Reckon we can all do with a bit of magic right now when it comes to boosting our bank account. Can’t promise a magic wand for a lottery or Premium Bond win, but you may have more special money powers than you think!
Here’s my top five and how to use them…….
Credit card protection
Pay by credit card for something with a price tag of between £100 and £30,000 and you get automatic legal protection if things go wrong.
Means the law’s on your side when it comes to getting a refund, as under Section 75 of the Consumer Credit Act, if goods or services are faulty, or the company you buy from goes bust, you can ask your credit card company for a refund.
Always speak to the company you did the deal with first, but if they won’t play ball, or gone bust, contact your card company and ask to make a ‘Section 75’ claim.
Turbo charge your pension pot
It’s not often the coffers of HMRC open up to dish out free cash, but they do when it comes to pension savings, which can mean more money to splash out on your future dreams.
HMRC give you a bonus, (in the form of tax relief), as a reward for saving. Means another 20% in the pot for every £1 you save, if you’re a basic rate taxpayer, and more if you’re a higher rate tax payer.
In hard cash; that means for every £100 in your pot; you only need to stick in £80 and the Government pops in £20.
Six years for refunds on faulty goods
You can get your money back, or get a replacement on faulty goods, for up to six years after buying them, under the Consumer Rights Act.
However beyond the first six months, it’s down to you to prove the fault was there from the start. But not as tricky as it sounds; as if there’s recall on the product, or you get a second opinion from an independent source; this can often do the trick.
I got a full refund on our last washing machine when it packed up after less than two years work. All I did was write to the top bod at the company I’d bought it from, pointing out I hadn’t been doing the washing for our entire street each week, (just three of us), and flagging up the Consumer Rights Act, and they gave me a full refund.
You’ve got ‘back up’
Celebrities usually have a team of ‘people’ to help them out, and so do you!
Some home insurance policies include access to free legal helplines. Means you can get advice on anything from disputes with the neighbours to redundancy rights and all for free!
Another trick to get legal advice at a snip, is to ask Citizens Advice for a list of local solicitors offering ‘fixed fee’ appointments. These are usually ‘one off’ 30 minute appointments at much reduced rates.
Turn a ‘DIY’ trip into five star package protection
I’ve left this one till last, as in the current climate; holiday travel is off the cards right now.
But when you can take a trip again; there’s an easy way to bag five star protection for your trip. Though of course you should still always pack travel insurance!
Booking a package holiday means more rights if things go wrong, which you don’t get when buying all the bits separately, like flights, car hire and a place to stay.
But no need to buy an ‘off the peg’ package. You can turn a ‘flight only’ deal into a ‘package’ simply by adding in one day’s car hire, (which may even be cheaper than a taxi from the airport), or a night in a hotel.
Magic money powers checklist
- Check rules and consumer rights here.
- Ok so it’s never going to be fun bedtime reading, but worth checking your home insurance policy as you may discover benefits you didn’t know you had!
- Need to complain? Here’s a short cut to the top! Find email addresses for top bods at big name companies here. Used this myself with super speedy results!