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Money does grow on Trees!
Every now and again, money advisors are able to find money for clients they didn’t know they had!
In one recent LSA mortgage arrears’ case, independent money advisors established that the client had been seriously overpaying their electricity bill by direct debit for years. It went down from a direct debit of £94 a month to between £30 and £40 per month. A reimbursement of £1,000 was obtained. With one phone call to HMRC, the client’s tax code, wrong for years, was corrected resulting in a tax saving of around £30 per month (plus several hundred back payments). Through shopping around, the home owner’s comprehensive household insurance went down from a massive £1,500 a year to £900 a year in spite of a number of thefts and claims in the past five or six years. Through the Guardian energy consultancy, a switch is being arranged between gas suppliers which are scheduled to save between £200 to £300 a year. The client, who worked from home, had not viewed his broadband arrangement for years. £15 to £30 per month was saved largely through a better deal on mobile phone outgoing charges. The net result, a total saving of more than £2,000 per annum: more money for the client and more money for the mortgage arrears!
The moral appears to be: shop around, use the internet if you can and, if you have got a mental block get someone to help you. (Note: this is an amalgam of a number of cases, details have been changed to preserve anonymity).