Time is more valuable than money. You can get more money, but you cannot get more time. So here are 10 ways to free up money quickly.
1. Consolidation: credit cards, loans, overdrafts can be consolidated into one single payment per month by consolidation. This could be via a loan or remortgage.
2. Equity release mortgage: a range of mortgage products that let you access the equity (cash) tied up in your home if you are over the age of 55. You take a lump sum, make no monthly payments. When you die the property is sold and the loan repaid.
3. Pension cash withdrawal: The April 2015 changes to pensions granted over 55’s the right to access their pension funds in a way that they choose. To take your whole pension pot as cash you simply close your pension pot and withdraw it all or part as cash.
4. Financial review: are you overpaying for your mortgage or life insurance? is your pension performing? get a full review of all your financial outgoings – mortgages, insurances, loans, pensions, investments – to see if you are on the best value deals and if money can be saved or raised.
5. Payment Protection Insurance: even if they are now repaid: check your credit card statements, finance agreements etc – if you were charged PPI and you believe it was mis-sold to you i.e. the policy cover was not properly explained, or was added without you knowing, or you were self-employed or out of work at the time – then you may have a claim. Read more.
6. Benefits check: are you claiming your fair share of welfare and tax benefits? try this free benefits calculator to find out (opens in a new tab).
7. Subscriptions and utilities: are you on the best deal with Sky? When was the last time you checked your mobile phone tariffs or your energy supplier – do they have better tariffs?
8. Full and final settlements: have you been a debt plan for longer than 12 months? Yes? Well write to them and ask if they would take a reduced offer to clear the debt or if you have been on a debt for years ask if they will write the debt off as you have no realistic chance of ever repaying it. I know people that have had huge debts written off – so it is worth price of a stamp!
9. Autopilot cashback: Did you know you can register you debit cards with Quidco and it will automatically catch cash back for you when use your card online and offline. £280 is the average annual cashback per user of Quidco. Once you register card thats it you are on autopilot! Register your card with Quidco here.
10. The grandparents + mum and dad: Are they going to give the tax man hundreds of thousands of pounds or have they optimised their estate for you (their beneficiaries) to cover the inheritance tax liability? Read more here.