Things can get tough at home, financially speaking. If it was just money you had to worry about, that’d be one thing. But your wallet is just one of life’s little details when you’ve got kids. There’s always something to buy, clean, or cook. There’s always someplace to go, someone who’s coming down with a cold, or someone who’s upset without knowing exactly why. You might be working hard to get more than 4 hours of sleep in a row. In this state of mind, it can be difficult to keep a budget under control. Still, it’s important that finances be on your mind, if only to keep things from getting truly out of hand. One of the most important things is to make sure that no one is actually TAKING your money. We can all agree on that. In the following post, we’ll expand on this idea, finding new ways that people give up their money without intending to. Correct these issues and you’ll be on your way to a better financial future for your whole family.
In the United Kingdom, lawsuits have been ongoing for many years about payment protection insurance. The problem isn’t the insurance itself. PPI is a good product, providing peace of mind to borrowers who are afraid that future life circumstances might prevent them from being able to pay off their outstanding balance. The problem is that many people who have PPI never intended to sign up for it!
The issue cropped up as certain insurance providers colluded with lenders to “hide” insurance sign-up documentation in dense loan documents. Oftentimes the borrower would be signing up for a mortgage loan. In the dozens and dozens of pages, each requiring its own signature, there would be buried an agreement about PPI, one which essentially subscribed the borrower to endless months of insurance they didn’t understand or desire. It took months and years for some of these borrowers to discover the “mistake”. Only then could they take the steps to sue for their money back before the PPI deadline.
While you might not have PPI (though you should check if you live in the UK), you may have any number of other financial agreement which you have forgotten about. To make sure that you don’t have a hole in your pocket, or that some financial entity isn’t skimming money off the top of your financial accounts each month, it’s important that you carefully check each of your financial accounts from which automatic drafts could be drafted. You may be surprised at what you find.
It’s quite possible that you have subscriptions and services that you’re paying for, which you’ve forgotten about and don’t use. You can’t afford to let these payments continue. They’ve just draining your monthly budgets and keeping you from having extra money which could be used for any number of more legitimate purposes. There are plenty of ways that businesses and financial organizations conspire to take your money. Most of them aren’t illegal in the same way that PPI was, but they take your money without your notice all the same. And it’s your responsibility to put a stop to it.