On 18th February the Citizen’s Advice Bureau said that consumers are losing about a tenth of their earnings through problems with faulty goods, bad business practice and poor service.
They revealed that £1 in every £10.60 earned was lost as a result of poor practice and there has been an increase in the number of clients approaching Citizens Advice with all types of debts. Here at CUNA, this is where our financial insurance products really show their worth.
With the rise in consumer debt, it is essential to purchase some form of protection for your financial products. Our debt waiver product, which comes free of charge from the Credit Unions we insure, ensures that if you suddenly experience a change in your financial circumstances, you do not have to pay back your loan or mortgage for up to 18 months. This can be a life saver when your financial circumstances dramatically change.
The report also found that some firms are using hidden terms and unfair cancellation policies which could leave you facing an unexpected shock, which as our Financial Fragility and Confidence Report shows, 39% of people would be unable to meet.