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CASE STUDIES
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Case Study 1
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Case Study 1 came to Money Makeovers wanting to save money knowing
that their household finances needed a makeover, but not knowing quite
where to start. Following a discussion over what they expected from
the service they were provided with a checklist of information that
they duly provided. Some email correspondence was required where
additional information was needed and Case Study 1 were assured
their information would be kept secure both in paper form in a locked
cabinet in a locked office and on a password protected computer with
an encrypted back up and wireless connection. Not all service areas
were covered as they were happy with their "iPhone mobile phone
contracts" and had just signed a new Phone/Broadband contract, and
supermarket shopping was something they preferred to do in person
rather than online. There were also a number of other products they
didn't include.
In total, savings of over £1100 per year were identified equivalent to having
to earn for a basic rate tax payer a further £1500 approx per year. These
included interest savings on credit cards of £525 per year, House Insurance
of £250 and Bike Insurance of £150. With these savings, and by supporting Case
Study 1 with understanding of their mortgage terms, they now have a clearer
picture of their household finances and feel more in control of them.
I was also able to identify potential income where they had been mis-sold
Payment Protection Insurance and a refund of Bank Charges. The cost of this
service including a report with all relevant links and contact phone
numbers and product details was £277.75.
©Nick Howard@Money Makeovers
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Case Study 2
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Case Study 2 came to Money Makeovers as a Director of a
Building Firm working long hours. He wanted to know he was
getting the best value for the products and services that
he was purchasing at home. Wanting to spend time with his
young family was a greater priority than spending long
hours on a computer making sure that, in his words, "he was
not getting ripped off."
A similar process was followed as that for Case Study 1. However, in addition I held
face to face meetings at the beginning of the service and at the end to ensure
that any questions on the report could be fully covered. Again, not all service
areas were covered, but he did take advantage of my Mortgage Redemption Fee
and Council Tax Band check to make sure no monies were owed to him from lenders
who might have overcharged him for administering his mortgages and that his
homes were in the correct Council Tax band.
In total savings of £1000 were identified on Digital TV, Phone and Mobile costs,
House and Life Insurance and Electricity. An analysis of Direct Debits also picked
up a cancelled insurance still being paid for at £24.98 per month for the previous
two years. A claim has been made for back payments of almost £500. A Mortgage
check also showed that despite drops in interest rates the mortgage company had
held off on dropping the monthly direct debit on Case Study 2's Tracker mortgage
resulting in overpayments of £400 per month on his account, a situation he
was unaware of and now allows him to decide whether he wishes to over pay
or use the money elsewhere. This service cost him £250 plus £125 when the
backdated insurance direct debit is refunded.
©Nick Howard@Money Makeovers
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