Spring clean ‘could save thousands’

By carrying out a financial spring clean, Britons can save themselves thousands of pounds, it has been suggested.

According to consumer website Find.co.uk, the start of the new tax year should mean households across the country begin to look for more competitive financial products and using tax-free allowances to help improve debt management and increase personal loan payments.

Marketing director Kate Marsden said: "Most people fail to make the most of their hard earned cash out of ignorance or inertia.

"But with the wealth of easily accessible information available online, this should no longer be an excuse."

Ms Marsden advised personal loan borrowers to be aware of how much interest they are paying each month as Loan Lenders often "charge tiered interest rates, with lower rates generally applicable on higher amounts".

She added that by taking out a larger loan consumers could actually end up paying less money.

Searching for competitive products on home insurance and forms of unsecured borrowing such as credit cards was also recommended.

Earlier this week, Peter Wood, head of savings from Sainsbury’s Bank, suggested that switching current account provider could save Britons hundreds of pounds, which could help with personal loan repayments.

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