Is a Friendly Society a Good Home for Your Savings?

Nick Saving Money, Investing reviews, sponsored post 7 Comments

If you’re looking for a home for your savings (or some of them), a friendly society might not be the first thought that occurs to you. Nonetheless, it may well be worth considering.

Friendly societies are one of a number of UK institutions called ‘mutuals’. These were originally set up by groups of people for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations.

Friendly societies today typically provide a range of savings and insurance services. Along with other mutuals, they are regulated by the Financial Conduct Authority (FCA).

Why Save With a Friendly Society?

One big attraction of friendly societies is that they are owned by the members themselves. This means any profits generated go to members (directly or indirectly) rather than shareholders, as is the case with banks.

A good example is Shepherds Friendly, which offers a range of savings, investments and insurance products. These include a highly rated Stocks and Shares ISA. There is a minimum investment in this of £30 a month or a minimum lump sum of £100.

The Shepherds Friendly Stocks and Shares ISA is an actively managed fund and rated medium to low risk. The fund invests in a mixture of UK and overseas company shares, property, government and company bonds, and cash deposits. Most of the fund is normally invested in stocks and shares for greatest growth potential, but at times of economic turbulence some may be switched to safer investments such as bonds and deposits.

Investors in the Shepherds Friendly ‘With Profits’ Stocks and Shares ISA receive an annual bonus based on how the fund has performed in the year in question. Shepherds Friendly say that this has worked out at 3% for the last five financial years after all management fees and costs are deducted. Members may also receive a final bonus when they exit their investment. Note that annual and final bonuses depend entirely on how well the fund has performed, and are not guaranteed.

As with all ISAs, any profits are free of income tax and capital gains tax. Everyone has an annual ISA allowance, which is currently a generous £20,000 a year. This may be divided as you wish among a Stocks and Shares ISA, a Cash ISA and an Innovative Finance ISA (IFISA). However, you may only invest in one ISA of each type per financial year.

A major attraction of the Shepherds Friendly ISA is that it is covered under the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. That means if the society were to collapse in a worst-case scenario, your capital would be protected and returned to you by the FSCS.

Bonus Fund

A further benefit of saving with a friendly society is that because of their special status they can offer additional tax-free savings over and above the ISA limit. In the case of Shepherds Friendly, you can save from £10 a month to £25 a month tax-free in their Tax Exempt Bonus Fund. This is also an alternative option if you have already invested in another Stocks and Shares ISA in the current tax year and are therefore excluded from the Shepherds Friendly ISA.

Voucher Offer

Shepherds Friendly are currently offering investors in their Stocks and Shares ISA a Love2Shop voucher worth up to £50 once you’ve made your first deposit. I’ve copied the actual amount you would receive for Stocks and Shares ISA investments below from the Shepherds Friendly website:

Many of the other financial products sold by Shepherds Friendly include a Love2Shop voucher as well – see this Terms & Conditions page on their website for more info.

Closing Thoughts

If you are looking for a home for some of your savings, Shepherds Friendly offers an interesting option. The society has over 100,000 members, so it is also one that is very popular.

The potential returns from the Shepherds Friendly Stocks and Shares ISA are higher than those currently on offer from banks, though not as high as the potential returns from P2P lending and property crowdfunding (among others). But those investment opportunities do of course tend to be riskier, and your money may not be as easy to access in an emergency. They are also not generally covered by the FSCS guarantee.

As with all stock-market-based investments, there are still risks involved, and past performance is no guarantee of what will happen in the future. Shepherds Friendly is at the lower-risk end of the spectrum, but you should still regard it as a medium to long-term investment (five years at least). With the Shepherds Friendly Stocks and Shares ISA, however, you can at least access some or all of your money at any time if you need it. As stated above, this is not the case with many P2P/property crowdfunding platforms.

As always, if you have any comments or questions about this post, please do leave them below. I’d also be interested to hear from anyone who has invested with a friendly society – be it Shepherds Friendly or another one – what your experience has been and whether you would recommend this method of saving to others.

Disclosure: This is a sponsored post on behalf of Shepherds Friendly. If you click through one of the links in it and make an investment, I may receive a commission. Please note that I am not a qualified financial adviser and nothing in this article should be construed as individual financial advice. You should always do your own ‘due diligence’ before investing, and take professional advice if in any doubt how best to proceed.

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August 24, 2019

Why Property is an Essential Part of the Retirement-Planning Jigsaw

Nick Pensions & Benefits property, sponsored post, pensions 20 Comments

Today I’m sharing some thoughts about the role of property in retirement planning. The post is partly inspired by recent research and insight from retirement planning specialists Just.

In association with Opinium Research, Just surveyed 4,000 adults from all over the UK to discover what they think and feel about property, including their views on owning versus renting, how property affects their attitude to their current and long-term financial plans, whether they thought of their property as a home or an investment, what impact property ownership has across the generations, and more.

When looking at those in their 50s, the research revealed that this age group turned out to be (in some respects anyway) the most pessimistic age group.

Survey Results

The survey threw up some interesting – and in some cases concerning – findings for the 50s age group. Key points arising included the following:

Whilst those in their 50s are building up towards retirement, half (47%) feel unprepared and hit a ‘pessimistic peak’.
Among homeowners who don’t feel prepared – not having enough to retire on (52%) and not having enough to do what they want (45%) is the biggest concern. Ranking these above other concerns such as debt and handing down wealth to their children.
1 in 4 (23%) don’t know how to fund long term goals. And this goes up to almost half of renters (43%), compared to 16% of homeowners
It has become noticeably more difficult to get on the housing ladder – and this affects over a quarter (26%) of people in their 50s, who are still renting.
The impact on retirement is one of the biggest concerns for those now unable to buy, as property remains a core component of household wealth.
Even those on the property ladder are struggling to juggle their priorities and plan for the future.

You can see more information about the survey, and other findings from it, on Just’s My Home My Future website.

My Thoughts

At the age of 63 I am a little older than this age group, but I can definitely relate to these findings, both in respect of my own experiences and those of friends and relatives.

I believe that property should play an important – and arguably essential – role in every person’s retirement plans. And owning your own property puts you in a far stronger financial position than if you are renting.

One obvious reason for this is that your property can be a source of extra money if and when you need it in retirement. This can work in a variety of ways…

If you own your property and have equity in it (i.e. its value its greater than any outstanding mortgage/s) you can release some of this by downsizing. By selling up and moving somewhere smaller and cheaper, you may be able to release a chunk of cash that can be used to fund major purchases and/or invested to provide you with extra income.
If you don’t want to move, you may be able to use equity release to access some of the money tied up in your home. At one time equity release had a slightly dubious reputation due to the risk of going into negative equity, but nearly all lenders now offer a No Negative Equity Guarantee (NNEG) which ensures a borrower can never owe more than the value of their home. Equity release is nowadays a well accepted – and increasingly popular – method for releasing funds tied up in a property. Modern ‘lifetime mortgages’ in particular offer great flexibility for drawing down funds when you need them, with repayment only required when you die or go into long-term care.
Another option for generating income from your home is to rent a room in it. Under the government’s Rent a Room scheme you can charge up to £7,500 a year in rental without having to pay tax on it. This can work well for people in family homes whose children have flown the nest.
Owning a property also presents other opportunities to generate money from it. An example is renting out your driveway or garage, which I discussed a while ago in this blog post.

For more information on using your property for money, check out this page from the Just website.

My Circumstances

I am fortunate in that I own my home outright. The mortgage I took out with my late partner Jayne was paid off around ten years ago with the aid of a modest windfall. I also have various pensions and investments.

No-one can see what the future holds, but knowing that I could potentially release a substantial sum from my home if the need arises is obviously reassuring – especially in case in my old age I have to go into long-term care.

The latter is obviously a major concern for many older people. A recent report from Just revealed that 88% of people who have organised long-term care for a family member said they were shocked at how expensive care is, and 75% were surprised by how little financial support the state provides.

Further Thoughts

One thing that struck me particularly in Just’s My Home, My Future survey was the number of middle-aged (and older) people who are still renting, often through necessity rather than choice. Just found that non-homeowners in their 50s tend to be those who haven’t been able to buy their home (43%) rather than those who haven’t chosen to buy (21%).

This is clearly a concern for those affected, and for society generally. These people will be cut off from an important potential source of income in later life. If they have to go into long-term care, much of the (considerable) cost may have to be borne by their family, who may or may not have the means to do so.

A serious discussion needs to take place about how social care in Britain is funded, and specifically the balance between what is paid by the state and by the individual. Government policy in this area has been mired in confusion for years – and with the current political turmoil over Brexit it’s hard to see the situation improving any time soon.

In the meantime, it’s clearly desirable for everyone to get on the property ladder as early as they possibly can, so they are able to build up equity in their home and access the additional cash and income property can provide in later life. Whilst it remains unclear how much any of us will need to contribute to the cost of our own care, having a source of money to fund this if needed is all the more vital.

As always, if you have any comments or questions about this post, please do leave them below. I would especially like to hear your thoughts if you are 50 or over on how you plan to fund your retirement and the role you see for property in this. Check out also the #MyHomeMyFuture hashtag for more about this subject on social media.

For further advice on planning for retirement, I recommend checking out the government’s Pension Wise website, which includes detailed information about pension saving. If you are over 50 you can also book a free telephone or face-to-face appointment with an adviser who will go through the options with you.

Disclosure: This is a sponsored post on behalf of Just Group plc.

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July 17, 2019

Need a Personal Assistant? Ask Remote Bob!

Nick Saving Money, Everything Else sponsored post 2 Comments

Lots of us need some extra help at times, but we don’t want the hassle (or expense) of hiring an employee. If that applies to you, have you considered using a remote (or virtual) assistant?

As the name suggests, remote assistants don’t work from their client’s premises. Rather, thanks to the power of the internet and electronic communications, they work remotely from another location, which might be an office or their own home.

They could therefore be based anywhere in the world as long as it has the connectivity required. For cultural and communication reasons, however, there are obviously advantages to using assistants in the same country or area.

So how do you hire a remote assistant? There are various methods, but if you want a simple, cost-effective solution, you might like to check out Remote Bob. This fast-growing company has offices in London and Croatia and offers a remote assistant service to individuals and businesses across the UK (and further afield).

So what services can you expect your remote assistant (or team) to offer? Here are just some of the services Remote Bob offers to individuals:

Planning holidays
Ordering groceries or food
Booking sports activities and hobbies
Organizing holidays
Searching for a new flat or apartment
Helping with online clothes shopping
Helping with picking restaurants
Filling in some forms on your behalf
Managing your household
Managing your lifestyle
Buying birthday presents
Managing personal budgets
Research on properties to buy

For entrepreneurs and businesses, the services Remote Bob offer include:

Supporting office teams and directors with general operational tasks
Scheduling and coordinating meetings, appointments, presentations, and other office-related events
Opening, sorting and distributing incoming electronic correspondence
Handling requests by answering questions and providing information and data
Organizing and scheduling travel arrangements
Booking conference calls, rooms, taxis, couriers, hotels, etc.
Developing and updating administrative workflow to improve efficiency
Preparing and modifying documents including correspondence, reports, drafts, memos and emails
Assisting in the preparation of presentation materials and agendas for meetings
Maintaining electronic filing systems
Resolving administrative problems and inquiries
Performing general accounting and bookkeeping duties
Examining and reconciling expense reports of office staff
Writing letters and emails on behalf of office staff
Maintaining up-to-date employee holiday records

The staff working at Remote Bob are all EU-based, thus minimizing any potential issues with time zones and significant cultural differences.

Remote Bob handle people management, regulatory arrangements and payroll, so you don’t have to worry about this. They say they only work with proficient, well trained and approved specialists, and pledge to deliver work on time and under budget.

Special Offer

Remote Bob are kindly offering Pounds and Sense readers a huge (36%) discount on their service. By clicking through this link you can request their Personal Assistant service for one month (five hours per week) for £320 per month instead of the normal £500. Just remember to enter the code SENSE2019 in the Discount Code box.

Note that completing the inquiry form does not create any obligation to buy. Clearly everyone will have their own particular requirements for their remote assistant/s, so Remote Bob say, ‘Talk to us, tell us about your goals, your worries and your hopes. We will then construct a customized route for all your needs.’ Only when you are fully satisfied with the proposed solution will you be asked to make any commitment to buy.

I would also highly recommend you spend a little time looking around the Remote Bob website, as this will give you a good idea of the range of services on offer and how the platform works in practice.

As always, if you have any comments or questions about this post, please do leave them below.

Disclosure: This is a sponsored post. If you click through a link in it and make a purchase, I will receive a commission for introducing you. This will not affect in any way the service you receive or the price you pay.

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July 2, 2019

Estate Planning – Why Everyone Needs to Think About It

Nick Pensions & Benefits sponsored post 0 Comments

Estate planning is a subject all Pounds and Sense readers will need to think about. This sponsored post explains why it is so important and the main points to consider.

What is Estate Planning?

Estate planning involves making a plan in advance for the management of an individual’s assets in the event of their incapacitation or death.

Nearly everyone, in some capacity, has an estate – it comprises everything you own. It can include assets such as your properties, cars, cash, jewellery, land, investments and savings.

The objectives of estate planning usually include:

– Outlining who your beneficiaries are
– Settlement of estate taxes, while minimising taxes, court costs and unnecessary legal fees
– Assigning guardians for your children if they are minors
– Naming an executor of the estate to oversee the terms of the will
– Outlining any funeral arrangements and preferences

Most estate plans are drawn up with the help of a lawyer specialising in estate law.

Standard Documents Used in Estate Planning

A will is (of course) the foundation of estate planning, but your plan may also include documents such as:

– Living Will: An advance decision allowing you to express your preferences and wishes regarding medical treatment, in circumstances in which you are not able to give your informed consent.

– Durable Power of Attorney: A legal document that enables the person you have appointed to make decisions and act on your behalf if you become incapacitated or mentally incapable of doing it for yourself.

– Life Insurance: A legal contract that states how much money the insurance company will pay to your loved ones if you die. It can help ensure that your family can cover funeral costs and pay off any outstanding debts you may have, as well as maintain their standard of living.

– Trusts: Created when ownership of assets is transferred to a trustee and instructions are provided for the trustee to use those assets for the benefit of a beneficiary.

The legal process of determining the authentication of a will is known as probate.

Estate Planning and Tax

Most individuals explore estate planning solutions that minimise the amount of tax their beneficiaries will have to pay on their estate. Government-imposed taxes will potentially reduce the estate’s value before the assets are distributed to beneficiaries. For example, when someone dies, Inheritance Tax (IHT) will need to be paid if the value of the estate is above £325,000.

To ensure that your assets will be distributed according to your wishes, there are important points to consider, such as:

– Inheritance Tax Exemptions: IHT normally doesn’t apply if the value of your estate (the property, money and possessions) is below the threshold, or if you leave everything above the £325,000 to your spouse, civil partner, or a charity.

– Donating to Charity: Giving to charitable organisations while you are alive can minimise the estate’s tax liability after death. The charitable donation won’t count towards the total taxable value of your estate; this is called leaving a charitable legacy.

The Best Time to Do Your Estate Plan

The best time to prepare is now – you can always put something in your plan now and change it at a later date. Many families are caught off-guard by an unprepared death or incapacity, and the added uncertainty of factors that would potentially be addressed in an estate plan can make the situation more stressful. Knowing you have prepared a plan that will protect your family and respect your wishes will give you and your family peace of mind.

No one likes to think about their mortality or the possibility of no longer being able to make their own decisions, but estate planning is a considerate and thoughtful thing you can do for yourself and your loved ones.

As always, if you have any comments or questions about this post, please do leave them below.

Disclosure: This is a sponsored post on behalf of TriplePoint Estate Planning Solutions.

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June 28, 2019

The Pros and Cons of Using an Online Will Writing Service

Nick Everything Else sponsored post 0 Comments

We all know how important a will can be for protecting your family. But not all of us get around to it: every year, thousands of people die intestate in the UK. According to one study, this costs bereaved families a collective £175 million in lost assets annually – not to mention the stress of untangling those estates.

If you’ve resolved to write your will this year, there’s a fresh crop of new online services that claim to let you do it quickly and easily from home. But is an online will right for everyone? Let’s take a look.

What is an online will?

An online will is a will that you make on a website, that’s all. The site will ask you questions about your family and your wishes, and use your responses to draft a legally-binding will. All you have to do is print it off and sign it in front of two witnesses.

The benefits of writing your will online

So why would you forgo the traditional solicitor and make your will online? Well…

Online wills are cheaper

Money Advice Service say that a simple will written by a solicitor usually costs between £144-£240. A similar will written using an online service can be much less. The best-rated online will service on TrustPilot, Beyond.life, charges just £90.

Special offers abound

On top of a cheaper initial cost, online will services often have additional special offers: Beyond offer couple’s wills (a will for you and one for your partner) for £135. An optional extra £10 a year subscription gets you unlimited new wills whenever you want, so you don’t have to pay hundreds in legal fees every time a grandchild is born.

Make your will in your own time

As urgent as making a will is, a lot of us don’t have days off to spare for visiting a solicitor. With an online will, this isn’t a problem. You can make a will online in 10 to 30 minutes. You can also do it from home or even in your lunch break.

On Beyond, the service lets you save your progress and log back in later as well – so you can make your will in dribs and drabs whenever you can spare the odd minute.

The drawbacks of making a will online

So that’s the pros taken care of – now for the cons. When is an online will not the best choice for you?

You can’t make complex requests

Online will services all make what’s called a ‘simple will’. This means you can use them to leave your money, assets and property to people, pass on gifts of belongings, choose guardians for your kids and pets, and select executors.

So far, so good. But if your affairs or your wishes are somewhat complicated, you will need a solicitor to sort out your will. For example, if you own properties abroad, have a difficult family situation, or if you’d like to set up various trusts.

A specialist will from a solicitor will cost upwards of £500, but it’s better to invest in that than try to use an online will to do something it’s not designed for.

You need to take care

Online will services use interactive tools to automate a certain amount of the will drafting process. This is why the will can be so much cheaper, but it also means that you have to make absolutely sure you’re giving the site the correct information. The site only knows what you tell it.

This isn’t a deal-breaker for most people. Just make sure you check and double-check all the names, dates of birth and contact details you share with the service. And follow the instructions on signing the will carefully.

You might not get to talk to a person

If you’re not comfortable with making a will without any input from an expert, an online will might not be for you. At Beyond.life, a dedicated team are on hand to advise you via live chat if you have any questions, and every will is checked by their team. But other online will services don’t always offer the same support.

Want to give an online will service a try?

You can see what it’s like to make a will online at Beyond: you can draft the whole will for free, and you’ll only be asked to pay if you choose to download it. Give it a try here.

Disclosure: This is a sponsored post on behalf of Beyond.life.

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June 4, 2019

Ten Ways to Save Money When Buying Carpet

Nick Saving Money sponsored post 2 Comments

Carpet isn’t something you buy every day, but when the time comes the cost can be substantial. Fortunately there are various ways you can save money on carpet without compromising on the things you want. Here are ten top tips to guide you.

Educate yourself on the different types of carpet available. There is lots of helpful information online. The more you know, the less likely you are to waste money on something that is unnecessarily expensive or just plain unsuitable.
In particular, get to know about carpet fibres, synthetic and natural. If you want a synthetic, nylon offers the greatest durability and resilience. However, it will also cost you the most per square metre. If you don’t need as much durability, alternatives such as polyester are cheaper and have other benefits, e.g. better stain resistance and eco-friendliness. Wool carpets are generally more expensive than synthetics but offer the greatest level of comfort and will retain their colour and elasticity for many years.
Shop around before you buy. This will give you a good idea of the options available and how much you can expect to end up paying. Don’t just go to the usual high-street and out-of-town stores, though. You may be able to save a lot of money by buying carpet online.
Think about how long you plan to go on living in your house. There is no point paying top whack if you expect to move on in a year or two. On the other hand, if you plan to put down roots, it clearly makes sense to buy good-quality carpets that will last a long time.
Although the obvious option would be to get the same carpet across the whole house, it may not be the most sensible. For rooms that get a lot of use, such as the lounge and master bedroom, clearly you will want carpet that is hard wearing as well as comfortable. On the other hand, with rooms that get less use, such as the spare bedroom, you can get away with something a bit cheaper and less durable.
If you are carpeting a small room or flat, you may be able to save money by purchasing offcuts or remnants. These are basically left-over sections of carpet at the end of rolls. They are usually discounted to clear, so can be great value if you can find something suitable for the room (or rooms) you have in mind.
Do as much of the preparatory work as possible yourself. In particular, move furniture out of the way before the fitter (or fitters) arrive. Most will move furniture for you, but they will charge you extra. If large pieces of furniture are too heavy for you to move, buy (or borrow) furniture sliders. You just slip these under your furniture and can then easily move large items around. Packs of reusable furniture sliders are available for a few pounds from Amazon.
You may also be able to save money by removing and disposing of the old carpet yourself. Take it up carefully, removing underlay and staples as well. Don’t remove the tack strips, though, as this could damage your floor (in most cases anyway the fitters will use the tack strips again). Taking the old carpet to the tip yourself can also save money, as commercial installers typically have to pay a fee for doing this.
Remember that as well as the carpet itself, you will need to pay for underlay, gripper rods, and so on. Be sure to get a fully itemized quote from your chosen supplier showing everything included as well as the total price you will have to pay. This should help to avoid any nasty (expensive) surprises later.
But finally, DON’T try to save money by fitting the carpet yourself, at least unless you have professional training and experience in this field. Carpet fitting is a skilled job, and if you make a hash of it you could end up wasting a lot of money as well as voiding any guarantees (which often stipulate that carpets must be professionally fitted).

Good luck, and I hope you save loads of money on your new carpet!

Disclosure: This is a sponsored post on behalf of Flooring Superstore, the UK’s leading online flooring specialist.

As always, if you have any comments or questions on this post, please do leave them below.

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April 19, 2019

Review: RING RTC1000 Rapid Digital Tyre Inflator

Nick Everything Else reviews, sponsored post 0 Comments

I was gifted this automatic tyre inflator from RING Automotive – a company specializing in this type of product – in exchange for publishing an honest review. So here are my thoughts about it.

The RING RTC1000 is not the first automatic tyre inflator I have ever used, but overall it is the best I have tried to date. It certainly beats the old foot-pump I used in bygone days, and is a lot more convenient (and probably more accurate) than the machines on garage forecourts. And once you’ve bought it, of course, it’s free to use!

The RING RTC1000 Rapid Digital Tyre Inflator is undoubtedly smart looking. I like the round, flat design, which makes it very stable.

It comes with a range of accessories, including adaptors for bicycle tyres, balls and other inflatables, and even a set of plastic gloves for keeping your hands clean. There are also some spare valve dust caps and a spare fuse. These are all useful, thoughtful additions, though it would be nice if there was a compartment somewhere within the device in which to keep them.

Using the RTC1000 is simple and intuitive. You plug it in to your car’s cigarette lighter socket (it was quite a tight fit in my Vauxhall Corsa) and turn on the ignition. You can then set the target pressure you want by turning the small dial under the display (see photo below).

If you prefer, you can change from the default PSI to Bars or kPA by pressing down the dial (see below). This will cycle through the pressure measurement options available.

Once you have attached the air hose to your tyre using the brass valve connector, the device then operates to inflate it to your target pressure. I found this quick and surprisingly quiet. I did, though, find that it stopped inflating just below the selected target figure. I would guess that this is a safety feature to allow for any possible margin of error in the measurement, but it is still a little frustrating. Of course, you can get around it by setting a target pressure slightly above what you actually want, but I don’t really see why you should have to do this.

On the plus side, the device has a small recessed area on top in which to put the valve dust cap while inflating the tyre. This avoids the scenario of putting a cap on the ground and having it roll away and vanish (we’ve all been there). There is also a built-in LED light, which is great if you need to check your tyre pressures in poor lighting conditions.

Another welcome feature is the long power lead, which winds up inside the unit. There is also a recess on the side in which the air hose fits, so everything is neatly out of the way when not in use. And it comes with a zipped grey carrying case as well.

Overall, I think the RING RTC1000 is a great piece of kit to have in your car, with some excellent features and accessories. It is also by a distance the most user-friendly tyre inflator I have tried. It is a pity about the minor niggles mentioned above, but they don’t seriously detract from the quality of the product. If you need an automatic tyre inflator that is quick and easy to use (and reasonably priced), it is well worth your consideration.

The RING RTC1000 Rapid Digital Tyre Inflator is available from all good motor accessory stores and online suppliers including Amazon.

If you want to know the many reasons correct tyre inflation is so important, check out this eye-opening article.

As always, if you have any comments or questions about this review, please do leave them below.

Disclosure: As stated above, this is a sponsored post. I was gifted a RING RTC1000 tyre inflator in exchange for publishing a review of it here. This has not affected my review in any way. All comments and opinions set out in this post are mine and mine alone.

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April 18, 2019

Guest Post: You Must Claim PPI before August 2019

Nick Saving Money insurance, events, sponsored post 0 Comments

There are under five months left for consumers to reclaim Payment Protection Insurance (PPI). 29th August 2019 is the official cut-off date for all people to submit PPI claims to their banks. This date was chosen by the Financial Conduct Authority (FCA) to encourage those who have not yet made claims to do so.

Since the announcement of the deadline nearly two years ago, thousands of people have made successful PPI claims. With the deadline approaching, if you haven’t yet submitted a claim, you must act now before August.

Do You Have a PPI policy?

The first thing to establish is whether you had a PPI policy. Most PPI policies were sold in the 1990s alongside mortgages, loans and credit cards, but some successful cases date back to the 1980s. As a general rule, the older the policy, the harder it can be to prove you were mis-sold PPI.

You may remember being mis-sold a policy. If this is the case, you will need to find the old paperwork with evidence of this. If you can’t remember whether you had a policy, old statements and documents should be able to highlight if this is the case.

On the paperwork, PPI may be listed under a few different names. Here are just a selection of the other names for PPI (this list is not exhaustive):

Accident, Sickness and Unemployment (ASU)
Account cover
Loan protection
Payment cover

If you can’t remember whether you had a PPI policy or you can’t locate the paperwork, there are a couple of ways to find out. You can either contact the bank or lender and ask if they have a record of any PPI policies attached to your previous accounts, or you can use the services of a PPI claims company.

There is no guarantee that the bank will have a record of previous PPI policies, but if they do confirm a policy, you can then submit a PPI claim. Alternatively, a claims company can investigate any old accounts and seek to identify policies on your behalf.

Claim PPI before August

Once you find evidence of your PPI policy, it’s time to make a claim. Again, there are two different ways to submit a PPI claim. You can make a claim yourself by contacting the bank or lender that mis-sold you the policy or ask a reputable PPI claims company to do it for you.

Whether you submit a claim yourself or use a PPI claims company, you must explain how the policy was mis-sold to you. Here are just a few ways that policies were mis-sold to customers:

You were told it was compulsory with your credit card, loan or mortgage purchase
You weren’t told about the policy — it was added automatically and without your knowledge and consent
The terms and conditions were not explained — this includes not being asked about medical conditions and employment
You were promised a lower price if you bought the PPI policy

If any of these apply to you, you could be eligible for a refund. You may also be eligible for a refund if you were charged a high level of commission. Due to a landmark PPI case, individuals can claim PPI if a policy had over 50% commission and this was not disclosed — even if you knowingly bought a PPI policy. This is known as the Plevin rule and means thousands’ more people can make PPI claims.

Some banks allow you to claim PPI online by submitting a form (though you may need to also send evidence with your application). For others, you will need to write a letter and complete any relevant paperwork. Once the bank has acknowledged your claim, it should respond with an outcome within eight weeks. However, be aware that some cases can take longer, especially if they’re older or more complex.

The alternative option is to use the services of a PPI claims company. Some essential details will be required for them to act on your behalf, but they will handle all communication with the bank. If you don’t have the time or don’t want to deal with the process yourself, it can be beneficial using a claims company. Always check the fees involved and read the terms and conditions.

What if Your Claim Is Rejected?

If your claim is successful, you’ll receive notification from the bank and receive the payment shortly afterwards. If, however, the bank rejects your claim, but you think that the decision is wrong, you can refer it to the Financial Ombudsman Service (FOS). The FOS will independently review your PPI case and either uphold the decision made by the bank or decide that you are due the PPI refund. It’s important to be aware that PPI claims at the FOS can take up to two years to be resolved due to a severe backlog.

Whether you remember having PPI or not, now is the time to check. In four months, you will no longer have the chance to reclaim PPI. Act now before it’s too late.

Disclosure: This is a sponsored guest post on behalf of Canary Claims.

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April 8, 2019

Get All the Latest Free Offers From Gratisfaction UK!

Nick Saving Money sponsored post, competitions 0 Comments

Today I wanted to let you know about a free website where you can discover all the latest free offers, voucher codes and flash bargains.

Gratisfaction UK is updated daily, every day, with all the latest UK offers, contests and giveaways. The main menu at the top of the screen has five tabs titled Home, Freebies, Flash Bargains, Voucher Codes and Hot. These are pretty self-explanatory, but here is a screen capture of the Freebies section at the time of writing.

As you can see, items are added on an hourly basis. If a particular offer appeals to you, clicking on Get Freebie will take you to a web page where you can apply for the deal in question.

If you don’t want to miss anything, you can also sign up to a free daily email newsletter. Just enter your first name and email address in the box at the top left of the screen. You can, of course, cancel at any time if you decide it’s not for you.

There are lots of great freebies at Gratisfaction UK. Some that particularly caught my eye included a free McDonalds activity pack for kids (perfect with the Easter holidays fast approaching!), a competition to win one of 20 free jars of the new Marmite Peanut Butter, and another competition to win one of five luxury Belazu food hampers. Just be sure to check they are still open, as many of the offers are time-limited and may close suddenly or expire. You snooze, you lose, as the expression goes!

In summary, if you like saving money and getting freebies, do check out Gratisfaction UK – and if you like what you see, sign up for their free email newsletter as well.

Disclosure: This is a sponsored post on behalf of Gratisfaction UK.

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March 29, 2019

SnapIt Glasses Repair Kit Review and Giveaway

Nick Everything Else events, sponsored post, competitions 0 Comments

All of us who wear glasses know how annoying it is when one of the small screws that hold the frames or arms in place comes loose and falls out.

Even assuming you can find the tiny screw, reinserting it is no joke, especially if your eyesight isn’t great (which of course is likely to be the case if you need glasses!).

So I was delighted to receive a free review copy of the SnapIt Glasses Repair Kit, pictured below.

The clever thing about this inexpensive kit is that it includes screws with a long ‘tail’ that are easy to insert into the spectacle frame. You then tighten the screw and snap off the protruding tail (hence the name, of course) for a perfect quick repair.

Here’s a step by step illustration of the process. Please excuse the fact that I used an old pair of glasses for this demonstration, so they aren’t exactly in pristine condition!

As you can see, I’m repairing an arm which has come loose. The first step is to insert the screw into the appropriate hole in the frame. You get five different screw sizes to choose from. The long tail on the screw makes doing this a doddle.

Next you use the little screwdriver provided in the kit to screw it in. Here’s a picture with a 20p coin beside it to give you an idea of the size.

It takes just a few moments to tighten the screw, so it looks like this.

Finally you just snap off the tail (easy again). Hey presto, a perfect repair!

Giveaway

As you can tell, I was very impressed with the SnapIt Glasses Repair Kit, so I was delighted to be offered one to give away to my readers. To enter the competition, just follow the steps on the Gleam form below. The more ways you enter, the better your chances of winning!

Win A Snapit Glasses Repair Kit #17

Terms and Conditions

Competition ends on 18th April 2019
All entrants must be over the age of 18 years
The prize will be sent directly to the winner
No cash alternative will be offered
Open to UK residents only
One random winner will be chosen
If your entries are found to be false all of your entries will be void and deleted
Your details will be used to contact you if you are the winner of the competition
The prize winner’s details will be passed on to the prize provider in order for your prize to be sent

Good luck in the giveaway. If you have any comments or questions about this article, as always, please post them below.

And if you are a company or agency interested in running a giveaway like this on Pounds and Sense, please do drop me a line.

Disclosure: This is a sponsored post on behalf on SnapIt, who were kind enough to provide a kit to me free of charge and are also providing the prize in my giveaway.

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