The No Nonsense blog

The No Nonsense wedding!

November 2, 2009 by Ian

Observant readers will have noted that I became engaged earlier in the year. About 3 months later (after the shock had worn off), I sat down and began thinking about the wedding. I know some people might think it too soon, but I’ve never been one to sit and wait.

Photo owned by Helga’s Lobster Stew (cc)

So I’m having a wedding….

… Next Year …

… In May.

That’s a little scary… isn’t it? And more than one person has pointed out that this is the worst time economically to have a wedding, but I’m determined (love can do that to you… fear too… might be a correlation there). So here it goes, a No Nonsense wedding. Can I have my big day without a big budget?

Follow me dear readers as I tread that perilous line between a happy bride and a happy bank balance. As I plan out the money saving, bouquet waving, Aisle paving No Nonsense nuptials.

Yours,

The Prudent Groom

Posted in About us, Humour, Saving money | 9 Comments »

Good Luck Trying to Get a Car Loan

October 16, 2009 by Brendan.

Back in January we posted about the best offers in car loans from the various institutions in Ireland. At that time the market was very competitive with all the lending institutions active in this space. However, today the market is like a desert in comparison as all but three of the top ten lenders have stopped offering loans on new or used cars.

Car loans no longer on offer:

Darragh pointed out that Tesco Finance, who had the best offer in January, are no longer offering loans in the Irish market.

First Active of course are no longer trading since they have been merged with Ulster Bank.

Bank of Ireland are no longer offering car loans but are providing car finance arrangements – similar to hire purchase – but only if you call in to a branch.

FinanceDirect.ie have disappeared altogether and CarFinance.ie are no longer providing “options for finance”.

RaboDirect have stopped offering any type of loans at all.

So who’s left:

Only three institutions, Halifax, Ulster Bank and AIB, are still offering car loans in the Irish market (from what I can see at least). Note that Permanent TSB are offering a finance/hire purchase arrangement at fairly competitive rates.

I set out to borrow €20,000 over 5 years, with no payment protection or payment holidays. Was looking for a fixed rate. The figures are all pulled directly from actual quotes or examples on each of the providers’ websites.

In reverse order the best rates are:

3. Halifax – 11.5% APR €434.26 per month, total cost of credit is €6,055.35

2. Ulster Bank - 9.9 % APR, €419.54 per month, total cost of credit is €5,172.40

1. AIB – 8.05% APR, €393.20 per month, total cost of credit is €3,592

So AIB win with their APR of 8.05%. If you are aware of anyone else out there offering car loans today please let us all know.

Posted in Saving money | 4 Comments »

Best Deposit Rates in Ireland – October 2009

October 2, 2009 by Brendan.

Back in March I wrote a post reviewing the rates on offer for regular savings accounts. It has been one of our more popular posts so I decided I’d better go back and check that all the information is still correct.

Not surprisingly a lot has changed over the past few months. Pretty much all of the rates have disimproved. Bank of Ireland had topped the table with a return of 7.0%, but the best they’re offering today is 4%. First Active has since been taken over by Ulster Bank so they’re not opening up new savings accounts.

To recap, here are some things I’m looking for:

I want to save probably not more than €500 in any month, so am looking for the best rates for smaller more regular savings.
I want flexibility in the amount I put aside. I might set up a direct debit, but will probably see how I’m fixed each month before deciding how much to put aside.
I may want instant access to the savings, but am happy to live with a limit on this per year. Some institutions will give me instant access but only if I limit the number of withdrawals in a year.
I don’t want any minimum terms on the savings. I think that’s covered by the previous point, but just to be clear; I’m not sticking this away for 5 years as I suspect there may be a few rainy days within the next few years…

So, in reverse order of sounding like a good deal here’s what’s on offer:

10. Rabodirect.ie “Savings On-Demand” earns 2.0% AER
No limit on the amounts saved and provides instant access to your money without any penalties. They admit that it “might not be the highest rate around” but they’re leaning heavily on the fact that they are the only triple A rated bank in Ireland.

9. An Post “30 Day Notice Account” earns 3.0% CAR
This is a compound annual rate which is calculated daily and credited at the end of the year. No fees or charges. Don’t think I could wait the 30 days to withdraw, so that’s probably not an option for me anyways.

8. AIB “Regular Savings Account” earns 3.5% AER
Allows you to save anywhere between €10 and €500 per month. You can withdraw anytime you want without penalties. It guarantees to give the ECB +2.50%, but for the first 12 months only.

7. Halifax “Flexi Saver” earns 3.75% AER variable
No monthly lodgement restrictions, but you need to keep the balance to less than €10,000 in the first year to get this introductory rate. Instant access to the funds and no penalties. Anything over €10,000 and everything after the first year earns 2.0% AER.

6. Bank of Ireland “DualSaver Account” earns 4.0% EAR
Allows you save up to €500 per month, and €5,000 per annum at this rate. Anything greater than €5,000 and the EAR reduces to 1%. You can also lodge lump sums up to €20,000 per annum, but once again anything over €5,000 only earns 1%. Seven days notice is required to withdraw.

5. Ulster Bank “Regular Savings” earns 4.0% AER
Interest paid quarterly. You can save up to €500 per month (a little restrictive) and withdraw your money whenever you need it. Maximum allowed in the account is €100,000 – no worries there.

4. Permanent TSB “21 Day Notice Regular Savings” earns 4.0% AER
I could probably live with the 21 day notice period to withdraw my money if the rate was a bit better. Maximum monthly deposit is €1,000 and the maximum balance is €50,000.

3. Irish Nationwide “Regular Saver Deposit Account” earns 4.35% AER
You can lodge anywhere from €100 to €1,000 per month, or upto €2,00o if you open a joint savings account. The current rate which is made up of ECB + 3.35% is only guaranteed till December 31st this year and from then on it reverts to ECB +1.0%. You can make two withdrawals in a 12-month period.

2. EBS “Family Savings Account” earns 4.5% AER
This savings account allows you to put in between €100 and €1,000 per month for a fixed rate of 4.5%. This is the only account that guarantees a fixed rate for the entire first year. You can withdraw once during the year for those rainy days. Interestingly, there’s no stipulation that you need to be a “family” to apply.

1. Anglo Irish Bank “Regular Annual Saver Account” earns 5.0% AER
There’s no minimum, but the maximum monthly contribution is €1,000. You cannot withdraw in the first 6 months, but after that there is no limit on the number of withdrawals. Anglo Irish Bank are hungry for business hence they currently have the best deal on the market.

Note that terms and conditions will apply to the figures and notes above and you should read all these carefully before making any decisions. I’ve compared like for like as best I can. The AER/EAR/CAR figures I believe are all comparable. Oh, and I’m not a financial advisor.

Don’t forget that the Deposit Interest Retention Tax (DIRT) went up in April from 23% to 25%. This means that you’ll have to pay 25% of any interest you earn to the government.

Posted in Saving money | 6 Comments »

Surviving IKEA

September 18, 2009 by Brendan.

I’ve been once to the Belfast IKEA and after the humiliation and despair of getting lost in that particular furniture store for 20 minutes I swore I’d never go back. The temperature has been gradually rising in our house as her good self builds up to a visit to the new store in Ballymun. Needless to say my protestations that there’s no such thing as a “spin” to IKEA are falling on deaf ears.

Photo courtesy of Library Mistress (CC)

Since it seems that there is no cure for IKEA-addiction it is probably worthwhile developing some survival strategies:

Survival tip 1 – Pretend it’s a computer game

Matthew Baldwin calls IKEA a “fully immersive, 3D environmental adventure that allows you to role-play the character of someone who gives a shit about home furnishings”. He suggests that you navigate your way through IKEA as if it were an alternate reality adventure. Your mission is to successfully traverse the various worlds within IKEA overcoming the obstacles along the way and emerge with your life (and sanity) intact.

Knocking down as many other customers as possible in the car park is a good start – there’ll be fewer people in the store to block your way! He also suggests grabbing some scented candles in the Kitchen area which, while non-lethal, will when lit stun those around you with Ye Olde Timey Stench. This approach will not shorten your stay in IKEA, but you might just emerge with a will to live.

Survival tip 2 – Pretend you’ve put your back out

The real reason most of us men are brought along to IKEA is not for our valued opinions on the colours of lampshades or the shape of sofas. Nope. We’re really only there, according to Elizabeth, for our “muscle”. IKEA furniture is very well packed and therefore small but very heavy. This is the one store where the girls actually do need us – the irony is very stark here as it is the last store on earth most of us actually want to be.

So, when you arrive out to IKEA and are asked to load the first large item onto the trolley; put your hands on the item, start to lift it down and then let out an unmerciful scream – AAAAARRRRGGGGHHHH! – holding the small of your back at the same time. If you pull this off, there’s a good chance you’ll get home to watch the second half of match.

Survival tip 3 – Breadcrumbs

It worked for Hansel and Gretel so there’s no reason it won’t work for you. IKEA uses arrows to direct you around the store. It’s a one way system that is designed to confuse and daze and ultimately results in you ending up at a checkout with thousands of euro’s worth of stuff that you don’t need and probably can’t afford.

Buy yourself a bag of breadcrumbs and drop them as you move through the IKEA labyrinth. That way, if you hit panic point and need to make a quick exit you’ll be able to find your way back easily. Alternatively, if you’ve been there for eight hours and forgot to have breakfast you can sit in that kitchen, which ”looks as good as it thinks”, that you are just about to buy and have lunch.

Posted in Humour, Saving money | 9 Comments »

Comprehensive car insurance for only €225

September 4, 2009 by Brendan.

We don’t talk about ourselves very much here on this blog but I thought it opportune to share with you just how much good value we are. You’ve heard the ads on the radio and you know that we don’t offer cover for attacks by zombies in Cork, bears in Cavan or insurance brokers anywhere in Ireland. What we do try to offer is the lowest cost car insurance without all the extra bits and bobs that most of us don’t really want or actually use.

In case you haven’t heard it, here is our latest radio ad:

Here’s how our car insurance works. If you have a car worth a couple of grand that you’re not particularly worried is going to get stolen or burnt out, then Third Party cover is all that you need to get you on the road. This is the legal minimum cover required to drive. If you were a 30 years old lady girl, living in Dublin, driving a 1.4 Golf the annual premium would be €156.57. Now that doesn’t come with breakdown assist or windscreen cover, but is designed to get you on the road for the lowest possible price.

So let’s say that Golf is worth seven or eight grand. You’ll want cover for fire and theft and even cover in case it gets a bump. Comprehensive cover will cost our friend here just €279.75. I don’t believe there is any other insurance company that will beat that.

Now, it actually gets better:

Firstly, for that €279, our lady in Dublin can add on her partner or hubby at no extra charge, provided (like herself) he has a full clean driving licence, full NCD and is around the same age as her. That’s two people insured for the price of one.

Secondly by adjusting the claims excess she can bring down the premium further. The default excess on that policy is €500. This means that if there’s a claim we will pay the full cost less €500. You can reduce the excess to €250 or increase the excess up to €2,000. If she chooses the latter option she can bring her premium for Comprehensive cover right down to €225.

So that’s Comprehensive car insurance for just €225. Stick that in your pipe.

Nearly forgot, you can get a quote here yourself. It takes five seconds and there’s no strings attached, or zombies.

Posted in A guide to insurance, About us, Saving money, insurance | 6 Comments »

Bigger insurance premiums for Facebook and Twitter users

August 28, 2009 by Brendan.

Such nonsense! There were over three hundred online news articles this week reporting on how insurance companies are going to start hiking insurance premiums for customers who reveal personal details about themselves on Facebook or Twitter. This is nuts.

photo courtesy of ARTS (cc)

The premise here is that because people reveal personal information on their social network sites, such as their address, their date of birth and critically when they are away from home, they are opening the floodgate for burglars to target them. On this basis, an insurance company in the UK suggested that it might start uping the price for people who use social network sites. They claim that young people are more prone to reveal personal information and so their thinking of asking questions such as “how many youngsters are in the home”.

This isn’t about insurance. This is about protecting yourself online. I’m sure that there are tech-savvy cat mouse burglars out there who are/could do exactly what is being described. Each of us does indeed need to be aware that what we say online is in the public domain and that much of our personal information can be gleaned from various websites.

Here’s how easy it is. Let’s pretent I’m a crafty burglar and I’m looking for tonight’s target. I head over to http://search.twitter.com and check for all mentions of “airport” by people living in Dublin. I can see that Paddy Murphy (not his real name) left for the airport an hour ago to head to Denmark. Presumably he won’t be back for a few days. Now Paddy’s profile tells me that he’s got a decent job and lives in Shankill in Co. Dublin – nice one! So, now I head over to the eircom phonebook and get Paddy’s exact address and phone number. I’ll give the number a quick buzz before I head over to Paddy’s house, to make sure he’s not home, like. Couldn’t be easier!

Will this make our friend Paddy more likely to be robbed tonight? Firstly, I presume that Paddy’s house is well locked up and that he has an alarm. Secondly, I imagine that for your average burglar it would be easier to take a little drive around any suburb in the city and spot the houses that are unoccupied, easy to access and easy to make a quick getaway from.

That being said, there is a little reminder here for to be aware of the range of personal information that is available about us online.

Posted in In the news, insurance | 1 Comment »

Top Gear Drivers Meet Their Match

July 31, 2009 by Brendan.

Being a big fan of Top Gear I enjoy the antics that the lads get up to on a weekly basis. It is not often that they face a driving task that really challenges them. Forty foot articulated lorries it seems are not that easy to manoeuvre:

I’ll never feel embarrassed again when I fail to get that clutch engaged first time!

Posted in Humour, We like | 7 Comments »

Calculating VRT Payments on an Imported Car

July 24, 2009 by Brendan.

For those thinking of buying a used car, importing from Northern Ireland or the UK is an increasingly popular option. The VRT or Vehicle Registration Tax that you need to pay to the Revenue Commissioners can add up to one third onto the price, so it is worth figuring out in advance what you’re going to have to pay.

Photo by kevingessner (cc)

The rules for VRT changed in July 2008 and are now based on a combination of CO2 emissions and the open market value of the car. For cars registered prior to the change VRT is calculated based on a combination of the the engine size of the car and the market value.

This table outlines the VRT rates that apply for the different categories of CO2 emissions. The VRT paid is calculated as a percentage of the OMSP (Open Market Selling Price) for the car:

CO2 Emissions (CO2g/km)	VRT Rates
0 – 120g	14% of OMSP
More than 120g/km up to and including140g/km	16% of OMSP
More than 140g/km up to and including 155g/km	20% of OMSP
More than 155g/km up to and including 170g/km	24% of OMSP
More than 170g/km up to and including 190g/km	28% of OMSP
More than 190g/km up to and including 225g/km	32% of OMSP
More than 225g/km	36% of OMSP

The Open Market Selling Price for the car is a figure that Revenue determine. While there is an appeals process where you can challenge the Revenue on their estimation, you can only lodge an appeal once you have paid the initial amount demanded by the Revenue. Suitable evidence upon which to base your appeal might include a signed dealer opinion of the price or copies of advertisements by dealers in Ireland for similar vehicles.

Figuring out the CO2 band for a used car is not often straight-forward as in most instances the CO2 emissions are not identified in the advertisement for the car. These details are now listed on the registration cert for a car so you can ask the seller for the information. Alternatively you could head over to the car manufacturer’s website to check out the specifications for the car you are looking to purchase.

The most reliable place to go however to find out what the Revenue will intend to charge you is to their own VRT calculation tool on ROS.ie. Simply plug in the specifications of the car and they’ll come back to you with how much they’re going to charge you.

One last thing to keep in mind is that the Revenue insist that you must pay your VRT within 24 hours of bringing the car into the country. The revenue will give you your new car registration and you then have three working days to have the new reg plates put on your car. Although you’d wonder how well they police that given the number of foreign reg cars in the country on an ongoing basis.

Further information and relevant forms are all available on the Revenue website.

Posted in Questions, Saving money | 11 Comments »

Money saving extremes

July 10, 2009 by Ian

We’re all for saving money here at nononsense, but even we were surprised at some of the extreme measures people will take.

The lendingclub blog has 7 (Slightly Crazy) Ways to save money, they’re all a bit too far for my tastes. Especially the one about unplugging everything… I mean… then how would I blog?

On the slightly more serious side over at early retirement extreme is a list of 25 money saving tips. This site is run by a guy who has achieved financial Independence and semi retirement, at the age of 33, all through saving money and reducing expenses, now that’s quite an achievement. In an especially nerdy moment he recommends using Linux rather than Windows operating systems. A very good idea since Linux is open source and free for anyone to download and use, and mirrors most of Windows functions…. but I’m afraid I’m a little too attached to my copy of XP to part ways just yet.

A little closer to home, just across the channel, lives Captain Frugal and his Money Saving Blog! He takes a humourous look at 30 extreme ways to save money. Personally I’d skip the part about not washing.

And the absolute winner, it has to be said, is Bankrate.com. They’ve compiled a list of 20 of the strangest money saving tips submitted to them. This list comes with the disclaimer “Some are illegal; some could be dangerous to your health. But mostly, they were too much fun to ignore.”

I guess the moral is, that we’re all for saving money, but you can go too far.*

Extreme insurance savings

*Note: Nononsense insurance does not condone the use of golf clubs, or any other piece of sports equipment, for use in financial negotiations. No insurance agents were harmed in the making of this blog.

Posted in Humour, Saving money | 6 Comments »

Cheap Travel Insurance

July 3, 2009 by Brendan.

We don’t sell travel insurance (yet) but lots of people ask us where they can get the best deal. Two friends of mine are going to the south of France for two weeks in July, so let’s see if we can get them a good deal on travel insurance online.

Photo courtesy of Lin Pernille ♥ Photography (cc)

Photo "Love is in the air" courtesy of Lin Pernille ♥ Photography (cc)

They are not planning any big trips for later in the year so we’re going to focus on single-trip travel insurance. Also, the guys already have private health insurance which helps to bring the cost down.

After a bit of a mosey over on the search engines this is what I came up with:

€17.98 with Multitrip.com:

MultiTrip give two options but the basic one here gives plenty of cover for the summer break. There are no major exceptions being highlighted. The excess (bit you have to pay) on a Cancellation claim is €80. This is MultiTrip’s full policy wording.

€29.54 with Justcover.ie:

JustCover are a little bit more expensive and draw particular attention to the fact that they don’t cover you if you or anyone “upon whose health the trip may depend” has been to hospital or to see a consultant in the last year. Their excess on Cancellation claims is €100. This is JustCover’s full policy wording.

€29.08 with 123.ie:

In order to get cancellation and lost baggage cover with 123 you need to take out the top level of cover. They have the same warnings as JustCover on the medical restrictions. Their excess on Cancellation claims is €75. Here is 123’s full policy wording.

€24.00 with AIB:

AIB are offering a 20% discount if you buy before the end of July which means that this policy would normally be €30. Good value today so. The excess for Cancellation claims with AIB is €65. Here is AIB’s full policy wording.

€26.90 with GetCover.com:

GetCover include as standard cover for “catastrophes” and also have a “mugging benefit” – nice. Their excess on cancellation claims is €85. Here is GetCover’s full policy wording.

Best value?

MultiTrip certainly appear to offer the cheapest price on the market for a decent standard level of cover. Unlike some of the others, they don’t draw particular attention in the quote process to the fact that they don’t cover you if your holiday is affected by a medical condition which pre-dates your travel. You need to dig into their policy documents to find that clause. This appears to be a standard clause on all of the policies and this is why it is important to read the full policy wording before making a decision.

Each product provides different levels of cover and while you cannot predict what might go wrong, you should be sure that you have adequate cover for the things you are most concerned about.

Posted in A guide to insurance, Questions, Saving money | 7 Comments »