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20th September 2011  
In This Issue
Switching your bank account - what should you look for?
Joint loans; what happens if you split up?
Maintenance payments
SavvyWoman Savers
Greetings from SavvyWoman!

It's often said that you don't really know how good a company is until you have a complaint. If that's the case, there are some pretty ropey companies around. Last weekend I was in Manchester's Trafford Centre along with half a dozen others, giving free help to people as part of BBC Rip Off Britain.  

I spoke to people who had problems with their pensions, bank accounts, energy providers and those who'd bought faulty goods that the suppliers refused to acknowledge were faulty.   

In most cases those who came for help had already tried complaining (sometimes several times) but had often been fobbed off. If you're not happy with a company, read my tips on how to complain effectively.  

 

SAVVY TIP: If you don't get anywhere with your complaint, get help from an organisation such as Consumer Direct,  the Legal Ombudsman (if it's about a solicitor or legal professional) or the Financial Ombudsman Service. 

 

One of the issues that came up several times was around delays to annuity payments, so I've written an article today about when you need to think about your retirement options and how long the process may take.  

 

Also in this newsletter, improvements to the process for switching your bank account are planned for 2013, but what's the system now? And if you've taken out a loan with your partner, who pays if you split up?  

 

I'm delighted to be able to tell you about two new sponsors; the free to use Money Advice Service is sponsoring the Ask the Expert, savings accounts, state pension and education costs sections of SavvyWoman for the next few weeks. Have a look at their financial healthcheck if you've not already done so (it'll take about 10 minutes to fill in).

 

And a consumer information website called Payourway is sponsoring the 'shopping around' section of SavvyWoman. The Payourway website has user-friendly information on different payment options, including a useful glossary.  

 

You can read more about 'how we make money' on the website - but as ever, editorial will continue to be independent.  

 

Last but not least there are some great SavvyWoman Savers - this time from Loch Fyne, Travelzoo, Sainsbury's and InStyle magazine. 

 

Switching your bank account
Have you ever switched to a different bank? The chances are you've been with the same bank for years, if not for all your adult life.

Research shows that many of us either don't see the point of switching, think it will be a lot of hassle (or go wrong) or don't know which bank to switch to.

An Independent Commission on Banking published a major report last week and has recommended that it should be easier to switch banks from 2013.

The big difference is likely to be that the bank you're moving to will be responsible for making sure everything goes smoothly and that your direct debits and standing orders will be 'redirected' to your new bank after you've moved accounts.

SAVVY TIP: If you're thinking of switching accounts, find out if your new bank will keep you informed of any delays and if it will give you a free overdraft so you don't rack up charges if direct debits are transferred before you've paid money into your account.

You can read my article about switching bank accounts and  find out which bank may suit you by looking at SavvyWoman's top deals (provided by Moneyfacts). 

SAVVY TIP: If you're thinking of applying for a mortgage or credit in the next six months or year, don't switch bank. Your credit score will be damaged if you've switched your main current account recently. 
Joint loans
Recently I've had a number of emails from women who've taken out loans with their partner and who've been left to pay the whole lot when they've split up.

In most cases, where their ex has promised to pay their share, the money hasn't materialised. Be aware that when you take out a joint loan, each of you is responsible for the whole debt (and not just half of it). There's more information on this in my article about joint debts.

SAVVY TIP: Banks have a responsibility to deal with their customers sympathetically if they're in financial difficulty, but that doesn't necessarily mean they'll let you separate the loan.  Read what SavvyWoman's experts have to say in their advice.

Maintenance payments
The vast majority of couples who get divorced don't receive ongoing maintenance payments for themselves (as opposed to child support), but in some cases that's exactly what happens.  One thing that confuses many divorcing couples is how long it should be paid for and when it can change.

You can read more about when maintenance payments may stop or change in my article and you can ask David Allison, a divorce lawyer with Family Law in Partnership, a question about maintenance via the 'ask the expert' section.

 

News in brief

Nationwide Flex Account
Nationwide says its Flex account customers will now be able to get free European travel insurance up to age 75. Until now the age limit has been 65 for new customers and 75 for existing customers.

From tomorrow the upper age limit will be 75 for both new and existing customers. 

SAVVY TIP: You'll only qualify for free travel insurance if you use the Flex account as your main bank account, which means transferring your direct debits, paying in £750 a month and having a Visa debit card. The Flex account is free and doesn't charge a monthly fee.

Better rights for consumers
The government plans to introduce a new bill of consumer rights which will clarify the existing law and give consumers who've been the victim of aggressive sales practices better rights to cancel their contracts.

At the moment, although consumers have good protection in many areas of the law, there are grey areas and some laws give rogue traders too much wriggle room.

Just the ticket...or not
Research by Which? has found that many people don't know the rules around the different types of train tickets (for example over 60% didn't know that Advance tickets weren't refundable).

SAVVY TIP: My tip is not to assume that 'peak time' means the busy rush hour (in some cases it can last beyond 11 am). Different train companies define 'peak times' differently so check before you book your ticket.

SavvyWoman Savers 

Buy the October issue of InStyle magazine - currently on the shelves - you'll find up to £100 of savings at selected retail outlets with free £10 vouchers.   

 

The £10 vouchers are for: Karen Millen, Hobbs, Reiss, Nine West, Urban Outfitters, American Apparel, Nails Inc and Banana Republic. In some cases there's no minimum spend, but conditions and validity dates vary.  

 

The offer mostly applies to full price items and - depending on the retailer - may or may not extend to concession stores, online or gift vouchers. See Stylist magazine for full details (or see subscription offer below).

 

If you like Planet, Precis (for women under 5' 3") or Windsmoor, you might be interested in the online outlet store justlastseason.co.uk , which has reductions on knitwear, skirts and dresses among others.  

 

Seafood lovers may be tempted by a two course evening meal for £9.95 at the nationwide group of Loch Fyne restaurants (except the Cairndow oyster bar). The offer lasts until September 29. 


If Italian food is your thing you can download a voucher from Zizzi restaurants for two courses from the regular menu for £10.95. Not all restaurants are participating and terms and conditions vary according to the restaurant so check on the website first.

 

I hate to mention Christmas when it's still September, but if you're planning ahead, Ragdale Hall spa in Leicestershire has  a "bring a friend for free" offer on selected dates during December and January.

Pay the single occupancy room rate on the nightly residential stay tariff and you'll get one treatment included (although your friend doesn't!). Not available in conjunction with any other package or offer. 

 

If a luxurious Paris hotel, rather than a health spa, is your idea of a treat, you could save up to 60% off the regular price of a room and breakfast in selected hotels (including Concorde Opera and Concorde LaFayette) on certain dates from 19th October to 23rd February.   

 

The deals are available via Travelzoo and you have to sign up to their email newsletter to see them.  

 

And if your barbecue has seen better days it's a good time to get cut price barbecues and garden furniture. Sainsbury's has a range of barbecues, kids' toys and garden furniture from less than £10 to £100 or more (with savings of 25% to 70%). 

Finally, it's your last chance to use the SavvyWoman offer of up to 52% off a subscription to selected IPC magazines, including InStyle, Marie Claire, Woman & Home and Ideal Home as the offer runs out on September 27th.

 

 

SavvyWoman will be celebrating its second birthday on September 25th, so in the next email update I'll have news of special birthday offers for subscribers who recommend a friend to sign up. 

Meanwhile do 'like' SavvyWoman's Facebook fan page or follow me on Twitter and  let me know if there are subjects that you'd like me to write about.

Finally, just a reminder that I don't get any payment or commission from companies whose offers or vouchers I tell you about. If I think they're worth mentioning, I'll include them and if I don't, I won't. It's that simple.  
 
With best wishes,

Sarah

Editor, SavvyWoman