The Which? Money Helpline has won more than £500,000 in redress and compensation for its members from banks and other financial providers.
Since being launched in June 2009, the popular Money Helpline has been inundated with calls. Averaging around 70 calls a day, advisers have so far helped almost 23,000 callers with a range of personal finance issues, big and small. And by the end of May, they had helped reclaim a massive £504,058.
The majority of callers to the Helpline are after advice, information and guidance, but a few need a bit more help, and if necessary advisers on the Helpline will intervene on a caller’s behalf. Sometimes all it takes is one phone call, but at other times the adviser becomes more involved over an extended period of time.
The amount of compensation callers have got ranges from £50 for distress and inconvenience, to much bigger sums, such as the £38,000 one caller got back for a mis-sold investment.
Savings and investments
The Helpline gets calls about every category of personal finance including banking, investments, car, home and travel insurance, mortgages, tax and long-term care. And if the advisers can’t help, then the chances are they’ll know someone who they can refer callers onto.
The most popular reason to call the Helpline however, is for help with savings. In April 2011, almost a quarter of calls were about savings, in many cases from people wanting advice about what to do with their Isa allowance as one tax year ended and another started. Our eight advisers, all of whom are qualified financial advisers, were able to give advice about the best rates, how to transfer Isas and a range of other savings-related problems.
Which? Chief Adviser Rebecca Fearnley said: ‘This is a fantastic landmark for the Which? Money Helpline. To get back so much compensation and to have helped so many consumers in just two years is an incredible achievement and shows what an invaluable service the Helpline is providing’.
All Which? members have access to the Helpline with lines open from Monday-Friday, 9am-5pm. If you have any pressing financial issues and want to try the Helpline for yourself, then why not sign up for a one-month trail to Which? for just £1.
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