PPI Claim News - 5/7/2012
Loan claims: People 'should set up emergency fund'
People may wish to consider their options if they begin to struggle with bank claims and credit card charges.
Yvonne Goodwin, managing director of Yvonne Goodwin Wealth Management, said members of the public ought to set up an emergency fund.
Describing this practice as a "sound financial planning" principle, she pointed out it will enable people to cope with their outgoings, rather than having to make a loan claim and go into debt when unexpected expenses arise.
A savings fund can help older individuals deal with "increased costs", the specialist continued.
"It is true that bills have gone up quite a lot," she noted.
Other tools Ms Goodwin had previously described as good coping methods for people in debt include making lists of incomings and outgoings.
This should include bank charges, credit card claims and other expenses involved in the servicing of debt, she stated.
"If your incoming column is less than your outgoing column, then you have a problem," the expert added.
Samantha is a former banking assistant and has over ten years experience in retail banking.
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