Britons in debt through money laundering
The great British public could be inadvertently adding to their personal debt by putting clothes in the washing machine which have cash and valuables in the pockets.
During the past year alone, over £160 million worth of valuables were damaged beyond repair after a spin in the washing machine.
On top of this over £250 million of mobile phones and £13 million worth of mp3 players have been soaked up on a fast wash which can leave owners feeling rather washed out as they remove their soggy possessions from the drum and bear the financial brunt of having to re purchase an item which was previously in perfect working order. Some of these items were bought on higher purchase, which means that they have still have to be paid for.
Washing machines can also lather up debt through leakage which can cause hundreds of pounds worth of irreparable damage to furnishings.
Householders should ensure that they have taken out appropriate home insurance in case the worst should happen.
Many people cannot afford home contents insurance and rely on luck keeping those freak accidents at bay, but if the worst should happen and personal debt is accrued by water damage, there are plenty of debt management companies who will advise householders how to manage the extra cost, whilst still contributing to their regular creditors.
A washing machine can look like a helpful appliance but never underestimate the thousands of pounds worth of debt and inconvenience that it can run up when clothes are loaded with items such as cash, jewellery, credit cards or travel cards. Though it will clean your clothes, a simple fast wash cycle could also clean you of your savings and not only land you in hot water but drench you in debt!
Savings News posted on 17/09/2007 09:19:21
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