Now that winter is finally over, you may be thinking of setting aside the time to have a spring clean and brighten things up. As well as getting your house in order, why not take the opportunity to freshen up your household finances too.
Spring-clean your FINANCES! W
Know your rights
hile this can seem like a daunting prospect, these handy hints from the Financial Ombudsman Service – the free service set up by law to sort out problems with a bank
or insurer – can make the job easier:
Check your calendar Keep a note of the dates when regular payments are due from your bank account. Some people have told the ombudsman that due to benefit payments being delayed they have been charged by their banks for going overdrawn. Let your bank know as soon as possible if you think you will not have enough to cover payments due.
Shop around
Hunt around for discounts and find the best prices by shopping around online– but remember to treat the information you provide on the internet
with the same security as you would in a shop. Every year, the ombudsman is contacted by people who have lost money after giving out their card or password details online. Find a review of the seller and make sure the request is genuine. If in doubt, don’t give your details out!
Dormant debits
Ask your bank for a list of your direct debits and standing orders. You may be making payments for things you no longer need. If you decide to cancel, make sure you tell the business involved first. And if you’re catalogue shopping, bear in mind that some companies expect you to make a payment every 28 days. This means the day when your payment is due will change each month.
Keep on top of credit
Interest rates on credit cards or loans can make them an expensive way to shop. Keep on top of the repayments and make a note of when any special
Financial Ombudsman Service Contact: 0300 123 9 123 or
www.financial-ombudsman.org.uk
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If you use credit to buy goods or services you could be protected legally if something goes wrong with your purchase or if the items aren’t of the standard you were expecting. These rules only apply in certain circumstances – for example, if the total price of the purchase made on credit is more than £100 but less than £30,000. But if these are met, you might be able to get your money back from the card provider that provided you with the credit.
We hope that dusting off your finances helps money- matters go smoothly in 2013 leaving you more time to focus on the things that matter. But if something goes wrong, speak to the financial business involved – they should be able to sort things out. If you still aren’t happy, the financial ombudsman might be able to help.
0% deals end as repayments after this date can be expensive. Interest rates can also change but the card provider should notify you if this happens – so make sure that you read your post!
Survival Money
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