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FLEX YOUR
FINANCIAL
MUSCLES
WITH Olympic and Paralympics athletes from around the
world competing in the games
this month, now is the perfect
time to give your finances a
workout and aim for a medal
in money management.
The Asian Today spoke to
the Financial Ombudsman
Service – the free service with
the power to sort out problems between consumers and
financial businesses – for some
training tips for fitter finances.
CALENDARS AND
CATALOGUES
Busy account? Don’t get
caught out. Keep a note of the
dates any regular payments
are due to be paid, and make
sure you have enough money
available. Some payments,
like those to catalogue companies, debit your account every 28 days which means your
payment date will shift each
month – keeping an eye on it
can help you stay ahead of the
competition.
KNOW YOUR
CREDIT RIGHTS
Using credit to buy goods
or services can provide extra
protection if something goes
wrong, for example, if the goods
or services you have paid for
don’t turn up or aren’t of the
agreed standard. These rules
only apply in certain circumstances, but if the conditions
are met, you might be able to
get your money back from the
company that provided you
with the credit.
COOLING OFF
If you’ve been too quick off
the mark buying a financial
product don’t panic! Many
credit agreements and insurance policies have ‘cooling off’
periods, when you can cancel
if you change your mind. However, there may be exceptions
– so it makes sense to check
what your rights are before you
sign up.
FINANCIAL HURDLES
If you’re facing a financial
problem, the best approach is
to tackle it head on! The good
news is many money problems
can be avoided if you flag up
the problem with the business
involved early on. And if that
doesn’t work the ombudsman
can help you focus on the finish line
SPREAD THE RISK
If you’re considering investing your money, take some
time to think about how much
risk you’re willing to take.
While
riskier
investments
could bring bigger rewards,
these aren’t guaranteed. Don’t
take a chance if you can’t afford to risk your capital.
Keeping on top of your cash
can take a weight off your
mind – and with less pain and
more gain, you may find you’re
on top form for the summer!
If you find you have a moneyrelated problem, just tell the
business what’s gone wrong
– they should be able to sort
things out. But if you’re still
not happy, the ombudsman
may be able to help on 0300
123 9 123 or
www.financial-ombudsman.
org.uk.
AUGUST 2012
ASIAN
THE
TODAY
7