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MSE News: Households ripped off by £430 each year, report says

Former_MSE_Darryl
Former_MSE_Darryl Posts: 210 Forumite
in Debate House Prices & the Economy
"Every household is being ripped off to the tune of £430 a year by financial firms, according to a new study ..."
Read the full story:

Households ripped off by £430 each year, report says

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Comments

  • Jew
    Jew Posts: 276 Forumite
    So what kind of things are people getting ripped off on with banks and direct debits?
  • Azari
    Azari Posts: 4,317 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Isn't it funny how whenever a party is in opposition they are all in favour of enhanced consumer protection but once they get into power it suddenly becomes completely unimportant?
    There are two types of people in the world: Those that can extrapolate information.
  • Mobeer
    Mobeer Posts: 1,851 Forumite
    Part of the Furniture 1,000 Posts Academoney Grad Photogenic
    How is "every household" being ripped off by the same amount?
  • Pincher
    Pincher Posts: 6,552 Forumite
    1,000 Posts Combo Breaker
    There was a bizarre story, in Rip Off Britain this morning.

    Some car dealer was taken to court, and didn't even turn up.
    Judgement for the victim, who should get their money back.
    They hired some bailiffs to try to collect, but they were faced with 7 foot walls with a gigantic dog in the garden, so couldn't gain entry.

    It's like watching a movie ending with Hitler marching up The Mall.

    The story then ended with a whole list of useless "precautions" that wouldn't have helped if the victims knew them backwards. The law TOTALLY failed to protect them before and after the fact.

    The even more bizarre thing was, Angela Ripon said they really do get results in a different segment of the program.
  • michaels
    michaels Posts: 29,356 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I think this is true - consumers (i.e. you and I) are not smart enough to know what we should want and to buy it at the right price. I propose the govt give us vouchers which lets us purchase the things they have decided are best for us directly from the govt store (so there can be no price differences).
    I think....
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    Unfortunately it assumes people have access to perfect information and an infinite amount of time in which to research all the options.

    Most people are lazy and will usually just stick with their current options or their preferred bank because that is what they have always done.
    Thinking critically since 1996....
  • sheffield_lad
    sheffield_lad Posts: 1,990 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    hey look at the likes of us we know about Martins site and almost all of us Will be pretty savvy. If others can't be bothered its there look out. I don't like the 'rip off' phrase though, if you walk into Morrison's and pick up the most expensive loaf of bread that's your own fault, especially if you cant be bothered to reach for the one on the next shelf which is on offer.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I know I'm not ripped off that much .... because I don't have that much spare to be ripped off by.
  • Pincher
    Pincher Posts: 6,552 Forumite
    1,000 Posts Combo Breaker
    PasturesNew wrote: »
    I know I'm not ripped off that much .... because I don't have that much spare to be ripped off by.

    It's the poor that pay more.

    The If you only have 10% deposit you pay more than somebody with 40% deposit for mortgage.

    Pre-payment meter costs more.

    People who buy old bangers end up spending time and money to fix them up.

    People who live on council estates get more break-ins to their house and car. Consequently they also pay more for insurance.

    They can't get personal loans so they go to loan sharks.

    I worked out why a friend never buys in bulk, which I do a lot: he hasn't got the money for it to sit on shelves. The consequence is he gets a lot less in quantity and quality for the same money.
  • sheffield_lad
    sheffield_lad Posts: 1,990 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Pincher wrote: »
    It's the poor that pay more.



    Pre-payment meter costs more.

    PP meters are an absolute godsend for a lot of the poor in society, its amazing how quickly the usage drops when there is a direct connection to money especially with the younger generation.
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