final.indd 2 13/11/2014 18:00

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4 | Quids in!

TO SAVE MONEY

Going cold and hungry to keep bills low keeps debt at bay but if it costs us our health, is it worth it? Je� Mitchell explores ways to balance health with wealth

HEALTHY LIVING

A shocking four in ten Quids in! readers are skipping meals and one in two people are turning off the heating despite being cold. We applaud people who curb debt but going without

can affect our health. Three in ten readers feel money

fears affect their physical health and a staggering fi ve in ten people are on the road to mental ill-health.

Our wellbeing is undermined by money worries but there are cheap ways to boost our health, even if we’re struggling to make ends meet.

DYING

✔ TAKE REGULAR EXERCISEHalf an hour a day working up a sweat walking or doing the

house work kick starts your body’s response to unwanted

nasties. People doing this most days are sick half as often

as others. Sunlight also helps

✔ IT’S TRUE, AN APPLE A DAY…Fresh fruit, veg, nuts, seeds and whole grains will help.

You can grow some yourself, scrump them in the woods

or seek out offers in the shops. Nuts

are cheaper in the baking aisle

✔KNOW YOUR ABCVitamin C and zinc boost your immune

system and, if you’re skipping meals, the

11p a day for a tablet might make all the

difference. A healthy, balanced diet is even better

✔ SLEEP ON ITPeople with money worries don’t sleep well but a good

night’s sleep is a must. Watch the caffeine, alcohol and

sugar, especially late in the day, as they keep you buzzing

httpbit.ly/QI25immune WebMD article

on ways to boost the immune system

You can grow some yourself, scrump them in the woods

or seek out offers in the shops. Nuts

Vitamin C and zinc boost your immune

system and, if you’re skipping meals, the

11p a day for a tablet might make all the

Without good nourishment, the immune

system will be starved of fuel and illness

can follow

IMMUNE HEALTH

QI25_pp04-05_Health_final.indd 4 13/11/2014 18:03

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4 | Quids in!

TO SAVE MONEY

Going cold and hungry to keep bills low keeps debt at bay but if it costs us our health, is it worth it? Je� Mitchell explores ways to balance health with wealth

HEALTHY LIVING

A shocking four in ten Quids in! readers are skipping meals and one in two people are turning off the heating despite being cold. We applaud people who curb debt but going without

can affect our health. Three in ten readers feel money

fears affect their physical health and a staggering fi ve in ten people are on the road to mental ill-health.

Our wellbeing is undermined by money worries but there are cheap ways to boost our health, even if we’re struggling to make ends meet.

DYING

✔ TAKE REGULAR EXERCISEHalf an hour a day working up a sweat walking or doing the

house work kick starts your body’s response to unwanted

nasties. People doing this most days are sick half as often

as others. Sunlight also helps

✔ IT’S TRUE, AN APPLE A DAY…Fresh fruit, veg, nuts, seeds and whole grains will help.

You can grow some yourself, scrump them in the woods

or seek out offers in the shops. Nuts

are cheaper in the baking aisle

✔KNOW YOUR ABCVitamin C and zinc boost your immune

system and, if you’re skipping meals, the

11p a day for a tablet might make all the

difference. A healthy, balanced diet is even better

✔ SLEEP ON ITPeople with money worries don’t sleep well but a good

night’s sleep is a must. Watch the caffeine, alcohol and

sugar, especially late in the day, as they keep you buzzing

httpbit.ly/QI25immune WebMD article

on ways to boost the immune system

You can grow some yourself, scrump them in the woods

or seek out offers in the shops. Nuts

Vitamin C and zinc boost your immune

system and, if you’re skipping meals, the

11p a day for a tablet might make all the

Without good nourishment, the immune

system will be starved of fuel and illness

can follow

IMMUNE HEALTH

QI25_pp04-05_Health_final.indd 4 13/11/2014 18:03

Quids in! | 5

✔ STAPLES KEEP THINGS TOGETHER

Eggs, tinned tomatoes, beans, potatoes, pasta and rice are all versatile staples, while onions, garlic and chilli powder can spice things up, even used sparingly

✔ SHOP SO YOU DON’T DROPWrite and stick to a shopping list to keep costs down. Resist offers except on things you’d buy anyway. Frozen often means cheaper and not unhealthy, as people think. If you’re on a budget, trade down to the store’s own brand goods and save almost a third

We cannot sleep through the Winter but

we can take some tips from our furry

friends on stocking the nest

MAKE LIKE SQUIRRELS

✔ LAUGH IN THE FACE OF ITA good laugh with friends can be a real tonic, as can spending time with family. Having a wide circle of friends is reported to make as big a difference as not smoking

✔ WATCH THE BOOZEA couple of drinks can make life a little easier, relieving stress and, of course, it’s a big part of a social life. Alcohol is a chemical, though, and too much can lead to mental and physical health issues

✔ STOP!Just stop and do nothing for a few minutes a day. Think of your brain like an over-worked machine: Switch it off and on again

✔ POSITIVE MENTAL OUTLOOKFor people stuck inside mental ill-health, this can feel like rotten advice, but try to stay positive. If it feels the world’s against you, maybe you’re overwhelmed. Try to think of reasons, not excuses, for why things or relationships might not be going well. Maybe it’s you or maybe you need to talk to someone

✔ MAKE A PLANMake a list of all things you have on your plate. Once it’s in black and white, it’s easier to see it for what it is. Then tackle each item one at a time, fi nding help if you need it

http://bit.ly/QI25eatwell NHS advice on eating healthily on a low budget

✔ MULTI-TASK WITHOUT WORKING HARDER

Bulk up hearty dishes with cheaper veg. Make enough for multiple meals and freeze as much as possible. Check out cheap recipes like Jack Monroe’s (www.agirlcalledjack.com) and watch the portion control – resist seconds

http://bit.ly/QI25mind Advice

from mental health charity Mind

✔ WHAT’S THE WORST THAT COULD HAPPEN?

Many people fear bills. Unopened letters get tucked away and debts grow. Maybe switching off the heating when we’re cold is not so different. We need warmth. Facing up to a shock bill won’t kill us and there is loads of help on hand when it comes to it (see p2)

✔ KEEP COLD AT BAYHeat only rooms you use. Keep doors and windows shut. Use thick curtains and go old school, making draft excluders to seal you inside. Layer clothes. Clear radiators to heat the room, not the washing or furniture covering them

✔ PAY JUST FOR WHAT YOU HAVE TO USE

Boil only the water you need and use lids on pots so they boil faster. Only do full loads of washing, turning down the machine temperature. Fold clothes as they dry and iron damp to speed things up. Never use a tumble dryer. Shower at speed to use less water and electricity

✔ POWER DOWNLow energy means lower bills – check your landlord or council to see if free light bulbs are available. Unplug everything. Chargers and items left on standby still cost you. Don’t open fridge or freezer doors too long and never put anything warm inside, let it cool down fi rst

http://bit.ly/QI25bills Easy to follow advice on reducing energy usage, and so bills, at home

✔ WHAT’S THE WORST THAT

Looking after yourself is the key, and that includes fi nding ways to a� ord to stay warm all winter

WINTER WARMING

✔

Being anxious, angry or upset all the time

can be a sign of mental health troubles. It

also a� ects your physical health

FEELING SOUND OF MIND

is a chemical, though, and too much can lead to mental and

Just stop and do nothing for

POSITIVE MENTAL OUTLOOKFor people stuck inside mental ill-health, this can feel like rotten advice, but try to stay positive. If it feels the world’s against you, maybe you’re overwhelmed.

to a shock bill won’t kill us and there is loads of help on

KEEP COLD AT BAY

doors and windows shut. Use thick curtains and go old school, making

QI25_pp04-05_Health_final.indd 5 13/11/2014 18:03

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6 | Quids in!

YOU CAN’T BANK ON IT

Rocked by scandal, can we trust the banks any more with our money?

YOUR MONEY

It seems there’s hardly a day goes by when the banks are not in the news for doing something bad. Whether it’s causing our financial meltdown, pulling out of the high street or refusing to lend money to small businesses, the banks are simply not

working for us.And that’s just as true for Quids in! readers as it is for anyone

else. When we ran a survey in 2012 more than 4 out of 5 readers (85%) used a bank account. When we ran one at the beginning of this year that number had SLUMPED to less than half at just 48%. We’re voting with our feet. But we still need to keep our money somewhere...

So if the banks aren’t working for us, what are the alternatives? Well, you may have heard of projects like the Bank of Dave, founded by business man Dave Fishwicke to help the people of Burnley and made famous on Channel 4. “Banking is not rocket science,” says Dave. “The banks have been ripping people off for years. They used to have a responsibility to serve their clients. Now they just serve themselves. It’s like a private club.” So Dave started his own bank, and now lends money to local people in Burnley. Which is great, but not so good for those of us who don’t live in Burnley. So if we can’t get on with the banks, what are our other options?

PRE-PAID DEBIT CARDSON OFFER: All debit card services, but you have to put money in first✔ FOR: Easy and convenient, no credit check, you can only spend what you put on the card✘ AGAINST: Monthly charges and setup fees, often run by the banksFIND OUT MORE: For the best deals check out a website like moneysavingexpert.com

CREDIT UNIONSON OFFER: Bank accounts, loans and savings✔ FOR: Good for you, good value, not for profit. Twice as many Quids in! readers now use them as in 2012✘ AGAINST: Sometimes have membership restrictions, may take time before you can get a loan, often run by volunteers so customer service variesFIND OUT MORE: See ‘useful numbers’ on page 2

MY HOME FINANCEON OFFER: Bank accounts and loans✔ FOR: Like a Credit Union but national, not for profit and designed to be friendly.✘ AGAINST: No branches to pop in to, and smaller than the banks. Interest rates may seem high for borrowing, but they will consider people with poor credit scoresFIND OUT MORE: See their advert opposite

BUILDING SOCIETYON OFFER: Full banking service✔ FOR: Run for their members’ benefit✘ AGAINST: Often branches are only local, but Nationwide is an exceptionFIND OUT MORE: Pop in to your local branch or search for building societies on the web

BUDGETING LOANSON OFFER: Interest-free loans from JobCentre Plus, not exactly banking, but a good way to get some extra cash if you’re eligible✔ FOR: Interest free loans from £100 upwards normally paid back over 2 years✘ AGAINST: You need to have been on benefits for at least 6 months beforehand to qualifyFIND OUT MORE: You can go into your local JobCentre Plus and ask...

“ The banks have been ripping people off for years.”

QI25_pp06_Banks_final.indd 6 13/11/2014 18:04

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6 | Quids in!

YOU CAN’T BANK ON IT

Rocked by scandal, can we trust the banks any more with our money?

YOUR MONEY

It seems there’s hardly a day goes by when the banks are not in the news for doing something bad. Whether it’s causing our financial meltdown, pulling out of the high street or refusing to lend money to small businesses, the banks are simply not

working for us.And that’s just as true for Quids in! readers as it is for anyone

else. When we ran a survey in 2012 more than 4 out of 5 readers (85%) used a bank account. When we ran one at the beginning of this year that number had SLUMPED to less than half at just 48%. We’re voting with our feet. But we still need to keep our money somewhere...

So if the banks aren’t working for us, what are the alternatives? Well, you may have heard of projects like the Bank of Dave, founded by business man Dave Fishwicke to help the people of Burnley and made famous on Channel 4. “Banking is not rocket science,” says Dave. “The banks have been ripping people off for years. They used to have a responsibility to serve their clients. Now they just serve themselves. It’s like a private club.” So Dave started his own bank, and now lends money to local people in Burnley. Which is great, but not so good for those of us who don’t live in Burnley. So if we can’t get on with the banks, what are our other options?

PRE-PAID DEBIT CARDSON OFFER: All debit card services, but you have to put money in first✔ FOR: Easy and convenient, no credit check, you can only spend what you put on the card✘ AGAINST: Monthly charges and setup fees, often run by the banksFIND OUT MORE: For the best deals check out a website like moneysavingexpert.com

CREDIT UNIONSON OFFER: Bank accounts, loans and savings✔ FOR: Good for you, good value, not for profit. Twice as many Quids in! readers now use them as in 2012✘ AGAINST: Sometimes have membership restrictions, may take time before you can get a loan, often run by volunteers so customer service variesFIND OUT MORE: See ‘useful numbers’ on page 2

MY HOME FINANCEON OFFER: Bank accounts and loans✔ FOR: Like a Credit Union but national, not for profit and designed to be friendly.✘ AGAINST: No branches to pop in to, and smaller than the banks. Interest rates may seem high for borrowing, but they will consider people with poor credit scoresFIND OUT MORE: See their advert opposite

BUILDING SOCIETYON OFFER: Full banking service✔ FOR: Run for their members’ benefit✘ AGAINST: Often branches are only local, but Nationwide is an exceptionFIND OUT MORE: Pop in to your local branch or search for building societies on the web

BUDGETING LOANSON OFFER: Interest-free loans from JobCentre Plus, not exactly banking, but a good way to get some extra cash if you’re eligible✔ FOR: Interest free loans from £100 upwards normally paid back over 2 years✘ AGAINST: You need to have been on benefits for at least 6 months beforehand to qualifyFIND OUT MORE: You can go into your local JobCentre Plus and ask...

“ The banks have been ripping people off for years.”

QI25_pp06_Banks_final.indd 6 13/11/2014 18:04

Terms and conditions apply. Finance subject to status, aged 18s and over. Comparison figures correct as at November 1st 2014. Finance provided by My Home Finance Limited, 25 Procter Street, London WC1V 6NY. My Home Finance is a not for profit social enterprise. Company registration number is 7236812.

Call us on 0121 212 9568www.myhomefinance.org.uk

My Home Finance There for you, fair for you

twitter.com/MyHomeFinance

Loan examples

Total amount of credit

Duration of agreement

APR Annual interest rate

Interest payable

Admin fee Weekly payment

Total amount payable

My Home Finance(representative example)

£300 52 weeks 69.5% APR 22.89% fixed

£68.68 £15.00* £7.09 £383.68

Doorstep loan

£300 52 weeks 272.2% APR 82.00% fixed

£246.00 £10.50 £546.00

A £300 loan from us could save you as much as £160 compared to a doorstep loan

*Administration fee is 5% of the amount borrowed to be paid up front.

Quids-in Advert_FINAL.indd 1 13/11/2014 12:34

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IN THE KNOW…IN THE KNOW…

From the helicopter high-life to handouts, the last fi ve years have been

tough for Westlife star Shane Filan. Fourteen No.1 singles, 46 million records sold, and yet within days of a sellout concert with the band in June 2012, Shane was pronounced bankrupt. So where did it all go wrong?

“For the previous fi ve years I’d been leading a double life,” Shane told The Mirror newspaper. “I’d started a property company with my brother Finbarr when Ireland was booming. But we’d got in way over our heads just as the global economy was crashing.”

“We owed £18million and that day the banks had demanded all the money back.

“I just broke down and sobbed when I heard,” he says. “My world was crumbling around me. My three small children – Nicole, Patrick and Shane Jnr – were upstairs in bed thinking everything was grand because Daddy was a pop star.

It was the most horrendous time of my life.”

Money worries can hit us all hard, but sometimes you need to go through the dark times to come out better the other side. Shane stuck at doing what he knew best and now he’s got a new record deal, he’s on tour again and he’s just published a gripping autobiography that

reveals the highs and lows of his life.

“The banks were throwing money at people back then,” says Shane. “Yes, I made bad decisions but they also made it very easy.” Those bad decisions involved investing in lots of green fi eld sites to build on, but planning problems slowed them down and Shane got more and more into debt, until it overwhelmed him.

Shane credits his wife, Gillian, with getting him through the worst times: ““Every day she’d say ‘You’ve still got me, we’ve got the kids. We’ll be fi ne.”

Recovering from bankruptcy or major debt takes time, but Shane shows that with good advice and the support of loved ones it can be done.

He rubbed shoulders with Barack Obama, the Pope and the Queen, but bad property investments brought Westlife singer Shane Filan’s world crashing down around him

SHANE FILAN

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“We owed 18 million pounds”

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