The Top 10 most useless financial products ...
1. Mobile Phone insurance - costs up to £100 a year
WHY ?
because you're probably already covered by your home and contents policy
2. Extended warranties - costs sometimes more than half the cost of the item
WHY ?
way too expensive to ever we worthwhile taking out
3. Structured Investment schemes - can be hugely expensive
WHY ?
Complicated, confusing and ultimately expensive
4. ID Fraud cover - costs around £100 a year
WHY ?
Because the bank will cover most losses (by law)
5. Payment protection insurance - on a £10K 5-year loan could add up to 50%!
WHY ?
PPI is a rip off - if you must, take a look at income protection instead
6. Secured Loans - they'll take your house if you fail to pay !
WHY ?
Far too risky - stick with unsecured loans at all times!
7. Store cards - you'll pay through the nose for the benefit, an average balance of £1000 will cost you £300 a year !
WHY ?
Interest rates are totally OTT, you're much better off going with a normal credit card
8. Car Bodywork protection plans - charges up to £300 on a brand new car to cover the bodywork
WHY ?
yet another ruse to extract yet more money from gullible customers - you'll probably sell the car after 3 to 4 years and it will make absolutely no difference to the sales price
9. With profits invetments- £500 a year invested in a full-cost-with-profits endowment over the past 10 years could have actually resulted in a loss!
WHY ?
Charges are way too high - stick to a simple stocks and shares ISA
10. Packaged Account - can cost over £300 a year
WHY ?
Why pay any charge at all, not worth the money and you are unlikely to ever use the benefits provide.d
