When Did You last PROPERLY Check Your Bank Statements?
Since most of us get internet bank statements now, I'm guessing the answer is "not recently" or maybe even "never"!
I was going through a clients bank statements recently and noticed 2 direct debits for home insurance - one considerably more than the other.
I asked him about it, and he said he had changed provider a couple of years ago as his renewal quote on his old insurer was a lot higher.
Except, he hadn't actually cancelled the old one, and had been paying both FOR OVER TWO YEARS.
Because he didn't check his statements, he hadn't noticed.
Luckily, this story has a happy ending. We contacted his old insurer and by evidencing that he had been paying both policies for the last 2 years, they accepted that he meant to cancel and gave him a refund of his premiums.
Moral of the story: Keep a regular eye on those bank statements to make sure the same doesn't happen to you.
Willow Tree Financial Services