New Year, new money you

21 December 2015

New Year, new money you

Finances can sometimes feel a bit tight after Christmas but this makes it the perfect time to take stock of your banking requirements, says Banking Ombudsman Nicola Sladden.

“It’s holiday time for many people, which may mean you have time to consider your finances and make sure how you’re set up is still fit for purpose.

“We recommend you regularly check what’s going on with your accounts to make sure they are operating as you want them to. It may be that your circumstances or priorities have changed over the past year or so and you may need to tweak things to make the most of the money you have.

“Unfortunately, we receive complaints every year from people who have forgotten or never really knew what they were signing up for, and come to us when they encounter problems or are disappointed with their balances,” Ms Sladden said.

The start of a new year can see an increase in complaints relating to hardship.

“I urge people who are worried about their finances to contact their bank as soon as possible. Some hardship-related complaints we investigate might have been resolved earlier if the complainant had told their bank of their financial difficulty.

“Banks can help customers through hardship and financial difficulty, but it’s important they know before problems get too serious. Consumer credit contract legislation has recently changed and while a bank doesn’t have to assist you it is required to consider doing so,” Ms Sladden said.

Tips to consider in your New Year financial shake-up:

• look ahead and plan for all eventualities before making decisions as your circumstances could change

• make a commitment to manage and monitor your accounts closely and know what’s available to spend at all times

• look after your cards and PINs and report any problems as soon as possible. If a bank has evidence you haven’t been careful enough you may end up out of pocket if you’re the victim of fraud or theft

• make sure your contact details are up to date at the bank

• if you’re considering helping somebody out with their debt, take independent advice and if you’re looking at investing yourself, do your homework

• come to the Banking Ombudsman Scheme if you think something’s not right. You have the right to complain.

See our Quick Guides on Hardship and financial difficulty and Concerns about lending decisions, and How credit law changes affect banking.

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