Here are some financial facts that everyone could benefit from:
Door and window locks
Your household insurer may refuse to pay out for a burglary claim if you put the wrong sort of door and window locks on your insurance application. Ensure you are complying with your policy by checking what you have.
Your annual mileage
When you buy car insurance the insurer will want to know how many miles you drive each year, the more miles you do will put you more at risk of having an accident. If you really underestimate your annual mileage it could make your policy invalid if you were to make a claim.
Price comparison sites
We always recommend comparing prices with a direct quote. It isn’t always cheaper to buy a financial product through a comparison site. Apart from them taking a cut of the sale, which adds to the cost, they also don’t always have the best deal with each of the providers.
Most people aren’t aware they are still financially linked to their ex after they’ve divorced. The link will remain on your credit file indefinitely and cannot be removed until all joint financial commitments are closed. This will include things like mortgages, loans and bank accounts. Once these have been closed, you can then ask for it to be removed from your credit file.
The cost of rebuilding your home
When you purchase building insurance they will ask you how much it will cost to rebuild your home. Many people state the market value of their home but this isn’t correct as it’s usually less. Rather than paying more than you need for building insurance, why not use this calculator by the Association of British Insurers. You will need to register with them and have the floor size of your property to do this.
Dates of standing orders and direct debits
Knowing what dates these payments are due to be taken is the best way to avoid being hit with a hefty unauthorised overdraft fee. Many people find it easier to have all regular payments leaving their account on the same day. A quick phone call to your payees and your bank is all it takes to arrange this.
If you have worked for several employers over the years it’s easy to lose track of old company pensions you may have been paying into. The best way to track them down is through the Pensions Tracing Service.
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