Why Trust is Not a Luxury for Those in Debt

Being in debt can feel like taking on a full time job as suddenly you have to learn skills in order to manage money and to avoid sinking further into financial ruin. Most people are aware of luxury costs they can cut back on to save the pounds but there are also other costs you may have incurred simply through placing a little too much trust in your service providers.

Last year, in 2014, the average household was overcharged by £200 for basic utilities. Why? You may think this was due to being on the wrong plan, not claiming any fuel benefits you were entitled to or simply using a more expensive gas and electricity provider. Although all of these can impact on the amount you pay, they are not the reason behind this overcharging of a few hundred pounds a year.

Why Trust is Not a Luxury for Those in DebtSo what is?
Admin errors.

Administration errors could be costing you hundreds every year on your gas and electricity alone. This doesn’t include banks, water or other services such as broadband and telephone.

The admin errors can be due to a simple typo, an extra zero or a wrong charge. They can even be due to a miscalculation, especially when charged by KWH and other small units of power or fuel.

How to Stop the Admin Errors?

The only way to stop these admin errors is to become familiar with your pricing plans. You should work out how much you expect your bill to be before receiving a request for payment. Any discrepancy should be brought up with your service provider. This is where you’ll be grateful for choosing one with a reputation for good customer service as many can leave you hanging on the phone, hoping you’ll give up.

Backdating Charges

You could find, when looking over all invoices and bills for the last year you’ve paid over the odds for many services. A lot of people don’t view their bills in any real detail but these mistakes are making the banks and service providers millions. Make a point of checking previous bills and educate yourself on any charge you don’t understand.

When you’re forced to tighten your belt, you don’t have the luxury of trusting providers as these could further impact on your debt.

By the end of today you could be claiming back hundreds of pounds, now that’s worth a few hours personal paperwork!

We offer Debt Consolidation Loans for homeowners.

Our team is on hand to help with number of questions you may have.

If you are struggling with debt, please visit Money Advice Service for help and advice.

We are a broker, not a lender.

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