Seven million UK residents due CPP refunds

Credit cardsHave you purchased a credit card and identity protection policy since 14th of January 2005? If so, you could be one of seven million people in the UK eligible for a refund, due to mis-sold protection products.

The Financial Conduct Authority, the Card Protection Plan Limited (CPP), as well as 13 high street banks and credit card issuers, have reached an agreement, which will see consumers who were wrongly sold a CPP product, get compensated.

Exactly how much money those being refunded might get back will depend on the product they purchased, and the amount of time they had it for. However, the average customer can expect to receive £185.

Source: uSwitch.com

More than three quarters of payday loan complaints are justified

payday-loansAccording to new research by the Citizens Advice, at least 76 per cent of people who have lodged cases with them in relation to payday loan companies in the first six months of this year, have grounds for an official complaint to the Financial Ombudsman.

There were a number of different reasons cited for customers’ complaints to Citizen Advice, including potential fraud cases. A whopping 20 per cent of the complainants were reportedly being chased for payments on money they had not actually borrowed.

Read the full story on uSwitch.com.

If you’re going to take out a payday loan, do it right!

Payday loan approved stampIt’s probably fair to say that very few people would relish the thought of taking out a payday loan to make ends meet for that last, pesky week of the month.

Infamous for the sky high interest rates, payday loans can easily lead to a downward spiral of increasing debt, so approach with caution!

If you need some fast cash, the first things to do is consider all the potential alternatives – and if you do go ahead with a payday loan, make sure you will be able to pay it back on time, as per the original agreement.

Money Saving Expert has pulled together a great little guide, listing all the things to think about before taking out a payday loan – check it out here.

Why your bank card pin is one number you should definitely commit to memory…

Card fraud - watch your pin number!

Don’t leave yourself open to card fraud

Last month we published a blog post about BBC’s Your Money programme, which covered the topic of “shoulder surfers”.

The key call to action that came out of that segment of the show, was to be vigilant when taking money out at a cash point – that is; do your best to make sure no one is trying to catch your pin number from behind your shoulder.

Whilst on the topic of cash machine fraud and card safety, you might also want to make an effort to learn your pin number off by heart, so you don’t have to carry a reminder.

This might sound rather obvious, but new research by discount website www.myvouchercodes.co.uk, has revealed that as many of  34% of Britons carry a pin reminder on them at all times! What’s more, 36% of those who play it unsafe by carrying their pin around, keep it in their wallet or purse…presumably right next to their bank or credit card.

Not cool, guys!

Alarmingly, over two thirds of the above 34% had not even considered that writing their pin down, and using their reminder at cash points, might put them at significantly increased risk of card fraud.

Source: Money-Watch.co.uk

Do you know anyone who may need debt advice? We can help!

We know that many who find themselves in debt feel embarrassed about their situation, and sometimes hesitate to seek help as a result. But experiencing financial difficulties is nothing to be ashamed of; it happens to people from all backgrounds and walks of life.

At Turn Debt Around we can offer impartial, personal debt advice that takes into account people’s specific circumstances, and is compliant with the guidelines produced by the Office of Fair Trading, and all aspects of consumer regulations.

Whether someone has debts of a few thousand pounds, or tens of thousands of pounds, our friendly and experienced financial advisors will ensure they are recommended a debt solution that works for them.

Treating customers fairly, ensuring our clients have a good experience from start to finish, is a top priority for us. The advice we give is free, and no one is under any obligation to go ahead with our recommended solution. If a person chooses to proceed, fees may be applied – these will be explained beforehand, and are usually incorporated into a customer’s payment plan.

Facing debt problems head on can be scary, but putting is not helpful. In fact, it could make things a lot worse.

So if you know someone who needs help, tell them to have a look at the debt solutions page on our website, or suggest they call us for a chat on 0131 777 3039.

www.turndebtaround.com

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Are young people in the UK growing up clueless about personal finance?

Boy with calculator

Young people are lacking in financial skills

A new joint survey by Barclays and charity pfeg (Personal Finance Education Group) has indicated that young people in Britain are entering adult life with disconcerting gaps in their financial knowledge, relating to bank statements, overdrafts and interest on loans.

The survey findings, which were released to mark the start of ‘My Money Week’ (3rd-9th June 2013), showed that around one in eight of under 25s did not know what an overdraft was. Even more worrying, 42 per cent could not interpret the difference between being overdrawn and in credit, when looking at a bank account statement.

Read the full story at: Telegraph.co.uk