How Often Do You Check Your Statements and Receipts?

How Often Do You Check Your Statements and Receipts?

One of the more interesting aspects as we move towards a cashless society is the idea or hard concept of receipts.

Cashless payments are overtaking cash payments, and with this comes the inevitable loss of ATM’s, and also the use of more and more contactless payments.

We are moving to a world of ease, easy payments, just touch and go, contactless just waive our cards, make payment and quickly be on our way.

Digression: Has anyone noticed lately when they make payment at a till the cashier asking if you want a receipt?

This can be a contactless payment, chip and pin, even cash (the sordid stuff), no matter how you pay for a purchase, they ask you, do you want your receipt.

And “us”, being the “green” folk that we are, not wishing to see any more Amazon Rain Forest trees be chopped down all for the sake of pulp and paper say, no thank you.

So we wander off aimlessly with our purchase in hand, thinking we have been green, not used any paper, and also have been of the modern age and used plastic to pay for our purchase, and in general, feel good about ourselves.

But yet, we have made a huge error in our concepts of how to live our financial lives.

We have not receive immediate feedback from our purchase in the form of a receipt, and I dare say, we probably did not log onto our online banking or credit card statements to check and insure all is well with our accounts.

I dare say.

Why this digression….read on….

Statement Errors

My immediate and soapbox stance digression is to prove a point.

We are now living in an immediate and quick world; payments by waiving a card past a terminal, and also by having our card details already logged in an account online.

You want a coffee on the go, you will wait longer for the Barista to write your name on the cup, and make your cafe, mocha, latte, frapawhatever, then it takes to pay for it, or for you to check the amount you are charged is correct.

And is the amount you have been charged correct?

And if it is or it is not correct, how will you know?

We can pay immediately and quickly, so we need to check our statements and accounts just as immediately.

How Immediate Are Our Financial Transactions???

So you may ask yourself, OK, I make a purchase, how quick does the money come out of my account?

Pretty, pretty, quick. Like now, like right at the moment. It may not be actually debited, but it is a pending transaction, and the money is on hold and you no longer have access to it.

There was a gentleman in Manchester who purchased a £5.50 bottle of beer, and was charged £55,000….yes that is right fifty five thousand pounds!

He did not check his receipt, but felt something was a miss. Then sure enough, £55,000 was taken from his account.

Suppose he, you, us, did not have £55,000 in our account, then what?

I don’t think the bank would arrange an immediate overdraft to cover just the one bottle of beer.

Visa made a statement regarding the incorrect charge and stated it is important to check your receipts and statements, that is like Sherlock Holmes telling Dr. Watson he lives at 221B Baker St, but Visa in a statement said, “Visa does not make decisions to authorise payments. It is the responsibility of a cardholder’s bank who will make a decision based on a number of factors including the funds available.”

“We will work with both the cardholder’s and merchant’s banks to help resolve this error.”

The moral of this little tale:

Get your receipts, take the small piece of paper, review them before you leave where you have made payment, and insure they are correct.

Lest you pay £55,000 for a glass of ale.

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<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”” data-mce-href=””>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”” data-mce-href=””>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”” data-mce-href=””>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.