Vet costs can differ more than most pet owners expect. A clinic may charge one price for the same service that another charges double for, even in the same town. Prices vary by clinic type and location because each one offers different levels of expertise, equipment, and service hours. Routine checkups at a local practice often cost less than visits to speciality or emergency clinics, where advanced care and staff availability lead to higher fees.

Geography plays a strong role, too. Clinics in large cities usually face higher overhead costs for rent, staff, and supplies, which often raises the price tag for clients. In smaller towns or rural areas, fees may be lower, but fewer treatment options might limit access to certain services.

Understanding these differences helps pet owners plan for their pets’ care and avoid unpleasant surprises at the front desk. The full article explores what drives these price gaps and what to expect across general, specialty, and emergency clinics.

Key factors driving vet price differences

Veterinary costs vary due to the clinic’s type, the region’s economic conditions, and the animal’s size or species. Factors such as facility quality, staff expertise, and local overhead expenses often shape how much pet owners pay for care.

Impact of clinic type on veterinary costs

Different clinic models create noticeable differences in pricing. Large animal hospitals and specialty centres often charge more because they employ certified specialists and use advanced tools for diagnostics and surgery. These facilities also maintain longer appointment times and higher staffing levels to meet medical standards.

Independent practices may charge lower fees because they handle fewer overhead costs and operate with smaller teams. However, lower cost does not always mean lower quality, as these clinics may provide more focused and personal care.

Low-cost or mobile veterinary services provide another option for basic needs such as vaccinations or spaying and neutering procedures. These clinics keep expenses down through simplified equipment and limited services. Pet owners who want to compare facility types can search for local vets with Vet Near Me to understand what kinds of clinics are available in their area.

How geographic location influences vet pricing

Prices for veterinary care can differ widely between regions. Urban areas usually have higher costs due to expensive rent, utilities, and wages. Clinics in major cities also need advanced equipment and emergency coverage to meet higher service demand.

Rural clinics typically have lower fees because their general costs are smaller. However, they might not offer specialized care such as oncology or orthopaedic surgery, which limits treatment options.

Regional differences also relate to the local cost of living and access to suppliers. A clinic located near large distribution centres often pays less for medication and equipment, which helps keep service costs lower.

The role of pet size and species in expenses

Animal size and species directly affect both procedure complexity and price. Larger animals need higher doses of anaesthesia, more medication, and extra staff during exams or surgery. Time spent during recovery also tends to be longer for these pets.

Species differences matter as well. Exotic pets, such as reptiles or birds, often cost more to treat because they require unique equipment and specialized knowledge. Routine care for cats and dogs, by contrast, is typically less expensive since the required tools and medications are more common.

For households with multiple pets, these variations can significantly change total care costs each year. Owners benefit from comparing pricing by pet type and asking about bundled services or wellness plans where available.

Comparing veterinary services and cost ranges

Veterinary prices differ based on the type of clinic, region, and services involved. Routine visits tend to stay within predictable ranges, while emergency or after-hours care can increase expenses sharply. Preventive care, wellness plans, and insurance options help balance these costs over time.

Routine vet visit costs across clinic types

Routine vet visits usually include a wellness exam, core vaccinations, and basic preventive care. Clinics charge different rates depending on size, ownership, and service level. Independent clinics often set unique prices, while corporate clinics use standardised fee lists that may include lower exam rates but fewer customised services.

As a guide, a routine vet visit in the UK usually costs £35 to £90 for both dogs and cats. Prices rise if your pet needs extra tests such as blood work or urine analysis, which can quickly add to the total. Larger dogs also tend to cost more to treat.

Practices in rural areas often sit at the lower end of the scale, partly due to lower running costs, while city and specialist clinics charge more.

Some owners add a wellness exam or microchipping, which increases the bill slightly but supports long-term health tracking. Packages often include deworming, heartworm prevention, or flea control, helping reduce separate appointment fees later. Simple communication about expected services helps avoid surprise charges for routine checkups.

Regional variations in emergency and after-hours care pricing

Emergency vet visits vary widely, driven by location, staffing and the facilities available. Urban hospitals carry higher overheads and invest heavily in equipment, which pushes fees up. In the UK, a basic emergency consultation often starts at £120 to £250, before any tests or treatment are added. Costs rise fast once blood tests, imaging or hospitalisation are needed.

Out-of-hours care always costs more. Clinics pay overnight staff and keep specialist equipment on standby. In larger cities, after-hours visits can exceed £400 before treatment begins. Rural emergency clinics may charge lower initial fees, but they often lack advanced diagnostics such as on-site X-rays or ultrasound, which can mean referral to a larger centre.

Costs also depend on the type of treatment. For instance, a dental cleaning or ear infection visit during regular hours might cost less than half of the same procedure at night. Communicating with local clinics about after-hours policies helps pet owners prepare for unexpected needs and plan ahead financially.

Costs for diagnostics, preventive care, and wellness packages

Diagnostic tests can spot problems early, before they become more serious and more expensive. In the UK, basic blood tests often cost around £60 to £150. X-rays typically range from £100 to £300, depending on how many images are needed. Ultrasound scans can cost £200 to £400 or more, especially when specialist equipment or referrals are involved. Prices vary by location and practice.

Preventive care remains one of the simplest ways to manage long-term costs. Routine vaccinations usually cost £30 to £60 per injection. Flea, tick and worming treatments add to the bill, particularly for larger dogs. Tests such as urine analysis or faecal screening may add £25 to £70 to a visit. Neutering costs vary widely, from around £100 for a cat to £300 or more for a larger dog, depending on sex, size and anaesthetic needs.

Many UK practices offer health or wellness plans that bundle check-ups, vaccinations and routine tests into a monthly fee. These plans can help smooth costs over the year, particularly if your pet needs regular monitoring, repeat prescriptions or ongoing preventive care.

Managing expenses: pet insurance, wellness plans, and other resources

Financial planning reduces stress when your pet falls ill or faces an emergency. Pet insurance can help cover vet bills for accidents and illnesses, depending on the type of plan you choose. In the UK the cost of pet insurance varies a lot by pet, age, breed and cover level.

Basic accident and illness policies for dogs and cats typically start around £10 to £30 per month. Many owners pay around £9 to £13 per month for a standard policy, though comprehensive cover often costs more. On average across all pets in the UK premiums sit near £20 to £25 per month. If you choose a higher excess, your monthly payment is lower but you pay more when you claim.

In addition to traditional insurance, clinics sometimes offer wellness plans or pet emergency funds that spread expected costs across the year. These plans help manage predictable care like vaccinations and dental cleanings. Some owners also use CareCredit or payment programs from veterinary schools to cover procedures such as surgery or advanced diagnostics.

Budgeting for both routine and emergency vet visits saves frustration later. Clear communication about quotes, pre-approval for tests, and review of itemised bills can prevent overspending and keep care within reach for all types of pets.

So make sure you check it all

Vet prices differ mainly because of location and clinic type. Urban clinics often charge more due to higher rent and staff costs, while rural locations usually have lower fees. Corporate clinics tend to offer set pricing, but independent ones can adjust fees based on local demand or client needs.

Location also affects what you pay. In major UK cities, a routine vet visit can cost £60 to £90, with London often at the higher end. In smaller towns or rural areas, the same appointment may come in closer to £35 to £50.

Emergency care costs far more wherever you are. Out-of-hours appointments regularly double the price of a standard visit, and complex or overnight treatment can push bills much higher very quickly.

Researching local options and requesting itemised estimates helps pet owners avoid surprise bills. Regular preventive care and comparison between clinics can also keep costs manageable. These steps allow pet owners to plan better and make informed choices about their pet’s health care.

silvermagazine

If you’d like to receive a regular mini-magazine direct to your inbox with a selection of editorial features to read at your leisure, please sign up for our newsletter. We also run the odd competition and offer and whatnot, and newsletter members get the heads-up first.

The post How to find the best price vet in your area appeared first on Silver Magazine.

No one is ever really prepared to manage a loved one’s estate. Even if there’s a will, the admin and emotional demands can be far more complex than expected. You’ll need to find key documents, coordinate with experts, deal with probate and make important decisions at a time when grief is taking up so much space.

Here’s an overview of what really happens behind the scenes, along with some practical ideas to help you stay organised, informed, and supported throughout the process of managing the estate.

Be prepared for unending probate admin

The admin begins almost immediately. Families find themselves sorting through bank statements, insurance paperwork, pension documents, and gas bills in drawers or files that might not have been opened for years. Each organisation will require proof of death and ID before they can release personal information or close accounts. Property, personal items, and financial assets also need to be valued – but banks, investment firms, and mortgage lenders each have their own procedures and timelines, and tracking correspondence (much of which can be in emails) can feel like a full-time job. The volume of small tasks (making calls, posting forms) can really take families by surprise.

Why probate timelines can vary so much

Probate doesn’t move in a straight line. You’ll run into legal requirements, court backlogs, and the estate might end up being more complex than you thought. Property sales can also unexpectedly extend the probate timeline, especially if the home needs repairs or the market is slow. Family decision-making can add time if multiple executors or beneficiaries need to agree on key steps. All of this means that probate can take several months to more than a year so set yourself realistic expectations early on to reduce stress later on.

How to stay organised during the long probate journey

A simple estate management checklist can make a big difference. Create a digital or physical ‘master’ folder for key documents, correspondence, and important deadlines. You could also work with a probate solicitor or financial adviser to help you interpret mysterious legal terminology and ensure that nothing is missed. Set small, manageable goals each week to prevent stress and overwhelm (and get a chance to rest, too).

Short-term solutions for when probate delays affect finances

Probate delays can create financial gaps, especially when property expenses, funeral costs, or inheritance tax must be paid before funds are released. You could dip into savings, ask relatives to chip in for the short-term, or rely on probate loans for a temporary solution by offering access to funds before the estate is settled. These are just one of several tools, but they can ease pressure during long waiting periods.

Probate: Both an admin task and an emotional journey

Handling a loved one’s estate can be a rollercoaster of emotions, along with endless waiting between all the admin and legal requirements. But by understanding what to expect, staying organised, and seeking expert support where necessary, you can successfully navigate the process one step at a time.

silvermagazine

If you’d like to receive a regular mini-magazine direct to your inbox with a selection of editorial features to read at your leisure, please sign up for our newsletter. We also run the odd competition and offer and whatnot, and newsletter members get the heads-up first.

The post Behind the scenes when you’re managing a loved one’s estate appeared first on Silver Magazine.

Car loans are often seen as a convenient way to drive away in a new vehicle without the need for a large upfront payment. For many people, the process appears straightforward. You agree to a deal, sign the paperwork, and make regular instalments. But what happens when that agreement was not as transparent as it seemed?

In recent years, more UK drivers have begun to question whether they were given the full picture when they signed their car finance agreements. This wave of reflection has led to a rise in car finance claims, as individuals revisit deals made between 2007 and 2021 and uncover discrepancies that were not obvious at the time.

Whether your agreement is still active or long since completed, it may be worth reviewing the details. Understanding the signs of mis-selling can help you make sense of your rights and take action if necessary.

What is mis-sold car finance?

Mis-selling in the context of car loans occurs when a finance product is sold without clear, accurate, and full information. This does not mean the car itself was faulty, but rather that the financial product used to purchase it may have been misrepresented.

Common examples of mis-selling include:

• Failing to disclose how interest rates were calculated
• Not informing the customer about dealer commissions
• Overlooking the long-term cost of the agreement
• Including unwanted insurance or add-ons
• Giving misleading information about the final payment or balloon amount

If any of these details were unclear or omitted during the sales process, the customer may have been misled into signing a contract that was not in their best interest.

PCP agreements: a key focus area

Personal Contract Purchase (PCP) agreements have been especially prone to issues around mis-selling. These flexible finance options were widely promoted between 2007 and 2021 and are often favoured for their lower monthly payments.

PCP agreements allow customers to choose whether to return the car, buy it outright, or trade it in at the end of the term. However, the flexibility is often undermined by unclear information about:

• The cost of the final balloon payment
• Mileage limits and excess charges
• Penalties for damage to the vehicle
• Interest rate structures influenced by dealer commissions

When these factors are not properly disclosed, buyers may face unexpected costs or feel pressured into choices they did not anticipate.

This is why PCP claims have become more common. If a PCP agreement was signed between 2007 and 2021 and key details were not explained, the agreement may have been mis-sold.

Read more: The race for equality in motor sports

Signs you may have been misled

You do not need to be an expert to sense when something was not right with a past agreement. These are some of the most common red flags consumers report:

• Verbal assurances that were not reflected in the written contract
• Rushed paperwork with no time to ask questions
• No mention of commission payments to the dealer
• Hidden costs that only became apparent later
• Confusing language in the agreement or lack of transparency

In many cases, consumers trusted that the dealer or broker had their best interest in mind. But where financial incentives were involved, this may not have been the case.

What if your agreement has ended?

You might think that if your car has been returned, sold, or fully paid off, it is too late to do anything about it. However, that is not always true.

Car finance claims can often still be made even after an agreement has ended, especially if:

• The agreement was signed within the 2007 to 2021 window
• Commission was added to the interest rate without your knowledge
• You were not given a clear explanation of how the deal worked
• You have documentation or a memory of misleading sales tactics

You do not need to have all the answers immediately. Starting with a review of your paperwork and a list of what you recall from the sales process can be a helpful first step.

Steps to take if you suspect a problem

If something feels off about your car loan, here are the practical steps you can follow:

• Locate your original documents: Finance agreements, receipts, emails, or any sales correspondence.
• Reflect on the process: Were you fully informed? Was anything promised that did not appear in writing?
• Check for commission: Many consumers were unaware that their dealer may have earned a commission by adjusting their interest rate.
• Seek advice: Some claims management companies and financial specialists can help review your case and determine if a claim may be valid.

Acting now could help you uncover whether the agreement was fair or if you were mis-sold a product that did not serve your needs.

Why it matters for all consumers

The increase in car finance claims reveals more than just individual grievances. It highlights how opaque financial practices can harm everyday consumers, even in what appear to be routine transactions.

When trust is broken at the point of sale, it affects how people approach finance for years to come. Transparency, honesty, and fairness are not optional in a regulated market. They are the foundation of long-term consumer protection.

By recognising when something is wrong and taking action, individuals contribute to a system that demands higher standards across the entire finance and motor industry.

Stay aware

Car finance can be a useful tool, but only when used with a clear understanding of the terms involved. If you now suspect that your loan was not as straightforward as it should have been, you are not alone.

Consumers across the UK are re-examining the agreements they trusted and raising concerns when something feels wrong. The rise in car finance claims is a reminder that fairness is a right, not a luxury.

If your car loan was signed between 2007 and 2021 and included a PCP structure, take a moment to revisit the details. You may uncover issues that were never explained or charges you should not have faced.

There is no shame in asking questions after the fact. It is a sign of financial confidence and consumer awareness. And if something was mis-sold, seeking redress could not only help you recover money but also contribute to a more transparent future for everyone.

silvermagazine

If you’d like to receive a regular mini-magazine direct to your inbox with a selection of editorial features to read at your leisure, please sign up for our newsletter. We also run the odd competition and offer and whatnot, and newsletter members get the heads-up first.

The post Have you been mis-sold car finance? appeared first on Silver Magazine.

Many grandparents are keen to invest in their grandchildren’s future. By exploring options such as Junior ISAs, property ownership and estate planning, grandparents can provide a solid financial foundation for the next generation.

Understanding your grandchildren’s needs and goals

Engaging in open conversations about your grandkid’s aspirations is a good starting point, whether with them directly or with their parents. These might relate to education, homeownership or starting a business.

Either way, this means your support aligns with their ambitions. It will help you tailor your strategies to aid their future success.

Education savings

Starting early with education savings offers major advantages, mainly through the power of compound interest. This helps funds grow steadily over time, easing future financial pressures. It also provides more flexibility, reducing the need for larger contributions later.

There are several options available:

• Junior ISAs: Tax-free savings accounts for children, with the potential for high returns over time.
• Child Trust Funds: Government-backed accounts with similar tax benefits, though these are now only available for children born between 2002 and 2011.
• Savings accounts: More flexible but typically offer lower interest rates, suitable for short-term needs.

Read more: Could spoiling the grandkids be damaging their health?

Investing in property

Property investment offers strong potential as a long-term asset due to capital appreciation and rental income.

For grandparents, buying a home for their grandchildren to live in during university or early adulthood provides both housing stability and asset growth. Investing in a newly built home could be worthwhile due to their modern, energy-efficient designs, which can drive capital appreciation. Alternatively, a buy-to-let property can generate rental income, helping cover mortgage costs while building equity.

Long-term savings and investments

Long-term investing is key to building financial security, allowing investments to grow and benefit from compound returns over time. A balanced investment approach, tailored to risk tolerance and goals, can build wealth and ensure stability for the future. It also mitigates short-term market fluctuations.

Key options include:

• Stocks: Higher risk but potential for significant growth.
• Bonds: Lower risk, offering steady income through interest payments.
• Funds: Pooled investments in stocks or bonds, providing diversification and professional management.

Estate planning

Estate planning is essential to protect assets and ensure they are passed on to grandchildren as intended. You should consider:

• Wills: Legal documents that specify asset distribution after death, ensuring your wishes are followed.
• Trusts: These can safeguard assets, manage taxes and control when and how beneficiaries receive their inheritance.
• Other tools: Power of attorney and living wills protect assets during your lifetime by appointing trusted individuals to manage financial or medical decisions.

silvermagazine

If you’d like to receive a regular mini-magazine direct to your inbox with a selection of editorial features to read at your leisure, please sign up for our newsletter. We also run the odd competition and offer and whatnot, and newsletter members get the heads-up first.

The post How can you invest in your grandchildren’s future? appeared first on Silver Magazine.

From investments and savings to pensions and daily expenses, it can be hard to know exactly how to keep on top of it all. In this article, we’ll be discussing how managing your money in retirement is done best.

Budgeting

Firstly, consider what your plans are for retirement. Perhaps you have activities you’d like to tick off your bucket list, you have plans to go travelling, or you’d like to spend time with your loved ones.

By asking yourself these questions, you can get a gauge of how much money you might need to comfortably afford your retirement lifestyle. This, in turn, can help you draw up a budget so you have enough money to complete the things you want to do as a retiree.

Part of the planning should include how long you want your money to last. Having a rough idea in mind can help you budget accordingly. Having your finances laid out this way can encourage self-control and prevent you from dipping into important funds that you’ll need to support yourself in the future.

Sources of finances

Part of managing your money in retirement can be identifying where your money is coming from. You’ll likely have more than one income source coming in. Like a private pension, state pension, and any investments you’ve made over the years.

You could also consider downsizing your property to access the cash or use equity release to unlock some of the money in your property while you still live there. This can be a good opportunity to fund any retirement activities you have planned.

Wills and insurance

Making a will is the only want to guarantee your money, possessions, and investments go to the right people. Draw up a list of your assets, work out how much everything is worth, and distribute accordingly.

Ensuring your will, estate and insurance policies are in order is incredibly important for retirement. While this may not affect you and your personal finances directly, it can help relieve any stress for your loved ones should anything happen to you.

Bank and savings accounts

You’ve probably opened many different bank and savings accounts over the years. It’s worth trying to go back through and access these where possible.

Once you’ve located these accounts, consider moving the cash into newer and better accounts that offer various benefits to their customers. Whether that’s high-interest savings accounts or switching offers, you could be making additional cash on your existing money.

Managing your finances in retirement can be overwhelming, especially when juggling pensions, savings, and investments. Working with a trusted financial planning firm like PMW can provide personalised guidance to help you make the most of your retirement income and ensure long-term financial security.

silvermagazine

If you’d like to receive a regular mini-magazine direct to your inbox with a selection of editorial features to read at your leisure, please sign up for our newsletter. We also run the odd competition and offer and whatnot, and newsletter members get the heads-up first.

The post Guide to managing your money in retirement appeared first on Silver Magazine.

What happens when our mindset becomes trapped in a cycle of self-sabotage and negativity, particularly in the context of financial success? Could you be ‘addicted’ to being broke, and not know it? Poverty mindset – or ‘scarcity mindset’ as it’s also called, is a real thing, and it could be tripping you up.

The power of the mind is extraordinary. It has the ability to shape our lives, determine our actions, and influence our destinies. But what happens when your own subconscious mind is working against you?

So what exactly is ‘poverty mindset’?

It’s not always about money – it’s also called scarcity mindset, and it’s about failing to achieve what you should, essentially. It’s a psychological state characterised by beliefs and thought patterns that perpetuate both financial struggle and self-sabotage.

It can often stem from early childhood experiences, hard times growing up, or social position and societal conditioning. This mindset can manifest as a lack of self-worth, unconscious fear of success, and a subconscious familiarity/comfort with financial or personal struggle.

…this mindset can trigger low self-worth, inability to succeed, and a belief that financial struggle is the norm

Agnes Wanja is a renowned coach and author of the bestseller Addicted to Being Broke. Her remarkable journey from financial struggle to success is not just inspiring. It offers profound insight into the challenges of the poverty mindset and how it can be overcome.

“Poverty mindset to me is a way of thinking which, over time, becomes a belief that you don’t have enough money and you never will,” she says. It binds individuals to a cycle of self-sabotage. And this scarcity mindset can trigger low self-worth, inability to succeed, and a belief that financial struggle is the norm.

“Operating from this kind of mindset makes it difficult to even think of ways you can begin to make more money, or succeed,” she explains.

Breaking free from the shackles of self-doubt

Wanja doesn’t just talk the talk; her book came about after she made a conscious decision to change her own mindset.

“This book was born out of my struggle and the stress of always being broke. I realised that the change had to start with me. I was raising two children, and although I received financial assistance, there had to be a change in order to break the cycle and allow my children to have a different relationship with money. It would be difficult to help them without helping myself understand how it all works and change my ways.

This book was born out of my struggle and the stress of always being broke. I realised that the change had to start with me

“First thing was to admit I was struggling, I did not really understand much about money, and I had to make a change. I was in a place in my life where I was fed-up! Fed-up of constantly counting coins and still not having enough. I realise that it was my relationship with money, and other habits, that were causing me to struggle.”

Help your children get a step up on the property ladder

It’s not just about money though

Agnes Wanja

Wanja acknowledges that poverty mindset is perhaps a misnomer. “It was only after I started writing the book that I found out there were other definitions for ‘poverty mindset’,” she explains. It can be about achieving goals, or success in other fields. But her approach is much the same.

“Poverty on its own has its own meaning as sometimes out of one’s control. When linked with mindset it opens a new window of one’s control or choice. Recognizing the mindset is the first step,” Agnes explains. You have to acknowledge it’s there and it’s holding you back. Replace negative thoughts with positive ones. Remind yourself daily of your worth and potential.

She also highlights the importance of your circle of influence. “Surround yourself with people who believe in your success and encourage your growth,” Agnes suggests. A supportive network can be transformative.

The power of personal growth

Agnes Wanja’s book serves as a roadmap for those looking to escape the confines of the poverty mindset.

“I had my children at a very young age and at the time I had the option to stay at home and be on state benefit, or find a way to continuously add value to myself and become valuable to the marketplace,” she says. “I chose the latter, and although I have not arrived at the major goals I’ve set myself yet, I am on the journey and glad I chose this path.

“On my journey I realised that investing in myself will allow me to be in a better earning position. In addition to this I found out about multiple streams of income. I am now in a position where I am earning more than I have before. And so glad I took the steps I did to allow me to continuously keep learning and earning. I could have been earning the same as I did three, four, five years ago!

“My mission now is to help as many people as I can overcome self-limiting beliefs, build confidence, and work out their next right move.”

Top tips for changing your mindset

• Recognise and acknowledge your mindset. Understand that it’s holding you back.
• Understand your own financial journey. Are you drowning, floating, or swimming? If you are not happy, change it!
• As an idea, a part-time remote job could be a way to earn more. Jooble, for example, has got a bunch of options that might catch your eye.
• Understand your spending habits (they can make or break your bank balance).
• Earn more than you need. Sounds simple, but so many people earn just enough or even less than they need.
• Visualise your success. Create a clear mental picture of the life you desire.
• Take action! Break down your goals into manageable steps and take consistent action toward them. This will build confidence and momentum.
• Consider more than one source of income. At least one passive income, and hobbies can pay too.
• Developing a side hustle based on your interests, expertise, and market needs, and building on them can be both a fun and challenging process. If you have an eye for design, consider making handmade jewellery and stationery. For example, designing and making custom earrings.
• Better money habits are better for your mental health.
• Positive affirmations. Repeatedly remind yourself of your worth and potential.
• It’s all a journey and continuous growth and understanding is the key.

Sam Harrington-Lowe

Sam is Silver’s founder and editor-in-chief. She’s largely responsible for organising all the things, but still finds time to do the odd bit of writing. Not enough though. Send help.

The post Poverty mindset: are you addicted to being broke? Let’s fix it appeared first on Silver Magazine.

Those with unusual homes or possessions may be familiar with this issue when it comes to securing home insurance. Some homes are hard to insure, and can cause a headache when trying to find the best home insurance policy. We asked Export & General insurance experts about some of their toughest insurance gigs.

There are a variety of reasons insurance companies are less than keen to insure certain homes, from the foundations of the house through the contents inside and to the roof over your head. Premiums can be really high, and sometimes it can even prove impossible to get insurance at all.

What makes a home hard to insure?

Location

A house on or near a flood area, or built close to trees or large shrubs due to the risk of subsidence will create a lot of difficulty when it comes to insurance. A property more liable to flooding or other damage caused by nature will be higher up on insurance expenses.

The building is unoccupied

If the property is currently awaiting new tenants or undergoing renovations, simple home insurance won’t cover it. Make sure you are aware of any restrictions in cover if your home is to be unoccupied for any significant period of time and make sure you advise your insurer.

Other issues include aspects like thatched roofs, non-typical construction issues, high net worth contents and so on. We talked to Export & General, the home insurance specialists, about how to work around some of these issues…

Example #1: Avoiding a flat spin

The property:
A ground-floor flat within a two-storey house that has been converted into two flats.

The problem:
The owners occupy the upstairs flat and rent out the ground-floor flat. The tenant of the ground-floor flat was having trouble finding an insurer who would provide her with her own Buildings insurance, although there was no problem obtaining Contents insurance.

Comparison sites were not helpful, so a different solution was required.

E&G’s solution:
One of E&G’s panel insurers was able to provide one buildings policy that covered both flats, and at a considerable saving. The new policy also provided legal expenses cover for both properties.

Example #2: The art of the deal

The properties:
Two houses – a six-bedroom house in an affluent area of London and one by the coast. The coastal property, a four-bedroom home, is used by the owners as a holiday home and they let it on sites such as Airbnb. A large art collection is shared between both properties.

The problem:
Premiums kept rising on the two houses and the client was not happy with the service from their existing insurer. The client felt the insurer did not understand their unique requirements, especially the need for a policy that allowed them to move their art collection between the two properties.

E&G’s solution:
We work with a number of insurers that specialise in mid- and high-net worth homes. They understand the need to be flexible with the higher value items that often need to be insured in these properties. E&G worked with Connoisseur Underwriting, an insurer that specialises in large art collections kept in homes, to provide two bespoke policies.

One policy covered building and contents insurance for both homes, while the other covered the art collection, allowing the pieces to be moved freely between London and the coast for a single price. E&G were able to arrange these two policies at a lower premium than the client had paid in the previous year.

Example #3: Thatching a plan

The property:
A thatched four-bedroom cottage with a gas fireplace. The owners, who divide their time between Spain and the UK, bought the cottage to live in when they’re in the UK and rent it as a holiday let when they’re abroad.

The problem:
The gas fireplace is vented through the side of the property rather than the roof. In addition, there is a sunken LPG tank within 10m of the property and CCTV for security. Insurance companies constantly raised safety concerns about the lack of spark arresters. Even though they aren’t required because of the side vent.

E&G’s solution:
We work with specialist thatch underwriters and liaise with our clients to understand their specific property and it’s risks. In some cases certain additional precautions need to be taken including installing fire extinguishers and blankets, and smoke alarms on every floor including any roof space. As the occupants share their time between the UK and Spain a fire alarm with fire brigade response could be beneficial. Our insurers also provide cover for properties used as holiday lets part time, so we had no problem finding a great deal.

Challenge time!

Have you got unusual contents? Is your property a hard to insure home?! Maybe you’re paying way too much for your property, or maybe you’ve done some renovations? Worth a check? E&G accept the challenge – see what they can do for you.

Click here to visit Export & General for more information.

silvermagazine

If you’d like to receive a regular mini-magazine direct to your inbox with a selection of editorial features to read at your leisure, please sign up for our newsletter. We also run the odd competition and offer and whatnot, and newsletter members get the heads-up first.

The post The challenge of insuring hard-to-insure homes appeared first on Silver Magazine.

Travelling the world as a senior executive responsible for major projects may sound like an exciting way to live. But the price is high, and especially so when it comes to home and family. If you’ve thought that it’s too late to have a new career when you’re over 50, read on.

I wanted to spend more time with my family. So I decided to do something for myself

“For over 30 years I worked in the theatre, film and TV industries, much of it travelling the world, working for multi-national organisations,” says David. “I was working in a senior capacity for one company and was becoming very disillusioned with it. The owners were making promises to staff that were not being met. My creative staff were not being valued financially.

“Then the business collapsed. I had to decide what to do next. My wife and I had a child late in life, and I wanted to spend more time with my family. So I decided to do something for myself.”

Finding a partner in crime

David had been friends with York-based homeware retailer Angus McArthur for many years, helping to theme his stores. Angus too was getting bored and was thinking of selling up.

“I’d been selling contemporary homewares for over 20 years. More and more sales were going online, and I wanted to do something different.”

Their solution was somewhat unusual – ghosts! For many years, Angus had been involved in the Great York Ghost Hunt, hiding tiny ghosts around the city at Halloween. People purchased trail maps and tried to find them.

“York is known as the city of a thousand ghosts, and therefore often referred to as the most haunted city in Europe. It was almost unthinkable that there had been nowhere to purchase a ‘York ghost’,” says David.

A gap in the market for ghosts!

Countless visitors to York take part in ghost walks and stay in haunted hotels. Over 30,000 Great York Ghost hunt trails were being printed every Halloween. People were asking where they could get buy the tiny ghosts.

Angus had noticed that there was a growth in people looking for ‘retail theatre’; an experience which could not be obtained online

It was clear there was a potential opportunity to create an iconic souvenir with an element of retail theatre. Both in the sale and production of the souvenirs as well as allied events such as storytelling.

The duo set out to revitalise the souvenir sector in York, by creating an innovative shop concept utilising Angus’s retail skills and David’s heritage sector expertise.

“We noticed that there was a massive gap in the market for affordable, handmade souvenirs. In the medieval period, people used to visit York and buy a pilgrim badge to prove they had been there. These badges would have been made in a workshop above a shop in the Shambles,” said David.

Angus had noticed that there was a growth in people looking for ‘retail theatre’; an experience which could not be obtained online, involving a unique product.

Photos: Charlotte Graham

What is retail theatre?!

Retail theatre is a display, or even whole shopping experience that includes a theatrical element. So, not just straightforward retail shopping. Purchasing of your items is part of an experiential event.

David saw scope for a ghostly concept tailored to this experiental demand. Something they could offer providing something special designed to attract the attention of the thousands of tourists flocking to York every year.

“We wanted to make our souvenirs unique, a symbol of the city offering affordable luxury from choosing, through to packaging and the total retail experience.

“Instead of tourist tat, our ghosts are quality souvenirs that are handmade in and belong to York. It is an old-fashioned business model. We have not tried to do a Disney style ghost. This is sympathetic to York; an authentic product to which people can relate,” explains Angus.

The result was the creation of the York Ghost Merchants, which opened last year in the atmospheric medieval Shambles last year. And the shop sells just one product – ghosts.

Enjoying the atmospheric experience

Photos: Charlotte Graham

It looks nothing like other typical souvenir shops in busy heritage cities. There is a traditional Georgian exterior complete with small, leaded windows. Customers step inside and are greeted by the sight of oak-panelled walls, display cases and the serried ranks of large and small ghosts.

The ticking of a grandfather clock is the only sound, apart from a formal greeting from a smartly dressed gentleman wearing clothes more akin to those seen over a century ago – including a bowler hat and apron.

All the ghosts are hand produced on the premises in a workshop, just above the shop. Made from resin, each ghost is totally unique, as colours are hand mixed, applied in varying ways and textures. Customers browse and look for their personal choice.

Once shoppers have chosen their special ghost, it’s placed on a podium hidden in the walls, photographed, and wrapped in specially decorated tissue paper. After that, it’s boxed for its homeward journey – which starts in a little train taking it to the door for the customer to collect.

To add to the retail fun, customers can explore the Cabinet of Curiosities and try to find numerous tiny hidden ghosts in a variety of locations.

Considering launching a new business? Tips on raising investment

 

The individuality of the experience paid off

I had a gut feeling that it would work. We spent a lot of time making sure everything was right from the beginning

Setting up a shop of this kind was nervewracking. Having created something totally unique, selling just one product, they both knew was a big risk. Especially when two families were totally dependent on the income.

David admits, “I was worried. The Shambles is not a cheap street on which to start a business selling just one product. It needed a huge leap of faith.”

Angus had no such reservations. “I had a gut feeling that it would work. We spent a lot of time making sure everything was right from the beginning. And then on the first day, David looked at me, and we looked at the great queue at the till. And it was clear it was going to work. We have some people who have bought over 60 ghosts! The collectible nature of the ghosts appeals.”

And then 2020 happened…

Having just got into their stride as specialist souvenir retailers, the events of 2020 created an unexpected problem. When the pandemic hit in March, the store had to close. Trading came to an abrupt stop.

Undeterred, still David and Angus decided to focus on developing their concept still further. “We worked out a way to translate the experience of The Ghost Merchants into digital media.

“This has increased our versatility and given us an extra business stream we can build on. We sell small batches of ghosts at a specific time in the week. So, for example, at 7pm on a Friday we might release a batch. Within a few minutes we sell everything; demand exceeds supply. We tell people to come back next week!”

Never looking back

I know wholeheartedly we made the right decision. We have a much better life now

Neither have any reservations about the huge career changing jump they made, despite it meaning a new career over the age of 50. It has revitalised their lifestyle, and enthusiasm. It’s a far cry from the restrictions of their previous ‘jobs’. They also both acknowledge that it’s a blend of past and future that has made this work.

Angus points out, “We are showing that retail can work. We have reinvented the souvenir shopping experience, by looking back at the past.”

David adds, “York does seem very parochial after travelling the world, but I like it. I know wholeheartedly we made the right decision. We have a much better life now, not working all hours of the clock. I see my wife and son, and we meet a lot of lovely people coming into the shop.

“It is a very British eccentricity and it appeals to our customers. We had never seen this as an international business, but the pandemic has proved that it can be. And as a result, we have quite a following overseas. So now we plan to keep moving both sides of the business in future.”

Angela Youngman

The post New career – going back to the past for inspiration appeared first on Silver Magazine.

We’ve all heard the stories of fraudsters targeting people with scams. Door-to-door imposters, the cold callers, the false investment schemes – some of them are the oldest tricks in the book. You know the ones we mean; the princes or princesses who just need a small donation to help them access their frozen fortune and, if you’re willing to help, you’ll be compensated with a large chunk of that wealth?

Most of us wouldn’t fall for that old cobblers, but they’re not always so clear-cut. Scammers make their money through trickery, and they wouldn’t exist if they weren’t turning a profit.

The fact of the matter is that many of us do fall for the misdirection and tricks carefully formulated to separate us from our hard-earned cash. Worryingly, the numbers of people affected is on the rise, thanks to the global growth of technology.

However, you’re far less likely to fall for one of these scams if you know what to look out for. They can get pretty crafty, so we’ve put together a list of the most common scams and how to avoid falling prey to them.

STOLEN IDENTITY

In the modern age of contactless payments, online banking and Apple Pay, it’s becoming easier and easier for fraudsters to get hold of your personal information. Once they have access to that sensitive material, it is extremely easy for them to set up credit cards, take loans out in your name, and more.

Top Tips

• Invest in a shredder and safely dispose of personal documents
• Report any unusual banking activities to the police and the bank itself
• Register to vote at your current address so a criminal can’t register elsewhere as proof of residency

JUNK MAIL PRIZES

From lottery jackpots to pyramid schemes, the lure of easy winnings can seem very appealing. But with more than £65 billion lost to date on ‘Nigerian’ scams (yes really), never forget that if it looks too good to be true, it probably is.

Top Tips

• Report email accounts offering these prizes as spam
• Put suspicious letters straight in the bin
• Check the company’s credentials on Companies House

COLD CALLS

These can range from someone posing as an official company representative or charity requesting card and pin details, to a grandchild asking for money to help them out of a financial problem, such as overdue rent or car repairs.

Top Tips

• Never give your PIN or password information out over the phone
• Ask them for their full name first and put the pressure on the caller by asking your own questions
• Take the caller’s details and check with family members or the official company’s help desk before making a decision.
• NEVER call a number straight back, and always check that the previous caller is actually disconnected before ringing out.
  

COPYCAT WEBSITES

It’s so easy to make a website nowadays that anyone can do it, so be extra careful when looking to buy those concert tickets or purchasing the latest software online. There are many imposter websites looking to get hold of your personal details, and in some instances they can even take control of your computer — accessing bank details, passwords and other sensitive information.

Top Tips

• Check for reviews from past users by searching the website name
• Check for the correct URL, they should always start with https:// if they are secure
• Watch out for poor English such as typos and grammar mistakes – this is often a bit of a giveaway
  

DOOR-TO-DOOR IMPOSTERS

Doorstep salesmen can be persuasive at the best of times but when they’re pressuring you into buying something you don’t need, giving money to charity, ‘checking’ meters or services, or parting with money in any way you need to be extra careful. Fraudsters could also be looking to gain access to your home, so be wary of who you welcome inside.

Top Tips

• Keep the chain on the door at all times
• Demand to see their employee ID before talking to them
• If you’re suspicious of a seller in any way don’t be afraid to call 999

If you or a loved one has been the target of fraud, or for more information on avoiding scams, visit www.actionfraud.police.uk

Ellis Fergar

The post Scams – would you know what to look for? appeared first on Silver Magazine.

Planning on the back of a napkin is a time-honoured way to get started with your idea – and empires have been kickstarted this way. But ultimately, some kind of funding is a good way to get things off the ground, and for that you’re going to need a bit more planning. If you’re thinking about raising some money for your new enterprise, money guru Clive Hyman has some tips.

1: Decide on equity or debt – or a combination
Equity has massive implications for dilution – so don’t ignore the debt option. This doesn’t affect equity and can be a quicker and easier source of funds. There are now plenty of debt providers lending money, depending on the age of your business – but don’t expect money from the traditional banks. For example, if your business is already two years old, try Funding Circle.

A combination of debt and equity is often the ideal solution; this enables a cheaper cost of capital for the company, as it requires interest rather than a dividend.

30% equity and 70% debt is good ratio and can make the company easier to manage. This is generally the accepted ratio which tax authorities and capital providers like to see. This usually makes the company more likely to attract further equity investment, as the potential shareholders can see that the management has understood that debt needs to be part of the company’s financing strategy.

2: Test your financial model – it must be robust
Put your figures into a spreadsheet and test them. Try out different scenarios – see what happens to the numbers. This demonstrates that you are prepared for different outcomes. You must also show the different types of returns from the different sources of capital, cashflow for at least the next 12-18 months, and any dependencies. This will show that you are being sensible and serious.

3: Be realistic about your valuation
To get a sensible, realistic idea of the value of your company, compare the most recent valuations for transactions in the space. Don’t pick an outlier valuation, instead choose something in the middle. This will show potential investors that you are being reasonable and make them more likely to invest.

4: Decide on the appropriate people to approach
For example, Sola Bank and Baldetton Capital work in the £100million arena. In the £1–5million area, try EIS/SEIS funds and VCT funds. (If you don’t know what this means, this is where an introducer like me can be helpful in providing introductions and knowledge, so drop me a line for a bit of guidance).

For smaller amounts contact Angel Investors. A Google search will deliver a list of Angel networks, or some research on LinkedIn. Then dig into each one to see if you meet their criteria. But do also ask your network for recommendations and introductions, and approach your family and friends for help if they’re a good fit. These small amounts add up – and can help give you seed that will attract a bigger fish later.

Fundraising is an art, not a science; you can be lucky or unlucky

5: Make contact and ensure you follow up
Target your funders carefully, do some background research on them so that you know you are contacting the right people, check that your business is in their sphere of interest and at the right stage for them, and that the amount of money you are looking for is appropriate for them.

Fundraising is an art, not a science; you can be lucky or unlucky. So, make sure you contact enough funders to manage your own luck and tap into as many people as possible.

Once you have drawn up your list of people to contact – work through it systematically and methodically – and always follow up!

6: Prepare the right information for the right stage in the process
It is essential to prepare a one-page summary of the opportunity. Too much information is not helpful. This document should include a summary of the opportunity; what investment is being sought and what kind of business is going to be generated as a result, including a potential return if it’s possible to identify that. It must be an accurate summary of the business, be clear, concise and easy to read and understand.

Once a potential funder is interested they will then want more information. Approach this as a sales document/pitch. It must be able to work on its own – and not require you to be standing there explaining it.

It needs to answer the following:
• What is the business?
• Who are the management team?
• What is the market size?
• What is the opportunity within the market?
• How much money is needed?
• What is the money going to be spent on?
• What kind of business will be created post investment?

7. Take your team with you
Yes, the people at the top are important, but investors like to see the team as it is team they will be backing – not an individual. Don’t go on your own to a meeting with a funder – this can use up valuable time when a team approach would be more successful and efficient.

With the team at the first meeting, the funder’s questions can be answered. If they aren’t there, then you’re down to an inefficient and long-winded process of following up – and a chance for the funder to go ‘off the boil’.

By following the steps above, you are more likely to be successful at raising the money you need for your business. Preparation, putting in the necessary time, and perseverance are all key aspects of the funding raising process.

ABOUT THE AUTHOR
Clive Hyman FCA is founder of Hyman Capital Services offering expertise in due diligence and managing change in business including raising equity and debt capital, mergers and acquisitions, interim management, board management and governance, deal structuring, and company turnaround.
www.hymancapital.com
LinkedIn: www.linkedin.com/in/clivehyman

silvermagazine

If you’d like to receive a regular mini-magazine direct to your inbox with a selection of editorial features to read at your leisure, please sign up for our newsletter. We also run the odd competition and offer and whatnot, and newsletter members get the heads-up first.

The post 7 tips on raising investment for your new business appeared first on Silver Magazine.