I saw a reminder a couple of days ago that money problems are not just about debts, loans and credit cards. Portsmouth police report that a man was invited to see a laptop computer that was for sale. He met two men in a car park at the rear of a store and from the boot of a car a top quality laptop was produced and demonstrated to him.

He was impressed with the computer and delighted to be told he could buy one just like it for only £600. He handed over the money and was given a laptop bag and told him there was one just like it inside. The sellers drove off with the money and when he opened the bag to look at his new laptop he discovered he had bought a laptop bag full of Potatoes!

It is an important reminder that not everyone is as honest as we would like them to be and we should all be cautious when someone offers us a deal that seems too good to be true. Always be suspicious if someone wants to sell you something but you have no idea who they are or where they live. There are plenty of people out there who will gladly con you out of your money.

Money Magic: Seven Simple Steps to True Financial Freedom (Quick Reads)

I wrote some months ago about problems with security of data at the land registry and the fact that people were able to obtain private data, copies of documents and were then able to transfer ownership of other peoples property to themselves.

That article is here…Who Owns Your House?

Action has been taken on these problems and users of the website and the land registry will be required to provide proof of identity.

“As from 3 March 2008 Land Registry requires evidence of identity when an application is made to register a:

• transfer
• lease
• mortgage, or
• discharge of a mortgage in paper form.

This change will apply to all applications to register one or more of the above transactions lodged on or after 3 March 2008.”

A very welcome improvement and we must hope this adequately closes off the loopholes that previously existed.

Money Magic: Seven Simple Steps to True Financial Freedom (Quick Reads)

The Royal Bank of Scotland has announced that it will start charging customers £12 if they fail to inform the company of a change of address before two statements have been sent out to their old address.

Lloyds TSB has announced that it will charge customers £35 per year if they don’t use their credit cards and they have also stated that they will require new customers to make a minimum of £100 in purchases when they take out a 0% balance transfer credit card.

All across the credit card industry charges and fees are rising. This follows the OFT ruling that credit card companies should reduce their default transaction fees to £12 or be taken to court by the OFT because the OFT considered charges in excess of this figure would be proved to be unlawful.

So, we have the credit card companies doing something that nearly everybody believed was unlawful being forced to comply with the law. So how have they responded? Like a spoilt child who has been told to stop doing one naughty thing they immediately go off and do something else almost as bad.

This demonstrates that the credit card industry, and perhaps this is just the tip of the whole financial industry, now feels they can do almost anything they like. Credit cards have become such an essential part of modern life that it’s hard for most people to even think about not using them. Over the years they have encouraged and enabled us to have what we want now, rather than saving up and having things in the future. They clearly believe that they are such an essential part of life that we will accept any price to continue using them.

Customer service used to be the name of the game within the banking & financial industry. Competition meant that they had to treat their customers with a certain amount of respect or lose them. Now it seems they don’t care. They want your money and if you are not prepared to give it to them in one way then they will find another way to get it from you.

Why is this? Because they make a lot of money from you using your credit cards. Look at the buildings in your city centre. Which are the biggest and smartest? The financial companies. They have so much money they can splash it about on swanky buildings and pay ridiculous salaries to their management. Interestingly, perhaps, they don’t pay the front-line staff particularly well which is another sign that they don’t really care about their customers or staff.

Where does all this money come from? Why you, of course. You are paying for this with your interest charges, default fees, foreign transaction fees and also now if you forget to inform the RBS that you have moved home.

The only person that really cares about you, in all of this, is you. Take charge of your financial life. Reduce your dependence on credit cards and you will save yourself a lot of money. Read about debt reduction here:- Debt Reduction. Make sure you are getting the best deal for you with your credit cards here:- Find Credit Cards.

It’s your money. Look after it.

Money Magic: Seven Simple Steps to True Financial Freedom (Quick Reads)