0:00:02 > 0:00:06We asked you to tell us who's left you feeling ripped off.
0:00:06 > 0:00:09I think this is very, very, very wrong for what they have done.
0:00:09 > 0:00:13The bank piles charges upon charges upon charges.
0:00:13 > 0:00:14Legally, it was right.
0:00:14 > 0:00:18Morally, that's where the question of doubt comes in my view.
0:00:18 > 0:00:22And you contacted us in your thousands, by post, email,
0:00:22 > 0:00:26even stopping us in the street.
0:00:26 > 0:00:28And the message could not be clearer.
0:00:28 > 0:00:31You don't get a straight answer, they're trying to fob you off.
0:00:31 > 0:00:32I'm not happy at all.
0:00:32 > 0:00:36There's always that small print that's got the clause in that you didn't realise.
0:00:36 > 0:00:38We're being ripped off, big time.
0:00:38 > 0:00:41Whether it's a deliberate rip off, a simple mistake,
0:00:41 > 0:00:46or a catch in the small print, we'll find out why you're out of pocket
0:00:46 > 0:00:48AND what you can do about it.
0:00:48 > 0:00:51Keep asking the questions, you know, go to the top if you have to.
0:00:51 > 0:00:54We get results, that's the interesting thing.
0:00:54 > 0:00:58Your stories, your money, this is Rip-Off Britain.
0:01:01 > 0:01:07Welcome to Rip-Off Britain, the programme dedicated to helping you make every penny count.
0:01:07 > 0:01:09These days, that's more important than ever.
0:01:09 > 0:01:13But you've been telling us that some companies don't always make things easy.
0:01:13 > 0:01:18Absolutely right. So we're here to make sure that every time you sign on the dotted line,
0:01:18 > 0:01:21you know exactly what you've agreed to.
0:01:21 > 0:01:25And what, indeed, the circumstances could be if things go wrong, which they do.
0:01:25 > 0:01:28Exactly, which is why today we're going to be looking at an issue
0:01:28 > 0:01:32on which we've received more correspondence than anything else,
0:01:32 > 0:01:34and that's problems with debt and loans.
0:01:34 > 0:01:38And in particular, those companies that have sprung up
0:01:38 > 0:01:40promising that they can sort everything out.
0:01:40 > 0:01:44But as we've learnt, sadly all too often, they just make things worse.
0:01:46 > 0:01:51Also coming up on today's programme. Is it too easy to get a loan?
0:01:51 > 0:01:56When you hear how many this man was able to take out, you may think, "Yes."
0:01:56 > 0:01:59I contacted the company and they started talking
0:01:59 > 0:02:05about the default process, how it would affect my credit rating, how I would risk doorstep collectors.
0:02:05 > 0:02:08And how we solved some of your problems face to face
0:02:08 > 0:02:11at the Rip-Off Britain pop-up shop.
0:02:11 > 0:02:15I can be pretty confident that this problem will have dropped off your file,
0:02:15 > 0:02:20because these late payments only stay on your file for a limited amount of time.
0:02:20 > 0:02:22Here's more of your stories.
0:02:22 > 0:02:27Now, it's estimated that as much as 2% of the population regularly
0:02:27 > 0:02:32uses what seems to be the quick-fix money solution of a payday loan.
0:02:32 > 0:02:37The number of people taking them out has quadrupled in recent years, and they're still on the rise.
0:02:37 > 0:02:40So you can see why some people have questioned
0:02:40 > 0:02:43whether they're just too easy to get hold of.
0:02:43 > 0:02:45A position you may well agree with
0:02:45 > 0:02:51after you've heard just how many loans one man was able to get hold of without any bother at all, really.
0:02:54 > 0:02:59Sometimes, keeping your cash flow on the right track can be quite a ride,
0:02:59 > 0:03:04and it can be incredibly frustrating if you know that although payday will soon arrive,
0:03:04 > 0:03:07you need to get your hands on your money right now.
0:03:07 > 0:03:12That's the situation Steve Perry found himself in in the summer of 2009.
0:03:12 > 0:03:15He needed £200 to stay afloat
0:03:15 > 0:03:19and decided that a payday loan was the way forward.
0:03:19 > 0:03:22When I took out the first payday loan, I was in full-time employment
0:03:22 > 0:03:25at the time and I had no real concerns that there would be
0:03:25 > 0:03:26any problems with it.
0:03:26 > 0:03:32The interest rate at the time didn't really concern me. It was advertised as something-thousand per cent.
0:03:32 > 0:03:35But I just saw it as 30-40 quid on top of what I was borrowing,
0:03:35 > 0:03:36and that would be it.
0:03:36 > 0:03:40Payday loans do exactly what they say on the tin.
0:03:40 > 0:03:45They're meant to be a temporary stopgap for people who have cash flow problems
0:03:45 > 0:03:50and want to get hold of some money to see them through until payday.
0:03:50 > 0:03:56But after Steve paid his loan back, he was left with a shortfall in cash for the coming month.
0:03:56 > 0:04:02So he got another loan, this time for the higher price of £315.
0:04:02 > 0:04:06It was so easy the first time round, the account was already set in place
0:04:06 > 0:04:09so I felt it'd be just as easy the second time round to borrow again.
0:04:09 > 0:04:12But Steve's fortunes were about to change.
0:04:12 > 0:04:16He sadly lost a job as a call centre administrator, and was out of work
0:04:16 > 0:04:23for three weeks before starting another, which meant he couldn't meet the payday deadline on his loan.
0:04:23 > 0:04:27As soon as I realised that there was going to be a problem with finances,
0:04:27 > 0:04:29obviously I was concerned straight away.
0:04:29 > 0:04:32I contacted the company and they started talking
0:04:32 > 0:04:39about the default process, how it would affect my credit rating, how I would risk doorstep collectors,
0:04:39 > 0:04:44and after having a history of pretty bad credit, it was like, "Oh, my God, here we go all over again."
0:04:44 > 0:04:45It was pretty terrifying.
0:04:45 > 0:04:53The loan company agreed to give Steve more time, but because he'd gone over, he'd racked up £75 in interest,
0:04:53 > 0:04:59which he couldn't afford to pay. So what Steve did next started him off on a merry-go-round of borrowing,
0:04:59 > 0:05:03which was to have devastating consequences.
0:05:03 > 0:05:08I made a stupid decision, I took out a second payday loan of £160
0:05:08 > 0:05:11with another company in an effort to pay off the first one.
0:05:11 > 0:05:15All of a sudden, I found myself with two, totally separate payday loans.
0:05:15 > 0:05:21Before long, Steve's financial problems were spiralling out of control.
0:05:21 > 0:05:25Struggling to meet the APR, he borrowed more and more.
0:05:25 > 0:05:31Over the next 21 months, he took out a staggering 64 loans with 12 different companies.
0:05:31 > 0:05:38And although the interest rate on them is low to start with, if you go over payday, it shoots right up.
0:05:38 > 0:05:44The whole situation of borrowing every single month was just destroying me,
0:05:44 > 0:05:46mentally and physically.
0:05:46 > 0:05:49I couldn't go a single day without thinking about it.
0:05:49 > 0:05:52It would be the last thing I'd think about before I'd sleep,
0:05:52 > 0:05:57it's the first thing I'd think about when I wake up and it pretty much consumed my whole life.
0:05:58 > 0:06:03To get a payday loan, all you need is a bank account and to be able to prove that you work.
0:06:03 > 0:06:09Unlike a bank loan, no financial checks are done and you can take out as many as you like.
0:06:09 > 0:06:13So while Steve was able to borrow a total of almost £15,000,
0:06:13 > 0:06:19he doesn't think it should ever have been possible for him to get hold of such a large amount of money.
0:06:19 > 0:06:22Since it's all spiralled out of control,
0:06:22 > 0:06:26I've always held my hands up to my own share of the blame,
0:06:26 > 0:06:30which, admittedly, is obviously quite a large share of the blame.
0:06:30 > 0:06:32I am the architect of my own demise.
0:06:32 > 0:06:37This was my doing, but having really looked into the whole situation since then,
0:06:37 > 0:06:42I have realised that I am not the only one to blame in all of this, there is joint accountability.
0:06:42 > 0:06:48The payday lending industry is worth an estimated £1.2 billion and is growing fast.
0:06:48 > 0:06:54But last year, it was criticised by the Office Of Fair Trading who gave it a chance to self-regulate
0:06:54 > 0:06:57and come up with a code of practice.
0:06:57 > 0:07:02But after his experience, Steve Perry thinks the code they've come up with is a disappointment
0:07:02 > 0:07:05because it isn't compulsory for lenders to sign up to it.
0:07:05 > 0:07:10The Consumer Finance Association, who helped draw up the code with industry
0:07:10 > 0:07:15and consumer groups, disagrees. They say payday loans compare favourably
0:07:15 > 0:07:18with other forms of lending because they're clear, simple,
0:07:18 > 0:07:23have no hidden charges, and out of millions of pounds of transactions,
0:07:23 > 0:07:27there are very few complaints. They say their members do undertake
0:07:27 > 0:07:30checks to ensure applicants can meet repayments,
0:07:30 > 0:07:32and that many, many people are rejected.
0:07:32 > 0:07:34And rather than keep on borrowing,
0:07:34 > 0:07:37they suggest that anyone who gets into trouble
0:07:37 > 0:07:41takes advice from one of the free national debt advisory services.
0:07:43 > 0:07:47Well, Steve is now managing his debts via a repayment plan.
0:07:47 > 0:07:51But his story really is a cautionary tale of how payday loans can
0:07:51 > 0:07:55very quickly spiral out of control. Something many of you have told us
0:07:55 > 0:07:57about that you discovered to your cost.
0:07:57 > 0:08:00So here with some tips is Matt Hartley
0:08:00 > 0:08:03from the Consumer Credit Counselling Service.
0:08:03 > 0:08:06Payday loans should only ever be used as a last resort.
0:08:06 > 0:08:10Always, always, always read the small print.
0:08:10 > 0:08:14Make sure you can repay the loan in full with the interest and on time.
0:08:14 > 0:08:19If you don't, the payday loan company will add so-called
0:08:19 > 0:08:21roll-over charges to your debt
0:08:21 > 0:08:23to extend the loan into the following month.
0:08:23 > 0:08:27These high charges, together with the high levels of interest,
0:08:27 > 0:08:30very quickly turn a small payday loan into a large one.
0:08:30 > 0:08:33Many companies offer loans you can apply for in a matter of minutes,
0:08:33 > 0:08:35online or even on your mobile phone.
0:08:35 > 0:08:41But that doesn't mean that you should take the decision lightly.
0:08:41 > 0:08:44If you find yourself turning to payday loans on a regular basis,
0:08:44 > 0:08:49it may be a sign that there is an underlying problem with your finances.
0:08:49 > 0:08:51If this is the case,
0:08:51 > 0:08:54then the best thing you can do is seek free advice from a debt charity
0:08:54 > 0:08:58like the Consumer Credit Counselling Service as early as possible.
0:09:01 > 0:09:07Here at Rip-Off Britain, we hear a lot about the mistakes that energy companies make with your bills,
0:09:07 > 0:09:10but rarely on the scale of our next story.
0:09:10 > 0:09:13Hundreds of small businesses are being hit with crippling bills,
0:09:13 > 0:09:18because it turns out that for years, they'd been under-charged.
0:09:18 > 0:09:22Now, even though they knew nothing about it, they are now suddenly being told, "Pay up!"
0:09:28 > 0:09:34Rick Waters owns a small independent shopping centre in Rye, Sussex, home to around 20 small businesses,
0:09:34 > 0:09:40he's been running it for the last 20 years and it's become an established part of the local community.
0:09:41 > 0:09:46Local people who want to start their own businesses come here,
0:09:46 > 0:09:52pay £80 a week, which includes rent, electricity is on top and water,
0:09:52 > 0:09:56but all the other services, rates, rents are included in the £80
0:09:56 > 0:09:59which is pretty small, when you're starting up.
0:09:59 > 0:10:06The secret to the shopping centre's success is that Rick keeps running costs low.
0:10:06 > 0:10:12But in January of 2011, he received a letter from his electricity supplier, EDF Energy,
0:10:12 > 0:10:14that threatened all of that.
0:10:16 > 0:10:19We received a huge envelope from EDF Energy
0:10:19 > 0:10:25which contained a demand for just under £60,000.
0:10:25 > 0:10:31Now, the normal monthly bill at the time was about 200, maybe 250.
0:10:32 > 0:10:39To make matters worse, the bill, or bills, because there were no less than 192 pages of invoices
0:10:39 > 0:10:45going back four years, arrived during Christmas, when the centre was shut!
0:10:45 > 0:10:51So I didn't actually pick up the envelope until 7th January
0:10:51 > 0:10:54and by that time, we'd received another letter which was a reminder
0:10:54 > 0:10:59dated 4th January, saying "You should have paid this by now."
0:10:59 > 0:11:02I mean, some of this defies belief.
0:11:02 > 0:11:09With no easy way of getting hold of £60,000, Rick feared that he'd have to close the shopping centre.
0:11:09 > 0:11:12That, or make himself very unpopular with the tenants.
0:11:12 > 0:11:17'You can't go round to the tenants and say, "Right, that's £2,500 each, please."'
0:11:17 > 0:11:19Life doesn't work like that.
0:11:19 > 0:11:23So why exactly was Rick sent such an enormous bill?
0:11:24 > 0:11:27Well, it seems that in January 2007,
0:11:27 > 0:11:31EDF made what they call an "administration error"
0:11:31 > 0:11:37and started billing the centre for ten times less electricity than they were actually using.
0:11:37 > 0:11:41The result - a whopping backdated bill
0:11:41 > 0:11:45and no way of paying it back.
0:11:45 > 0:11:50On 14th January they sent a threatening letter
0:11:50 > 0:11:53saying, "You haven't paid the bill. If it's not paid within five days,
0:11:53 > 0:11:56"we're going to come and cut you off, take you to court."
0:11:58 > 0:12:02Domestic customers can only be asked to pay bills dating back 12 months,
0:12:02 > 0:12:08but Rick is far from being the only person to have discovered a very different situation for businesses.
0:12:10 > 0:12:17The Crossing Church And Centre in Worksop is a charity that received a similarly hefty bill
0:12:17 > 0:12:20from their gas supplier - British Gas.
0:12:20 > 0:12:22Mark Pengelly is the reverend.
0:12:22 > 0:12:26Out of the blue one day, our church treasurer received
0:12:26 > 0:12:29a new set of bills from British Gas which went back
0:12:29 > 0:12:34over the complete four-year period since we'd opened.
0:12:34 > 0:12:40The additional amount being asked for, for the back payment over the four years,
0:12:40 > 0:12:42was a very alarming £38,000.
0:12:42 > 0:12:47Unable to pay the bill, the reverend began negotiations with British Gas,
0:12:47 > 0:12:52and even though it was all down to the meter underestimating the church's consumption,
0:12:52 > 0:12:59they insisted that he still had to pay for all of the backdated gas that the church had used.
0:12:59 > 0:13:05With little choice, Mark agreed to pay an initial £10,000, and then pay the balance off monthly.
0:13:05 > 0:13:10But as the church relies on volunteers and donations to keep going,
0:13:10 > 0:13:14the affects of this bill have been far-reaching.
0:13:14 > 0:13:17Paula Howard is the centre administrator.
0:13:17 > 0:13:22It's been quite a shock to the system. If that has to be passed on to our users,
0:13:22 > 0:13:25especially community users, it'll have a massive impact
0:13:25 > 0:13:29because we won't be able to subsidise their meetings as far as we do now.
0:13:29 > 0:13:36That threatens the survival of popular activities such as the Knit And Natter Group.
0:13:36 > 0:13:41It would be difficult to find somewhere else that would help us in this way.
0:13:41 > 0:13:44Cos the church have been very kind to us, we've never had to move out.
0:13:44 > 0:13:50No matter who's fault the error, energy companies can bill businesses for up to six years
0:13:50 > 0:13:55of back payments, leaving people like Rick in a very difficult position.
0:13:58 > 0:14:01We've reached an agreement with EDF
0:14:01 > 0:14:07that we will pay £22,500 over 5 years, which is £375 a month.
0:14:08 > 0:14:12We contacted both EDF Energy and British Gas for their comments.
0:14:12 > 0:14:16Both apologised for the "inconvenience caused"
0:14:16 > 0:14:19and in each case, they're reduced the bill and agreed
0:14:19 > 0:14:21an extended repayment plan.
0:14:21 > 0:14:26EDF have also switched Rick to a better value tariff.
0:14:26 > 0:14:32British Gas point out it wasn't them that installed the church's faulty meter, although the company
0:14:32 > 0:14:38that did insists that their annual inspection had flagged up that there may be an issue.
0:14:38 > 0:14:46Meanwhile, Reverend Pengelly has had his faith in British Gas severely tested.
0:14:46 > 0:14:52In one sense, we don't dispute the fact that that meter may have been reading wrongly
0:14:52 > 0:14:55and technically, we have been underpaying.
0:14:55 > 0:14:58But we feel that if we've been treated very unjustly
0:14:58 > 0:15:03and to say, "Actually, you owe us three times the amount per month
0:15:03 > 0:15:07"and you owe us £38,000 as a back payment,"
0:15:07 > 0:15:12it's really undermined all of our financial planning of the last five years.
0:15:15 > 0:15:18Big companies don't always make things easy to understand,
0:15:18 > 0:15:24and it can be confusing trying to work out just why you haven't ended up what you expected.
0:15:24 > 0:15:26So, if you feel bogged down,
0:15:26 > 0:15:29we've put together a booklet of tips and advice.
0:15:29 > 0:15:33You can find a link to the free guide on our website...
0:15:36 > 0:15:38Or, to receive a copy in the post,
0:15:38 > 0:15:44send an A5 self-addressed envelope to the address that we'll give you at the end of the programme.
0:15:48 > 0:15:53Now, an issue that's dominated the Rip-Off postbag this year.
0:15:53 > 0:15:57Credit brokers is one of the subjects that you've written to us about in droves.
0:15:57 > 0:16:01They're the companies whose ads you can't miss in the back of the papers,
0:16:01 > 0:16:04saying they'll help you get a loan if you're in financial trouble.
0:16:07 > 0:16:10If you're not working, applying for a loan can be hard.
0:16:10 > 0:16:14But Mandy Hayes, a single parent from Mexborough,
0:16:14 > 0:16:18didn't want to use her much-needed Incapacity Benefit to buy a new car.
0:16:20 > 0:16:22The car that I was wanting to get,
0:16:22 > 0:16:24it was only a small car that I wanted,
0:16:24 > 0:16:28I were willing to get a loan for around £4,000.
0:16:30 > 0:16:34To increase her chances of getting a loan, Mandy decided to apply
0:16:34 > 0:16:36to three credit brokers she found online,
0:16:36 > 0:16:40all of which seemed to be offering loans quickly and easily.
0:16:41 > 0:16:46Yes Loans, UnsecuredLoanCompany.net and Merlin Money.
0:16:47 > 0:16:52She registered with the three companies, paying a fee to each.
0:16:52 > 0:16:56I paid the fees on the understanding that they would be able to give me a loan,
0:16:56 > 0:17:02and if they didn't get me a loan, I could get it refunded back into my bank.
0:17:02 > 0:17:06Mandy is looked after by her 12-year-old son Liam
0:17:06 > 0:17:08who is her registered carer.
0:17:08 > 0:17:12She paid the three credit brokers from their holiday fund.
0:17:12 > 0:17:16At nearly £160 in total, that was quite a sum,
0:17:16 > 0:17:18but Mandy accepted the charge.
0:17:18 > 0:17:23I was happy cos they sounded 100% in getting me a loan,
0:17:23 > 0:17:28so therefore I paid it on the understanding that I could get it refunded.
0:17:29 > 0:17:35With the fees paid, Mandy could sit back and wait for the credit brokers to do the work for her.
0:17:35 > 0:17:43I only got one paper through from Yes Loans, and it was I needed a guarantor,
0:17:43 > 0:17:46which I haven't got no guarantor.
0:17:46 > 0:17:50I did explain that I am medically retired, unable to work.
0:17:52 > 0:17:59So not quite a yes from Yes Loans, but what about the next one - UnsecuredLoanCompany.net?
0:17:59 > 0:18:05They was offering me things like a £500 loan, a credit card to build
0:18:05 > 0:18:09my credit limit, statement, whatever
0:18:09 > 0:18:13and it wasn't what I was asking for.
0:18:13 > 0:18:18I wanted a £4,000 loan with monthly payments.
0:18:19 > 0:18:24OK, so maybe Merlin money could magic up some cash.
0:18:24 > 0:18:29Again, I paid the fee and never get anything back.
0:18:29 > 0:18:32Only one e-mail and that was it.
0:18:32 > 0:18:36So, Mandy doesn't seem to have had quite the service
0:18:36 > 0:18:39she expected or that the credit brokers advertised.
0:18:39 > 0:18:44A problem that Sue Edwards at Citizens Advice hears a lot.
0:18:44 > 0:18:47We see a lot of complaints, increasing numbers of complaints
0:18:47 > 0:18:50about people contacting credit brokers or being contacted
0:18:50 > 0:18:54by credit brokers and saying "Would you like a loan, don't worry,
0:18:54 > 0:18:58"just give us 50 quid or 70 quid up front
0:18:58 > 0:19:00"and we'll find you a loan, no problem."
0:19:00 > 0:19:02Obviously, if you're on a very low income, 50 quid
0:19:02 > 0:19:04can be an awful lot of money.
0:19:04 > 0:19:06People find that they contact these companies,
0:19:06 > 0:19:09pay the money and then the loan doesn't materialise.
0:19:11 > 0:19:14Mandy quickly gave up on trying to get a loan and decided
0:19:14 > 0:19:18she would pay for the car from her disability allowance after all.
0:19:18 > 0:19:22So all she had to do now was cancel the £160 worth of application fees
0:19:22 > 0:19:26she'd paid to the three credit brokers.
0:19:26 > 0:19:28I got on the phone to the companies.
0:19:28 > 0:19:32They asked if I'd put it in writing for the cancellation
0:19:32 > 0:19:38and said that I would receive the cheques within 30 days.
0:19:38 > 0:19:42After 30 days, I still hadn't received my cash.
0:19:43 > 0:19:46In a super-complaint sent
0:19:46 > 0:19:49to the Office of Fair Trading, Citizens Advice said they'd often
0:19:49 > 0:19:53heard of credit brokers stalling on cancelling these contracts
0:19:53 > 0:19:56with customers often waiting beyond the 30 days
0:19:56 > 0:19:58that the regulations lay down.
0:19:58 > 0:20:01So, how quickly did Mandy get her money back?
0:20:02 > 0:20:05They came up with excuses.
0:20:05 > 0:20:08"Oh, well, the person you need to speak to
0:20:08 > 0:20:10"is not in the office today."
0:20:10 > 0:20:12Etc.
0:20:12 > 0:20:14This is the model that we're having.
0:20:14 > 0:20:17But Mandy's persistence paid off in the end.
0:20:17 > 0:20:20After numerous phone calls and letters, she eventually got back
0:20:20 > 0:20:24all but five pounds of the broker's fee from Yes Loans
0:20:24 > 0:20:27although she says it took seven weeks from first asking
0:20:27 > 0:20:29until she got it.
0:20:29 > 0:20:33Merlin Money also refunded her fee, again minus five pounds,
0:20:33 > 0:20:35and it took them around ten weeks to sort.
0:20:35 > 0:20:40And finally, Unsecured Loan Company.net took three months
0:20:40 > 0:20:44to refund Mandy though they did give her the full amount.
0:20:44 > 0:20:49They can take the payment out of your bank account just like that
0:20:49 > 0:20:54but yet, we have to wait 30 days
0:20:54 > 0:20:56to even think about getting it back anyway.
0:20:56 > 0:21:00Yes Loans say they're surprised Mandy's unhappy and at no time,
0:21:00 > 0:21:03did they guarantee they'd be able to broker a loan for her.
0:21:03 > 0:21:07They also claim they did send her the refund within the required time.
0:21:07 > 0:21:12Unsecured Loan Company.net say they're sorry for any
0:21:12 > 0:21:13inconvenience and frustration
0:21:13 > 0:21:17but that it's more challenging to find applicants a loan if they're
0:21:17 > 0:21:20making numerous applications at the same time, like Mandy was,
0:21:20 > 0:21:24as this will be detrimental to a credit score.
0:21:24 > 0:21:27But Merlin Money say they're shocked
0:21:27 > 0:21:29and disappointed to hear of her experience and can understand
0:21:29 > 0:21:33why she feels their customer service hasn't met expectations.
0:21:33 > 0:21:38They insist the delay with the refund was an exception.
0:21:38 > 0:21:44I feel as though they're playing on very, very vulnerable people.
0:21:44 > 0:21:48And I most definitely would not do it ever again.
0:21:48 > 0:21:50I feel let down.
0:21:55 > 0:21:59Still to come on Rip Off Britain, we ask you to tell us
0:21:59 > 0:22:02how you feel you've been ripped off and I have to say,
0:22:02 > 0:22:05you've inundated us with your stories.
0:22:05 > 0:22:11Many of you told us about your problems in person at the Rip-Off Britain pop-up shop.
0:22:11 > 0:22:14Plus, what happens if the company that's supposed to be stopping
0:22:14 > 0:22:16you going bust, goes bust itself?
0:22:16 > 0:22:21I spent many evenings out here at three, four,
0:22:21 > 0:22:24five o'clock in the morning with my head in my hands thinking,
0:22:24 > 0:22:28"What am I going to do?"
0:22:31 > 0:22:33If you already have a loan that you're paying back,
0:22:33 > 0:22:38you might have thought that the drop in interest rates would have made things a little easier.
0:22:38 > 0:22:40But not only have quite a few lenders been failing
0:22:40 > 0:22:45to put their rates down, in some cases, they've actually gone up,
0:22:45 > 0:22:48leaving many Rip-off Britain viewers
0:22:48 > 0:22:50seriously worried about their future.
0:22:50 > 0:22:54This is someone who knows her stuff when it comes to money.
0:22:54 > 0:22:58Dr Gaia Garino is a university lecturer in economics.
0:22:58 > 0:23:03So when she needed a £48,000 loan for medical treatment,
0:23:03 > 0:23:06she was confident that securing it against her home
0:23:06 > 0:23:09was the best way forward.
0:23:09 > 0:23:12I have a good job, there was equity in my property
0:23:12 > 0:23:19and I needed this money cos I had incurred previous serious expenses
0:23:19 > 0:23:22so I was absolutely fine with it.
0:23:22 > 0:23:26She'd seen adverts for a company called First Plus featuring
0:23:26 > 0:23:29Carol Vorderman and though they seemed a good company to go with.
0:23:29 > 0:23:31'You could borrow anything from
0:23:31 > 0:23:33'£5,000 to £100,000
0:23:33 > 0:23:37'at a competitive rate like this.'
0:23:37 > 0:23:41Before signing on the dotted line, Dr Garino did her research
0:23:41 > 0:23:45to make sure a variable rate loan was right for her needs.
0:23:45 > 0:23:49I did read the terms and conditions before signing them, of course.
0:23:49 > 0:23:53And I made sure that I understood
0:23:53 > 0:23:58and appreciated that the interest rate would be variable.
0:23:58 > 0:24:02But what I did understand was that it would go up and down.
0:24:02 > 0:24:05That was in 2006 and over the next 14 months,
0:24:05 > 0:24:10the loan's interest rate went up five times.
0:24:10 > 0:24:14But as this was just prior to the crash of 2008, and therefore,
0:24:14 > 0:24:16a period of instability for the banks,
0:24:16 > 0:24:19those rises didn't worry Dr Garino too much.
0:24:19 > 0:24:22I was fine with this because you would expect any bank
0:24:22 > 0:24:28to move in line and those times were times of high interest rates.
0:24:28 > 0:24:32So when the bank base-rate fell to an all-time low,
0:24:32 > 0:24:36Dr Garino looked forward to seeing her rate do the same.
0:24:36 > 0:24:40Being an academic, she's been able to work out what actually happened
0:24:40 > 0:24:45and put it into a handy presentation just for Rip-Off Britain.
0:24:45 > 0:24:47So this is my First Plus interest rate
0:24:47 > 0:24:52starting at 9.4 in October 2006...
0:24:52 > 0:24:56The yellow line at the top is the interest rate
0:24:56 > 0:24:57Dr Garino was paying.
0:24:57 > 0:25:00The dark line is the Bank of England base-rate.
0:25:00 > 0:25:04You can see that while the dark one goes down sharply,
0:25:04 > 0:25:08her own rate, at the top, does nothing of the kind.
0:25:08 > 0:25:12Then we come to 2008 when the base-rate plummets
0:25:12 > 0:25:16and my interest rate here stays the same.
0:25:16 > 0:25:20With her First Plus interest rate remaking high,
0:25:20 > 0:25:25Dr Garino is now baffled about how variable rate loans actually work.
0:25:25 > 0:25:31Second charge loans should really work like a mortgage like advertised
0:25:31 > 0:25:36by First Plus so the rate should really go up and down like a tracker.
0:25:36 > 0:25:38I accept the interest rate should be higher
0:25:38 > 0:25:40because there's more risk for the lender,
0:25:40 > 0:25:44but, other than that, it should go up and down, not only up.
0:25:44 > 0:25:47# The only way is up. #
0:25:47 > 0:25:50And surely, this is what the word "variable" means.
0:25:50 > 0:25:53The Oxford English Dictionary defines it as...
0:26:01 > 0:26:05That doesn't seem to suggest that the change should just be in one,
0:26:05 > 0:26:07upwards direction.
0:26:07 > 0:26:10But financial services specialist, Adam Samuel,
0:26:10 > 0:26:13says that when it comes to interest rates or loans,
0:26:13 > 0:26:16"variable" doesn't mean quite what you think it does.
0:26:16 > 0:26:19It's not at all surprising that people are confused partly
0:26:19 > 0:26:22because the word "variable rate" doesn't mean anything.
0:26:22 > 0:26:26It just means, "We, the lender, can choose the rate of interest
0:26:26 > 0:26:29"we're going to charge you on the loan you've taken out with us."
0:26:29 > 0:26:32First Plus chose to set their rates up to ten times higher
0:26:32 > 0:26:35than the base rate.
0:26:35 > 0:26:39So when lenders do that, are they being greedy or is it
0:26:39 > 0:26:43because in tough times, they've got problems of their own?
0:26:43 > 0:26:47They've got big levels of loan delinquency.
0:26:47 > 0:26:51That's lots of people not making their loan payments on time, or at all.
0:26:51 > 0:26:55They've got big payment protection insurance for mis-selling compensation to pay
0:26:55 > 0:26:59and they have no great incentive to bring the loan rate down,
0:26:59 > 0:27:06and every incentive to try and make some money from keeping their rate reasonably high.
0:27:06 > 0:27:10First Plus say changes to customers' interest rates were made
0:27:10 > 0:27:12in a completely transparent way
0:27:12 > 0:27:17and only took place where pricing needed to reflect a change in costs.
0:27:17 > 0:27:21Dr Garino knows First Plus are within their rights to apply
0:27:21 > 0:27:24the clause in the terms and conditions which says the rate
0:27:24 > 0:27:27can go up as well as down but it's left her
0:27:27 > 0:27:31and many other customers with real fears for their financial future.
0:27:33 > 0:27:38The lender can apply the clause in a one-sided way so I am very
0:27:38 > 0:27:41concerned because it means that we are basically there to be milked
0:27:41 > 0:27:47for as much cash as we can give out
0:27:47 > 0:27:49in order to keep the business afloat.
0:27:53 > 0:27:55The experience of Dr Garino
0:27:55 > 0:27:58and everyone else in the same boat shows what a minefield taking out
0:27:58 > 0:28:02a loan can be so if that's something you've ever considered,
0:28:02 > 0:28:06here's personal finance expert Ed Bowsher with some advice
0:28:06 > 0:28:08on what to watch out for.
0:28:08 > 0:28:11If you're thinking of taking out a secured loan,
0:28:11 > 0:28:14please consider the alternatives first.
0:28:14 > 0:28:17You can transfer your debt to a 0% credit card
0:28:17 > 0:28:21and then pay off your debt without paying any interest at all.
0:28:21 > 0:28:24Another option is to remortgage or do a top-up to your current
0:28:24 > 0:28:27mortgage and then you'll probably be paying a lower interest rate
0:28:27 > 0:28:29than a secured loan.
0:28:29 > 0:28:33The alternatives to secured loans all have their plusses but sadly,
0:28:33 > 0:28:36not everyone will be able to get one of those alternatives.
0:28:36 > 0:28:40If you take out a secured loan, the first thing to do is
0:28:40 > 0:28:42to make sure you're going with a reputable lender.
0:28:42 > 0:28:44I think do an internet search
0:28:44 > 0:28:48and just check they don't have a history of dodgy lending.
0:28:48 > 0:28:50Think about the length of the loan.
0:28:50 > 0:28:53If the loan is over a long period, say ten years,
0:28:53 > 0:28:57your monthly repayments will be relatively low and that's attractive.
0:28:57 > 0:28:59But, of course, over a longer period,
0:28:59 > 0:29:02you'll end up paying more interest.
0:29:02 > 0:29:04You may also be offered a cashback loan.
0:29:04 > 0:29:08Now, that means that when you come to the end of your secured loan,
0:29:08 > 0:29:10you may get some of the interest you paid back.
0:29:10 > 0:29:14Now, that sounds great in theory,
0:29:14 > 0:29:16but there are normally lots of catches to a cashback deal.
0:29:16 > 0:29:18If you miss one monthly repayment
0:29:18 > 0:29:22or you try and pay the loan off early, the cashback will end.
0:29:22 > 0:29:26So I think you're much better off going for a straight simple loan
0:29:26 > 0:29:28and not just for a cashback special deal.
0:29:32 > 0:29:36We're back at our Rip-Off Britain pop-up consumer advice shop,
0:29:36 > 0:29:38and it's a first for the series.
0:29:38 > 0:29:42Julia, this is your first face-to-face experience of Rip-Off Britain.
0:29:42 > 0:29:44What have you thought of it?
0:29:44 > 0:29:46Well, I've been absolutely amazed.
0:29:46 > 0:29:49First of all, I'm staggered by the level of public response.
0:29:49 > 0:29:52Obviously, there's the experts.
0:29:52 > 0:29:54I think that's incredibly impressive the way they really focus
0:29:54 > 0:29:58on the people and the people go away feeling comforted from this.
0:29:58 > 0:30:01I suppose the other thing I come away with is the real
0:30:01 > 0:30:04feeling of upset that bring them here in the first place.
0:30:04 > 0:30:07They've been battering their head against brick walls,
0:30:07 > 0:30:11been fobbed off and so on, and then they come here
0:30:11 > 0:30:14and they find someone who actually knows, who says "No, you're not mad,
0:30:14 > 0:30:19"you have got a case, do this, do that and moreover,
0:30:19 > 0:30:22"come back to me if you don't get any satisfaction and keep going."
0:30:22 > 0:30:24I think it's absolutely brilliant.
0:30:24 > 0:30:28One person who felt he'd come to the end of the road was Ron.
0:30:28 > 0:30:30Thankfully, financial expert
0:30:30 > 0:30:34Sarah Pennells was on hand to hear his story.
0:30:34 > 0:30:37Ronald, you've been with Sarah quite a long time,
0:30:37 > 0:30:40you have a mountain of paperwork. What was your problem?
0:30:40 > 0:30:43The problem was I tried to transfer my account from one bank
0:30:43 > 0:30:48to another and it took for ages, there were mistakes made
0:30:48 > 0:30:51and it never actually got transferred.
0:30:51 > 0:30:53And so what happened because the money wasn't transferred?
0:30:53 > 0:30:56Because the money wasn't transferred,
0:30:56 > 0:30:59they actually transferred the direct debits and started to pay them.
0:30:59 > 0:31:02- With no money in the bank? - With no money in the account.
0:31:02 > 0:31:06- So what has this done to your credit rating?- It destroyed it completely.
0:31:06 > 0:31:08So what have you been able to do?
0:31:08 > 0:31:10What sort of help have you been able to give?
0:31:10 > 0:31:13Well, I can understand why Ron's been so frustrated because it's something
0:31:13 > 0:31:16that should have been so simple and it just went completely wrong.
0:31:16 > 0:31:19What we have been able to find out is that there was a reason why
0:31:19 > 0:31:23he wasn't able to open a bank account or get credit cards afterwards
0:31:23 > 0:31:27because the payments that went from his empty account
0:31:27 > 0:31:30essentially are showing up on his credit file as being late payments.
0:31:30 > 0:31:33It's a disputed amount. But this is two years ago,
0:31:33 > 0:31:35and looking at his credit file,
0:31:35 > 0:31:37I think I can be pretty confident that this problem will have
0:31:37 > 0:31:38dropped off your file because these late payments only stay on
0:31:38 > 0:31:43your file for a limited amount of time.
0:31:43 > 0:31:47I also think that it might be worth him putting what's called a notice of correction.
0:31:47 > 0:31:51This is basically a short, 200 word statement that explains why
0:31:51 > 0:31:55you dispute the fact that the credit rating company says you owe them money.
0:31:55 > 0:31:58Now, by law, a lender has to read this information before
0:31:58 > 0:32:01it reads the rest of your file and it, at least, puts it into context
0:32:01 > 0:32:04because looking at your file from 2009,
0:32:04 > 0:32:07if a lender was to look at that, all they would see is that you were
0:32:07 > 0:32:10five months, four months, three months late with payments.
0:32:10 > 0:32:14Now, we know it's money that you didn't owe but they wouldn't know that.
0:32:14 > 0:32:16But I think enough time has passed.
0:32:16 > 0:32:20so I think you should get your credit file first of all,
0:32:20 > 0:32:23apply for that joint account that you said you want with your son
0:32:23 > 0:32:25and apply for a credit card.
0:32:25 > 0:32:29Don't do it all in the same day cos they might think there's something funny going on!
0:32:29 > 0:32:33The help I've got today has been really good.
0:32:33 > 0:32:35Particularly the credit rating.
0:32:35 > 0:32:38I've got information now that I didn't know existed
0:32:38 > 0:32:41so I may be able to sort that out.
0:32:41 > 0:32:45So, another satisfied customer.
0:32:47 > 0:32:53375,000 people in the UK are currently on repayment plans
0:32:53 > 0:32:56with debt management companies but where does it leave you
0:32:56 > 0:33:02and your debts if the company keeping you from going bankrupt...goes bust?
0:33:04 > 0:33:10A series of misfortunes left Mike Jones from south Wales with rapidly increasing debts.
0:33:10 > 0:33:14He had a car accident that left him unable to work for a while,
0:33:14 > 0:33:18then a lengthy child custody battle with his ex-partner.
0:33:18 > 0:33:21Eventually, he owed £39,000.
0:33:21 > 0:33:27We didn't squander money by any way, shape or form,
0:33:27 > 0:33:31but when it got to nearly £40,000
0:33:31 > 0:33:36and the repayments started getting higher than what you were earning,
0:33:36 > 0:33:42which meant you started getting late fees or you get overcredit fees
0:33:42 > 0:33:46and then it started to spiral down and get bigger and bigger and bigger,
0:33:46 > 0:33:52you just had to stick your hand up and say "Stop, we need to find a way of doing this."
0:33:52 > 0:33:54A father again with his new partner,
0:33:54 > 0:33:58Mike was reluctant to declare himself bankrupt.
0:33:58 > 0:34:03So in 2003, after seeing an ad in a newspaper, he signed up with
0:34:03 > 0:34:07a debt consolidation company called Apex DCM.
0:34:07 > 0:34:11For one payment each month, the company promised to negotiate with
0:34:11 > 0:34:16Mike's creditors and sort out all his payments, minus their admin fee.
0:34:16 > 0:34:20It sounded like the perfect option or as the company said...
0:34:20 > 0:34:23"The light at the end of the tunnel."
0:34:23 > 0:34:27It's like someone sticking a ladder down a hole and saying "Come on out."
0:34:27 > 0:34:32We can take all that pressure away, we can deal with your creditors.
0:34:32 > 0:34:36All you have to do is if you get any mail from your creditors,
0:34:36 > 0:34:41stick it in an envelope, post it to us, we will deal with it.
0:34:41 > 0:34:48It takes that huge weight off your shoulders and passes it to them.
0:34:48 > 0:34:52Mike paid Apex DCM £450 a month
0:34:52 > 0:34:55and was told he'd be debt-free in six years.
0:34:55 > 0:35:00So, by late 2010, having paid £34,000,
0:35:00 > 0:35:04Mike expected his £39,000 would be nearly paid off.
0:35:04 > 0:35:07He called the company to check his balance.
0:35:07 > 0:35:13And she said "Well, you owe £36,000." And that's a big shock.
0:35:13 > 0:35:17Of the £34,000 Mike had paid the company,
0:35:17 > 0:35:22only £4,000 had been passed on to his creditors.
0:35:22 > 0:35:25Which instantly begs the question, "Where did the rest go?"
0:35:25 > 0:35:27When you start putting it together,
0:35:27 > 0:35:30you start getting the flavour of "Hang on, we've got a problem."
0:35:30 > 0:35:34But that wasn't the end of it.
0:35:34 > 0:35:37Apex DCM, the debt management company set up
0:35:37 > 0:35:40to steer people away from bankruptcy,
0:35:40 > 0:35:44went bankrupt themselves leaving all of their clients, including Mike,
0:35:44 > 0:35:46to pick up the pieces.
0:35:46 > 0:35:47I spend many evenings out here
0:35:47 > 0:35:51at three, four, five o'clock in the morning
0:35:51 > 0:35:57with my hand in my hands thinking "What am I going to do?"
0:35:57 > 0:36:04Forensic accountant Geoff Mesher has looked at the administrators' report into Apex DCM's accounts.
0:36:04 > 0:36:07I understand that at the point of administration,
0:36:07 > 0:36:13DCM were managing in the region of £31 million worth of client debt.
0:36:13 > 0:36:16But only a very small proportion,
0:36:16 > 0:36:18somewhere in the region of £1 million,
0:36:18 > 0:36:21had actually been paid across to settle debts.
0:36:21 > 0:36:26And we see Mr Jones' case as a microcosm of that if you like,
0:36:26 > 0:36:30where large amounts have been paid across DCM
0:36:30 > 0:36:35but DCM hadn't passed that over to the client's creditors.
0:36:35 > 0:36:38As Apex DCM is now in administration,
0:36:38 > 0:36:43we tried to contact its former directors. None of them wish to comment.
0:36:43 > 0:36:47Seeing no other option, Mike has now declared himself bankrupt.
0:36:47 > 0:36:51He's been made redundant and has an autistic child to care for.
0:36:51 > 0:36:56Apex DCM had sold themselves as being the light at the end of the tunnel,
0:36:56 > 0:36:59but, for Mike, and hundreds of other customers
0:36:59 > 0:37:03that they have left in a similar situation, it made things worse.
0:37:05 > 0:37:09The stress of dealing with the creditors is gone,
0:37:09 > 0:37:14but it's the stress of, I suppose, being fleeced for £30,000,
0:37:14 > 0:37:16which is still there.
0:37:17 > 0:37:21All over the country, people are feeling the effects
0:37:21 > 0:37:23of the difficult financial climate,
0:37:23 > 0:37:26which means that, sadly, as we have seen,
0:37:26 > 0:37:29more and more of them are struggling with debt.
0:37:29 > 0:37:32For many, the situation is absolutely desperate,
0:37:32 > 0:37:34which leaves them vulnerable
0:37:34 > 0:37:37to the practices of debt management companies.
0:37:37 > 0:37:39Something that the Office of Fair Trading
0:37:39 > 0:37:41is quite determined to stamp out.
0:37:41 > 0:37:45Nigel, the Citizens Advice Bureaux have launched
0:37:45 > 0:37:49a super complaint about debt management and in fact,
0:37:49 > 0:37:52your department have done your own investigation.
0:37:52 > 0:37:54What are the worst things you have discovered?
0:37:54 > 0:37:56For debt management,
0:37:56 > 0:37:59the main concerns are about the poor quality of advice, biased advice,
0:37:59 > 0:38:03companies giving advice that is really only in their interest,
0:38:03 > 0:38:06they're advising, no matter what the problem is that the consumers are in,
0:38:06 > 0:38:10that this is the product for you, and that is the product that they offer.
0:38:10 > 0:38:13And also, for the fees, and the amounts of money
0:38:13 > 0:38:16people have to pay to get into a debt management plan.
0:38:16 > 0:38:20You are clearly aware that there are major problems.
0:38:20 > 0:38:26What authority does the OFT have to do anything about those problems?
0:38:26 > 0:38:30We issue detailed guidance for the sector, setting out the standards
0:38:30 > 0:38:34that companies should adhere to if they want to continue to operate.
0:38:34 > 0:38:36If they don't meet those standards,
0:38:36 > 0:38:38if they rip people off, if they're not transparent,
0:38:38 > 0:38:40if they have unfair business practices,
0:38:40 > 0:38:43we can impose restrictions on their licence or take it away.
0:38:43 > 0:38:47Let's talk about some of the things that came up in your report.
0:38:47 > 0:38:49Cold calling, first of all.
0:38:49 > 0:38:52What is your advice on cold calling not just for the consumer,
0:38:52 > 0:38:55but in terms of the regulations that you set out for companies?
0:38:55 > 0:38:58We would advise people not to respond to that at all.
0:38:58 > 0:39:01- Never take a cold call? - Never act on those.
0:39:01 > 0:39:04There are legitimate areas where cold calling can happen,
0:39:04 > 0:39:06but those types of things, if you are in debt,
0:39:06 > 0:39:09your best bet is to go to someone that you know you can trust.
0:39:09 > 0:39:12Aggressive advertising and sales techniques.
0:39:12 > 0:39:14People are put under a lot of pressure
0:39:14 > 0:39:17to sign on the dotted line. What is your guidance, there?
0:39:17 > 0:39:20Do your own research into which credit companies you go to,
0:39:20 > 0:39:22which debt management company to go to.
0:39:22 > 0:39:24Definitely go to the charities first.
0:39:24 > 0:39:26Don't give out bank account details.
0:39:26 > 0:39:29Lots of these companies, they're not going to be up-front,
0:39:29 > 0:39:32saying we're going to take money from your account as an up-front fee.
0:39:32 > 0:39:35Some will say we need your bank account as a security check,
0:39:35 > 0:39:38and to check you are who you say you are,
0:39:38 > 0:39:41and then before you know it, you have had money leaving your account.
0:39:41 > 0:39:45So, be incredibly careful with your personal and financial details.
0:39:45 > 0:39:47So is any company asking for an upfront fee
0:39:47 > 0:39:49breaking your code of practice?
0:39:49 > 0:39:51Should they not be doing that?
0:39:51 > 0:39:53We can't ban upfront fees. That is one of the issues.
0:39:53 > 0:39:58That would take a statutory change to the law, basically.
0:39:58 > 0:40:01Would you like the government to be able to do that?
0:40:01 > 0:40:04It's something that definitely needs to be looked into,
0:40:04 > 0:40:07for certain products. In the outcome up to the super-complaint.
0:40:07 > 0:40:11What are the criteria by which we should judge a company we can trust,
0:40:11 > 0:40:14as opposed to one that is likely to rip us off?
0:40:14 > 0:40:17Look on the OFT website, look at Lenders Compared,
0:40:17 > 0:40:19to check the different cost of credit.
0:40:19 > 0:40:20Look at the cost of credit.
0:40:20 > 0:40:24I think one of the problems, particularly, on the internet,
0:40:24 > 0:40:27is that many of the companies, you go to their website,
0:40:27 > 0:40:29and it looks like they are a lender, they're not,
0:40:29 > 0:40:33they're someone that will take your financial details and sell them to other companies,
0:40:33 > 0:40:37then you're going to get cold calls from all those other companies.
0:40:37 > 0:40:40If you're in debt, speak to your creditors first,
0:40:40 > 0:40:43and if you're really in serious difficulties,
0:40:43 > 0:40:46go to a charity. Go to the Money Advice Service, Citizens Advice,
0:40:46 > 0:40:49or the Consumers Credit Counselling Service.
0:40:49 > 0:40:53If you can afford, and it's right to go to a commercial debt management provider,
0:40:53 > 0:40:55go to a member of the trade association.
0:40:55 > 0:40:58So they've got OFT approval, which doesn't guarantee standards,
0:40:58 > 0:41:02but does mean you'll get redress, and get proper complaints handling,
0:41:02 > 0:41:05and you're going to a business at the reputable end of the market.
0:41:05 > 0:41:07Nigel, thank you.
0:41:08 > 0:41:10Here at Rip-off Britain,
0:41:10 > 0:41:14we're always ready to investigate more of your stories.
0:41:14 > 0:41:15Confused over your bills?
0:41:15 > 0:41:19Wading through never ending small print that leaves you confused?
0:41:19 > 0:41:25I might have been stupid for not reading, or I've read it and not took it in.
0:41:25 > 0:41:27I could kick myself. I really could.
0:41:27 > 0:41:30Unsure what to do when you discover you've lost out,
0:41:30 > 0:41:34and that "great deal" has ended up costing you money?
0:41:34 > 0:41:38I thought, this cannot be true, it's totally unacceptable.
0:41:38 > 0:41:39I was so angry.
0:41:39 > 0:41:42You might have a cautionary tale of your own
0:41:42 > 0:41:45and would be happy to share the mistakes you've made with us,
0:41:45 > 0:41:47so that others don't do the same.
0:41:47 > 0:41:51No-one knows about this, so this is very, very strange to me.
0:41:51 > 0:41:54I really would like to get this clearer.
0:41:55 > 0:42:00You can write to us at:
0:42:04 > 0:42:07Or send us an e-mail, to:
0:42:10 > 0:42:16The Rip-Off team is ready to investigate your stories.
0:42:16 > 0:42:20It's very clear from some of the stories we've heard today
0:42:20 > 0:42:24that no-one likes to be caught out by all those unexpected charges,
0:42:24 > 0:42:27and the worst thing probably is not knowing where your money is going.
0:42:27 > 0:42:31So, remember, never be afraid to ask questions. Always do your research.
0:42:31 > 0:42:35If everyone is after your hard-earned money, let's face it, you've got to protect it.
0:42:35 > 0:42:40You certainly do, and you can never do too much research and background checking,
0:42:40 > 0:42:43when it comes to handing over any of your cash.
0:42:43 > 0:42:47And that's because, nine times out of 10, you'll probably discover
0:42:47 > 0:42:49that there's a better deal available somewhere else.
0:42:49 > 0:42:52Well, thanks for watching today, and do join us next time,
0:42:52 > 0:42:55when we will be looking at more of your stories and seeing
0:42:55 > 0:42:57if we can help resolve your problems.
0:42:57 > 0:43:00So, until then, see you soon, and from all of us, goodbye.
0:43:00 > 0:43:02Thanks for your company. Bye-bye.
0:43:02 > 0:43:04Subtitles by Red Bee Media Ltd
0:43:04 > 0:43:06E-mail subtitling@bbc.co.uk