Euro Earthworks Limited, the principal contractor at the site, has been charged with breaching Section 2(1) of the Health and Safety at Work etc Act 1974. The company will be tried at City of London Magistrates’ Court in July.

An employee of Euro Earthworks Limited, Michael Cunningham, of Eastbourne, has already pleaded guilty to breaching Section 7 of the 1974 Act, which states: “It shall be the duty of every employee while at work – (a) to take reasonable care for the health and safety of himself and of other persons who may be affected by his acts or omissions at work; and (b) as regards any duty or requirement imposed on his employer… to co-operate with him so far as is necessary to enable that duty or requirement to be performed or complied with.”

Mr Cunningham was fined £700 by no win no fee solicitors with costs of £1,000. Hydro Plant Limited, of Brent, admitted breaching Section 3(1) of the 1974 Act and was fined £7,000 and ordered to pay £10,000 in costs.

The triple prosecution follows a fatal accident on the 28th August 2007. Mr Cunningham had been operating a 12-tonne excavator when its bucket containing a load of concrete fell on and crushed Gerry Fox. An investigation revealed the load had not been properly secured and that colleagues were allowed to work directly beneath the machine causing an accident at work.

Personal injury claims involving accidents in the construction industry are common in the UK. Most such claims arise following slips, trips and falls from height. However, poorly secured loads and heavy machinery also give rise to accidents from time to time.

Loraine Charles, an inspector for the Health and Safety Executive, said: “This tragic incident was entirely preventable. There had already been a significant number of incidents involving buckets becoming detached from quick hitches, in particular semi-automatic quick hitches where operators had failed to insert the safety pin.”

Ms Charles added: “Mr Cunningham can have been in no doubt that he should not have operated the excavator without the quick hitch’s safety pin in place and that he should not have manoeuvred the bucket over people. As hirers of the work equipment, Hydro Plant Limited should clearly have paid much closer attention to the requirements placed upon them by health and safety law, to ensure that use of the equipment was safe.”

There comes a time in most everyone’s life when they need to borrow money. There are many reasons for borrowing money – you may have decided it is time to buy a home, you might want to further your education (such as with a professional and career development loan), or you may want to finance a new automobile. In some cases, you may even want to borrow money to pay off existing debts, such as credit cards or lines or credit.

From whom should you borrow money? In some cases, you will borrow money from your bank. If you have already established a business relationship with your bank, it will be much easier to get a loan. You may also choose to borrow money from a commercial lender – when you buy a house or a vehicle, the company you work with will most likely have a list of preferred lenders.

Borrowing money from family members is another option. If you lack the credit to borrow from a bank or commercial lender, or you want to avoid paying high interest rates, this can be a good solution for meeting your financial needs.

There are several things you should think about when borrowing money, though. If you borrow from a commercial lender or bank, you will need to consider how much the loan will really cost you. The interest rate and the length of the loan will determine how much extra it will cost you to borrow money.

You will also need to think about how you will repay the loan. It is important to make sure you have sufficient income to cover your loan payments; otherwise, financial hardship and poor credit will result. Don’t count on raises or other income increases; instead, base your decision on your current income.

Finally, if you borrow from family, think about what this will do to your relationship. If you are unable to repay the loan, you could easily destroy a relationship that has taken many years to build.

A remortgage involves switching your home loan to a new lender without moving house.  As part of the remortgage process you can normally borrow additional money depending on the equity in your home and your income and outgoings.  Once your remortgage is completed you have one loan, one lender and one monthly payment.

A secured loan is an additional loan that you take secured against your property.  It is normally separate from your main mortgage and is often with a different lender.  You will generally find that you have two separate loans with two different lenders, resulting in two separate monthly repayments.

Secured loans can sometimes be more beneficial than a remortgage.  For example, if you have an excellent deal on your current mortgage that you don’t want to lose, taking out a secured loan can help you.  In addition, secured loans are sometimes easier to obtain if you are self-employed or if you have a less than perfect credit history.

However, remortgages are often a better solution than a secured loan for several reasons.  Firstly, remortgage rates are typically lower than the interest rates available on secured loans.  A remortgage lender takes a ‘first charge’ against your home meaning that they have the first demand on any proceeds should you fail to keep up your repayments.  As a secured lender typically takes a ‘second charge’ there is a higher likelihood that they won’t recoup their money, meaning the lending is riskier.

The advantage of lower remortgage rates also means that you can secure a great deal on both your main mortgage and the additional sum you are borrowing.  You may be able to benefit from a fixed rate or a discounted/tracker deal on all your borrowing.  As a secured loan is separate to your main mortgage, the interest rates will generally be different.

In addition, the fees for remortgaging can often be lower than for taking out a secured loan.  Many lenders will meet some or all of the costs incurred in a remortgage – such as valuation or legal fees – whilst you may have to pay arrangement or survey fees if you want to take out a secured loan.

Taking out a remortgage rather than a secured loan can also keep your finances more straightforward and easier to manage.  If you take out a secured loan you will find that you have two different lenders and two separate direct debit payments. You will have to get in touch with both lenders to change any details and it can mean your finances are more complicated.

A remortgage leaves you with one lender, one home loan and one payment.  You don’t have to worry about multiple creditors or making more than one payment from your bank account every month.

If you are a homeowner and you are looking to borrow additional funds, secured loans and remortgages are two of the most popular options.  However, before you sign up for a deal it is important that you weigh up the pros and cons of each type of borrowing in order that you find the most appropriate home loan.

James McHeggins writes for JustRemortgages.com one of the UK’s top sites for the latest remortgage rates and best remortgage deals.

A debt management plan is an informal agreement with your lenders which allows you repay your unsecured debts at a rate you can afford over a longer period. If the debt management plan is arranged with the help of a debt management company, it’s often possible to consolidate all the debt repayments into one monthly payment.

One thing to consider before starting a debt management plan is that, although it should make your monthly payments more affordable, you may have to pay interest for longer – meaning you could pay more overall.

However, sometimes lenders will freeze interest or charges as part of the agreement, which would prevent the debt from getting any bigger.

Finally, lowering your monthly payments would be noted on your credit file for six years, and this could make it difficult to borrow more money in that time.

And remember – your lenders are not obliged to accept a debt management plan. If you’re struggling to come to an agreement, talk to a debt adviser about what other solutions are available.

Debt consolidation

Debt consolidation is more aimed at people who are managing well enough financially, but want to rearrange their finances or reduce their outgoings.

It involves repaying multiple debts with a new loan, leaving you with one debt and one monthly payment. Some of the key differences between this and a debt management plan include:

• A debt consolidation loan will clear all of your unsecured debts and leave you with one larger loan to repay, whereas a debt management plan involves repaying each of your unsecured debts gradually.
• With a debt consolidation loan you will pay one fixed rate of interest, whereas on a debt management plan you may be paying different levels of interest on each debt (if interest isn’t frozen).
• You can only qualify for a debt management plan if you cannot afford your existing repayments, whereas a debt consolidation loan would not be suitable if you cannot afford your repayments.

An advantage of a debt consolidation loan is that it simplifies your finances by leaving you with one monthly payment. Another is that you could lower your repayments by spreading them over a longer period, which could free up money in your monthly budget. However, as with a debt management plan, spreading the loan over a longer period may cost you more in interest overall, so consider this before you apply.

Home Equity Loans

This option works if the homeowner has equity built up in his home. Home equity loans take the positive difference between the mortgage balance and the value of the home as collateral. The lender hopes to sell the home for its current price and claim the equity if the homeowner defaults. Depending on how badly the homeowner is in debt, taking out a home equity loan may not be feasible. The interest rate needs to be lower than the rate on all of his other debts. If the rate on the home equity loan is higher, it defeats the entire purpose of taking out the loan in the first place.

Home Equity Line of Credit (HELOC)

A HELOC is much more convenient than a home equity loan. The homeowner can draw on the HELOC as he pleases, and he is under no obligation to take the full amount of the equity all at once. The equity in the home acts as a credit limit that rises or falls as the amount of equity does. The interest rate on a HELOC tends to be higher than with a home equity loan, which makes a HELOC slightly more risky. HELOCs are used to make home improvements, invest in a business or help a child pay for college. They can also be used to consolidate debt. It might be better to pursue a home equity loan since the HELOC terms last for a long time.

Cash Out Refinancing

In terms of debt consolidation, this is the last option the homeowner should consider. Cash out refinancing replaces the first mortgage with a second, and the homeowner gets to pocket the difference between the two. While cash out refinancing may come with a lower interest rate, it increases the total debt load and resets the amortization schedule. Indebted homeowners are better off avoiding this route.

What many people don’t realise is that the BoE base rate doesn’t directly govern mortgage rates (except on tracker deals). The base rate is actually the price banks pay to borrow cash overnight to deal with the fact that the money they take in deposits and the money they pay out in loans can fluctuate from day to day, often leaving temporary shortfalls. This rate is a major contributor to a bank’s costs and usually has a clear impact on what bank’s must charge on mortgages to remain profitable.

While the base rate has remained unchanged at a record low for nearly three years, other bank costs are continuing to vary, most noticeably the rate banks pay to borrow on the “wholesale” markets to get the cash they lend out on mortgages. There are now fears that the Euro crisis could mean nervous markets hike up these rates, with an effect so dramatic that it affects consumer mortgage deals.

That could mean a major change in the way customers need to approach getting the best mortgage rate. For the past couple of years, the fixed base rate has meant that — by historical standards — there hasn’t been that much variation in the offerings from different banks, meaning the price of choosing a bad deal has been relatively bearable.

Now though, the mortgage market is already starting to show variations: while some lenders are sticking to their guns, others are putting rates up by 0.2% or even 0.5%. With the average house price now at just over £240,000, that would mean an additional £100 a month in interest charges. In other words, the benefits of choosing the best mortgage rate could become far greater.