Car Finance Misselling 10 week deadline, reclaim £1,000s | Marital Disharmony | Slash Water bills
Jul 17, 2024
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Financial expert Martin Lewis discusses reclaiming money from car finance misselling within a 10-week deadline. The podcast also covers financial disagreements between partners, advice on balance transfer cards and loyalty, and tips on saving money on rising water bills.
Reclaim excessive car finance interest before 10-week deadline for potential refunds over £1000.
Resolve financial disagreements with partners through open communication, debt prioritization, and shared financial goals.
Utilize solicitors for carefully drafted wills, especially in complex family structures with stepchildren, to secure assets and prevent inheritance disputes.
Deep dives
Reclaiming Missold Car Finance on a Deadline
The Financial Conduct Authority is conducting an investigation into car finance misselling, with a deadline approaching. It focuses on reclaiming excessive interest charges due to discretionary commission arrangements. Customers who bought vehicles on finance between 2007 and 2021 may be eligible for refunds exceeding £1000 if they had such arrangements. The investigation aims to provide redress and rulings by the 25th of September may result in automatic repayments.
Resolving Financial Disagreements with Partners
Financial disagreements with partners, such as prioritizing debt repayments, can lead to disputes. The advice emphasizes focusing on clearing debts with higher interest rates first to minimize overall costs. Additionally, it stresses open communication, budget planning, and aligning financial goals to prevent conflicts and potential relationship strains. Discussing and resolving financial issues jointly is crucial for maintaining a harmonious financial partnership.
Importance of Solicitor-Drafted Wills for Complex Situations
Complex family structures, like blended families with stepchildren, necessitate carefully drafted wills to address potential inheritance complications. Legal guidance recommends utilizing solicitors for will drafting in such intricate scenarios to ensure clarity and legal validity. Free will drafting schemes, like Will -aid and Free Wills Month, offer affordable options for creating comprehensive wills with the necessary provisions to protect assets and secure inheritances for all family members involved.
Importance of Having a Will
Having a will, especially for individuals with children from previous relationships or significant assets like houses, is crucial to ensure that their wishes are carried out effectively. It is recommended to opt for a solicitor-drafted will to address complexities and potential challenges, as incorrect wills can lead to difficult situations and disputes after the individual has passed away.
Significance of Lasting Power of Attorney
In comparison to wills, lasting power of attorney is highlighted as even more essential, particularly in situations where individuals may lose their mental faculties due to various reasons like dementia or accidents. This legal tool allows appointed individuals to manage one's financial decisions in case of incapacity, preventing potential financial hardships and legal complications. Establishing lasting power of attorney is advised as a proactive measure to safeguard finances and ensure efficient decision-making in challenging circumstances.
Martin Lewis explains car finance reclaiming with the deadline just 10 weeks away.
The Tell Us this week is about financial disagreements you have with your partner and how did you resolve it, or are you still trying?
At the end we also look at how to beat the £100 rises coming on water bills.
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