Keep a Watchful Eye on Your Finances

February 12, 2017 at 10:13 AM Leave a comment

Do you know how much income you earn both before and after taxes? Do you know what your recurring expenses are and how much you spend on discretionary items each month? If you don’t know these numbers there is no time like the present to begin tracking them. The best way to gain control of your finances is by keeping a watchful eye on the funds that move in and out of your bank accounts.

Many people don’t want to take the time and energy to account for every nickel and dime, but if you don’t track your money you won’t notice when it leaks out of your pockets. Maybe you aren’t worried about losing a few cents here and there, but the truth is sometimes large chunks of cash may be disappearing without you ever realizing it. We all know that it takes a lot of effort to earn money, so don’t let yours slip away too easily.

Does it seem unlikely that money could be draining from your wallet without you realizing it? Believe it or not this does happen. A perfect example of this is the recent Payment Protection Insurance scandal in the UK. Are you familiar with this story? It’s a story of shady banks illegally attaining money from unwitting consumers. These UK banks were charging consumers high PPI premiums without them even knowing it. So, how did that happen and how do you know if you are losing money to an unwanted PPI policy?

Infographic originally published on Have I Got PPI UK.

If you’ve ever applied for a mortgage you know that the bank will ask you to sign what feels like a hundred sheets of paper all printed with very tiny font. There is so much paperwork to sign that after the first few pages many consumers simply sign and initial wherever they are told without reading over all of the paperwork. Now imagine that the bank tucked details about a PPI policy into that paperwork or worse yet signed you up for PPI without even including the details in the papers at all. Can you imagine someone forging your signature on documents you never read? In some cases bankers did exactly that! After the paperwork is signed you start making payments without realizing you are unnecessarily paying for a PPI policy that you don’t need or want.

No one wants to spend his or her hard earned money unnecessarily so what can you do if you have unknowingly signed up for this insurance? How do you know if you are unnecessarily paying for payment protection insurance and if you do have an unwanted policy how can you reclaim the money you paid out?

First search carefully through your loan statements. If it still isn’t clear when looking at the documentation then give your provider a call and ask them directly. If you are still uncertain contact a PPI check company that can step you through the claims filing process and find out if you have the right to file. You’ll want to search for a friendly, well-trained advisor who can walk you through the complicated process to ensure you receive the largest refund possible.

If you think you might be involved in this PPI scandal do not delay in searching through your documentation and reaching out to a company that can help. You don’t want to miss the expected PPI deadline. You don’t want to leave your hard earned money in the hands of those scandalous banks.

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