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Now and again, I get offered a guarantee certificate or extended warranty for valuable purchases, such as electrical goods. But these warranties are often not worth the paper they are printed on if making the purchase via a credit card, as well as the rules as set out by the Consumer Protection Act. Credit Card Advantages You can save money on warranties on big purchases if you use a credit card. So long as the purchase is worth more than £100, and the down payment is at least £100, you are automatically protected against things a warranty would normally cover. Furthermore, the consumer is protected under the Consumer Protection Act which must offer a limited warranty with the product which must reach a certain standard and durability. Free Insurance for Valuable Goods But purchases with a credit card give free warranty against things not covered by the Consumer Protection Act. This “creditor debtor agreement” is set out under Section 75 of the Consumer Credit Act, which reads ...

When faced with insurmountable debt, the borrower will need to know the options available. Getting in touch with a non-profit debt counsellor such as National Debtline or the Consumer Credit Counselling Service will provide answers, but in simple terms, there are several clear cut choices. These are: Informal Arrangement with the Creditor Negotiating an agreement with the creditor on a payment plan follows no guidelines and depends upon the creditor concerned, the debtor’s circumstances and the amount owed. But basically, the debtor, (often with the support of a debt counsellor) will agree on the monthly amount to pay back and the time frame. The amount could be as small as £1 per month over any time period. However, the debt is often written off after six years. It must be borne in mind the creditor or acting debt collector may contact the debtor at any time to question whether there has been any change in circumstances. The debtor must issue a letter proving monthly disposable in...

Having witnessed how credit card debt can get out of control myself, I have learned that the only way to clear credit card debts is to face the debt monster, research into my legal rights and get help of the best debt counsellors. Credit Card Misery Credit cards have a good side and a bad side. The good is that they protect purchases of up to £100 under the consumer credit act, and that cashback cards are great for making money on purchases as well as getting perks. But borrowers are often seduced into borrowing more money and increase spending. What may at first be a convenience could spiral into massive arrears thanks to late bank charges, admin fees and borrowing rates that could make your eyes water. It is small wonder the borrower feels increasingly trapped and wishes it would all just fade away. Steps to Clear Credit Card Debts Only radical steps can put a stop to the credit card debt from snowballing out of control. The first is facing it. This means talking to a partner...

Credit cards get blamed for the worst debt, but it is possible to reverse their effect when earning money back for shopping with cashback credit cards. This can make bargains even cheaper, as I get money back every time I buy a holiday, an insurance premium or high street goods. Make Money from Credit Cards Imagine bagging a bargain in the high street, only to better it when getting more money through purchases? Well this is made possible through the very thing that can cause the worst debt, the credit card. But care must be taken when using them, as they can sting you if you don’t keep an eye on them. How Credit Cards can make you Better Off The dea works because credit card companies want consumers to spend, spend, spend and spend again. The incentive is rewards and cashback. The way this works is that every time the credit card holder spends money, money is given back. With craft and diligence, lots of money can be saved on big purchases, such as kitchen units, a big holiday...