Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

CREDIT REPORT SERVICES AND ONLINE EXPERT HELP ARE FULLY OPERATIONAL - PHONE LINES ARE CLOSEDCOVID-19 STATUS

ONLINE SERVICES FULLY OPERATIONAL
PHONE LINES ARE CLOSEDCOVID-19 STATUS

ISA limits raised for 2014

Posted by Sam Twyford in Personal Finance on 21 October 2013 - Sam is a Product Manager at checkmyfile

The tax-free annual allowance for ISA contributions in 2014 is expected to rise to around £11,760 from April next year, up from its current limit of £11,520 per annum.

Half of this amount can be deposited into a cash ISA - £5,880, while Junior ISA contributions will increase to £3,840 from £3,720.

The ISA allowance is calculated based on the rate of inflation from the previous year in September. This week it was revealed that September's inflation rate was higher than anticipated by the markets at 2.7%, compared with the expected level of 2.4 or 2.5%.

The formula for working out the increase in the ISA allowance involves taking the September Consumer Prices Index figure and applying this to the previous year’s allowance. By then rounding this up to the figure nearest divisible by £120, this makes it easier for savers to make a rounded monthly contribution.

ISA's allow individuals to deposit a certain amount each tax year to avoid paying tax on the amount earned through interest. This can be classed as a tax free savings or investment accounts as offered by a financial institution, which allows money to be split equally within the annual limit between savings accounts and investments such as shares and funds.

There are currently 15 million ISA accounts in the UK, but these are mostly cash ISA's with an average of £3,900 deposited in each.

Due to growing concerns of the number of ISA millionaires, there is rumour that the Treasury is considering placing a cap of £100,000on the total amount that can be held in an ISA to curb benefits for savers viewed as wealthy.

Due to the compounding interest impact of the amount in the ISA account over time, some savers have taken their savings to well over £1m.

Sam Twyford is a Credit Analyst at Checkmyfile, has a degree in Business Studies and is an Associate of the Institute of Credit Management. He can be contacted at sam.twyford@checkmyfile.com

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