Transparency in finances crucial to avoid PPI schemes

Knowing where funds are going and how they are used is crucial to managing successful finances.

08:23 11 July 2013

Speaker John Bercow’s expenses were published recently and will continue to be published on a quarterly basis now. It is encouraging to see where funds are being spent and in what ways, so the public may have a say in the utilization of funding if necessary.

This is not always the case, as many of those who paid for years under the PPI scheme found out. Many people paid multiple years for a service they did not even realize they had. Here are a few ways to improve the level of transparency within your finances:

• Review bills—one of the ways people might have been able to avoid the PPI situation was by reviewing their bills and statements. Even small amounts add up and should be reported if you do not recognize or understand the charges or fees.

 

• Proper reporting—if you have asked one of your companies for copies of statements or other documents that you should have access to, and have been refused be sure to follow the proper reporting procedures as many did with the PPI situation. Proper and timely reporting will ensure the matter is thoroughly investigated.

 

• Record keeping—another way to ensure transparency within your finances is a little more work-intensive but generally a good idea. Any time you contact a company to discuss matters such as billing, PPI, or other concerns keep track of the date, time, number called, and name of the person you spoke with.

You may only get the first name of the person, but they might be able to provide an employee number as well. Also make a note so you can reference what was discussed on the call if you ever need to refer back to the documentation.

• Online—many people prefer to conduct business over the phone, but you might find it easier to conduct business online where you can see everything and print the page.