Don't waste your hard earned cash
Learn from other peoples mistakes and follow this sound advice to help you avoid losing money and suss out who are the con artists.
Get a discount when buying a car
Many people still like to buy a brand new car when the latest model comes out, even though it will depreciate rapidly over the next 2-3 years. Despite knowing you're going to lose money by buying a new car, there's no need to throw money away needlessly. The full list prices of most cars are generally way overpriced by the manufacturer and most dealers are prepared to give substantial discounts - but only if you ask for them! They aren't going to throw money away either, so don't be embarrassed about asking for a lower price - the car dealers will be expecting it.
The trick is to shop around and compare prices. Find the cheapest deal you can online or at a dealer and use that as your bargaining tool. If your offer isn't accepted you can always go to the next dealer and find someone who will. If you aren't sure about buying a new car, go for a slightly older model. Despite it having a few miles on the clock you could save yourself a few thousand.
Don't hide your money in the house
Did you know that the Bank of England has a 'Mutilated Note Service' which allows anyone with a damaged but valid bank note to apply for reimbursement? Good job really as the Bank of England has announced that a huge number of people stash their cash in their ovens. So come sunday lunch, when you have forgotten where you hid your money, you'll find a shrivelled surprise under your roast beef and potatoes.
Think hoarding money in the microwave constitutes a safe place? Think again. The Bank of England had claims worth £40 million last year alone from people who had burnt, washed, damaged their notes in some way or even had it eaten by the dog. Don't think anywhere in your house is a 'safe place'. Get it in the bank!
To get a full refund you need to show evidence of the note, at least half of it and ideally with some main features intact. Visit the website for more information on the Bank Of England Mutilated Note service.
Do you really need Payment Protection?
Payment Protection Plans generally only seem to benefit the bank or credit card company that offers them. If you are applying for a loan, then by taking out the Payment Protection Insurance (PPI) policy on offer can almost double the loan. It is aimed to provide peace of mind just incase you are off work for any reason and cannot make your repayments.
Look at the small print to find out under what circumstances you will be able to claim on the PPI policy. Most times it is not very often, as some policies will not pay not in the event of pregnancy, an existing medical problem or if you are fired. others won't allow you to claim if you are self-employed or work in a family firm. It doesn't give many opportunities for you to take advantage of this insurance cover. A better way is to use the money you would have paid for a Payment Protection Policy and invest it into a high interest savings account, ideal for any unexpected emergencies.
How good is your mortgage deal?
Sticking with the same mortgage deal and repaying a mortgage with a standard variable rate can mean you may be paying over the odds each month. By taking a little time and making a little effort and looking into other deals, you could save yourself a nice bundle over the next few years.
Many standard variable rate mortgages offered by building societies and high street banks are generally not very competitive compared with other deals such as fixed mortgage rates, tracker rates or a discounted rate mortgage. Compare all the rates on offer through a comparison site like moneysupermarket.com to see if you can switch to a better deal. Just be careful about any early payment penalties that may be incurred and any set-up costs with a new lender.
Grab a bargain - but make sure it is one
Despite always looking for a bargain, people can still be easily deceived. Tell someone it's a bargain and they will believe you. That certainly seems to be the case for certain people, especially those who regularly buy on auction sites such as eBay and Tazbar. There used to be bargains galore, like a sunday car boot sale, but nowadays you have to be careful.
Comparing prices is the key. Don't believe everything you read. Just because it says it's cheap doesn't necessarily mean it is so. It is commonly seen with technology consumables such as laptops, mobiles and cameras and more recently with tickets for popular concerts and sporting events. Check competitor prices before you place a bid or buy and always add on the cost of postage - it may mean you end up overpaying on an item.
Con artists and cowboys
Make sure you check the references of any builder you are considering hiring. Before handing over any cash up-front, ensure he is who he says he is and that he can do the job to a high standard. Many people seem not to mind handing over large sums of money to strangers without really looking into their past work. If he cannot give you references from past clients, then get another builder - it's as simple as that.
Don't throw your money away by hiring someone who will do a poor job or use sub-standard materials to increase his profit. If you do hire someone, have a contract and pay in stages as he work is done to your satisfaction. Do not pay the final amount until all the work is complete and you are happy with it. There are plenty of rogue traders out there, don't get caught out.
Don't fall for the lottery scandals. It seems that many people still do, whether my post or email. If you are informed you have won a lottery you have never bought a ticket for, then you haven't won anything.
There are no lotteries that exist whereby you have to pay money in order to claim your winnings. Some people don't just send money in, but give their bank or card details to these con men who will try and get every penny they can. If this happens, you are extremely unlikely to get a penny back.
So if you thought it sounded too good to be true? It probably isn't true. Ignore it and save your money.