How to Reclaim Mis-Sold Insurance Money03:04 - Saturday 23 February 2013 - In Category Money
What does PPI mean? What is all the fuss about and how does it affect you? Writes Winsome ‘Lyrical’ Duncan
PPI stands for payment protection insurance. Thousands of people are now claiming their money from mis-sold insurance on their loans – and so can you, here
The road to financial recovery can be a long one, so getting back money that’s owed to you can be a great start. Watch Martin Lewis’s video above, and also, see the points below to help you back into the black on your bank statements. These steps do take discipline, however if you are serious about becoming financially free, it will be worth it.
Step 1: Calculate how much you owe on your credit cards, loans, higher purchase and other debts.
Step 2: Call up your creditor and find out the APR on your account, then shop around online to see if you can get a better deal. Transfer your money preferably to a 0% interest for six months offer.
Step 3: Create a weekly or monthly budget with incoming and outgoing expenditure. This will enable you to track how your money is spent.
Step 4: If you are spending more than you earn you need to look at creative ways of cutting down on luxury items or magazine subscriptions.