There’s no doubt about it – having the right home insurance can take the worry out of emergencies such as burst pipes. But the damage that pipes cause if they do start to leak is most homeowner’s idea of a nightmare.

Water can spread very quickly in a house, potentially ruining carpets and furnishings.  And it might lead to expensive repair bills to your ceiling, floorboards – or even dividing walls.

Having the right insurance could help if things go wrong. So it’s important to check your home insurance or buildings insurance policy to make sure you have all the cover you need. Halifax offers great value house insurance for both your home and contents – have a look at their website to find out more.

But it’s also really important to know what to do if disaster does strike. Here is a handy step-by-step guide to dealing with burst pipes.

Step 1 – cut off the water supply to your home
While this is a simple matter of turning off the stopcock, it’s surprising how many people don’t know where to find this in their home. And in the heat of the moment when your pipes have burst and water is going everywhere, it might be difficult to think rationally. So locate your stopcock in advance and make a note of where it is… just in case.

Step 2 – drain the system
Once your water supply is turned off, make sure you get rid of any water left in the system. To do this simply turn the cold water taps on and flush your toilets.

Step 3 – check the electrics
Water and electrics don’t mix. So if water is leaking near your electrics or your electrical appliances, switch of the mains immediately. But if the mains switch is wet – don’t touch it as you could risk being electrocuted. Instead, call a qualified electrician immediately.

Step 4 – stay safe
If the leak is small – or you have caught it soon after it started – you might just need to put a bucket under the leak, or mop it up. But if the leak is more extensive, it might have affected the structure of your floors or ceilings. Don’t risk going into a room if the ceiling or flooring is bulging or there are signs that it might collapse.

Step 5  – bail out
You might be able to minimise damage by baling out some of the water from your home, with buckets or small pails, or even pushing it through the door using a stiff brush. The sooner you can stop the spread of the water, the less damage your home will suffer.

Step 6 – call a plumber
It’s always a good idea to have the number of a plumber somewhere safe. But if you don’t know a reliable plumber, ask around to see who your friends and neighbours would recommend. And if you don’t know your neighbours too well, asking their advice on plumbers can be a surprisingly good ice-breaker.

Step 7 – call your insurer
The sooner you call your home insurance provider, the better. They will probably want to know how the leak has happened and what parts of your home it affects – and may also want to send someone out to assess the damage.

After your insurance claim is settled, you’ll want to get things back to normal at home. But while it’s on your mind, it might be a good time to think how you can protect your home from burst pipes in the future – perhaps by insulating your loft, or cladding the pipes. As the old saying goes, prevention is better than cure.

Whether you are about to start University this year or you are already at University you may find yourself wondering what the government’s change in student loan repayments means for you.

The Government has now decided to scrap the Liberal Democrat scheme to charge penalties of 5% to students who decide to pay their student loans back early. While this fine was originally designed to stop wealthier students from paying interest charges, due to increase from Autumn 2012, thousands of current and future students claimed that it would have seem them be hit with charges as well.

Vince Cable has been responsible for the lift on the tuition fees cap and this has meant that students now face tuition fees of up to £9,000 per year. This has left a number of people unable to afford University education and has severely decreased the quantity of applicants from less well off backgrounds.

From September 2012 full-time students will be eligible for tuition fee loans of up to £9,000 with £6,750 available to part-time students, maintenance loans of £4,375 if living at home, £5,500 if living away from home outside London and £7,675 if studying and living away from home in London. Repayments will not be due until after the student is earning £21,000 and after 30 years any outstanding balances will be written off completely. The main change to the loans available to students is the interest rates. From September 2012 loans will accrue interest of the most recent retail prices index (RPI) plus 3% from when they are taken out until April 2016. From April 2016 they will then be charged RPI if earning less than £21,000 and RPI plus up to 3% if earning between £21,000 and £41,000. This will reduce repayments for graduates earning higher amounts of money quite significantly in some cases.

If you are planning on taking out a loan for a course that begins before September 2012 you will still be able to take out a loan for help with your tuition which is currently capped at £3,375 for full
time students and you will also be able to take out a maintenance loan. Maintenance loans are currently £3,838 if living at home, £4,950 if living away from home and studying outside London and £6,928 if
living away from home and studying within London. If you family has an income of less than £25,000 you will be eligible for a maintenance grant of £2,906 or between £50 and £820 if you family income is
between £25,001 and £50,020. The current interest rates on these loans is linked to the main high street banks but rates are very low at present with 1.5% being the average. If you earn over £15,000 your
repayments will be 9p in every pound earned and if you earn below £15,000 you will make no repayments at all with any outstanding balance being wiped after 25 years.

While the new scheme may seem quite different in reality it should benefit most people. With the cap at which you start to repay the loan increased by £6,000 this allows graduates more opportunity to take a
lower paid job in their field without the worry of the 9% repayment.

If you are finding yourself wondering whether taking out a personal loan or asking your parents to do so is a good idea then be advised that this will generally lead to you paying more interest for the money borrowed. Similarly, if you are wondering whether it is best to repay your student loan early then the answer is generally no also. You should save any extra cash that you have for a rainy day as you
never know when you might need access to some funds urgently.

You’ll find lots of money saving tips for students, but when it comes to student finance there are also lots of ways for students to earn some extra income. One that’s rarely considered and most probably not very well know about is medical testing for money.

You may have heard that participating in medical trials for money is a good earner, especially if you’re a student. It’s true that clinical trials can offer up to £2000 in compensation, depending on the extent of the commitment required. Given that some trials allow volunteers to participate in up to four trials a year, you’re potentially looking at up to £8000 for doing little more than lying in bed and popping a pill or two when told. However there are things you need to know before you embark on such a route.

Why Are Drug Trials Necessary?

Every new drug, from the syrupy liquids that treats a child’s cough to the sophisticated Chemotherapies given to Cancer patients, has to be tested for its effectiveness and its safety before it’s brought to market. This is where drug trials come in.

There are two types of clinical trial: those that require patients with a specific condition and those that require healthy participants.

How does it Work?

Apply to be a volunteer and, if you make it through the screening process, the company conducting the trial will send you dates for trials that you’re eligible for and you choose what suits your schedule.

The criterion of each trial varies depending on what the trial is testing for. Some trials will require participants to admit themselves to the clinic in which the trial is being conducted – a controlled environment – while others may be conducted on an outpatient basis.

“Informed consent”, is also required. All participants will be made fully aware of the protocol and what the trial is testing for by one of the participating doctors. You’ll then be required to sign a consent form. This doesn’t mean that you’re waiving your rights; should you wish to go home at anytime, you can. However, some drug companies won’t pay participants who don’t stay until the last day. This is something to bear in mind if you are doing it for the money, rather than the knowledge that you’re contributing to the advancement of medical science.

What Are the Advantages?

The screening process includes a full health evaluation to make sure there are no underlying conditions that may be exacerbated during the course of a trial. If you’re participating on an in-patient basis, you’ll have a couple of weeks away from the clamour of everyday life.

What Are the Disadvantages?

Boredom. There is nothing to do for two weeks besides lie in bed, or talk to the other participants, so make sure you take a couple of books, or some work, if you’re studying. Of course, you may be unlucky and experience some unpleasant side-effects. The upside of this is that in a clinic there will be plenty of doctors on hand to make sure you recover.

Is It Safe?

All clinical trials in the U.K. are conducted in accordance with European legislation and have to be approved by two bodies: Medicines and Healthcare Products Regulatory Agency (MHRA) and The Research Ethics Committee. There are companies who cut corners and try to flout the law and if you are considering participating in medical trials for money, you should research the company conducting the trial thoroughly before giving consent.