We're not sure what we think of this...we'll let you be the judge!

A new service promises Londoners they'll never have to spend much time looking for the loo. Westminster City Council, which covers London's bustling Oxford Street, the West End, and the Houses of Parliament, has launched "SatLav" - a toilet-finding service for cellphone users.

Harried theatregoers, distressed shoppers and hard-pressed bar patrons in London's West End can now text the word "toilet" and and receive a text back giving the address of the nearest public facility. The system, which covers 40 public toilets, triangulates a user's position by measuring the strength of the cellphone signal. The texts cost 25p, while most of Westminster's toilets are free.

The council expressed hope that the service would help fight the scourge of street urination, which it said was responsible for dumping an estimated 45 000 litres of urine in Westminster's alleyways each year.

Similar offerings exist elsewhere, such as the mobile toilet search service offered by Vindigo in many United States cities, but SatLav is being touted as the first text-based toilet-finder in Britain.

"It's the first fully managed service that we're aware of," British Toilet Association director Richard Chisnell said, praising the council for its work in the field of public convenience.

"Thank heavens for Westminster's public toilets," he said.

Truth that life really is stranger than fiction!

If you are a mortgage borrower, then as you are already well aware, "times they are a changing".

Now it is claimed that 1 in 3 of us with a mortgage could face financial hardship as the mortgage lenders raise their interest rates and tighten their criteria, thanks to the recent credit crunch that has started as result of the U.S. subprime crisis.

According to information from consumer research group Mintel, those with poor credit records are not the only ones at risk. Those who are self-employed or have moved house frequently are also in the firing line.

Basically that means that 5.5 million of the UK's 16.5 million borrowers could struggle to get a new mortgage or face higher repayments when their current deal comes to its end and they attempt to remortgage.

Mintel say that over 1.5 million of us here in the UK are considered sub-prime, and a further 4 million are seen by lenders as high risk because we have imperfect credit histories, are self-employed, do not have a regular income, have moved frequently or have fallen behind with our household bills.

Toby Clark of Mintel commented on their findings:

"The focus over the last few months has very much been on subprime borrowers, but they are only the tip of the iceberg."

"In today's more conservative lending climate, the unconventional financial situation of these homeowners' means that they will now face higher repayments and increased lenders' fees when remortgaging or moving house" he added.

Nearly 18 million people probably now qualified as non-standard consumers and that figure was set to rise to 20 million by 2012, Mintel said. But with lenders becoming more risk averse, and many tightening up their criteria to reduce the chance of bad debts, it said borrowers were likely to be offered "less than favourable terms" if they tried to switch to a new deal.

The problem will be exacerbated for those coming off 2 and 3 year fixed rate mortgages, as interest rates and mortgage arrangement fees have increased since they took out their loans.

The Council of Mortgage Lenders (CML), whose members accounted for 98% of all UK residential mortgages lending, said Mintel's figures were too high.

Based on a survey of almost 2,000 adults, Mintel said 20% of those who were interested in getting a mortgage in the future already foresaw some problems with their applications because of their income, working status or personal circumstances. That figure could grow in the years ahead if banks become more cautious in their lending.

To add further evidence of the credit crunch uSwitch suggested almost 1 in 4 people are already struggling with their debts, and feel their current level of borrowing is unmanageable or in danger of becoming so.

Their survey of more than 2,000 adults found out that in the last 6 months that:

• 12% had missed payments on debts and bills

• 10% had seen a direct debit or cheque bounced by their bank because they did not have sufficient money to cover it

• 20% of those questioned said they had "maxed out" at least one source of credit

• 9% said they may need to get further into debt just to fund their living costs

But just how much is the global finance crisis affecting you?

Are you worried that you are one of the 1 in 3?

Credit crunch; should you panic?

Eat, drink and be merry, shop till you drop, deck the hall with boughs of holly, party all night...

...whatever you enjoy doing at Christmas and especially in light of the recent Customs data loss cock up, it's a time of year that offers major opportunities for ID fraudsters to steal your identity.

We have probably all heard the phrase "identity fraud" a lot recently, but what does it mean?

Identity fraud takes place when a criminal manages to steal enough of your personal data (from your full name and address to bank or card statements, PINs and passwords and even information that could help them to guess your favourite passwords) to impersonate you.

They can then do anything from running up debts in your name to applying for benefits or using your ID as a cover for organised crime, such as drug dealing and money laundering. Unsurprisingly, it is one of Britain's fastest-growing crimes; so keep your ID under wraps this year, with our simple guide to the festive season whilst...

...at the shops

• When you hit the High Street or the mall, make sure you keep your wallet or purse safe. Zip them away safely every time you use them, or pick-pockets could help themselves to a present of their own.

• Leave anything you don't need at home in a safe place. Your driving licence or passport would be a gift to a fraudster but even a letter with so much as your name and address could help them to apply for credit in your name.

• Need to make an extra trip to the cash machine? Britain is the card fraud hotspot of Europe, so make sure that the machine hasn't been tampered with, no spy cameras have been placed on it and nobody can shoulder-surf your PIN. Always cover your hand as you enter your PIN number or make sure you are looking behind you.

• Drinks, dinners and parties are all prime social hotspots at Christmas and they are also prime opportunities for thieves, so never leave your jacket or handbag unattended. Get a friend to mind it or dance round it if there's no alternative! You may feel silly but that's better than losing your belongings and your ID!

• Don't put your credit card behind the bar and don't let it out of sight when you're paying. If a waiter or bartender vanishes with your credit card for a long time, he or she could be copying the account data and planning a spending spree at your expense.

• You're vulnerable during the journeys to and from the spate of Christmas parties, especially if you've had a few drinks. Try to travel in company and remind each other not to leave anything behind in the bus, train, underground or taxi.

• You may be frantic to tidy your home before Mum, Dad and the rest of the family arrive but never throw away anything that could be used to steal your ID. A bank or credit card statement is a gift to a thief but almost anything, from a letter to a catalogue, can be enough for them to apply for credit in your name. Don't think that shoving everything in with the left-overs in a smelly dustbin will deter criminals; there are now specialist bin-raiders who prey on rubbish.

• Buy yourself a shredder and get into the habit of using it. You can get them from as little as £10 at Argos and Currys. As a rule of thumb, you should never throw out anything showing your full name, address, date of birth or anything that includes financial information.

• Contact the Post Office immediately if your usual Christmas cards, or any other mail fails to arrive. Don't put it down to the Christmas rush. According to Experian's Victim's of Fraud service, the most common way to steal identities in this country is to intercept your post. Even a piece of direct mail can be enough for a fraudster to take over your life.

Some say it's an evil tool and you should not share any personal information on it, much less actually buy anything! Others think that so long as you know what security measure to take, it makes shopping easier and saves you trudging round the shops.

• In cyberspace, you can't check out a shop-front or look at the goods, so always choose a reputable web site that gives contact details on the site. If in doubt, call or write to check them out. Remember, a bargain that seems too good to be true might well be too good to be true...

• Only use your credit or debit card at sites that offer secure payments - look for https in the URL, where the s stands for secure, or a closed padlock symbol on the payment page. Also look out for web pages that use Thawte or VeriSign symbols; again these are indications that the page is secure for payments.

• Another option is to sign up for the Verified by Visa and Verified by MasterCard services that allow you to register your card and personal details on a remote, secure server, so the online merchant never sees them.

• Minimise the information you post on social networking sites such as Facebook and MySpace. Over the festive season, it may be tempting to post updates on these sites about parties and events you are planning to attend. Organised gangs are now focusing on ID fraud as a profit centre and they know that many people give away useful snippets that could be passwords giving them access to your bank and card accounts.

• Sign up for an online credit monitoring and identity fraud protection service, such as CreditExpert from Experian. This allows you to see your credit report as often as you like and alerts you by text or e-mail whenever there is a significant change that could indicate an attempted identity fraud. It is such an effective precaution against ID fraud that it's recommended by the Home Office.

• Your credit report lists all your credit, such as cards, loans, mortgages and even mobile phone and catalogue accounts, so you can see at a glance if someone has been applying for money or setting up new accounts in your name. That means you can stop problems before they develop into something serious.

Hopefully, if you follow some of our simple steps, you wil be able to keep at least one thing secret this Christmas; your identity!

Data loss fraud; who should pay up?

Source: Credit Expert/Experian

£3 billion is a fair old amount of money isn't it?

But while a few of us are occasionally stash away money for emergencies (because the unexpected always happens when you least want it to) many more of us are burning money unnecessarily by carrying credit-card debt at the same time.

Take a look at these numbers:

• On average we carry over £1,137 on our credit cards every month

• Typically we have £869 sitting idle in our current accounts every month

• The average size of a rainy day fund is £2,526

A study by those wise finance folks at Fool.co.uk shows that many of us who owe money on our credit cards are also saving money for a rainy day.

Around 1 in 6 of us who regularly carry over £400 to £500 of debt on our credit cards, has £3,000 stashed away for emergencies.

(If you are one of those people, do feel free to share some of it with us under paid MoneyHospital staff!)

In the UK, the average person has 2 or 3 credit cards, and around 20% of cardholders regularly roll over balances on their interest-bearing cards.

The study by Fool.co.uk reveals that many of us carry over £1,100 on our cards monthly, and 1 in 5 of us leave as much as £3,000 unpaid; ouch!

Apparently, the average person amongst us manages to save around £300 each month, and we have £870 sitting idle in our current accounts.

Additionally, we have put away £2,526 for emergencies, and 10% of us have between £500 and £3,000 stashed away.

So what does this all mean then, we hear you cry?

Well, it seems that many of us are prepared to pay interest on outstanding balances even though we have the means to clear our credit-card debts from existing savings.

On average, we credit card holders pay £165 interest a year on the outstanding balance of £1,100 at 15%, but receive interest of just £66 on the same amount in a high-interest savings account at 6%.

In short this means that Britain's 31 million credit cardholders squander £3 billion a year on unnecessary interest payments.

That strikes us as being a wee bit daft...how about you?

Those of us aged between 34 and 41 are the most likely to have savings and credit card debts simultaneously; we have about £1,000 of credit card debts, but also have around £750 in savings.

David Kuo, Head of Personal Finance at Fool.co.uk, commented on their findings:

"We are often told to put aside money for a rainy day because having a ready source of funds for emergencies is a sensible thing to do - and it is. "But it makes little sense to have a stash of money earning interest at 6% a year when a pile of debt is burning a hole in our finances at 15% annually.

"Saving money before you have paid off your debts is like trying to fill a bath without putting the plug in first. It's a pointless exercise that results in a waste of water, an empty bath and hefty water bills."

Are you one of the many that is wasting £3 billion on credit cards?

Are you saving money at a rubbish rate when you could be paying off your extortionate credit card debt?

Why not let us know how you are getting on?

© www.fool.co.uk

7 reasons why you should use your credit card for everything

Is Sir Richard Branson the man with the plan?

It seems he could be as he moved closer to taking control of Northern Rock after a consortium led by Virgin Group was named as the preferred bidder for the stricken bank.

Branson has promised to avoid job losses, and to install "top quality" management to rebuild Northern Rock, which will then merge with Virgin Money and rebranded as "Virgin".

Virgin's offer, which has been backed by the Treasury, includes an immediate repayment of £11bn of the £25bn the bank owes the Bank of England (which will no doubt make them happier). However, if the bank's shareholders block the deal it could be nationalised or be taken into administration.

And this could become a reality asone of the main investors in Northern Rock has now said that it will oppose Virgin Group's bid for the bank because it is too low. Rab Capital, which is the second-largest shareholder in Northern Rock, said it would oppose the move as they think that Virgin's offer was "cheeky" and that the value it put on Northern Rock was "too low".

It sounds as if they are just unhappy about the thought of not getting lots of money out of any takeover deal, but maybe that's just us?

However, RAB Capital's chief executive Philip Richards had told the BBC before the Virgin announcement that he would vote against a proposed takeover of Northern Rock that would "wipe shareholders out or nearly wipe shareholders out".

BBC business editor Robert Peston said that opposition represented "a major obstacle for Virgin and an embarrassment for the Rock board".

In a letter to Northern Rock customers, Sir Richard Branson promised to protect their savings and put the business on a firm financial footing. He has also vowed to save jobs and continue to support the Northern Rock charitable foundation.

Branson said:

"At Virgin we have always seen change as a force for good and we have some exciting plans that will not only bring about a fresh start for Northern Rock but also provide real benefits to you as an existing customer," "We will achieve all this without additional burden on the taxpayer and we will offer shareholders the opportunity to participate in the future growth of the business."

The remainder would be raised through an offer to existing Rock shareholders to buy new shares for 25 pence each. On that basis, Virgin values Northern Rock at £200m, considerably less than its current market value of £362m. Virgin would end up with 55% of the new company, leaving current shareholders with 45%.

Unions welcomed the news but are seeking further details of the Virgin deal. Graham Godard, deputy general secretary of Unite said;

"At the moment it looks like they are already ticking some of the boxes including job security and a UK successor. On the surface this appears to be a positive move."

"Over the last few weeks and months we have looked at the issues from the perspective of all stakeholders.I am grateful for the support that we have had from customers and employees who have stayed loyal to us during these difficult times - and pleased that a solution that firmly restores the company's prospects has been identified.

"Furthermore our retail depositors can be fully reassured that the government has said it will ensure savers' money is safe whatever the outcome."

A group representing individuals with small holdings in the bank has also said it will need to see the details of the Virgin bid before they give their support.

Robin Ashby of the Northern Rock Small Shareholders Group said:

"If we feel that we are being entirely ripped off, ripped out, kicked out of the long term, then shareholders may not be happy to just to roll over and go along with these people who it has been reported are preferred bidders."

Yet he warned that if there was a severe housing market recession over the next two or three years, taxpayers may not get all of their £25bn back.

"However, the equity Sir Richard is putting into the business, including more than £200m of his own money, would be wiped out in those circumstances," he said.

"In other words, he could not profit from our misery, even though some will doubtless accuse the Treasury of using our money to help him make spectacular potential long-term gains."

Why not let us know?

Northern Rock Q&A