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Pre-paid cash card from The Money Shop offers alternative to banks
 The rising cost of living coupled with mounting household debt is driving consumers to look for alternative methods to help them to manage their spending and avoid high bank charges taking them further into the red.
New research from The Money Shop+, has found that two thirds (67%) of bank customers feel that bank fees are unreasonable. With the average household debt currently standing at around £15,507*, high bank charges are adding to existing arrears and getting consumers into further financial difficulty.
Alternative payment methods such as prepaid cards offer consumers a secure way of managing their spending and only allow you to spend available funds.
The Money Shop, part of Dollar Financial UK, has experienced demand triple for its Titanium Cashplus prepaid Mastercard product since the onset of the downturn in 2008.
Unlike many banks which will typically charge a £25 to £30 fee for going into an unauthorised overdraft and return charges for a rejected direct debit, The Money Shop has a new direct debit service developed by card partner Advanced Payment Solutions for its Titanium Cashplus prepaid Mastercard offering a fee-free way of paying bills and managing spending.
Designed to give cardholders flexibility and support with managing their money, the service will enable customers to set up direct debits free of charge and unlike the banks, won't charge a penalty fee if the payment is rejected.
Furthermore cardholders' spending is carefully monitored so if it looks like the payment will bounce, the customer will be notified before the amount is due to leave their account, giving them time to top-up their account. If the customer doesn't have access to suitable funds then they will be offered the opportunity to apply for a Debit Protect loan, which will cover the cost of the bill so that it still gets paid.
Andrew Bryan of The Money Shop, said: "Pre-paid cash cards provide a manageable way of spending for those wanting to live within their budget and avoid risking high bank charges and penalty fees. Direct Debit is generally one of the most cost effective ways of paying bills.
"You can, for example, save around £300 a year by opting to pay for combined gas and electricity via direct debit.
"With the cost of living escalating, we realise it can be hard to keep track of spending and manage payments effectively. Titanium Cashplus prepaid Mastercard customers won't be charged if they miss a direct debit payment and they can only spend what is available on their card, so unlike a debit or credit card, they cannot incur fees for going into their unauthorised overdraft or over their credit limit.
"And if customers are a little short of cash they can request a Debit Protect loan of up to £1,000 to cover their direct debits until they get paid."
Launched in conjunction with specialist prepaid card firm Advanced Payment Solutions, the Titanium Cashplus prepaid Mastercard is a chip and pin card which also offers purchase protection on all purchases ensuring secure spending, but you don't need a credit check to get one and you can't spend more than you put on it, which helps customers to manage their money.
Cardholders can arrange for their wages to be paid onto the card by direct credit and the card can be used at 30 million merchants and 1.5 million cash point machines worldwide, online, in-store and by phone. The card can be reloaded, free of charge, at any of The Money Shop's 400-plus stores, through an on-line bank or any Post Office branch.
The Titanium Cashplus prepaid MasterCard, retails for £9.95. Cardholders have the choice between a monthly subscription fee of £4.95, covering unlimited purchase transactions or, for low transaction users, a 99p transaction fee.
Cardholders can have up to four secondary cardholders on one account. Primary account holders must be 18 or over. Secondary cardholders must be 13 or over. Only one monthly fee is charged per account, regardless of the number of cardholders accessing the account.
As well as The Money Shop, Dollar Financial UK operates online lending services through its Month End Money and paydayuk.co.uk brands; business loans, through Merchant Cash Express; jewellery and pawnbroking through its specialists at Suttons and Robertsons in London, Duncanson and Edwards in Edinburgh and Robert Biggar in Glasgow. It employs more than 2,100 staff.
Dollar Financial UK is a leading member of the Consumer Finance Association, which operates to maintain high standards of responsible lending across the short-term credit industry, and is licensed and regulated by the Office of Fair Trading.
Notes:
+1,015 interviews were carried out, by TNS Phonebus, among a representative sample of UK adults to give a picture of the population as a whole. Fieldwork was conducted between July 8, 2011 and July 10, 2011.
*According to debt statistics from Credit Action, excluding mortgages - August 2011
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